Draka Holding N.V.: 2010 Half-Year Figures[1]
(Thomson Reuters ONE) -
Signs of cautious recovery in several cable market segments
+--------------------------------------------------------+--------+-------+----+
| (? million, unless stated otherwise) |H1 2010 |H1 2009|?% |
+--------------------------------------------------------+--------+-------+----+
| Revenues |1,143.9 |1,021.8|12 |
+--------------------------------------------------------+--------+-------+----+
| | | | |
| Revenues at constant copper prices |1,099.1 |1,111.5|(1) |
+--------------------------------------------------------+--------+-------+----+
| | | | |
| EBITDA, excluding non-recurring items[2] |65.1 |71.8 |(9) |
+--------------------------------------------------------+--------+-------+----+
| | | | |
| Operating result, excluding non-recurring items[2] |34.0 |41.0 |(17)|
+--------------------------------------------------------+--------+-------+----+
| Operating result |12.2 |23.1 |(47)|
+--------------------------------------------------------+--------+-------+----+
| Result for the period, excluding non-recurring | | | |
|items[2,3] |20.0 |19.4 |3 |
+--------------------------------------------------------+--------+-------+----+
| Result for the period[3] |1.5 |6.0 |(75)|
+--------------------------------------------------------+--------+-------+----+
| Earnings per share, excluding non-recurring items | | | |
|(?)[2,4] |0.36 |0.41 |(12)|
+--------------------------------------------------------+--------+-------+----+
| Cash flow from operating activities | (17.3)| 74.7 | - |
+--------------------------------------------------------+--------+-------+----+
* Revenues up 12%, mainly due to higher copper prices (+13%). Volume was 0.6%
negative in H1 2010 but turned to 0.9% positive in Q2 2010 (first volume
growth since H1 2008).
* Operating result, excluding non-recurring items, ? 34.0 million, down 17%
compared with H1 2009 but comparable with H2 2009 figure. Underlying
improvement since Q2 2010 driven by volume growth.
* Energy & Infrastructure and Industry & Specialty posted lower operating
results, but Communications reported a 76% increase.
* Cost-reduction programmes on schedule; additional savings of around ? 15
million expected in H2 2010.
* Result for the period, excluding non-recurring items, ? 20.0 million (+3%).
* Operating working capital ratio 16.6% (H1 2009: 15.8%), due to higher copper
prices and exchange-rate effects. Return of normal seasonal pattern resulted
in higher working capital and, consequently, lower cash flow from operating
activities.
* Tentative signs of recovery with respect to industrial related cable
activities, construction related cable activities in Asia and communication
cable activities. The positive effects are expected to show in Draka's
results from H2 2010.
Comment by Frank Dorjee, Chairman and CEO of Draka Holding N.V.: 'While demand
stabilized on most of Draka's end-user markets in the first half of 2010, there
was no relief from the highly competitive pressure, but further cost savings
compensated for its effects and the operating result was close to that for the
second half of 2009.
The still fragile international economic recovery which started in 2010 is
expected to benefit Draka's end-user markets and results as from the second half
of this year. As we pursue our strategy of taking full advantage of market
opportunities while exerting rigorous cost control, we expect the operating
result (excluding non-recurring charges) in the second half to show an
improvement on the first six months of 2010, provided the restoration of
international market confidence is sustained.'
[1] All figures in this press release are unaudited.
[2] Excluding non-recurring items. Total non-recurring items in H1 2010 were
? 21.8 million negative (or ? 18.5 million net) and related to restructuring
costs. Non-recurring items in H1 2009 were ? 17.9 million negative
[3] Attributable to the equity holders of the Company.
[4] Per ordinary share after preference dividend of ? 2.7 million.
Pdf version of the press release
Pdf versie van het persbericht
NOTE FOR EDITORS: for more information, please contact:
Draka Holding N.V.:
Michael Bosman - Director Investor Relations +31 20 568 9805;
michael.bosman(at)draka.com
Cautionary note regarding forward-looking statements
This announcement contains forward-looking statements. Forward-looking
statements are statements that are not based on historical fact, including
statements about our beliefs and expectations. Any statement in this
announcement that expresses or implies our intentions, beliefs, expectations or
predictions (and the assumptions underlying them) is a forward-looking
statement. Such statements are based on plans, estimates and projections as
currently available to the management of Draka. Forward-looking statements
therefore speak only as of the date they are made and we assume no obligation to
publicly update any of them in the light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. A number of
significant factors could therefore cause actual future results to differ
materially from those expressed or implied in any forward-looking statement.
Such factors include but are not limited to conditions on the markets in Europe,
the United States and elsewhere from which we derive a substantial portion of
our revenue, potential defaults on the part of borrowers or trading
counterparties, the implementation of our restructuring programme including the
envisaged reduction in headcount and the reliability of our risk management
policies, procedures and methods. For more information on these and other
factors, please refer to our annual report. The forward-looking statements
contained in this announcement are made as of the date hereof and the companies
assume no obligation to update any forward-looking statement contained in this
announcement.
+------------------------------------------------------------------------------+
|2010 Financial calendar (provisional) |
| |
+----------------------------------------+-------------------------------------+
|Publication of trading update for the | |
|second half of 2010 |Thursday, 11 November 2010 (before |
| |start of trading) |
| | |
+----------------------------------------+-------------------------------------+
Company profile
Draka Holding N.V. ('Draka') is the holding company of a number of operating
companies that are active worldwide in the development, production and sale of
cable and cable systems. Draka's activities are divided into three groups:
Energy & Infrastructure, Industry & Specialty and Communications.
Within these three groups, the activities are organised into divisions. Energy &
Infrastructure consists of the Europe and Asia-Pacific divisions; Industry &
Specialty consists of the Automotive & Aviation, Elevator Products, Cableteq USA
and Industrial divisions and the Communications Group comprises the Telecom
Solutions, Multimedia and Specials, Americas and Optical Fiber divisions.
Draka has 68 operating companies in 31 countries throughout Europe, North and
South America, Asia and Australia. Worldwide, the Draka companies employ some
9,400 people. Draka Holding N.V.'s head office is in Amsterdam. In 2009, Draka
reported revenue of ? 2.0 billion and net income of ? 48.3 million (excluding
non-recurring items).
Draka Holding N.V. ordinary shares and subordinated convertible bonds are listed
on NYSE Euronext
Amsterdam. The company is included in the Next150 index and the AMX index
(Amsterdam Midkap index). Options on Draka shares are also traded on the NYSE
Euronext Amsterdam Derivative Markets.
More information on Draka Holding N.V. can be found atwww.draka.com.
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Source: Draka Holding NV via Thomson Reuters ONE
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Datum: 19.08.2010 - 07:30 Uhr
Sprache: Deutsch
News-ID 39819
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