Highlights
o Revenue +7% to EUR 1,368 million (organic +5%)
o Operating profit (EBITA) +13% to EUR 170 million; EBITA-margin improved to 12.4%
o Net profit before amortisation +12% to EUR 117 million; Earnings per share EUR 1.06 (+12%)
o Return on Capital Employed (including goodwill) improved to 14.5%
o Investments in many organic growth and innovation initiatives
Key figures
in EUR million 1H2017 1H2016 DELTA
Revenue 1,368 1,274 7%
Added-value as a % of revenue 63.0 62.6
Operating profit (EBITA) 169.8 150.4 13%
EBITA as a % of revenue 12.4 11.8
Net profit before amortisation 117.0 104.9 12%
Earnings per share before amortisation (in EUR) 1.06 0.95 12%
Total equity as a % of total assets 46.8 45.1
Net debt 799 845 (5%)
Leverage ratio: Net debt / EBITDA (12-months-rolling) 1.9 2.1
Cash flow from operations 89.9 93.2 (4%)
Capital expenditure 55.3 57.0 (3%)
Return on capital employed (ROCE 12-months-rolling) 14.5 14.0

Outlook
We will consistently execute our strategy and drive our many organic growth and innovation initiatives, execute the integration plans of the acquired businesses and further strengthen our defined market positions through additional bolt-on acquisitions. We will realise further sustainable profitable growth.

Wim Pelsma – CEO
“We delivered an excellent performance with 5% organic revenue growth, 13% EBITA growth, an improved EBITA-margin of 12.4% and a net profit and earnings per share increase of 12%. We integrated last year’s acquisitions well and expanded our business with several Key Accounts with a lot of potential. We have
invested in many organic growth and innovation initiatives to accelerate our business and we made good progress with our Operational Excellence programme.”

Operational developments
BUILDING INSTALLATIONS
Our niche technology integrated piping systems realised a good organic growth, mainly in Europe. We started delivering to several new Key Accounts and expanded our offering to others. We also shipped our new patented connection system to the first customers. In the Industrial Installation end market in North America orders increased during the last months. The marketing & sales
approach was further aligned and strengthened with additional sales people in combination with our improved distribution footprint and IT infrastructure. Further global alignment of sales & marketing, supply chain, purchase and Operational Excellence initiatives started. Our long-term global
innovation roadmap is implemented in combination with the acquisitions of TRI-WENT and SHURJOINT.
Our activities in plastic connection systems realised excellent growth in many countries. We added new products to our portfolio and defined innovation roadmaps for the coming years to further accelerate organic growth.

INDUSTRIAL SERVICES
Our niche technology heat & surface treatment performed well in North America and Europe, especially Germany and Benelux. The volumes in our service locations were on a good level. The ramp up of our greenfield site in China is making progress. A lot of new customers were serviced and we gained high volume long-term agreements. Many Operational Excellence projects are still in progress to improve the efficiency of the locations. In the end markets Automotive, Machine Build and Aerospace we faced good market circumstances.
Our specialised manufacturing activities related to complex precision stamping performed well, especially in France and China. Our activities in Power Generation showed a mixed picture, new business compensated the slower start of the OEM turbine customers.

CLIMATE CONTROL
Niche technology hydronic flow control delivered a good organic growth in Europe and North America, where Russia was still challenging. We continued to
integrate and optimise our joint marketing & system sales approach in combination with the execution of Operational Excellence projects. With several Key Accounts we are in discussion to offer a more integrated hydronic flow control system solution.
Our thermal & sanitary efficiency activities also performed well in Europe. Especially in France, Spain and Benelux we realised good growth. A long term
business and innovation plan was discussed to reach a higher added value to our customers. The focus will be on water treatment and thermal control solutions in combination with plastic connection systems. The execution of the
innovation roadmap has started and will be further implemented in the coming years.

INDUSTRIAL CONTROLS
With our niche technology fluid control we still faced difficult circumstances for the District Energy, Oil & Gas end market. Our new patented full flow valve
system will be launched to several customers. In the Automotive and General Industries end markets we continued to perform well. Investments were made
to accelerate the innovation roadmap.
Our dispense technology activities in the Beverage Dispense end market started slower, due to delay of projects. The alignment of the global business and
the integration of VIN SERVICE made good progress.
With several Key Accounts we are offering and developing more integrated and innovative dispense systems.
Our mechatronic technology activities performed well, with good organic growth in the Semicon & Science and General Industries end markets. We are investing in equipment and people to facilitate additional Key Account projects, announced in the beginning of the year. Our extrusion activities for the
Machine Build and Aerospace end market continued on a high level.

Capital Markets Day Acquisitions
On Wednesday 6 December 2017 Aalberts
Industries will host a Capital Markets Day in
Utrecht (NL), combined with a factory tour in our
new facility in Hilversum (NL). We will present our
strategy update and objectives for the coming
years.

tijd 09.00
De AEX licht lager van start op 526.80 -0,92 -0,17% Aalberts EUR 36,.805 +75,5ct vol. 12.800