AALBERTS INDUSTRIES INCREASES NET PROFIT BY 23%

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Beleggingsadvies 15/08/2007 09:09
Highlights 1st half of 2007
- Revenue increased by 23% to EUR 859 million
- Organic revenue growth of 8% and 15% growth from acquisition Operating profit (EBITA) increased by 21% to more than EUR 97 million
- Net profit increased by 23% to more than EUR 62 million
- Earnings per ordinary share increased by 21% to EUR 0.63
- Acquisitions in Flow Control (LASCO Fittings, US and KAN, Poland)
- Acquisitions in Industrial Services (Genlis and GSA/Garnier, France)

Key figures (before amortisation)
in eur x million H1 2007 H1 2006 Change
Revenue 858.6 697.4 23%
Operating profit (EBITA) 97.3 80.3 21%
Net profit 62.7 51.0 23%
Average number of ordinary shares* 100.1 98.2 2%
Earnings per ordinary share (x eur 1)* 0.63 0.52 21%
Cash flow (net profit plus depreciation) 92.6 77.2 20%
Capital base as a % of total assets 33.0 28.5
Net debt 667.5 604.5 10%
Interest cover 6.6 6.7
Net debt / Total equity (gearing) 1.4 1.8

*rounded after ordinary share split 4:1 (May 2007)
Jan Aalberts, President & CEO: ‘The first six months generated good results and solid organic growth… We were pleased with the equity issuance, in combination with the acquisition of LASCO Fittings, allowing us to maintain healthy balance sheet ratios while continuing our path of organic growth and acquisitions… Our order position and intake remain good providing us with confidence for the second half of 2007…

During the first six months Industrial Services was able to benefit from the positive industry sentiment across the various markets we offer our high grade components and services... Particularly the automotive, semiconductor, medical and aerospace industries provide us stable organic growth and future potential…. We were able to further strengthen our position with a number of key customers and invested in our technological capabilities, capacity and geographic presence…

In Flow Control we were able, through the acquisition of LASCO Fittings, to further strengthen and diversify our US market position, mitigating some of the slowdown in the residential construction sector… The revenues in Eastern Europe increased considerably through both organic growth and the consolidation of KAN in Poland as of January 1st… Both in France and the UK significant steps were taken to integrate companies to strengthen our market positions and increase efficiency…’

During the first six months of 2007, Aalberts Industries was able to continue its path of profitable growth through organic development and acquisitions. Aalberts Industries successfully introduced a number of new products and services and was able to improve its position in a number of markets. Again, price volatility in the raw material market was relatively high and much effort was invested to maintain the margin levels.

The organic revenue growth came to 8%, to which both Flow Control and Industrial Services contributed. Both the acquisitions of 2006 and the first half of 2007 had a further positive effect on the revenue and profit development. The EBITA margin in Industrial Services amounted to 12.0% (11.6% in the first half of 2006). The EBITA margin in Flow Control came to 11.1% (11.5% in the first half of 2006), mainly due to the slowdown in the US residential construction sector and the integration in France. The number of employees increased over the last twelve months, primarily resulting from acquisitions, from 9,472 to 11,215.

Capital expenditure amounted to approximately EUR 48 million, an increase of 34% over last year. Investments were realised, among other things, in the French Flow Control activities, as part of the integration plan in which the number of production and distribution facilities will be rationalised. Both Flow Control and Industrial Services invested in Poland to establish new and expand existing production facilities. Sizeable investments occur in Germany to meet the increasing demand for heat treatment services.

The capital base amounted to 33% of the balance sheet total, interest cover was 6.6 and gearing (net debt/total equity) came to 1.4. To increase the marketability of its ordinary shares, Aalberts Industries has split each share (par value EUR 1.00) into four shares with a par value of EUR 0.25 each in May 2007.

For the second half of the year the prospect of a stable development of the markets Aalberts Industries is active in justifies the expectation that, barring unforeseen circumstances, the earnings per share over the whole year 2007 will develop in line with the average growth of the past years.






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