Highlights
Revenue EUR 1,244 million, increase +18% (organic +2%).
Operating profit (EBITA) +16% to EUR 135 million; EBITA-margin 10.8%
Net profit before amortisation +15% to EUR 92 million
Earnings per share +15% to EUR 0.83
Cash flow from operations +130% to EUR 47 million
Integration and optimisation of the 2014 acquisitions is proceeding well

Hoofdpunten
in EUR million 1H2015 1H2014 DELTA
Revenue 1,244 1,054 18%
Added-value 767 641 20%
Added-value as a % of revenue 61.7 60.8
Operating profit (EBITDA) 183.0 157.2 16%
EBITDA as a % of revenue 14.7 14.9
Operating profit (EBITA) 134.7 116.6 16%
EBITA as a % of revenue 10.8 11.1
Net profit before amortisation 91.5 79.3 15%
Average number of shares (x million) 110.6 110.6
Earnings per share before amortisation (x EUR 1) 0.83 0.72 15%
Total equity as a % of total assets 46.9 49.6
Net debt 781 605 29%
Leverage ratio: Net debt / EBITDA (12-months-rolling) 2.1 1.9
Interest cover ratio (12-months-rolling) 21.5 21.0
Net debt / Total equity 0.6 0.6
Cash flow (net profit + depreciation + amortisation) 139.8 119.9 17%
Cash flow from operations 47.4 20.6 130%
Capital expenditure 41.2 37.8 9%
Net working capital 581 513 13%
Capital employed 2,021 1,687 20%
Return on capital employed (ROCE 12-months-rolling) 13.3 14.0
Number of employees at end of period (x1) 14,861 12,678 17%
Effective tax rate in % 27.2 28.1

Wim Pelsma
Chief Executive Officer
A GOOD FIRST HALF YEAR WITH A NET PROFIT OF EUR 92 MILLION, PER SHARE EUR 0.83, AN INCREASE OF 15%
COMPARED TO THE SAME PERIOD LAST YEAR. OUR REVENUE INCREASED WITH 18% TO EUR 1,244 MILLION.
DESPITE DIFFICULT CIRCUMSTANCES IN SOME MARKETS AND REGIONS WE REALISED 2% ORGANIC GROWTH.
OUR OPERATING PROFIT (EBITA) INCREASED WITH 16% TO EUR 135 MILLION. CASH FLOW FROM OPERATIONS
IMPROVED WITH 130% TO EUR 47 MILLION.
We continued to focus our business on technologies
with growth potential and improve our marketing and
sales approach. The implementation of the Operational
Excellence projects made good progress, driven by our
improved business management structure. The
integration and optimisation of the 2014 acquisitions
proceeded well during the first six months of the year. In the second half of the year we will further implement
our ‘Aalberts Industries Linked’ strategy as presented
beginning of the year, based on four pillars: further focus
our business, strengthen our defined market positions,
continuously improve our profitability and free cash flow
by implementing the many Operational Excellence
projects, making use of the strength of our group where
possible.

We expect to realise further profitable growth in 2015.
Outlook
The focus remains on continuous strengthening of the
market positions, improvement of the marketing and sales approach, further implementation of the Operational Excellence projects and the integration and optimisation of the recent acquisitions. It is expected that further profitable growth will be realised in 2015.


Financial results
The revenue increased by 18% (2% organic) to EUR
1,244 million (1H2014: EUR 1,054 million). The addedvalue
margin (revenue minus raw materials and work
subcontracted) amounted to 61.7% (1H2014: 60.8%).
Operating profit (EBITA) increased by 16% to EUR 134.7
million (1H2014: EUR 116.6 million), 10.8% of total
revenue (1H2014: 11.1%). Net interest expenses
amounted to EUR 8.4 million (1H2014: EUR 7.1
million). Income tax increased to EUR 30.1 million
(1H2014: EUR 27.8 million); the effective tax rate was
27.2% (1H2014: 28.1%). Net profit before amortisation
increased by 15% to EUR 91.5 million (1H2014: EUR
79.3 million), EUR 0.83 per share (1H2014: EUR 0.72).
Investments in tangible fixed assets increased by 9% to
EUR 41.2 million (1H2014: EUR 37.8 million). Net
working capital increased to EUR 581 million, 23.9% of
revenue (1H2014: EUR 513 million, or 24.6% of revenue),
mainly due to acquisitions and currency impact. The free
cash flow improved strongly compared to the first half
year of 2014 and increased by more than EUR 25 million
to EUR 5.4 million positive (1H2014: EUR 20.1 million
negative). The return on capital employed (ROCE) was
13.3% (1H2014: 14.0%) due to the impact of 2H2014
acquisitions.
Total equity was 46.9% of total assets (1H2014: 49.6%),
while as a result of acquisitions in 2H2014, net debt
increased to EUR 781 million (1H2014: EUR 605 million).
The leverage ratio was 2.1 (well below the bank
covenant of <3.5).

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tijd 09.01
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