Final Croda Internation Plc (1)

Croda International Plc – Financial analysis and Governance report

International Plc. “A determination of Corporate Transparency through an analysis of Financial and Governance mechanisms, in determining the respect for the basic ethical values of decency, fairness, honesty and integrity of the key control mechanisms and structures within Croda International Plc.”

David Hanrahan15034313Thursday November 26 th 2015 Dr. John HeneghanFinancial analysis & Corporate Governance

David Hanrahan – 15034313 1




Table of Contents:

Executive summary:

Part 1: Corporate Transparency

Governance Transparency

Board Structure & committee

Internal Control systems & Risk Assessment

Independent Auditors opinion & Audit Committee

Corporate Social Responsibility

Financial Transparency

Accounting Policies & Principles

Capital Expenditure

R&D

Key Performance Indicators

Independent Auditor Procedure

Part 2 : Financial analysis

Profitability

Solvency

Liquidity

Activity

Dividend policy

Risk analysis

Part 3 : Potential Future Development

SWOT analysis

Suggestions for future development

Investing in the entity

Projected Pro-forma

Appendix:

Financial ratios

Groups Financial statements

Executive Summary



Croda international plc was founded in 1925 and is a specialty chemicals company that attracts high margin and quality business by developing ground breaking ingredients for attractive niche markets. The company has generated a large portion of market through innovating anti-aging products and modern testing methods.

Croda currently employs 3,610 employees operating in 34 countries Worldwide. Croda International group is headquartered in Snaith, East Yorkshire, England. The company has recorded average profits of £ 154.28 million over the last five years.

The company itself is segmented into four market sectors,

Personal care, Life sciences, Performance technologies, Industrial chemicals.

The personal care sector is the groups leading division and also the world’s leading market supplier of specialty ingredients and recorded revenues of £ 369.1 Million in 2014, which equated to 35% of the overall revenues for 2014. Crodas overall aim is to create ingredients and technologies that improve people’s lives by enhancing everyday products.

Part 1:

Corporate Transparency

An analysis of Croda international plc annual reports 2014 was required to determine the presence of corporate transparency through financial and governance mechanisms that the Board of Directors have disclosed in the report.

“Corporate governance monitors those oversight activities by the board of directors and the audit committee to ensure the integrity of the financial reporting process”, (Public oversight board 1993).

Accountability, responsibility and transparency, are all fundamentals in corporate governance. That aims to reduce the risk of information asymmetry and instances of financial impairment such as the Tesco scandal in 2014. Risk can never be diminished but only minimized through these mechanisms. The Board of Directors and independent auditors have been trusted to ensure the proper disclosure of relevant information making in credible. Croda international comply the UK corporate governance code. The use of governance mechanisms assists in presenting credible financial information.



Corporate Governance

Financial transparency mechanisms: Governance transparency mechanisms:- Accounting principles & policies - Board structures & committees- Capital expenditures - Internal controls & Risk assessment- R & D - Combined code compliance- Key performance indicators - Auditors opinion- Independent auditor procedures - Corporate social responsibility

Governance Transparency Mechanisms

Governance transparency is concerned with the way corporate entities are governed as distinct from the way businesses within those companies are managed. There is a governance problem in that shareholders have no guarantee that directors will operate in the best interests of the company. The Auditors reports and the Directors reports are governance mechanisms that may provide governance transparency.

Board structures & Committees

The board of Directors is the top end management of Croda international plc. The effective management of the group’s risk and opportunities helps the Company achieve the strategic objectives they have set out. Understanding risk results from understanding the main drivers of the business. The board of directors determines the overall risk agenda. Which monitors the groups risk management and internal control systems.

The board consists of 9 members, 4 of whom are senior executives and 5 Non-executive directors (NED’s). The Groups Chairman, Martin Flower and Group chief executive, Steve Foots are the main executives of the Company. The Croda International Board of Executives is committed to high standards of corporate governance and to comply with the provisions of the UK Corporate governance Code.

In 2013 the board conducted an independent effectiveness review. In 2014 they commissioned their second review by Sheena Crane an external independent consultant. One to one meetings were conducted between the external consultant and the board members. She evaluated that the board is making strong progress and is looking towards developing a bright future for the group. The board is determined that each board member has a deep understanding of the group and its business operations. Upon appointment each board member is required to attend an agenda programmed that ensures strategic, operational, business, financial, HR and corporate governance items in detail. The board has three main committees, Audit committee, Remuneration committee & Nomination committee.

Audit Committee: Chaired by Alan Ferguson, the committee monitors the integrity of the group’s financial statements, the accounting processes and the effectiveness of internal controls and risk management.



Remuneration Committee: Chaired by Steve Williams, approves the company’s remuneration policy and framework and determines the remuneration packages for members of senior management.

Nomination Committee: Chaired by Martin Flower, Reviews the structure, size and composite of the board and its committees. It identifies and nominates suitable candidates for appointment to the board and has a responsibility for succession planning. The company’s Articles of Association give the directors power to appoint and replace directors, under term of reference by the nomination committee.

Internal controls & Risk assessment

The Board of Directors at Croda International plc is responsible for the management of risk throughout the group’s operations and activities. The board indicates the importance of top level monitoring activity by assessing and analyzing their internal control system of choice in accordance with Turnbull Guidance 2005. Internal control systems are implemented to control risk, liquidity and solvency.

The framework includes a standard set of risk categories, generic risk descriptions and scoring methodology that are combined in a risk assessment process to determine the level of risk for all segments of the group. Therefore there is consistency in determining risk levels. Risks within the group are ranked based on the environmental, economically and operational impact they have. Risks that are identified as being the main risk to the group’s operations are known as key risks.

The group has evolved their risk management process during the year 2014. The COSO framework is evident in the groups internal structures as they conducted risk assurance reviews, restructured the risk registers, improved alignment of the sustainable material area and there was detailed presentations provided on the chemical regulatory and product liability risks by the Executive risk owners.

Combined code compliance

Combined code of compliance allows the board to function properly in supporting, monitoring and implementing strategy. Croda International Plc complies with governance and financial code of conduct. The group adheres to the UK Corporate Governance and prepares their financial statements in accordance to IFRS.

Independent Auditors’ opinion & Audit Committee

The Independent auditor for the Croda group is Price WaterHouse Coopers LLP (PwC). They have externally audited the group’s financial statements since 1970. As of June 2016 the EU has adopted new legislation to reform the statutory audit market for credibility and transparency purposes. Croda hold a tender with external auditors PwC therefore they can remain the group’s independent auditors until June 2020.

The External auditor Ian Morrison believes that Croda International Plc’s group financial statements provided a clear and fair view of the group’s affairs as of 31st December 2014. The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and have been prepared in



accordance with the requirements of the Companies act 2006 and Article 4 of the IAS Regulation. The External auditor (PwC) reports to the Internal Audit Committee but is hired by the Board of Directors.

The Internal Audit Committee is an independent board that consists of four NED’s. The audit committee has appropriate skills and experience that meets the code requirement that at least one member has significant and recent financial experience. The board considers each member to be independent in judgment and in character. The committee meets 5 times per year and is responsible that the group’s financial systems provide accurate and up to date financial information.

Corporate social responsibility

Sustainability in not just a part of Croda, it is integral in everything that they do. This is conveyed in the group’s business model. The sustainability program of the company is built upon global drivers of change and the opportunity for business growth these programs present, particularly sustainable ingredients.

All newly developed ingredients are created with due regard for the ‘12 Principles of Green Chemistry’ by using natural raw materials. The manufacturing process has become more sustainable as Croda has invested in renewable energy. The products Croda sell meet consumer demands for low environmental impact and high performance.

Financial transparency Mechanisms:

Financial transparency relates to the full disclosure of financial information available to the market, through accounting policies and financial statements of the underlying business on a timely, meaningful and reliable manner. In essence it ensures financial accounting information is accessible and relevant as possible (from audited accounts) and there are no limitations to its understandability or comparability.

Accounting policies and principles:

The consolidated financial statements have been prepared under the historical cost convention, in accordance with International Financial Reporting Standards Interpretations Committee (IFRSIC), IFRSIC and the Companies Act 2006 applicable to companies reporting under IFRS. The standards used are those published by the International Accounting Standards Board (IASB) and endorsed by the EU at the time of preparing these statements (February 2015). Management with the approval of the Audit Committee has set the Group’s critical accounting policies in accordance with the IFRS.

Revenue is recognized the company when the customer has received the good or service and therefore able to obtain the benefits from it.



Capital expenditures:

Crodas capital expenditures on acquisitions purchase of tangible and intangible assets was £ 66.7m in 2014. This was reduced in comparison to 2013 where £ 84.3 m was spent on capital expenditure and in particular 50% of that was used in acquiring subsidiaries.

R&D:

The board has set out clear capital allocation policy, whereby cash generated will be invested in growing the business organically and by acquisitions. Research expenditure, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is charged to the income statement in the year in which it is incurred. Croda spent £22.7m on R&D in 2014. Recently Croda acquire JD Horizon for an undisclosed fee.

KPI’s:

The key performance indicators (KPI’s) have been chosen by the board to measure the group’s progress. Each KPI relates to a strategic objective of the board. The board has provided 8 specific KPI’s disclosed in the annual reports, they are:

(1) Return on sales, (2) Increases emerging market sales, (3) increase new protected product sales (NPP), (4) Non-fossil fuel energy, (5) Lost time injury rate, (6) voluntary turnover by year, (7) earnings per share growth and (8) gearing ratio.

The board have selected these KPI’s as they believe they best suit the potential of achieving the Groups strategic objectives which are, Delivering consistent top and bottom line growth, increasing the proportion of NPP & Investing in a sustainable future. For complete financial & governance transparency KPI’s should be calculated consistently on an annual basis.

Independent auditor procedure:

According to the independent audit reports, the group and company financial statements have been prepared in accordance with the requirements of the company’s act 2006 and Article 4 of the IAS Regulation. According to the independent auditors the financial statements provide a true and fair view of the groups affairs as at 31st December 2014. The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The Independent auditor is required as of the Companies act 2006 to report to the audit committee if the Board does not make certain disclosures in the annual report 2014. The Auditors had nothing to report.



Part 2:

Financial Analysis

Profitability

Profitability is the primary goal of all businesses. Without profitability the business will not survive in the long run. Revenues and operating profits decreased for the Croda International group in the year 2014. Marginal decreases in both areas during the year. The group met many of their intended targets such as improving the quality of their profits in 2014 in comparison to 2012. Applying certain ratios provide a more in depth analysis on the groups profitability.

Profitability Ratios

2014 2013 2012

Revenues in £m £ 1,046.6 £ 1,077 £ 1,051.9Operating Profits £m £ 165.2 £ 177.9 £ 175.1Gross Profit Margin 32.8 % 33.7 % 33.9 %Return on Capital Employed 24.3% 27.3% 28.4%Quality of Profits 0.70: £1 0.789: £1 0.79: £1Asset Turnover 0.98 1.60 1.05

Gross Profit Margin: Gross profit margins decreased marginally over the last three operating years. The Gross Profit margin is an indication of the operating profits the company has realized from sales during the year. They have remained consistent with the gross profits they have incurred over a number of years. One third of Crodas sales transform into profits, which is a good indication on performance.

Return on Capital Employed: The ROCE measures Croda Internationals Profit before interest & tax (PBIT) and is the sum of shareholders equity. A marginal decrease in performance during 2014 incurred lower realized profits from operations. Croda remain efficient with their use of capital.

Quality of Profits: The Quality of Profits ratio is a key measure of the overall annual performance. This measure indicates Croda’s ability to generate cash flows from operating activities. The quality of profit each year since 2012 has deteriorated currently at 0:70p: £1 lies significantly below the recommended level. The decrease in performance resulted from the decrease in operating profit as revenues dropped. This is a main area of concern for the group as their profits are far below recommended 1:1. Although not detrimental it creates pressure on the group.

Asset Turnover: Measures the efficiency of generating profits from their assets i.e. High quality personal care products. In 2014 the company’s performance of asset turnover reduced largely from 1.60 to 0.98. This ratio indicates that the Company is not generating profits from their assets or they are performing poorly. Reasons such as



increasing total assets and also their revenues/sales decreased in 2014. An increase in sales or removing poorly performing assets would improve this ratio.

Outlook: Croda International Plc is a profitable group. Marginal decrease in performance during 2014 resulted in reduction in ratios. A certain point of concern would be the quality of profits. Currently situated in an inferior position relative to 2013, the quality of the profits lies marginally above the recommended level. For Croda to improve on this position they would require increased operating profits resulting from increased revenues during the year. This can be achieved by innovating or acquiring smaller entities that possess certain assets Croda desire to improve profitable performances.

Solvency

Solvency is Croda International Plc’s ability to meet financial obligations such as long-term debt as they fall due from creditors. Failure to meet financial obligations will result in a company for example selling assets to meet its debt.

Solvency Ratios 2014 2013 2012Interest Cover 16.65 Times 17.25 Times 27.225 TimesDebt to Asset 21.25 % 22.36 % 26.06 %Gearing Leverage 46. 58 % 57.15 % 75.95 %

Interest Cover: The Company’s current interest cover is very good which explains that lenders have confidence in Croda to meet required repayments of debt. The group’s ratio has decreased largely in three years as has total liabilities and total debt. Interestingly this indicates creditors are losing confidence in their ability to meet their debt as it falls due even when overall borrowings have decreased. This can be suggested that a decrease in performance (revenues & profits) have caused this.

Debt to Asset: Provides are greater internal view of how the company is performing. Recognizing that companies have large assets can be misleading as this ratio implies how those assets are financed by debt. Croda International plc has managed the funding of their assets very well. Currently 21.25% of Crodas assets are funded by debt. This is a good indication as it potential indicated the ability to assume more debt in the future for future acquisition purposes. Since 2012 the company has decreased this ratio by 5%, which implies good management of their assets and control of their debt.

Gearing Ratio: Croda have a large emphasis on maintaining a low gearing ratio. It is the quantitative relationship between debt and equity. Being highly geared implies dangers of insolvency as the company is being financed by a greater amount of debt relevant to its equity. Croda have decreased their short and long term borrowings in the last number of years that indicates the reduction in there gearing ratio. The group has a gearing ratio of 46.58 %. Their balance sheet is robust, with gearing well within the maximum covenant level under the Group’s debt facilities 1-1.5 net debt to EBITDA. Currently it is 0.6.

Outlook: Croda’s solvency ratios indicate they have minimal threat to becoming insolvent in the near future. The company has the capacity to meet its long-term debt



as they manage the level of debt efficiently but also has the free cash flow and undrawn credit if required. Croda has the ability to acquire more debt if needed as they have an interest ratio to cover their liabilities.

Liquidity

Liquidity relates to Croda Internationals ability to pay for short-term costs and debt as it falls due. Having the ability to turn assets into cash quickly when required.

Liquidity Ratio 2014 2013 2012Current Ratio 198 % 191.3 % 222.4 %Debtor Turnover 50.6 Days 46.328 Days 56.524 DaysQuick Ratio 97 % 91 % 124.4 %Cost of Debt 6.83 % 6.8 % 3.63 %

Current Ratio: Croda have maintained a strong current ratio over the last three years. The Current ratio is a key measure of the relationship between current assets and liabilities. Crodas current ratio of 198 % indicating the group has almost twice the amount of assets to their liabilities. Emphasizing a controlled debt environment as they hold large amount of assets such as inventory. Debtor Turnover: Is the measure of time it takes trade receivables to pay their debt owed to the group. The company has a strong policy in lending to debtors with a strong credit rating. Generally debtors are provided credit for 30-60 days. Croda are currently on the latter end of this timeframe. This is an acceptable amount of days as relationships may have been built over the years where a mutual partnership has formed. It is in the group’s best interest to maintain or decrease this level of turnover.

Quick Ratio: Crodas quick ratio has increased by 6% in 2014. This ratio of 97% implies Crodas ability to pay short-term debt.

Cost of Debt: The group’s cost of debt has increased over the last three operating years. A measure of 6.83% increase in 2013 indicating the rate at which short-term debt is paid as it falls due.

Outlook: Croda International Plc is a liquid company. Meaning they have the ability to turn assets into cash quickly if needed. This is represented by the measure of their assets relative to their liabilities, the rate at which they receive payments from debtors and their ability to pay short-term debt is good. Their current ratio and debtor turnover figures are consistent with industry averages. ‘Cash is king’ and having the ability to access cash when needed increases the companies potential existence in the industry.

Activity

Activity 2014 (Days) 2013 (Days) 2012 (Days)Debtor Turnover 50.6 46.328 56.524 Inventory Cycle 104.36 98.574 89.594 Credit Cycle 66.2 64.7 71.75 Cash Cycle 88.56 80.25 74.4



Inventory cycle: 104. 36 days it requires for Croda to turnover inventory. Pharmaceutical industry has the potential to hold inventory for longer as products are not as perishable. The downfall to this is the cost of holding stock but also the rate at which the industry progresses. The pharmaceutical industry is a highly competitive environment with innovation being at its core. The potential for new products to dominate market share is high, therefore increasing sales and decreasing the inventory cycle is key for Croda as there 2014 revenues suggested that they did not meet the required sales of the company as assets were tied up in the group.

Credit cycle: The rate at which debt is paid to trade payables is within industry standards. 60 days that is generally accepted and has increased from last year’s ratings. This high rate of could affect the group’s credit rating and long-term ability to finance business operations.

Cash cycle: Is a measure of the length of time it takes the group to finance its trading activities. Ideally this figure should be negative which implies that Croda International is performing poorly as it takes 88.56 days. This figure is increasing and should be a point of concern for the management.

Outlook: The Group’s performance on their operating activities should be an area dedicated for improvement, as their ability to repay borrowings and inventory turnover are performing poorly. To rectify these issues Croda should be generating greater amounts of sales with the inventory they have, which would potentially increase profits therefore the group’s ability to repay borrowings will have improved.

Dividend Policy

P/E Ratio: A high figure implies a high investor confidence regarding the future prospects of the company. The higher P/E ratio the faster the market expects the companies EPS to grow. Croda currently have a P/E ratio of 22.87 that is a large improvement on last year’s figure of 18.48. Croda internationals market capitalization is £ 3.833b that is the total market value of the shares issued.

Risk analysis – Systemic risk

Croda international Plc are exposed to a variety of risk during their operating and business activities. The Risk management committee is appointed to provide an overall risk analysis and strategy. The group carries out Risk assurance reviews to control risk and implements a risk management framework across its operations.

Strategic risk: Could prevent Croda from achieving strategic objectives.

Operational & regulatory risk: must be successfully managed that would threaten viability.

Business system: Risks relating to IT and information security.

Currency risk: Croda International Plc operates on a global scale and is exposed to currency risk primarily from the US Dollar and the Euro. The Group has 54



operations in 34 countries worldwide. As a result the international subsidiaries utilize international bank balances to manage this risk.

Interest rate risk: The group holds interest bearing assets and liabilities. The group maintains a policy of having a minimum of 50% borrowings on floating interest rates.

Liquidity risk: The group has a share buyback scheme that has been implemented to ensure the efficiency of the groups funding structure.

Capital risk management: The group aim to protect the group’s ability to continue on a going concern basis in order to provide returns on shareholders and benefits for other stakeholders. In addition they aim to maintain optimal capital structure and reduce overall cost of capital.



Part 3:

Potential Future Development for Croda International Plc

SWOT analysis

Strengths: Weaknesses:

Opportunities: Threats:

Suggestions for Future Development

1) Growth by issuing debt and acquiring a new entity.

Being a large innovation and growth-based group Croda have the capacity to acquire new and highly performing subsidiaries. It is rooted within the Croda business model that growth by acquisition is main source of financing activities for the entire group. Acquiring a company that has already implemented a structured business operation and management structure may be a potential option. As revenues and profitability were low in 2014 acquiring a company such as Eden plc is biocidal of naturally occurring chemicals which related to Crodas niche markets. Acquiring Eden plc for £3m would see increases in operating profits and revenues over three years as per pro-forma below. Croda have a debt capacity of £317m and financial muscle of £114m to support this. Eden plc is within Croda’s acquiring capacity and offer substantial balance sheet gains over a three-year period.

2) Selling off poorly performing assets.Crodas Industrial chemical sector performed the poorest of the four sectors in 2014. Realizing an adjusted operating profit of only £ 2.6m and 2.2% return on sales in 2014. The industrial chemical sector has been the poorest performing sector of the group since 2010 averaging a return on sales of just 5% per annum. Selling this asset may be an option as it performed poorly on a consistent basis for a minimum of five years. Outsourcing or acquiring an asset that's provides the same expertise and a higher return may be an option for the group.

Assessment on investing in the Corporation:

Based on analysis Croda International Plc would be a promising investment. The board at Croda International believes in positive top line management, as the ‘tone at the top’ is reflected throughout all internal structures within the company. The board has acquired transparency in their management system through credible and reliable financial and governance mechanism they have put in place by complying with legislation and regulation. The ethical values within the company reduce the instances of moral hazard.



Croda International offers a growth stock as acquiring companies and growing organically is Crodas primary objective yet a dividend has been paid to investors annually (£83.6m). This dividend may not interest certain investors requiring primary growth stock but Croda indicate that growth by acquiring new assets is the main focus.

Projected Pro-Forma for Croda International Plc







Appendix:

A= L + C (2014)

1072 = 583 + 489100% = 55% + 45%

1) Profitability

Gross Profit Margin = Gross Profit / Net Sales

2014 – 33 %2013 – 34 %2012 – 34 %

Return on common equity ROCE = Net profit / Capital Employed (Total assets – Current assets)

2014 – 24.3 %2013 – 27.3 %2012 – 28.4 %

Net Profit Margin = Net Profit / Revenue x 100

2014 – 15.78%2013 – 16.51%2012 – 16.64

Quality of profits = Net cash flow from operating activity / Operating gross profit

2014 – 0.70: £12013 – 0.789: £12012 – 0.79: £1

Asset turnover = Revenue / Net assets

2014 – 0.98 2013 – 1.60 2012 – 1.05

2) Solvency

Gearing = Debt (Long & Short) / Equity

2014 - 46.58 % 2013 – 57.15 % 2012 – 75.95 %

Debt to Asset Ratio = Long Term Debt + Short Term Debt / Assets

2014 – 21.25 %2013 – 22.36 %2012 – 26.058 %

Interest cover = PBIT / Interest Cover

2014 – 16.652013 – 17.252012 – 27.225



3) Liquidity

Current ratio = CA / CL x 100

2014 – 198 %2013 – 191.3 %2012 – 222.4 %

Quick Ratio = CA – Inventories/ CL x 100

2014 – 97 %2013 – 91 %2012 – 124.4 %

Debtor Turnover = Debtors / Revenue * 365 Days & Revenue / Debtors (Money owed to me)

2014 – 50.597 Days 2013 – 46.328 Days2012 – 56.524 Days

Cost of Debt = Finance cost / Long term Debt

2014 – 6.8%2013 – 6.8%2012 – 3.63%

4) Activity

Asset turnover = Revenue / Net assets

2014 – 0.98 2013 – 1.60 2012 – 1.05

Working Capital = CA – CL

2014 – £194.7 m2013 – £175.2 m2012 – £213.1 m

Stock Turnover = Closing stock / COS * 365 Days

2014 – 104.359 Days2013 – 98.574 Days 2012 – 89.594 Days

Operating cycle = Inventory Days + Receivable days

2014 – 154.85 Days2013 – 144.95 Days2012 – 146. 15 Days

Creditors Turnover = Creditors/COS * 365 Days (money I owe)

2014 – 66.2 Days2013 – 64.7 Days2012 – 71.75 Days



Cash Cycle = Stock Days + Debtors – Creditors Or Operating cycle – Credit turnover

2014 – 88.65 Days2013 – 80.25 Days2012 – 74.4 Days

5) Dividend Policy

Basic EPS Ratio = Total assets – Current liabilities

2014 – 121.92013 – 131.22012 – 120.2

P/E Ratio = Market price per share (today) / EPS

2014 – 22.872013 – 18.482012 – 19.34

Bibliography:

1. 2015. . [ONLINE] Available at: https://www.frc.org.uk/Our-Work/Publications/Corporate-Governance/UK-Corporate-Governance-Code-2014.pdf

2. Google. 2015. Google. [ONLINE] Available at: https://www.google.ie/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=turnbull%202005.

3. FRC Risk Guidance | Codes and reports | Corporate governance | Library | ICAEW. 2015. FRC Risk Guidance | Codes and reports | Corporate governance | Library | ICAEW. [ONLINE] Available at: http://www.icaew.com/en/library/subject-gateways/corporate-governance/codes-and-reports/guidance-on-risk-management.

4. Growth, Profitability, and Financial Ratios for Croda International PLC (CRDA) from Morningstar.com. 2015. Growth, Profitability, and Financial Ratios for Croda International PLC (CRDA) from Morningstar.com. [ONLINE] Available at: http://financials.morningstar.com/ratios/r.html?t=CRDA®ion=gbr&culture=en-US&ownerCountry=USA.








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Final Croda Internation Plc (1)