In a stronger position for the next phase

With an EBITDA margin of 32.4 % in 2017 (previous year: 26.7 %), we were able to demonstrate that the measures taken were successfully implemented. This excellent result was achieved thanks to a stable and effective management situation and the associated continuous improvements. The result shows that we are ready for the next growth steps, be it for additional concessions or for deeper added value.

Working capital increased by EUR 2.5 million, of which EUR 1.8 million are related to the inventory build-up. As a result, tied-up capital amounts to 31.8 % of net sales (previous year: 24.8 %). The stated goal is to reduce this to a reasonable level of about 25 %. Net debt at PW Gabon increased by EUR 0.9 million compared to the previous year. We have sufficient funds at our disposal to cope with the increased investment activity in 2018.