Resilux : Results 1st half 2016

Strong growth in core Resilux business : increase of volumes by 9% results in increase Ebitda by 12% Extra net result of € 40 million as a result of sale of Airolux

Key figures first half year 2016 compared with2015:

Turnover	€	151.6 million	(+2%)
Added value (*1)	€	40.1 million	(+8%)
Operating cash flow (EBITDA) (*1)	€	22.6 million	(+12%)
Depreciations and amortisations	€	7.2 million	(+1%)
Operating result (*1)	€	15.3 million	(+17%)
Financial result	€	-0.1 million	(+92%)
Net result after taxes (*1)	€	11.3 million	(+16%)
Profit before taxes	€	35.7 million	(+206%)
Profit before equity method	€	33.0 million	(+236%)
Net Profit after equity method	€	51.8 million	(+658%)
Net Financial Debt	€	27.8 million	(-47%)

(*1) figures are excluding the income and expenses related to the sale of the share of the Joint Venture Airolux AG

Consolidated key figures (1) Including income and expenses related to sale of shares JV Airolux

1H 2016		1H 2015
Key figures of the income statement	in 000 €	in 000 €	Evolution (%)
Turnover	151'587	148'612	2.0%
Operating revenues	180'307	149'654	20.5%
Added value (2)	60'598	37'172	63.0%
Operating cash flow - EBITDA (3)	43'070	20'198	113.2%
Depreciation and operational non-cash costs	7'241	7'148	1.3%
Operating result	35'829	13'050	174.6%
Financial result	-102	-1'359	92.5%
Result before taxes	35'727	11'691	205.6%
Taxes	-2'767	-1'893	46.2%
Net result, part of Group	32'960	9'798	236.4%
Net result after result based on the equity value	51'844	6'835	658.5%
Key figures of the the balance sheet	in 000 €	in 000 €	Evolution (%)
Equity	136'850	87'978	55.6%
Equity (incl. subordinated loans)	138'468	89'548	54.6%
Net financial debts (excl. subordinated loans) (4)	27'784	52'621	-47.2%
Total assets and total liabilities	254'913	212'338	20.1%
Key figures per share	in €	in €	Evolution (%)
Operating cash flow - EBITDA (3)	21.75	10.20	113.2%
Operating result	18.09	6.59	174.6%
Net result, part of Group	16.64	4.95	236.4%
Net result after result based on the equity value	26.18	3.45	658.5%
Average number of shares	1'980'410	1'980'410
Key figures per share - diluted (5)	in €	in €	Evolution (%)
Operating cash flow - EBITDA (3)	21.27	9.98	113.2%
Operating result	17.69	6.44	174.6%
Net result, part of Group	16.28	4.84	236.4%
Net result after result based on the equity value	25.60	3.38	658.5%
Average number of shares	2'024'860	2'024'860

1. Figures are fully in conformity with IFRS-rules.

2. Revenues minus trade goods and raw materials minus services and other goods.

3. Operating profit plus depreciations and write offs of intangible and tangible assets, plus provisions for write offs in value relating to stocks.

4. Interest bearing financial obligations minus available funds and investments.

5. In 2013 44.450 warrants have been issued and attributed to the member of the personnel

Excluding income and expenses related to sale of shares JV Airolux = Adjusted

1H 2016		1H 2015
Key figures of the income statement	in 000 €	in 000 €	Evolution (%)
Turnover	151'587	148'612	2.0%
Operating revenues - Adjusted	154'792	149'654	3.4%
Added value (1) - Adjusted	40'084	37'172	7.8%
Operating cash flow - EBITDA (2) - Adjusted	22'556	20'198	11.7%
Depreciation and operational non-cash costs	7'241	7'148	1.3%
Operating result - Adjusted	15'315	13'050	17.4%
Financial result	-102	-1'359	92.5%
Result before taxes - Adjusted	15'213	11'691	30.1%
Taxes - Adjusted	-3'887	-1'893	105.3%
Net result, part of Group - Adjusted	11'326	9'798	15.6%
Key figures per share	in €	in €	Evolution (%)
Operating cash flow - EBITDA (2) - Adjusted	11.39	10.20	11.7%
Operating result - Adjusted	7.73	6.59	17.4%
Net result, part of Group - Adjusted	5.72	4.95	15.6%
Average number of shares	1'980'410	1'980'410
Key figures per share - diluted (3)	in €	in €	Evolution (%)
Operating cash flow - EBITDA (2) - Adjusted	11.14	9.98	11.7%
Operating result - Adjusted	7.56	6.44	17.4%
Net result, part of Group - Adjusted	5.59	4.84	15.6%
Average number of shares	2'024'860	2'024'860

1. Revenues minus trade goods and raw materials minus services and other goods.

2. Operating profit plus depreciations and write offs of intangible and tangible assets, plus provisions for write offs in value relating to stocks.

3. In 2013 44.450 warrants have been issued and attributed to the member of the personnel