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Aalberts NV Earnings Release 2006
3799_iss_2007-02-28_7a0997c1-7931-4155-9780-ce2e4ce925a1.pdf
Earnings Release
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Press release
AI Aalberts Industries
date 28 February 2007
more information J. Aalberts
phone +31 (0)343 565 080
e-mail [email protected]
Aalberts Industries increases net profit 29%
2006 was without doubt a good year
Highlights 2006
- Increase in revenue by 37% to EUR 1.44 billion
- Strong organic growth of 14% combined with consistent acquisition strategy
- Operating profit increased by 40% to EUR 168.1 million
- Net profit rose by 29% to EUR 107.5 million
- Earnings per share EUR 4.38, an increase of more than 28%
- Dividend increase of 29% to EUR 1.10 per ordinary share
- Strategic expansion Flow Control; acquisitions Comap (France) and KAN (Poland)
- Preparation acquisition LASCO Fittings (United States)
- Continuous development and introduction of new innovative products and services
Key figures (before amortisation)
in EUR x million
| 2006 | 2005 | Change | |
|---|---|---|---|
| Revenue | 1,440.3 | 1,055.0 | 37% |
| Operating profit (EBITA) | 168.1 | 120.4 | 40% |
| Net profit | 107.5 | 83.1 | 29% |
| Average number of ordinary shares | 24.6 | 24.4 | 1% |
| Earnings per ordinary share (x EUR 1) | 4.38 | 3.41 | 28% |
| Dividend per ordinary share (x EUR 1) | 1.10 | 0.85 | 29% |
| Cash flow (net profit plus depreciation) | 161.4 | 129.8 | 24% |
| Capital base as a % of total assets | 31.9 | 34.0 | |
| Interest-bearing debt | 533.0 | 439.4 | 21% |
| Interest cover | 6.5 | 7.0 | |
| Interest-bearing debt / Total equity (gearing) | 1.4 | 1.5 |
Jan Aalberts, President & CEO: "2006 was, without doubt, a good year. We again realised strong profitable growth, consolidated our position as one of the market leaders in a number of our markets and our financial position remained sound.
By focussing on the dynamic market conditions, developing and introducing new innovative products and by stimulating the cooperation in the group we achieved an organic growth of 14%. Our strategy to enhance our market position and profitable growth through acquisitions also proved successful in 2006.
Aalberts Industries N.V.
Sandenburgerlaan 4 3947 CS Langbroek P.O. Box 11 3940 AA Doorn The Netherlands
(t) +31 343 565080 (f) +31343 565081
(e) [email protected] (w) www.aalberts.nl
Trade Register Utrecht No. 30089954
ABN AMRO Bank No. 41.97.88.573
VAT No. NL005850897B06
Press release
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Aalberts Industries
During 2006, Industrial Services invested in new innovative technologies, its markets and in strengthening its management, as a result of which the group is well positioned for the future.
Flow Control had in 2006 an unprecedented organic revenue and margin development; further complemented with growth from a number of acquisitions of which Comap was the largest. Despite the unparalleled volatility we were able, for the greater part, to pass on the increases in the raw material prices to the market.
We look forward to the future with confidence. The start of this year has been very good with the announcement of the first acquisitions including a successful share placement and our order position is healthy. We are counting on another good year."
Implementation of objectives
- Stable growth in earnings per share - Pursuant to a strong 2005 performance, we fulfilled in 2006 our growth objective in respect of the earnings per share. The earnings per share increased by 28% an increase well above the market average;
- Revenue growth – The revenue growth of 37% (EUR 385 million) to EUR 1.44 billion positions the group well to continue its path of sustainable profitable growth;
- A balanced distribution of results – Through the extended geographical coverage, extension of the portfolio and entrance on new markets, further steps are realised to reduce the dependency on certain products, processes, countries and/or customers;
- Leading market position – Aalberts Industries strives to obtain a leading position in each of the markets the group is active in. By investing in the most modern technologies, continuous development of new products and services and a customer focussed organisation, the group is able to consolidate and strengthen this position;
- Solid balance sheet ratios - The capital base amounted to 31.9% of the balance sheet total, an interest cover of 6.5 and a gearing of 1.4; these figures illustrate the group's sound financial position.
Financial results (before amortisation)
In 2006, revenue amounted to EUR 1.44 billion, an increase of more than EUR 385 million (37%) relative to 2005. The organic revenue growth was 14% including the effects of the raw material price increases. Over 2006 the operating profit (EBITA) amounted to EUR 168.1 million, a 40% rise relative to 2005. The EBITA margin was 11.7% in relation to 11.4% in 2005. The net finance cost increased to EUR 26.0 million (2005: EUR 17.1 million). The total interest-bearing debt rose to EUR 533 million in 2006 (end 2005 EUR 439 million). The changes in the principal financial ratios were as follows:
- Debt service ratio (interest-bearing debt / EBITDA) from 2.6 to 2.4;
- Interest cover (EBITA / net finance cost) from 7.0 to 6.5;
- Gearing (interest-bearing debt / total equity) from 1.5 to 1.4.
The net profit in the 2006 financial year rose by 29% to EUR 107.5 million, resulting in earnings per share of EUR 4.38. In comparison to 2005, the earnings per share rose by 28%. The return on the invested capital amounted to 16.5% compared to 14.8% in 2005.
In 2006, capital expenditure amounted to EUR 77.3 million and as such were 20% higher than in 2005 (EUR 64.5 million). The cash flow (net profit plus depreciation) in 2006 amounted to EUR 161.4 million, which was 24% higher than in 2005. The cash flow from operations increased by 5% to EUR 186 million.
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In conformity with Aalberts Industries' policy to consistently set aside some 25% of the profit achieved for dividend distribution purposes, the Annual General Meeting of Shareholders will be asked to declare a dividend for 2006 of EUR 1.10 per ordinary share having a nominal value of EUR 1.00. The dividend is payable in cash or, at the option of shareholders, in the form of ordinary shares, chargeable to the tax-exempt share premium account or to the unappropriated profit. This amounts to a dividend increase of 29%. The stock dividend will be determined after trading on 15 May 2007 based on the volume weighted average price of all Aalberts Industries N.V. shares traded on 9, 10, 11, 14 and 15 May, in such a way that the value of the dividend in shares is substantially the same as the value of the cash dividend.
Aalberts Industries announces that, with a view to increase the marketability of its shares, it will propose to its shareholders to split each Aalberts Industries ordinary share (par value EUR 1.00) into four ordinary shares with a par value of EUR 0.25 each. This proposal will be added to the agenda of the Annual General Meeting of Shareholders to be held on 23 April 2007.
Operational Developments
Industrial Services
In 2006, the revenue of Industrial Services rose by 10% to a total of EUR 450 million. Growth was evident in the production and assembly of complex customer-specific parts as well as the supply of high-grade surface and heat treatment. Organic revenue growth was 6%. The operating profit went up by EUR 4 million to EUR 50 million, a 9% increase.
Despite the limited number of service locations in the United States, Aalberts Industries managed to expand its position in a number of niche markets by offering high-grade technologies. The activities in the United Kingdom and Scandinavia realised minor growth in 2006.
The French Industrial Services activities developed well in 2006. Through the spread over a broad range of markets and sectors, benefits could be gained from the positive developments in various markets. In 2006, further steps were taken to strengthen the position as leading supplier of high-grade surface treatment to the French aviation industry. Société de Galvanoplastie Industrielle (SGI) was able to profit from the growth of its principal aviation relationships. The French Metalis Group, also operating in Poland, also had a good 2006. Moreover, in December 2006, the Metalis Group took over the high-grade deep drawing technologies of Thomson Genlis, thus strengthening the existing technology portfolio. The activities which were taken over include the production and assembly of complex optical parts and add unique knowledge and skills.
In the main, the international markets in which the various Dutch companies are active developed positively in 2006. As the activities are spread over a large number of technologies and market segments, it was possible to benefit from the improving economic conditions on many fronts. The strategy implemented – which entailed the coordination between Industrial Services companies offering comparable or supplementary high-grade, specialist technologies to common market segments – proved effective in 2006. In 2006, the group companies which, in addition to their other market segments, were operating in the semiconductor and optical industries managed to benefit from positive developments in these sectors. Due to the innovative and solution oriented character of these companies, Aalberts Industries has successfully positioned itself to fulfil an important role in
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these sectors in the future. In addition, the cluster of companies active in the defence industry achieved further organic growth in 2006.
The developments in Germany were generally positive in 2006 and the group of heat and surface treatment centres were able to benefit from this market development. Due to its high-grade qualitative technology in the field of converting, plating and conditioning various metals, Aalberts Industries is one of the market leaders in Germany. To meet the increasing demand in Berlin and its surrounding area, the company Eloxal-Werk-Burg Gesellschaft für Aluminiumbeschichtungen und Oberflächentechniken mbH, established in Magdeburg, was taken over at the start of 2007.
Flow Control
In 2006, the revenue of Flow Control rose by 54% to EUR 991 million. All regions contributed positively to this growth, in respect of which the growth in Southern Europe was, in particular, increased through the acquisition of Comap. Organic revenue growth was about 17%, including the effects of raw material price increases. The operating profit rose in 2006 by 59% (EUR 44 million) to EUR 118 million. This was the result of a constant focus on the margins and additional steps taken to reduce the conversion cost.
In the first half of 2006, the activities in the United States experienced an unprecedented organic revenue growth of 47%, while the second half of 2006 created a reduction in demand. Over the whole year, the development of Elkhart Products was in line with expectations. Elkhart Products' increased in 2006 the sale of its new fittings TecTite™ and QTite™, jointing solutions for various materials such as copper, PEX and CPVC. Moreover, the XPress™ (press fitting) increased market share in 2006. To strengthen our market position in the United States, Aalberts Industries took over LASCO Fittings Inc. in early 2007. LASCO Fittings, with a revenue of circa EUR 80 million and over 500 employees, is among the leading players in the US market for plastic fittings and associated applications. LASCO Fittings offers a broad portfolio of plastic fittings, valves and connectors for plumbing, irrigation (including golf courses) and the spa & pool market.
In a reasonably stable market, Yorkshire Fittings was able to enlarge its market share in the United Kingdom, in particular by expanding its product portfolio and applying the right focus on its distribution channels. In 2006, Pegler further expanded its export to the Middle East and Europe, which more than offset the slight decline in the United Kingdom market. Both companies saw the share in their total sales of products and systems from affiliated companies grow considerably. Both Yorkshire Fittings and Pegler invested in 2006 in further expansion of their production capacities in Eastern Europe and the Far East.
The successful Comap acquisition was the main theme of the French Flow Control activities in 2006. Comap, active in both water and gas products, is one of the European market leaders in the field of Flow Control. In 2006, due to its broad product portfolio and extensive international distribution channels, Comap managed to achieve not only growth in its existing range of products, but also launched a large number of new products and systems with success. The first steps were taken in 2006 to integrate Comap's broad range of products and systems into the group's existing portfolio; this integration offers good future potential.
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The growth of high-grade (galvanised) steel and stainless steel fittings was spectacular in 2006 and the expectation is that this trend will continue. Through a consistent market approach, continuous innovation and the most modern production facilities, Flow Control in the Benelux was able to reap benefits from the market trend.
The developments in North Europe were favourable in 2006. Market demand for BROEN's Ballomax® district heating products and systems was in 2006 again strong. In particular, Eastern Europe, including Russia, experienced a high demand from which the Danish company BROEN was able to profit. Furthermore, the demand for BROEN's Ballorex® control and distribution systems and Ballofix® ball valves developed well.
Early 2007 BROEN, by taking over the minority shareholding of the Russian joint venture partner, acquired full ownership of the production and sales activities in Russia.
Holmgrens, a Swedish producer of high-grade fittings for the Scandinavian market, was taken over in September 2006. The portfolio and distribution channels will strengthen the market positions in Scandinavia and create synergy with the Raufoss Water & Gas Group.
In August 2006, the takeover of a controlling interest in KAN SP. z.o.o. was announced; the formal closing occurred January 2007. KAN is a producer of plastic tube systems (KAN-therm), suitable for (drinking) water and (floor)heating. The systems consist of synthetic tubes and fittings, manifolds and heating accessories. KAN is market leader in Poland, the Ukraine and Belarus, and has its own sales organisations in Russia and other Eastern European countries. This network offers Aalberts Industries a unique opportunity to accelerate the introduction of its Flow Control portfolio into Eastern Europe. In 2006, the growth of Flow Control products via this network exceeded expectations.
2006 was a good year for Flow Control Germany. On the one hand, the group companies were able to profit from the favourable market conditions in the construction and utility sectors, while, on the other hand, benefits were reaped from a more focused approach to the market and the introduction of a number of new innovative products. The introduction of stainless steel products and systems, supplementary to the Seppelfricke and Simplex portfolios, outstripped expectations. Meibes also had a good year during which it strengthened its market position by offering high-grade qualitative products at reliable delivery times. The activities in the American and European soft drink & beer industry realised a limited growth in 2006.
The development of the demand in Germany for patented dispense systems for the automotive industry (natural gas) was strong in both Europe and Asia. Moreover, the demand for pressure regulators for the medical sector and components used for artificial respiration purposes also developed favourably.
Human Resources
The structure of Aalberts Industries is characterised by its decentralised managerial style and entrepreneurial culture resulting from this approach. The strength of the group is constantly being reinforced by providing local management with day-to-day responsibility for operational matters which enables them to act directly and flexibly in respect of dynamic product-market combinations. By implementing this management philosophy consistently and successfully over the years, a culture
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has been created in which local management teams are eager to increase both the result of their 'own' companies as well as that of the group as a whole.
The number of employees rose in 2006 from slightly over 8,000 at the end of 2005 to 9,370 at the end of 2006. In part, this rise was due to the consolidation of a number of acquisitions, of which Comap in France made the greatest contribution, and partly due to an increase in the number of production workers in Eastern Europe and China. In particular, this latter increase reflects the shift of labour-intensive production processes away from Northern and Western Europe. However, on the other hand, the group has witnessed a reduction in the number of employees due to further mechanisation and automation of the production and assembly processes.
Outlook
Following its strong 2006 performance, Aalberts Industries will continue to focus on the further expansion of its profitable growth in 2007. The organisation is well positioned to build on its consistent organic growth strategy and the sound financial basis enables continuation of the acquisition strategy. The management board expects, also taking into account the strong order position by year-end 2006 and the consolidation of early 2007 acquisitions, that barring unforeseen circumstances the growth in earnings per share for 2007 will be in line with the average growth of the past years.
Annexes:
- Consolidated balance sheet
- Consolidated income statement
- Consolidated cash flow statement
- Key figures
- Changes in shareholders' equity
- Segment reporting
- Geographical spread of revenue
- Financial agenda 2007
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CONSOLIDATED BALANCE SHEET
before profit appropriation in EUR x million
ASSETS
| 31-12-2006 | 31-12-2005 | |
|---|---|---|
| Goodwill | 270.4 | 249.5 |
| Other intangible assets | 69.7 | 39.1 |
| Property, plant and equipment | 378.0 | 321.6 |
| Investments in associated companies | - | 0.1 |
| Deferred tax assets | 12.3 | 6.9 |
| Non-current assets | 730.4 | 617.2 |
| Inventories | 314.2 | 195.8 |
| Trade receivables | 213.2 | 146.3 |
| Other current assets | 21.0 | 18.5 |
| Cash and cash equivalents | 0.1 | 0.2 |
| Current assets | 548.5 | 360.8 |
| Total assets | 1,278.9 | 978.0 |
EQUITY AND LIABILITIES
| 31-12-2006 | 31-12-2005 | |
|---|---|---|
| Shareholders' equity | 383.6 | 298.5 |
| Minority interests | 3.9 | 3.7 |
| Total equity | 387.5 | 302.2 |
| Non-current borrowings | 334.3 | 255.2 |
| Cumulative preference shares | 20.4 | 30.6 |
| Employee benefit plans | 34.2 | 28.2 |
| Deferred tax liabilities | 12.5 | 9.6 |
| Other provisions | 7.0 | 4.7 |
| Non-current liabilities | 408.4 | 328.3 |
| Current borrowings | 117.7 | 88.3 |
| Current portion of non-current borrowings | 60.6 | 65.2 |
| Trade and other payables | 189.9 | 103.7 |
| Current income tax liabilities | 14.4 | 9.6 |
| Other current liabilities | 100.4 | 80.7 |
| Current liabilities | 483.0 | 347.5 |
| Total equity and liabilities | 1,278.9 | 978.0 |
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CONSOLIDATED INCOME STATEMENT
in EUR x million
| 2006 | 2005 | |
|---|---|---|
| Revenue | 1,440.3 | 1,055.0 |
| Other income | 4.7 | 9.6 |
| Total operating income | 1,445.0 | 1,064.6 |
| Raw materials and work subcontracted | (565.7) | (364.4) |
| Personnel expenses | (397.4) | (331.0) |
| Depreciation of property, plant and equipment | (54.0) | (46.7) |
| Amortisation of intangible assets | (7.4) | (4.3) |
| Other operating expenses | (259.8) | (202.1) |
| Total operating expenses | (1,284.3) | (948.5) |
| Operating profit | 160.7 | 116.1 |
| Finance income | 6.1 | 4.4 |
| Finance expenses | (32.1) | (21.5) |
| Net finance cost | (26.0) | (17.1) |
| Profit before tax | 134.7 | 99.0 |
| Tax expenses | (33.7) | (19.0) |
| Net profit | 101.0 | 80.0 |
| Attributable to: | ||
| Ordinary shareholders | 100.0 | 78.8 |
| Minority interest | 1.0 | 1.2 |
| Net profit before amortisation | 107.5 | 83.1 |
| Earnings per ordinary share before amortisation | ||
| Basic | 4.38 | 3.41 |
| Diluted | 4.38 | 3.40 |
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CONSOLIDATED CASH FLOW STATEMENT
in EUR x million
| 2006 | 2005 | |
|---|---|---|
| Cash flows from operating activities | ||
| Operating profit | 160.7 | 116.1 |
| Adjustments for: | ||
| Depreciation of property, plant and equipment | 54.0 | 46.7 |
| Amortisation of intangible assets | 7.4 | 4.3 |
| Changes in provisions | 0.8 | (1.4) |
| Changes in inventories | (72.3) | 2.6 |
| Changes in trade and other receivables | (19.2) | (2.3) |
| Changes in trade and other payables | 54.6 | 10.7 |
| Changes in working capital | (36.9) | 11.0 |
| Cash flow from operations | 186.0 | 176.7 |
| Finance income received | 4.4 | 4.4 |
| Finance expenses paid | (32.1) | (20.9) |
| Income taxes paid | (29.7) | (14.3) |
| Net cash from operating activities | 128.6 | 145.9 |
| Cash flows from investing activities | ||
| Acquisition of subsidiaries | (124.3) | (93.4) |
| Capital expenditure | (75.8) | (60.3) |
| Purchases of intangible assets | (1.9) | (1.5) |
| Proceeds from sale of equipment | 2.3 | 3.0 |
| Other cash flows | 1.1 | (4.0) |
| Net cash from investing activities | (198.6) | (156.2) |
| Cash flows from financing activities | ||
| Proceeds from issue of share capital | 0.2 | 0.2 |
| Proceeds from non-current borrowings | 137.1 | 112.5 |
| Repayment of non-current borrowings | (78.6) | (77.6) |
| Dividends paid | (12.1) | (10.0) |
| Other cash flows | (5.9) | 12.8 |
| Net cash from financing activities | 40.7 | 37.9 |
| Net increase/(decrease) in cash and current borrowings | (29.3) | 27.6 |
| Cash and current borrowings as at beginning of period | (88.2) | (115.8) |
| Cash and current borrowings as at end of period | (117.5) | (88.2) |
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Aalberts Industries
KEY FIGURES
before amortisation
| 2006 | 2005 | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|
| IFRS | Dutch GAAP | ||||
| Result (in EUR x million) | |||||
| Total operating income | 1,445.0 | 1,064.6 | 903.7 | 775.1 | 715.2 |
| Revenue | 1,440.3 | 1,055.0 | 897.7 | 784.6 | 706.1 |
| Operating profit (EBITA) | 168.1 | 120.4 | 106.5 | 88.1 | 84.2 |
| Net profit | 107.5 | 83.1 | 70.8 | 53.7 | 47.0 |
| Depreciation | 54.0 | 46.7 | 40.4 | 41.7 | 39.4 |
| Cash flow (net profit plus depreciation) | 161.4 | 129.8 | 111.3 | 95.3 | 86.4 |
| Cash flow from operations | 186.0 | 176.7 | 124.8 | 144.1 | 120.6 |
| Balance sheet (in EUR x million) | |||||
| Intangible fixed assets | 340.1 | 288.6 | 228.6 | 201.7 | 199.4 |
| Property, plant and equipment | 378.0 | 321.6 | 269.9 | 226.5 | 240.1 |
| Capital expenditure | 77.3 | 64.5 | 40.3 | 32.5 | 30.8 |
| Net working capital | 265.8 | 181.5 | 179.7 | 146.7 | 157.8 |
| Total equity | 387.6 | 302.2 | 226.8 | 213.3 | 181.5 |
| Capital base | 408.0 | 332.8 | 267.7 | 228.5 | 211.8 |
| Interest-bearing debt | 533.0 | 439.4 | 408.6 | 338.2 | 394.8 |
| Total assets | 1,278.9 | 978.0 | 823.7 | 699.2 | 735.7 |
| Number of staff at year-end | |||||
| The Netherlands | 1,517 | 1,437 | 1,478 | 1,407 | 1,552 |
| Other countries | 7,853 | 6,580 | 5,653 | 4,918 | 4,833 |
| Total | 9,370 | 8,017 | 7,131 | 6,325 | 6,385 |
| Ratios | |||||
| Operating profit as a % of revenue | 11.7 | 11.4 | 11.9 | 11.2 | 11.9 |
| Interest cover | 6.5 | 7.0 | 6.5 | 5.3 | 4.4 |
| Net profit as a % of revenue | 7.5 | 7.9 | 7.9 | 6.8 | 6.7 |
| Capital base as a % of total assets | 31.9 | 34.0 | 32.5 | 32.7 | 28.8 |
| Interest-bearing debt / Total equity | 1.4 | 1.5 | 1.8 | 1.6 | 2.2 |
| Shares issued (x million) | |||||
| Ordinary shares (average) | 24.6 | 24.4 | 24.2 | 23.7 | 21.9 |
| Ordinary shares (at year-end) | 24.6 | 24.4 | 24.2 | 23.7 | 23.2 |
| Cumulative preference shares | 1.55 | 2.10 | 2.10 | 1.95 | 1.95 |
| Figures per ordinary share | |||||
| Cash flow | 6.57 | 5.32 | 4.60 | 4.02 | 3.95 |
| Net profit | 4.38 | 3.41 | 2.93 | 2.26 | 2.15 |
| Dividend | 1.10 | 0.85 | 0.70 | 0.56 | 0.50 |
| Share price at year-end | 65.50 | 44.85 | 35.70 | 20.53 | 14.80 |
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CHANGES IN SHAREHOLDERS' EQUITY
in EUR x million
| 2006 | 2005 | |
|---|---|---|
| Balance as at the beginning of the period | 298.4 | 224.5 |
| Net profit for ordinary shareholders | 100.0 | 78.8 |
| Dividend for ordinary shareholders | (12.1) | (10.0) |
| Exchange rate differences and other movements | (2.7) | 5.1 |
| Total net effect | 85.2 | 73.9 |
| Balance as at the end of the period | 383.6 | 298.4 |
SEGMENT REPORTING
(before amortisation in EUR x million)
| Industrial Services | 2006 | 2005 | Change |
|---|---|---|---|
| Revenue | 449.5 | 410.2 | 10% |
| Operating profit (EBITA) | 49.9 | 45.9 | 9% |
| Operating profit (EBITA) as a % of revenue | 11.1 | 11.2 | |
| Capital expenditure | 33.1 | 40.1 | (17%) |
| Depreciation | 27.2 | 25.7 | 6% |
| Average number of employees (x1) | 4,136 | 4,014 | 3% |
Flow Control
| 2006 | 2005 | Change | |
|---|---|---|---|
| Revenue | 990.8 | 644.8 | 54% |
| Operating profit (EBITA) | 118.2 | 74.4 | 59% |
| Operating profit (EBITA) as a % of revenue | 11.9 | 11.5 | |
| Capital expenditure | 44.2 | 23.5 | 88% |
| Depreciation | 26.8 | 20.0 | 34% |
| Average number of employees (x1) | 5,033 | 3,688 | 36% |
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GEOGRAPHICAL SPREAD OF REVENUE
| 2006 in EUR million | 2006 as a % of revenue | 2005 in EUR million | 2005 as a % of revenue | |
|---|---|---|---|---|
| Germany | 280.1 | 19 | 243.1 | 23 |
| United Kingdom | 240.1 | 17 | 160.4 | 15 |
| Benelux | 198.9 | 14 | 147.8 | 14 |
| France | 175.8 | 12 | 116.4 | 11 |
| United States | 153.0 | 11 | 127.2 | 12 |
| Eastern Europe | 102.6 | 7 | 65.5 | 6 |
| Spain & Portugal | 84.4 | 6 | 54.3 | 5 |
| Scandinavia | 65.4 | 4 | 56.1 | 6 |
| Others | 140.0 | 10 | 84.2 | 8 |
| Total | 1,440.3 | 100 | 1,055.0 | 100 |
FINANCIAL AGENDA 2007
subject to change
| 23 April 2007 | General Meeting of Shareholders in the Okura Hotel, Amsterdam (start: 14:00 hrs) | | --- | --- | | 25 April 2007 | Ex-dividend listing | | 25 April t/m – 14 May 2007 | Option period stock dividend or cash dividend | | 27 April 2007 | Record date | | 15 May 2007 | Fixation of stock dividend conversion ratio (after close of trading) | | 18 May 2007 | Making payable of dividend and delivery of new ordinary shares | | 15 August 2007 | Publication of interim figures 2007 (before start of trading) |
*The stock dividend will be determined after trading on 15 May 2007 based on the volume weighted average price of all Aalberts Industries N.V. shares traded on 9, 10, 11, 14 and 15 May, in such a way that the value of the dividend in shares is substantially the same as the value of the cash dividend.
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