highlights
° organic revenue growth +3%
° operating profit (EBITA) +5% to EUR 187.5 million; EBITA margin improved to 13.1%
° net profit before amortisation +6% to EUR 137.8 million; earnings per share EUR 1.25 (+6%)
° acceleration of innovation and organic growth initiatives
° bolt-on acquisition Precision Plating Company (PPC), Chicago, USA

key figures in EUR million 1H2019 1H2018*
delta revenue 1,436 1,387 4%
added-value as a % of revenue 63.3 62.8
operating profit (EBITA) 187.5 179.2 5%
EBITA as a % of revenue 13.1 12.9
net profit before amortisation 137.8 130.2 6%
earnings per share before amortisation (in EUR) 1.25 1.18 6%
cash flow from operations 74.3 49.5 50%
total equity as a % of total assets 49.6 49.5
net debt 905 744 22%
leverage ratio: net debt / EBITDA (12-months-rolling) 1.9 1.7
capital expenditure 71.9 57.1 26%
return on capital employed (ROCE 12-months-rolling) 14.4 15.2
* IFRS 16 is effective as of 1 January 2019, 1H2018 comparative figures have not been restated. See note basis of preparation and summary of accounting policies for 1H2019 impact adoption IFRS16.

Wim Pelsma – CEO
“We delivered a solid performance in more difficult market circumstances, due to our unique market positions, innovation and organic growth initiatives of the last years, entrepreneurial strength and strong focused business teams.
Capex increased compared to last year to facilitate the many innovation, organic growth and efficiency initiatives. We further optimised our capital allocation to generate the highest return, continuously pursuing excellence.
Initiatives to improve cash flow from operations are on a good track, which will continue in the second half of the year.
Many operational excellence projects are ongoing to further optimise our pricing, efficiency and cost structure, converting strong operational execution into free cash flow. We still have a lot to gain.
We will relentlessly execute our strategy 'focused acceleration’. In December 2019 we will give an update, followed by an innovation experience.”

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tijd 09.02
Aalberts EUR 36,09 +90ct vol. 33.000