Sioen Industries : Annual results 2016

Comments on the consolidated income statement

Net sales:

Over the past year sales grew with 11.3% to EUR 363.4 million compared to EUR 326.4 million in 2015. This sales figure includes the sales of the recently acquired companies:

• Manifattura Fontana, accounted for as of 1 April 2016 and
• Dimension Polyant, accounted for as of 1 August 2016

Excluding those recently acquired companies the Sioen Industries Group realized an organic growth of 3.3% compared to the same period previous year.

(Note: at constant currency sales would have reached approximately EUR 366.4 million or a growth ratio of 12.3% and an organic growth ratio of 4.2%.)

Operating result:

The operating result has evolved from EUR 35.8 million last year to EUR 44.7 million over 2016 or an increase with 24.8%.

Favorable market conditions combined with continuous improvement programs, an everlasting cost consciousness and a strong focus on more value added products are the main drivers supporting this positive evolution.

Financial result:

Financial result of the Group amounted to EUR -6.6 million over the year 2016 against EUR -3.0 million in 2015. An increase solely due to negative currency results for a total of 4.2 million.

Income tax:

Income tax amounts to EUR 12.1 million over the year 2016 against EUR 10.2 million over 2015.

Profit (loss) for the period from continuing operations:

The company recorded EUR 26.0 million profit over the year 2016 against EUR 22.6 million over 2015 or an increase with 14.8%.

Balance sheet:

At the end of the year Group equity amounted to EUR 189.2 million or 51.4% of the balance sheet total. Net financial debt of the group, at year end, is 79.4 million or 1.3 times the current year EBITDA.

Earnings per share:

The company realized earnings per share amounting to EUR 1.31. The Board of Directors will be proposing to the General Shareholders' Meeting of 28 April that the company declares a gross dividend of EUR 0.53 per share.

Outlook:

A change in the political scenery combined with the announcement of protectionist measures and a worldwide revival on the raw materials markets incite us to be prudent. Nevertheless, the Sioen Industries Group will continue to pursue growth through the development of new and complementary business lines in technical textiles.

Sioen core values: a strong focus on innovation, customer intimacy, an extensive product portfolio, a strong focus on added value products and sustained cost efficiency are the foundations upon which we build our future.

As Ursuit, Verseidag Ballistic Protection and UV Curable Systems were acquired at or after year end, they are not included in our figures.

Sioen Industries Group:

Full information and the complete annual report will be made available on 28 March 2017 on www.sioen.com.

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