Kendrion N.V. — Earnings Release 2011

Feb 29, 2012

P R E S S R E L E A S E

K E N D R I O N N . V .

2 9 F E B R U A R Y 2 0 1 2

KENDRION ACHIEVES 39% GROWTH OF NORMALISED PROFIT IN 2011

Good development in fourth quarter due to continuing favourable market conditions

• Fourth quarter revenue of EUR 64.9 million (+10%) and fourth quarter normalised net profit of EUR 4.4 million*
• Supplementary provision of over EUR 39 million in fourth quarter as a result of the judgment regarding EC fine
• Strong free cash flow of EUR 14.6 million, despite 21% revenue growth for full year 2011
• All business units performed well
• Proposed optional dividend of EUR 0.62 per share, total pay-out ratio of 35%, dividend policy revised
• Kendrion expects further growth in revenue and profit in 2012

Key figures

Key figures
(x EUR 1 million unless otherw ise stated)	1 Q4 2011	1 Q4 2010	Difference in %
Revenue	64.9	58.9	10%
EBITA from ordinary activities *	6.7	6.6	2%
Normalised net profit *	4.4	4.4	0%
ROS	10.3%	11.2%
1 The quarterly figures are unaudited
(x EUR 1 million unless otherw ise stated)	2011	2010	Difference in %
Revenue	267.9	221.9	21%
EBITA from ordinary activities *	30.7	24.2	27%
Normalised net profit *	20.5	14.8	39%
Solvency	40.0%	64.7%
ROS	11.5%	10.9%
ROI	22.2%	18.7%

* The normalised result is adjusted for the non-recurring provision/expenses with respect to the EC fine of EUR 39.4 million and excluding non-recurring costs of EUR 1.3 million (after tax EUR 1.2 million)

Kendrion CEO Piet Veenema:

"2011 was a very strong year operationally for Kendrion. The revenue growth achieved of 21% was attributable to continuing strong demand for our products. The net profit realised on this revenue was likewise very satisfying. Our role as niche player, our engineering know-how and innovative strength, as well as our focus on flexibility are very important elements that contributed to the results achieved in 2011. I am very pleased that we were able to close the year with the acquisition of FAS Controls, Inc. in the USA. Obviously, we are still extremely disappointed about the judgment of the General Court of the European Union on the EC fine in November 2011. As a result, we had to recognise a supplementary provision of over EUR 39 million in the fourth quarter. In view of the normalised results and our strong financial position we are proposing a dividend of 35% of the normalised net profit for 2011. While we cannot be sure of economic developments in 2012, we expect to be able to continue to selectively expand Kendrion in 2012 and that revenue and profit will both continue to grow in 2012. And the financing facility we recently obtained will support us in doing so."

Progress of strategy

Kendrion focuses on building and expanding its leading European market positions in selected niche markets in terms of revenue and added value. With its existing know-how, innovative strength and commercial potential, it offers solutions for a wide range of customers. Kendrion focuses on further expanding areas of application for electromagnetic systems and components. In addition, Kendrion is increasingly focusing on expanding its worldwide activities, both organically and through acquisitions. In 2011, major new steps were taken in the USA and in India, while the Chinese activities also grew strongly. The USA and China remain key focus areas for acquisitions to reduce dependence on Europe. The focus continues to be also on acquisitions of strong players in Germany, Kendrion's most important market.

Kendrion's spearheads are:

• Niche market leadership in selected business-to-business markets;

• Organic growth of the current activities;

• Utilising synergies in and between the business units;
• Balanced geographical spread of activities;
• Continual efficiency improvements in existing activities;
• Targeted add-on acquisitions;
• Enhancement of the innovative capacity.

These goals of Kendrion have been updated in the Mid-term Plan 2012 - 2014 "Entering another league". The financial goals for organic growth (>10%), Return on Sales (>10%) and Return on Investment (>17.5%) were comfortably achieved in 2011 at 21%, 11.5% and 22.2% respectively.

Financial review

Revenue

The good performance of the first nine months was continued in the fourth quarter. Organic revenue growth in the fourth quarter was 10%. Organic revenue growth for the full year 2011 was 21%. All business units contributed to this increase in revenue, with the Passenger Car Systems business unit achieving the highest organic revenue growth.

The basis of this revenue growth was again largely in Germany, driven partly by the strong exports from that country to the Far East. Measured by country of destination, revenue from the Far East surged by as much as 76% while sales to the Americas rose by 19%; sales in the German market advanced 11%.

Results

In combination with sound cost control, a good operating profit was achieved on the strong increase in revenue in the fourth quarter. A supplementary provision was recognised in the fourth quarter as a result of the judgment regarding the EC fine of EUR 39 million plus expenses, as stated in our press release of 16 January 2012. Also in the fourth quarter, acquisition costs were incurred mainly relating to the acquisition of FAS Controls. Furthermore, a non-recurring additional payment was made in the fourth quarter to the employees, which was provided in connection with the excellent performance in the year of the 100th anniversary. These last two items jointly amounted to EUR 1.3 million. Excluding these non-recurring costs and the provision for the EC fine, the operating result for the fourth quarter 2011 was EUR 6.7 million, which represents an operating margin of 10.3%. This is slightly lower than in earlier quarters, mainly due to the fact that there was some delay in being able to pass on the purchasing price of permanent magnets, which had risen sharply in the course of the year.

For the full year 2011, the normalised operating result before amortisation was 11.5%. Including the non-recurring costs referred to above and the supplementary provision for the EC fine, the net loss was EUR 36.2 million for the fourth quarter and EUR 20.1 million for the full year 2011. Normalised net profit per share was EUR 1.79 in 2011 (normalised 2010: EUR 1.30).

Financial position

The balance sheet total rose by EUR 38.4 million in the fourth quarter compared to the third quarter, principally as a result of the acquisition of FAS Controls just before the close of the year. Excluding FAS Controls working capital increased EUR 5.5 million (21%) compared to year-end 2010. In 2011, free cash flow (excluding acquisitions) of EUR 14.6 million was achieved.

As expected, capital expenditure of EUR 13.5 million in 2011 exceeded the level of depreciation (EUR 9.3 million), mainly as a result of the investments in the new ERP system.

The net debt position at year-end 2011 was EUR 25.9 million. Solvency at year-end 2011 (so after the acquisition of FAS Controls, Inc.) was 40%.

As announced in the press release of 18 January 2012, Kendrion recently reached agreement on an expansion of the existing financing arrangement with Deutsche Bank, ING Bank and Rabobank by EUR 60 million, mainly for funding potential future acquisitions. The total financing arrangement now amounts to EUR 183.5 million (including bank guarantee for the EC fine of EUR 48.5 million).

Number of employees

The number of employees increased in the fourth quarter by 200 to 1,800 including 200 temporary employees, which is entirely attributable to the FAS Controls acquisition. Kendrion continues to focus extensively on maintaining flexibility, both in its structure and in the area of personnel and other costs. The flexibility of each business unit is measured on a quarterly basis.

Operational performance per business unit

Industrial Magnetic Systems

Electromagnetic components tailored to the individual requirements of advanced industries

The Industrial Magnetic Systems business unit reported a 14% increase in revenue in 2011. The increase was achieved both by the introduction of several innovations (including in machine building) and sharply rising volumes at the principal existing customers, for instance in machine building and the energy sector. A further refocusing of sales and engineering activities by market segments was carried out. A new sales office was opened in Italy in 2011. In addition, efficiency was further improved by further selective distribution of the activities across the various production locations. The international presence of Kendrion in the USA and China is a major advantage. The business in the USA was significantly expanded with a view to future projects. There is a considerable focus on further expansion of the activities in China.

Industrial Drive Systems

Electromagnetic brake and clutch systems for industrial drive technology

Revenue of the Industrial Drive Systems business unit rose 19% in 2011. Following the enormous growth in 2010 there was therefore also strong revenue growth in 2011, attributable to the good performance of German machine building, where this business unit has a strong market position in the field of brake systems for servomotors. New products (under the name KOBRA - Kendrion Optimised Brake) were developed, which will be introduced in the market in 2012. The innovation of the world's smallest permanent brake system produced a new order for the US aviation industry. Efficiency and flexibility improved through selective investments in production. In the second half of the year 2011 this business unit did however have to contend with very sharply increased prices of permanent magnets. Although these price rises were passed on to the market, this occurred with some delay. China and the USA are the main geographical areas of expansion. In particular, major progress was achieved in 2011 in China by the acquisition of new customers and projects.

Passenger Car Systems

Project solutions for specific applications of customers in the automotive and special vehicles industries

Passenger Car Systems achieved the highest organic growth of revenue in 2011, of 30%. This business unit experienced revenue growth in the course of the year due to the strong increase worldwide of sales of the German automotive industry, with revenue growth in fact outpacing market growth due to the successful introduction of several new projects. The Passenger Car Systems business unit is responding swiftly to prevailing trends in the automotive market (motor management, downsizing of parts, greater switching ability, fuel economy and CO² reduction). Many new projects were acquired as a result in 2011, which will lead to strong revenue growth again as of 2013. With the acquisition of FAS Controls, in combination with orders received earlier in the USA, Kendrion significantly strengthened its market position in that country and strong growth is expected in the coming years.

Commercial Vehicle Systems

Individual energy-efficient systems for commercial vehicles and off-highway applications

The Commercial Vehicle Systems business unit achieved revenue growth of 11% in 2011. The revenue growth was achieved both in Germany and in the Far East. A greenfield operation was launched in India, which is expected to grow strongly in the coming years. Production commenced at that location during the fourth quarter. Growth in the US market was pressured by challenging market conditions in the US bus market. By contrast, new customers were acquired in the US truck market, offering promising prospects for the coming years. The engineering capacity of this business unit was significantly expanded in the second half of the year, with a view to the growth targeted in the global truck market. This business unit is able to pass on the sharp price rises of permanent magnets to its customers for a considerable part, but again with some delay.

ERP project "HORIZON"

After the migration of Passenger Car Systems in Villingen, Germany, in October 2011, the plant in India went live as well. Various migrations have been scheduled for 2012; the most critical of these in terms of complexity are the two industrial business units in Germany. The entire project is on track and within budget, with the last migration having to be completed by the end of 2013.

Dividend

Kendrion recently evaluated its dividend policy. Up to now, the policy was that 30% of net profit is distributed to shareholders provided solvency is at least 30% and investments, acquisitions or special circumstances do not require otherwise. In the medium and long term the policy for reserves and dividends is also targeted at enabling Kendrion, partly in the context of the present strategy, to grow while maintaining a healthy solvency.

Kendrion has decided, in view of the development the company envisages, to revise its dividend policy to some extent. Kendrion aims for attractive returns for its shareholders while simultaneously taking account, in setting dividends, of the company's medium and long-term strategy. This requires a healthy financial position, which is why Kendrion is raising the requirement for minimum solvency to 35%. The pay-out ratio has also been increased and the company aims to pay out an annual dividend of between 35% and 50% of the annual net profit.

As a consequence of the provision recognised in connection with the EC fine, the net result in 2011 amounted to a loss of EUR 20.1 million. To evidence its confidence and given the solvency of 40% at year-end 2011, Kendrion proposes a dividend of 35% of the normalised net profit of EUR 20.5 million, which is an amount of EUR 7.1 million, or EUR 0.62 per share. The dividend can be distributed in cash and/or in shares at the option of shareholders. The conversion price for determining the stock dividend will be determined on Tuesday, 8 May 2012 (before start of trading hours), on the basis of the weighted average share price on 30 April, 2, 3, 4 and 7 May 2012, for which purposes the value of the shares to be distributed will be virtually equivalent to that of the cash dividend. The dividend will be made available on 10 May 2012.

Outlook

Apart from the ruling on the EC fine, 2011 was an excellent year for Kendrion. The company made further progress in the implementation of its strategy, and was able to realise an excellent return. A strong financial position, being a niche player and having the ability to innovate are the features that will form the basis for Kendrion's further growth in the coming years. All Kendrion's business units are working on new strategic opportunities. In 2012, Kendrion will strengthen its investment in its own organisation in view of the many growth opportunities. These plans are established in the Mid-term Plan 2012 - 2014 entitled "Entering another league".

Uncertainty regarding the future development of the global economy is still high. Nonetheless, Kendrion stands to benefit from the fact that a sizeable proportion of its revenue is achieved in Germany, the country that currently is driving the European economy. There is also uncertainty regarding developments in the company's other important home markets of China and the USA, although the first tentative signs of optimism are beginning to appear in these countries.

Based on the information currently available, Kendrion expects to achieve further growth in its revenue in 2012, mainly from the projects acquired and developed by the Industrial Magnetic Systems and Industrial Drive Systems business units in recent years. The Passenger Car Systems business unit does not expect to realise substantial growth in its revenue from new projects in 2012 because of the time needed to develop new projects, for instance for the US market. Further growth in revenue is expected from the second half of 2013. The Commercial Vehicle Systems business unit expects to achieve further growth, mainly in the BRIC countries. In addition, FAS Controls will begin to contribute to the revenue and result in 2012.

Kendrion expects to see a small decline in its relative operating result before amortisation (EBITA percentage) due to a further expansion of the development capacity to enable growth in the medium to long term. The net profit for 2012 will be negatively influenced by the accrued interest on the EC fine of EUR 1.5 million which is not tax deductable. 2012 has begun with a healthy order book and good revenue development in the first months of the year.

Investments will be considerably higher than the depreciation level in 2012, mainly due to new projects for the Passenger Car Systems business unit in the USA and as a result of the current ERP project.

While Kendrion looks to the future with a high level of confidence and expects to achieve a further improvement in its revenue and profit, the situation is such that specific forecasts regarding the development of its profit performance would not be appropriate at this stage.

"100 years of electromagnetism"

On 1 March 2011, it was 100 years ago that Kendrion's principal location in Villingen, Germany, was founded. Under the motto "100 Years of Electromagnetism" this fact was celebrated in an appropriate manner and on various occasions in 2011. To commemorate this, a non-recurring additional payment was provided for the employees as stated above.

Profile of Kendrion N.V.

Kendrion N.V., a solution provider, develops, manufactures and markets innovative high-quality electromagnetic systems and components for customers all over the world. Kendrion's operations are carried out by four business units focused on specific market segments, namely Industrial Magnetic Systems, Industrial Drive Systems, Passenger Car Systems and Commercial Vehicle Systems.

Kendrion has leading positions in a number of business-to-business niche markets. Germany is Kendrion's main market, although other countries are becoming increasingly important.

Kendrion's activities

Kendrion develops advanced electromagnetic solutions for industrial applications. These are used by customers all over the world in systems such as lifts, door-locking systems, industrial robots, medical equipment, electrical switchbox systems, diesel engines, air-conditioning installations, motor cooling systems and beverage dispensers. Kendrion's key customers include a.o. Bosch, Siemens, Daimler, Continental, Delphi, Evobus, Hyundai and Yutong.

Kendrion's shares are listed on NYSE Euronext's Amsterdam market.

Zeist, 29 February 2012

The Executive Board

Piet Veenema – Chief Executive Officer Eiko Ris – Chief Financial Officer

For more information:

Kendrion N.V. Mr P. Veenema Utrechtseweg 33 3704 HA ZEIST THE NETHERLANDS

Tel: +31 – 30 – 699.72.68 Fax: +31 – 30 – 695.11.65 Website: www.kendrion.com

Annexes

• 1. Consolidated statement of comprehensive income
• 1. Consolidated statement of financial position
• 1. Consolidated statement of changes in equity
• 1. Consolidated statement of cash flows
• 1. Consolidated statement of comprehensive income with normalisation
• 1. Financial calendar 2012 2013

Annex 1 - Consolidated statement of comprehensive income

(EUR million)
	Q4 2011	Q4 2010	2011	2010
Revenue	64.9	58.9	267.9	221.9
Other operating income	0.6	0.5	1.0	0.8
Total revenue and other operating income	65.5	59.4	268.9	222.7
Changes in inventories of finished goods and work in progress	(0.4)	0.2	(4.2)	(2.4)
Raw materials and subcontracted work	33.0	29.3	139.1	110.7
Staff costs	18.8	15.9	72.8	62.0
Depreciation and amortisation	2.8	2.9	10.8	10.1
Other operating expenses	45.7	4.9	61.9	19.5
Result before net finance costs	(34.4)	6.2	(11.5)	22.8
Finance income	0.0	0.4	0.1	0.4
Finance expense	(0.6)	(1.3)	(2.1)	(3.4)
Net finance costs	(0.6)	(0.9)	(2.0)	(3.0)
Profit before income tax	(35.0)	5.3	(13.5)	19.8
Income tax expense	(1.2)	0.9	(6.6)	(3.2)
Profit for the period	(36.2)	6.2	(20.1)	16.6
Attributable to:
Equity holders of the company	(36.2)	6.2	(20.2)	16.5
Minority interest	0.0	0.0	0.1	0.1
Profit for the period	(36.2)	6.2	(20.1)	16.6
Other comprehensive income
Foreign currency translation differences for foreign operations			0.7	1.1
Net change in fair value of cash flows hedges, net of tax			(0.2)	0.9
Other comprehensive income for the period, net of income tax			0.5	2.0
Total comprehensive income for the period			(19.6)	18.6
Total comprehensive income attributable to:
Equity holders of the company			(19.7)	18.5
Minority interest			0.1	0.1
Total comprehensive income for the period			(19.6)	18.6
Basic earnings per share (EUR)	(3.15)	0.55	(1.79)	1.47
Diluted earnings per share (EUR)	(3.15)	0.55	(1.79)	1.47
Normalised earnings per share (EUR)			1.79	1.30

• Quarterly figures are unaudited -

Annex 2 - Consolidated statement of financial position at 31 December

(EUR million)	31 Dec. 2011	31 Dec. 2010
Assets
Property, plant and equipment	55.2	46.5
Intangible assets	76.0	50.1
Other investments, including derivatives	0.5	0.0
Deferred tax assets	9.3	12.8
Total non-current assets	141.0	109.4
Inventories	38.5	28.2
Current tax assets	1.0	0.3
Trade and other receivables	39.6	30.2
Cash and cash equivalents	9.2	9.0
Total current assets	88.3	67.7
Total assets	229.3	177.1
Equity and liabilities
Equity
Share capital	22.9	22.6
Share premium	64.6	68.4
Reserves	24.1	6.8
Retained earnings	(20.2)	16.5
Total equity attributable to equity holders of the company	91.4	114.3
Minority interest	0.3	0.2
Total equity	91.7	114.5
Liabilities
Loans and borrowings	23.3	2.5
Employee benefits	6.5	7.0
Government grants received in advance	0.1	0.3
Provisions	46.4	2.7
Deferred tax liabilities	6.2	3.4
Total non-current liabilities	82.5	15.9
Bank overdraft	0.3	1.7
Loans and borrowings	11.5	10.0
Current tax liabilities	1.2	2.0
Trade and other payables	42.1	33.0
Total current liabilities	55.1	46.7
Total liabilities	137.6	62.6
Total equity and liabilities	229.3	177.1

Annex 3 - Consolidated statement of changes in equity

Annex 3 - Consolidated statement of changes in equity	Share capital	Share	Translation	Hedge	Reserve for	Other	Retained	Total	Minority	Total equity
(EUR million)		premium	reserve	reserve	ow n shares	reserves	earnings		interest
Balance at 1 January 2010	22.6	68.4	0.5	(0.9)	(0.4)	1.8	3.9	95.9	0.2	96.1
Total comprehensive income for the period
Profit or loss	-	-	-	-	-	-	16.5	16.5	0.1	16.6
Other comprehensive income
Foreign currency translation differences for foreign operations	-	-	1.1	-	-	-	-	1.1	-	1.1
Net change in fair value of cash flow hedges, net of income tax	-	-	-	0.9	-	-	-	0.9	-	0.9
Total other comprehensive income for the period	-	-	1.1	0.9	-	-	-	2.0	-	2.0
Total comprehensive income for the period	-	-	1.1	0.9	-	-	16.5	18.5	0.1	18.6
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Issue of ordinary shares	-	-	-	-	-	-	-	-	-	-
Own shares acquired	-	-	-	-	(0.1)	-	-	(0.1)	-	(0.1)
Dividends to equity holders	-	-	-	-	-	-	-	-	-	-
Total contributions by and distributions to owners	-	-	-	-	-	3.9	(3.9)	-	(0.1)	(0.1)
Balance at 31 December 2010	22.6	68.4	1.6	0.0	(0.5)	5.7	16.5	114.3	0.2	114.5
	Share capital	Share	Translation	Hedge	Reserve for	Other	Retained	Total	Minority	Total equity
EUR million		premium	reserve	reserve	ow n shares	reserves	earnings		interest
Balance at 1 January 2011	22.6	68.4	1.6	0.0	(0.5)	5.7	16.5	114.3	0.2	114.5
Total comprehensive income for the period
Profit or loss	-	-	-	-	-	-	(20.2)	(20.2)	0.1	(20.1)
Other comprehensive income
Foreign currency translation differences for foreign operations	-	-	0.7	-	-	-	-	0.7	-	0.7
Net change in fair value of cash flow hedges, net of income tax	-	-	-	(0.2)	-	-	-	(0.2)	-	(0.2)
Total other comprehensive income for the period	-	-	0.7	(0.2)	-	-	-	0.5	-	0.5
Total comprehensive income for the period	-	-	0.7	(0.2)	-	-	(20.2)	(19.7)	0.1	(19.6)
Transactions with owners, recorded directly in equity Contributions by and distributions to owners
Issue of ordinary shares	0.3	2.9	-	-	-	-	-	3.2	-	3.2
		-	-	-	0.2	-	-	0.2	-	0.2
Own shares sold	-
Share-based payment transactions	-	-	-	-	-	0.1	-	0.1	-
Dividends to equity holders	-	(6.7)	-	-	-	-	-	(6.7)	-	0.1 (6.7)
Total contributions by and distributions to owners	-	-	-	-	-	16.5	(16.5)	-	(0.0)	(0.0)

Annex 4 - Consolidated statement of cash flows

(EUR million)	31 Dec. 2011	31 Dec. 2010
Cash flows from operating activities
Profit for the period	(20.1)	16.6
Adjustments for:
Net finance costs	2.0	3.0
Income tax expense	6.6	3.2
Depreciation of property, plant and equipment	9.0	8.4
Amortisation of intangbile assets	1.8	1.7
Reversal of impairment of property, plant and equipment	-	(0.2)
	(0.7)	32.7
Change in trade and other receivables	(4.8)	(4.6)
Change in inventories	(6.4)	(4.3)
Change in trade and other payables	7.5	4.3
Change in provisions	38.6	0.6
	34.2	28.7
Interest paid Interest received	(2.6) 0.1	(2.4) 0.2
Tax paid	(4.1)	(0.8)
Net cash flows from operating activities	27.6	25.7
Cash flows from investing activities
Acquisition of subsidiary, net of cash received	(31.3)	(8.2)
Investments in property, plant and equipment	(11.3)	(9.3)
Disinvestments of property, plant and equipment	0.2	0.7
Investments in intangible fixed assets	(2.4)	(0.3)
Disinvestments of intangible fixed assets (Dis)investments of other investments	0.0 0.0	- 0.6
Net cash from investing activities	(44.8)	(16.5)
Free cash flow	(17.2)	9.2
Cash flows from financing activities
Proceeds from borrowings (non current)	20.8	-
Repayment of borrowings (non current)	-	(11.8)
Proceeds from borrowings (current)	1.5	-
Repayment of borrowings (current)	-	8.8
Dividends paid	(3.5)	-
Change in shares held in own Company	-	(0.1)
Net cash from financing activities	18.8	(3.1)
Change in cash and cash equivalents	1.6	6.1
Cash and cash equivalents at 1 January	7.3	1.0
Effect of exchange rate fluctuations on cash held	(0.0)	0.2
Cash and cash equivalents at 31 December	8.9	7.3

Annex 5 - Consolidated statement of comprehensive income with normalisation

(EUR million)

		EU-fine and				EU-fine and
	Q4 2011	incidental expenses	Normalised Q4 2011	Q4 2010	2011	incidental expenses	Normalised 2011	2010
Revenue	64.9		64.9	58.9	267.9		267.9	221.9
Other operating income	0.6		0.6	0.5	1.0		1.0	0.8
Total revenue and other operating income	65.5		65.5	59.4	268.9		268.9	222.7
Changes in inventories of finished goods and work in progress	(0.4)		(0.4)	0.2	(4.2)		(4.2)	(2.4)
Raw materials and subcontracted work	33.0		33.0	29.3	139.1		139.1	110.7
Staff costs	18.8		18.8	15.9	72.8		72.8	62.0
Depreciation and amortisation	2.8		2.8	2.9	10.8		10.8	10.1
Other operating expenses	45.7	40.7	5.0	4.9	61.9	40.7	21.2	19.5
Result before net finance costs	(34.4)	(40.7)	6.3	6.2	(11.5)	(40.7)	29.2	22.8
Finance income	0.0		0.0	0.4	0.1		0.1	0.4
Finance expense	(0.6)		(0.6)	(1.3)	(2.1)		(2.1)	(3.4)
Net finance costs	(0.6)		(0.6)	(0.9)	(2.0)		(2.0)	(3.0)
Profit before income tax	(35.0)	(40.7)	5.7	5.3	(13.5)	(40.7)	27.2	19.8
Income tax expense	(1.2)	0.1	(1.3)	0.9	(6.6)	0.1	(6.7)	(3.2)
Profit for the period	(36.2)	(40.6)	4.4	6.2	(20.1)	(40.6)	20.5	16.6
Attributable to:
Equity holders of the company	(36.2)	(40.6)	4.4	6.2	(20.2)	(40.6)	20.4	16.5
Minority interest	0.0		0.0	0.0	0.1		0.1	0.1
Profit for the period	(36.2)	(40.6)	4.4	6.2	(20.1)	(40.6)	20.5	16.6

• Quarterly figures are unaudited -

• Normalisation is unaudited -

Annex 6 - Financial calendar 2012 - 2013

2012
Publication of 2011 full-year figures	Wednesday, 29 February 2012	08.00 a.m.
Analysts' meeting	Wednesday, 29 February 2011	11.30 a.m.
Record date General Meeting of Shareholders	Monday 19 March 2012
General Meeting of Shareholders	Monday, 16 April 2012	02.30 p.m.
Ex-dividend date	Wednesday, 18 April 2012
Dividend record date	Friday, 20 April 2012
Dividend election period (stock and/or cash)	Monday, 23 April - Monday, 7 May 2012, 03.00 p.m.
Determination stock dividend exchange ratio	Tuesday, 8 May 2012
Publication of Q1 2012 results	Wednesday, 9 May 2012	08.00 a.m.
Cash dividend made payable and delivery stock dividend	Thursday, 10 May 2012
Publication of HY1 2012 results	Thursday, 23 August 2012	08.00 a.m.
Analysts' meeting	Thursday, 23 August 2012	11.30 a.m.
Publication of Q3 2012 results	Wednesday, 7 November 2012	08.00 a.m.
2013
Publication of 2012 full-year figures	Wednesday, 27 February 2013	08.00 a.m.
Analysts' meeting	Wednesday, 27 February 2013	11.30 a.m.
General Meeting of Shareholders	Monday, 15 April 2013	02.30 p.m.
Publication of Q1 2013 results	Wednesday, 8 May 2013	08.00 a.m.
Publication of HY1 2013 results	Wednesday, 21 August 2013	08.00 a.m.

Analysts' meeting Wednesday, 21 August 2013 11.30 a.m.

Publication of Q3 2013 results Wednesday, 6 November 2013 08.00 a.m.