Revenue growth for full year 2017 of 4% to EUR 461.8 million (2016: EUR 443.4 million)
Normalised EBITA growth of 19% to EUR 37.0 million in 2017 (2016: EUR 31.1 million) as both Automotive and Industrial activities increase profitability
Normalised EBITA margin increases to 8.0% in 2017 from 7.0% in 2016, another good step towards our margin target of 10% as from the end of 2018
Revenue growth of 1% and normalised EBITA decline of 13% in Q4 2017 compared to Q4 2016
Continued implementation of simplification measures: full-year non-recurring costs of EUR 5.1 million with corresponding annualised savings of EUR 5.0 million; programme to continue into 2018
Strong financial position, and over EUR 11.0 million returned to shareholders
Proposed dividend increase of 12% to EUR 0.87 (2016: EUR 0.78) per share; pay-out ratio 50% of normalised full-year net profit

Joep van Beurden, Kendrion CEO:
"We had a good 2017 as growth related to our existing project pipeline and favourable conditions in our markets resulted in 19% higher EBITA than in 2016. Our Q4 profitability was lower than anticipated, mainly due to a slower than expected month of December compared with a strong year-end in Q4 2016. We continued to implement simplification measures to further streamline our company and improve our performance. We completed the closure of our Swiss and Indian facilities on schedule and made the decision to transfer the production of our Mexican facility to Shelby in the USA.

We continue to focus our resources and investments in the areas of Passenger Cars and Robotics and in China where we expect the largest opportunities for growth. In Passenger Cars, we grew the production of damper valves and won several additional damper valve projects. Our robotics business enjoyed double-digit growth in 2017 and going forward we expect demand growth in this segment to continue. The planned expansion of the production capacity for permanent magnet brakes in Villingen, Germany, is on track. China had a particularly satisfying year with double-digit growth in both the top and bottom line. We more than doubled our production capacity by opening the new facility in Suzhou, where production commenced on schedule during Q1 2018. In that same facility, we have started to set up a permanent magnet brake production line for a large customer.

We expect the favourable economic conditions to continue in 2018 and we will proceed with our strategy of ‘Simplify, Focus, Grow’. We expect further benefits from simplification and our focus on areas where we see growth opportunities. We are looking at the future with confidence, based on our strong business fundamentals, R&D capabilities, customer relationships and growing project pipeline.

Given the strong performance over the year, our solid financial position and our positive outlook for 2018, we propose to increase our dividend per share by 12% to EUR 0.87, equal to 50% of our normalised net profit. We reiterate our expectation to grow annual revenue by an average of 5% and deliver an EBITA margin of 10% as from the end of 2018."


see and rad more on
http://files.smart.pr/ae/10f180167911e8ab8b434e19b47d9f/180221-Kendrion-Press-release---annual-results-2017.pdf

tijd 09.15
De Smallcap 1.092,24 -6,28 -0,57% Kendrion EUR40.05 -2,55 vol. 11.000