trading update - first quarter 2015

Aalberts: a good start in 2015

In the first quarter of 2015 both revenue and results increased and further organic growth has been realised compared to the same period last year. Further steps were made in the implementation of the Operational Excellence Program. The improvement plan of the recent acquisitions Nexus Valve, Flamco and Impreglon proceeded well. The activities for Building Installations in Europe showed positive signs in some countries. In North America activities did well despite some delay in projects. In total the business was performing better than last year, mainly due to the growth in sales of the specific product lines with growth potential, the continuous improvement of the marketing and sales approach through enhanced cooperation and the further implementation of the many efficiency projects.

In the Climate Control business a good growth of revenue and results was achieved compared to last year. The recent acquisitions Nexus Valve and Flamco performed well. Further progress was made in the improvement of the combined marketing and sales approach in the building efficiency market. The cooperation between the companies is further intensified.

In Industrial Controls the semiconductor activities performed well. In the market for district energy and oil & gas good order intake was achieved in high value niche applications. There was less project activity in Russia. The precision technology and high pressure gas business in the industrial markets made a good start. The sales of dispense systems in the beer & soft drink market realised an excellent first quarter.

Within Industrial Services revenue and orders in the automotive market remained at a good and stable level in Germany and showed a good growth in Eastern Europe and Asia. The machine build market started at a lower level and increased during the quarter. Activities in the turbine & aerospace market did very well, especially in North America. The integration and optimisation plan of Impreglon made good progress.

outlook
The focus remains on continuous strengthening of the market positions, improvement of the marketing and sales approach, further implementation of the Operational Excellence projects and the integration and optimisation of the recent acquisitions.
It is expected that further profitable growth will be realised in 2015.