Key figures for the first half-year 2019

	1st half 2019	1st half 2018
(millions of euros)
Net revenue	112,813	95,471
Gross margin	56,957	51,319
Operating profit	5,867	6,080
Net profit (attributable to shareholders)	3,745	4,934
Net profit per share (euros)	2.91	3.84

Revenue and results for the first half of 2019
The consolidated revenue amounted to €112.8 million and as such was 18% higher than last year. Due to a lower average gross margin and higher fixed costs, the €5.9 million operating profit (EBIT) was slightly lower in comparison to 2018 (€6.1 million). The net profit was €3.7 million (2018: €4.9 million). The difference in comparison to last year is mainly due to the higher IFRS 16 interest costs, the increased profits in countries with a higher effective tax burden and because a one-off result from associates was recognised in 2018.

At Agri & Food Systems revenue amounted to €50.2 million (+21%). This increase in revenue was entirely autonomous and applied to Pas Reform, as well as Lan Handling Technologies. This resulted in a significant increase in operating profit to €4.0 million in the first half-year.

At €64.0 million, Plastic Components’ revenue was 17% higher in comparison to the same period last year. Autonomous growth was 7.3%. A substantial portion of this concerned engineering revenue with low margins, in preparation for the production of new components. The 2018 strategic acquisition in Poland is still loss-making and the automotive industry is restrained. As a result, operating profit decreased to €2.6 million.

Bart Aangenendt (CEO) on the past year:
“The year started off well for our Systems activities with a considerable increase in revenue and a significant increase in operating profit. For Plastic Components, the increase in revenue has not yet produced higher results. However, due to a strategic acquisition and focused engineering projects, the companies are better positioned. Due to uncertainties in global trade and the automotive market, it is still too early to make any specific statements for the year as a whole.”

2019 Semi-annual Report
The Semi-annual Report is available at www.hydratec.nl
Bart Aangenendt
CEO