highlights
° organic revenue growth +5.2% (reported +1.4%; FX impact -3.4%; acquisitions/divestments -0.4%)
° improved EBITA margin 12.9%, net profit and earnings per share +11%
° two bolt-on acquisitions PEM (1H2018) and VAF (2H2018)
° annual revenue of approximately EUR 40 million divested to optimise portfolio (2H2018)
° further sustainable profitable growth expected in 2018

key figures
in EUR million 1H2018 1H2017 delta
revenue 1,387 1,368 1%
added-value as a % of revenue 62.8 63.0
operating profit (EBITA) 179.2 169.8 6%
EBITA as a % of revenue 12.9 12.4
net profit before amortisation 130.2 117.0 11%
earnings per share before amortisation (in EUR) 1.18 1.06 11%
total equity as a % of total assets 49.5 46.8
net debt 744 799 (7%)
leverage ratio: net debt / EBITDA (12-months-rolling) 1.7 1.9
capital expenditure 57.1 55.3 3%
return on capital employed (ROCE 12-months-rolling) 15.2 14.5

CEO statement
“We relentlessly drive forward our updated Aalberts strategy ‘focused acceleration’, as presented in December 2017. Our new company passport was launched and we continued to invest in many organic growth and innovation initiatives, facilitating the plans of our dedicated and motivated business
teams. Our operational excellence programme made good progress. We delivered a good performance with 5% organic revenue growth, 6% EBITA growth, an
improved EBITA margin of 12.9% and a net profit and earnings per share increase of 11%.
We divested approximately EUR 40 million of annual revenue to further optimise our portfolio and strengthened our market positions with two bolt-on acquisitions.”

operational developments installation technology
We realised a good organic growth, mainly in North America. Our newly launched product lines performed well in combination with our upgraded sales and distribution organisation.
We are in process to increase the return on the many investments we made the last years. In Europe market circumstances continued to be good. An improved European distribution footprint was launched, which will be
operational mid next year. Additional investments were made globally in our fastgrowing product lines and we continued to drive the operational excellence programme through a dedicated global network. In our multilayer systems niches we realised a good growth in our activities in North America and
Europe due to a more focused approach. We gained more business and the innovation roadmaps got more traction through capacity investments in R&D.

see & read more on
http://hugin.info/130709/R/2207214/858074.pdf

tijd 09.06
Aalberts EUR 40,78 +30ct vol. 11.999