Leoni, the leading European provider of cables and cable systems to the automotive sector and other industries, fulfilled its operating targets for 2016 and takes an upbeat view of the medium-term trend for its own business activities. The sales of euro 4.43 billion for the year under report (2015: euro 4.5 billion) exceed the projected level of euro 4.4 billion slightly. Both divisions generated more than 3 per cent organic growth. However, the adverse effects of changes in the copper price and exchange rates ultimately led to a marginal sales decrease. In terms of earnings before interest and taxes (EBIT), Leoni beat its forecast of euro 65 million with a figure of euro 78.1 million (2015: euro 151.3 million). Exceptional factors, particularly restructuring expenses of euro 31.4 million as well as the losses due to the fraud case of approx. euro 40 million, had a starkly defining effect on the achieved result. On an adjusted basis, EBIT improved by about 12 per cent to euro 160.2 million (2015: euro 143.6 million). The bottom line was a figure of euro 10.5 million, down from euro 77.3 million in 2015. The company intends to deviate from its payout policy by proposing to pay a dividend of euro 0.50 per share, thereby expressing its confidence that the Group will perform successfully in the next few years.