Langbroek, 28 February 2017
Highlights
Revenue +2% to EUR 2,522 million (organic +1.1%)
Operating profit (EBITA) +10% to EUR 298 million; EBITA-margin 11.8%
Net profit before amortisation +12% to EUR 212 million; Earnings per share EUR 1.92 (+12%)
Cash flow from operations +16% to EUR 383 million; Free cash flow +12% to EUR 273 million
Return on Capital Employed (ROCE) improved to 14.7% (2015: 14.3%)
Many organic growth and innovation initiatives; Capex EUR 106 million (2015: EUR 96 million)
Bolt-on acquisitions: Ushers, Schroeder, Tri-Went, Shurjoint and as of 2017 Vin Service

Key figures
in EUR million 2016 2015 DELTA
Revenue 2,522 2,475 2%
Added-value as a % of revenue 62.2 61.5
Operating profit (EBITA) 298 272 10%
EBITA as a % of revenue 11.8 11.0
Net profit before amortisation 212 190 12%
Earnings per share before amortisation (in EUR) 1.92 1.72 12%
Total equity as a % of total assets 48.7 46.9
Net debt 713 718 (1%)
Leverage ratio: Net debt / EBITDA (12-months-rolling) 1.7 1.8
Free cash flow (before interest and tax) 273 243 12%
Cash flow from operations 383 330 16%
Capital expenditure 106 96 10%
Net working capital 480 461 4%
Return on capital employed (ROCE 12-months-rolling) 14.7 14.3

Dividend
Aalberts Industries proposes to increase the cash dividend per ordinary share by 12% to EUR 0.58 (2015: EUR 0.52). This proposal will be submitted to the General Meeting to be held on 18 April 2017.

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 expect to realise further sustainable profitable growth.

Wim Pelsma – CEO
“WE HAVE MADE GOOD PROGRESS WITH THE CONSISTENT IMPLEMENTATION OF OUR STRATEGY AND DELIVERED A GOOD PERFORMANCE WITH NET PROFIT OF EUR 212 MILLION, EUR 1.92 PER SHARE, AN INCREASE OF 12%.

We increased our operating profit (EBITA) to
EUR 298 million (11.8% of revenue), including
additional investments in marketing & sales, innovations and greenfields. We achieved an organic revenue growth of 1.1%, despite difficult market
conditions in several end markets and regions.
Our cash flow from operations improved to EUR 383 million, an increase of 16% compared to 2015.
We have driven forward many organic growth and innovation initiatives and continued to focus on technologies with growth potential. We strengthened our market positions with five bolton acquisitions, divested one activity and
consistently executed the many Operational Excellence projects. A cash dividend of EUR 0.58 per share (2015: EUR 0.52) will be proposed to the General Meeting, an increase of 12%.

Financial results
The revenue increased by 2% (organic +1.1%) to EUR 2,522 million (2015: EUR 2,475 million). Currency translation/FX impact amounted to EUR 39 million negative, mainly caused by British Pound (EUR 28 million), Russian Ruble (EUR 4
million) and Polish Zloty (EUR 4 million).
The added-value margin (revenue minus raw materials and work subcontracted) improved to 62.2% (2015: 61.5%).
Operating profit (EBITA) increased by 10% to EUR 298.1 million (2015: EUR 272.0 million), 11.8% of the revenue (2015: 11.0%). Currency translation/FX
impact amounted to EUR 4 million negative, mainly caused by British Pound, Russian Ruble and Polish Zloty.
Net interest expense amounted to EUR 16.6 million (2015: EUR 17.8 million). The income tax expense increased to EUR 62.4 million (2015: 58.6 million)
resulting in an effective tax rate of 25.2% (2015: 25.8%).
Net profit before amortisation increased by 12% to EUR 212.4 million (2015: EUR 190.4 million), per share by 12% to EUR 1.92 (2015: EUR 1.72).
Capital expenditure on property, plant and equipment increased by 10% to EUR 105.6 million (2015: EUR 96.2 million).
Net working capital increased to EUR 480 million, 18.8% of revenue (2015: EUR 461 million, respectively 18.3%).
Cash flow (net profit + depreciation + amortisation) improved by 7% to EUR 306 million (2015: EUR 286 million).
Free cash flow improved by EUR 30 million (+12%) to EUR 273 million (2015: EUR 243 million) and the free cash flow conversion ratio improved to
69.8% of EBITDA (2015: 66.1%).
Return on capital employed (ROCE) improved to 14.7% (2015: 14.3%).
Total equity remained at a good level of 48.7% of the balance sheet total (2015: 46.9%).
Net debt amounted to EUR 713 million (2015: EUR 718 million) despite four bolt-on acquisitions. The leverage ratio ended at 1.7 (2015: 1.8), well below the bank covenant < 3.0.

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tijd 09.27
De AEX 494,36 -0,45 -0,09% Aalberts EUR 32,64 -71ct vol. 93.000