Significant increase of operating result
The Van Leeuwen Pipe and Tube Group’s consolidated net sales were € 613 million, an increase of 12% compared to the previous financial year. Out of the total sales, the Industry segment contributed 51% and the Energy segment 49%.
The gross margin increased by € 10.7 million to € 117 million, caused by an increase in tonnage and average sales (and cost) price per ton. The total expenses, including one-off costs of € 1.2 million, decreased by € 0.2 million to € 104.3 million.
The operating result was € 12.4 million, an improvement of € 10.8 million compared to the previous year. Excluding one-off costs, the operating result would have been € 13.6 million. This is an improvement of € 6.8 million as compared to the 2016 result, corrected for one-off (restructuring) cost.
The operating working capital decreased by € 1 million to € 179 million. The net cash flow increased as compared to 2016 and the net debt position decreased from € 22 million to € 18 million. As a result, the Van Leeuwen Pipe and Tube Group’s cash position and bank facilities are adequate to meet the financing requirements. The Group’s Equity increased by € 2 million to € 163 million. The solvency rate remained strong in excess of 48%.