PRESS RELEASE

Regulated information Half-yearly information - figures H1 2017 23 August 2017 - 8:00 am CET

- Consolidated results H1 2017 - PICANOL GROUP INCREASES TURNOVER BY 11% IN THE FIRST HALF OF 2017 WELL-FILLED ORDER BOOK FOR SECOND HALF-YEAR

  • In line with the previously announced forecast, the Picanol Group (Euronext: PIC) realized a consolidated turnover of 364.7 million euros in the first half of 2017, an increase of 11% compared to 329.7 million euros in the first half of 2016.

    The Weaving Machines division again experienced a strong first half in 2017, having ended 2016 with a well-filled order book. Increasing demand for technology and quality brought strong sales, especially in Asia, with market share increases in many markets. As a result, Picanol placed a record number of weaving machines on the market in H1 2017. The Industries division also had a strong first half-year thanks to the increased demand from Weaving Machines and projects at other customers, which allowed Proferro (foundry and mechanical finishing activities) and PsiControl (controllers) to realize strong revenue growth.

    These activities resulted in the first half of 2017 in a net profit of 52.2 million euros compared to 48.1 million euros in the same period in 2016. In addition, Tessenderlo Group nv contributed 5.8 million euros to the net result in the first half of 2017 (compared to 12.3 million euros in the same period last year). The Picanol Group closed the first half of 2017 with a net profit of 58.1 million euros, compared to 60.4 million euros in the first half of 2016.

  • The Picanol Group expects a slight increase in turnover over the full 2017 financial year compared to 2016 - the best year in the history of the group - but is taking into account a limited impact of rising commodity prices.

  • The Picanol Group has currently some 40 vacancies at its headquarters in Ypres. The vacancies are published on the website www.picanolgroup.com.

    Half-yearly information - H1 2017 figures in accordance with IFRS accounting standards

  • KEY FIGURES

    Consolidated results (in '000 euros)

    30/06/2017

    30/06/2016

    Sales

    364,712

    329,707

    Cost of sales

    -274,546

    -243,933

    GROSS PROFIT

    90,256

    85,774

    Gross profit as % of sales

    25%

    26%

    General and administrative expenses

    -9,988

    -8,949

    Selling and marketing expenses

    -9,191

    -9,805

    Other operating income

    85

    330

    Other operating expenses

    -5

    -461

    EBITDA*

    73,999

    70,020

    EBIT**

    71,156

    66,889

    Net financing expenses

    997

    578

    Other financial result

    170

    -113

    PROFIT OR LOSS BEFORE TAXES

    72,323

    67,354

    Income taxes

    -20,107

    -19,260

    PROFIT OR LOSS

    52,217

    48,094

    Share in the result of associated companies

    5,834

    12,290

    SHARE OF THE GROUP IN PROFIT

    58,051

    60,384

    Balance sheet information (in '000 euros)

    30/06/2017

    30/06/2016

    SHAREHOLDERS' EQUITY

    587,693

    472,724

    BALANCE SHEET TOTAL

    749,348

    629,087

    Key figures per share (in euros, except number of shares)

    30/06/2017

    30/06/2016

    Basic earnings per share

    3.28

    3.41

    Diluted earnings per share

    3.28

    3.41

    Number of shares

    17,700,000

    17,700,000

    *EBITDA : EBIT 71,156

    + depreciation and impairment of assets + 4,191

    + adjustments of write-offs on inventories and trade receivables - 1,294

    + adjustments of other provisions

    - 54

    **EBIT : Operating result

  • ABBREVIATED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENT

PICANOL GROUP (in '000 euros)

30/06/2017

30/06/2016

Sales

364,712

329,707

Cost of sales

-274,456

-243,933

GROSS PROFIT

90,256

85,774

Gross profit as % on turnover

25%

26%

General and administrative expenses

-9,988

-8,949

Selling and marketing expenses

-9,191

-9,805

Other operating income

85

330

Other operating expenses

-5

-461

OPERATING RESULT

71,156

66,889

Total interest income

2,399

1,340

Total interest expenses

-1,402

-762

Other financial income

784

216

Other financial expenses

-614

-329

PROFIT OR LOSS BEFORE TAXES

72,323

67,354

Taxes

-20,107

-19,260

PROFIT OR LOSS

52,217

48,094

Share in the result of associated companies

5,834

12,290

SHARE OF THE GROUP IN PROFIT

58,051

60,384

PICANOL GROUP (in euros)

30/06/2017

30/06/2016

Basic earnings per share

3.28

3.41

Diluted earnings per share

3.28

3.41

ABBREVIATED CONSOLIDATED OVERVIEW OF THE TOTAL RESULT

PICANOL GROUP (in '000 euros)

30/06/2017

30/06/2016

PROFIT/(LOSS) OF THE PERIOD

58,051

60,384

Total other comprehensive income

Items that will not be subsequently transferred to profit and loss:

3,106

-4,410

Actuarial gains / (losses)

Actuarial gains / (losses) at associated companies

3,106

-4,410

Items that will subsequently be transferred to profit and loss if specific conditions are met:

-3,037

-729

Currency exchange differences as a result of the conversion of foreign operations

-2,141

-1,147

Currency exchange differences as a result of the conversion of foreign operations at associated companies

-1,227

1,129

Share of other comprehensive income of associated companies

331

-711

Total other comprehensive income after taxes

69

-5,139

TOTAL RESULT

58,120

55,245

CONSOLIDATED BALANCE SHEET

PICANOL GROUP (in '000 euros)

30/06/2017

31/12/2016

FIXED ASSETS

475,476

458,205

Intangible assets

994

1,041

Goodwill

0

0

Tangible fixed assets

59,809

58,950

Interests in associated companies

413,124

397,196

Other financial investments

44

44

Non-current receivables

1,037

311

Deferred tax assets

468

663

CURRENT ASSETS

273,872

220,299

Inventories and contracts in progress

67,534

60,253

Trade receivables

80,796

55,389

Other receivables

25,376

23,372

Cash and cash equivalents

100,166

81,285

TOTAL ASSETS

749,348

678,504

SHAREHOLDER'S EQUITY

587,693

531,344

Share capital

21,720

21,720

Share premiums

1,518

1,518

Reserves

557,332

498,842

Translation differences

7,123

9,264

Minority interests

0

0

NON-CURRENT LIABILITIES

11,698

12,132

Employee benefit obligations

4,762

5,128

Provisions

118

118

Deferred tax liabilities

6,818

6,886

Interest-bearing debt

0

0

Other liabilities

0

0

CURRENT LIABILITIES

149,957

135,028

Employee benefit obligations

1,362

1,362

Provisions

7,425

7,113

Interest-bearing debt

3,850

1,942

Trade payables

79,529

75,499

Income taxes payable

11,361

3,893

Other current liabilities

46,430

45,219

TOTAL LIABILITIES

749,348

678,504

Picanol NV published this content on 23 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 August 2017 12:22:09 UTC.

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