Letter to shareholders

In addition to the meetings with shareholders that the Group holds regularly, Mersen sends out to its shareholders a semi-annual letter to provide insight into the Group, its strategy, its business lines and its Fundamentals.

Letter to shareholders

Download the last letter to shareholders

MESSAGE FROM THE CEO

Dear fellow shareholder,

The year 2016 was particularly decisive for Mersen, with the roll-out of a new organization leading, among other things, to the announcement of a competitiveness plan and changes in the management team.

Consolidated sales and operating margin before non-recurring items were on a par with the prior year. The new organization has also enabled the Group to improve the efficiency of its sales and marketing process.

The year also saw the generation of especially strong cash flow, reflecting our optimized inventory management and disciplined capital expenditure. In turn, this enabled us to significantly reduce our debt and strengthen our already robust balance sheet.

In 2017, Mersen will further pursue its commitment to increasing industrial efficiency and driving continuous improvement. We also expect to take advantage of our new R&D strategy to shorten new product time-to-market cycles in the years ahead.

Despite geopolitical uncertainties, your company is confident that it will report growth in sales and operating margin before non-recurring
items in 2017, by leveraging its expertise in its expanding markets, its ability to quickly bring innovations to market and the deployment
of its competitiveness plan.

Luc Themelin,
Chief Executive Officer