Revenue growth in HY1 2018 of 2% to EUR 239.6 million (HY1 2017: EUR 235.6 million)
and 3% at constant rates of exchange
Normalised EBITA margin in HY1 2018 rises to 9.8% from 9.1% in HY1 2017
Normalised net profit of EUR 15.8 million in HY1 2018 (HY1 2017: EUR 13.7 million)
Additional simplification measures in Passenger Cars result in annualised savings
of EUR 4.2 million, with corresponding one-off costs of EUR 5.9 million in HY1 2018
Revenue in Q2 2018 increases by 1% to EUR 119.0 million (Q2 2017: EUR 117.3 million)
Normalised EBITA growth of 7% to EUR 11.6 million in Q2 2018 (Q2 2017: EUR 10.8 million)
Normalised EBITA margin increases to 9.7% in Q2 2018 from 9.2% in Q2 2017
Kendrion announces Mid-Term Plan 2019 - 2023 with a Return on Investment target of at least 20% and an EBITDA margin of more than 15% by 2023

Joep van Beurden, Kendrion CEO:
"We had a solid second quarter and first half of 2018. Normalised EBITA in the first six months totalled EUR 23.5 million. This is almost as high as our EBITA over the full year 2015 before we embarked on our "Simplify, Focus, Grow" strategy in May 2016. As a percentage of revenue our normalised EBITA was 9.8%.

Our three Industrial business units and the Commercial Vehicles business unit performed well. Industrial Control Systems and Industrial Drive Systems benefited from high activity levels combined with a leaner organisation. In August, our Industrial Magnetic Systems business unit acquired a minority stake in Newton CFV, entering a strategic partnership in the USA with this new company for the development and manufacturing of innovative constant flow valves for the food and beverages industry.

Following a detailed review of the performance of our Passenger Cars business unit, we have taken several measures in the second quarter in order to further streamline the Passenger Cars Research & Development organisation and to address pockets of inefficiency. Our goal is to further improve the focus on the multitude of opportunities we have in Passenger Cars. We expect to have implemented all the measures by the start of 2019.

Several of our Passenger Cars customers have a significant backlog in test and validation procedures to comply with the new Worldwide Harmonised Light Vehicles Test Procedures (WLTP) for diesel engines. Combined with lower sales of diesel cars, this meant that Passenger Cars saw lower-than-expected revenue growth in the second quarter. We expect that to remain the case for the second half of this year.

On 27 July 2018 we entered into a new five-year EUR 150 million financing agreement with a consortium of three lenders (ING Bank, Deutsche Bank and HSBC) to refinance our existing financing arrangement.

We are confident about our strong business fundamentals, R&D capabilities, customer relationships and growing project pipeline. We expect to deliver our targeted underlying EBITA margin of 10% as from the end of 2018.

Going forward we expect to attain a Return on Investment of at least 20% in 2023 and an EBITDA margin by 2023 of more than 15% driven by a lean and streamlined business operation and accelerating organic growth."

see & read more on
http://files.smart.pr/31/80d170a04a11e89c2077e7d17fe68c/180815-Kendrion-N.V.-press-release---Kendrion-realises-9.8_-EBITA-margin-and-16_-profit-growth-in-solid-first-half-2018.pdf

tijd 15.31
Kendrion EUR 34,40 -3,15 vol. 75.190