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Setbacks can be overcome

All the situations explained above resulted in delays and dilution of the financial result. Infrastructure problems are part of our daily business, but the accumulation of events in 2018 resulted in these setbacks. The fact that this nevertheless resulted in an EBIT margin of 8.6 % shows that we know how to deal with such situations.

Working capital increased by EUR 1.0 million, of which EUR 0.9 million are related to the inventory build-up. This means our tied-up capital now amounts to 36.9 % of net sales (previous year: 31.8%). The stated goal is to reduce this to a reasonable level of about 25 %. Net debt at PW Gabon increased by EUR 1.0 million over the previous year.