25 February 2016

Kendrion realised moderate revenue growth with lower profitability. Strong cash flow emphasises healthy business fundamentals.
- Revenue increase in 2015 of 3% to EUR 442.1 million, mainly due to currency effects
- Organic growth in 2015 of 5% in the Automotive Division, supported by new projects
- Flat revenue for the Industrial Division due to the delay of projects
- Net profit decreased to EUR 16.8 million in 2015 (2014: EUR 20.2 million), as
modest revenue growth did not offset cost inflation and higher warranty cost
- Strong normalised free cash flow of EUR 21.2 million (2014: EUR 17.1 million)
- Q4 revenue of EUR 104.5 million down 2% (Q4 2014: EUR 106.2 million), as several large customers reduced stock levels
- Q4 EBITA considerably lower at EUR 2.4 million (Q4 2014: EUR 6.9 million), with higher non-recurring warranty costs impacting results
- Proposed optional dividend of EUR 0.78 (2014: EUR 0.78) per share (based on a pay-out ratio of 61% of the full-year net profit)

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