Draka Holding N.V.: First-half results 2009
(Thomson Reuters ONE) - Operating result ? 41.0 million and net result ? 19.4 million[1],[2] Focus on debt reduction successful Net debt lowered by ? 65 million driven by strong cash flow generation+-------------------------------------------------------------------+| (? million unless | | | | Change % || stated otherwise) | | H1 2009[2] | H1 2008[2] | ||------------------------+---+------------+------------+------------|| Revenue | | 1,021.8 | 1,461.8 | (30) ||------------------------+---+------------+------------+------------|| EBITDA, excluding | | | | (34) || non-recurring items[1] | | 71.8 | 108.8 | ||------------------------+---+------------+------------+------------|| Operating result, | | | | (48) || excluding | | | | || non-recurring items[1] | | 41.0 | 79.6 | ||------------------------+---+------------+------------+------------|| Operating result | | 23.1 | 74.6 | (69) ||------------------------+---+------------+------------+------------|| Result for the period, | | | | || excluding | | | | || non-recurring | | | | || items[1],[3] | | 19.4 | 49.3 | (61) ||------------------------+---+------------+------------+------------|| Result for the | | | | || period[3] | | 6.0 | 51.5 | (88) ||------------------------+---+------------+------------+------------|| EPS, excluding | | | | || non-recurring items | | | | || (?)[1],[4] | | 0.41 | 1.31 | (69) ||------------------------+---+------------+------------+------------|| Cash flow from | | | | || operating activities | | 74.7 | 5.1 | - |+-------------------------------------------------------------------+ * Revenue down 30%, mainly due to lower volume (-20%) and lower copper prices (-12%). * Operating result, excluding non-recurring items, ? 41.0 million (-49%), reflecting lower volumes and consequently lower capacity utilisation at Draka's factories. * Operating margin of 4.0% mainly achieved by Energy & Infrastructure (5.5%) and Industry & Specialty (6.3%). * Cost-saving programmes proceeding according to plan. Cost savings of around ? 10 million achieved in H1 2009; savings of some ? 20 million expected for H2 2009. * Result for the period, excluding non-recurring items, ? 19.4 million (-61%). * Operating working capital improved further to 15.8% of revenue (H1 2008: 18.4%). * Cash flow from operating activities sharply higher at ? 74.7 million (H1 2008: ? 5.1 million). Free cash flow amounted to ? 66.5 million positive compared with ? 18.6 million negative in H1 2008.Commenting on the figures, Sandy Lyons, Chairman and CEO of DrakaHolding N.V., said: 'Despite the very difficult market conditionsfaced by Draka in the first half of 2009, the results were in linewith our earlier forecasts and our net debt position improvedconsiderably. Market conditions appear to be stabilising since thesecond quarter of this year, but the economic outlook is still highlyuncertain and Draka will continue to focus on pursuing its strategicobjectives, the most important of which are cost reduction, capitaldiscipline and maximising free cash flow.'[1] Excluding non-recurring items. In H1 2009 total non-recurringitems were ? 17.9 million negative (? 13.4 million net) comprisingrestructuring costs. Non-recurring items in H1 2008 were ? 5.0million negative and ? 2.2 million net positive.[2] Compliant with IFRS, Draka's joint ventures Telcon Fios e CabosPara Telecomunicacoes in Brazil (50%) and Yangtze Optical Fibre &Cable Co. Ltd. in China (37.5%) have been consolidatedproportionately as from 1 January 2009 instead of using the equitymethod. All comparative figures for 2008 have been restatedaccordingly.[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 releasePdf versie van het persberichtNOTE FOR EDITORS: for more information, please contact:Draka Holding N.V.:Michael Bosman - Director Investor Relations +31 20 568 9805;michael.bosman(at)draka.comCautionary note regarding forward-looking statementsThis announcement contains forward-looking statements.Forward-looking statements are statements that are not based onhistorical fact, including statements about our beliefs andexpectations. Any statement in this announcement that expresses orimplies our intentions, beliefs, expectations or predictions (and theassumptions underlying them) is a forward-looking statement. Suchstatements are based on plans, estimates and projections as currentlyavailable to the management of Draka. Forward-looking statementstherefore speak only as of the date they are made and we assume noobligation to publicly update any of them in the light of newinformation or future events.Forward-looking statements involve inherent risks and uncertainties.A number of significant factors could therefore cause actual futureresults to differ materially from those expressed or implied in anyforward-looking statement. Such factors include but are not limitedto conditions on the markets in Europe, the United States andelsewhere from which we derive a substantial portion of our revenue,potential defaults on the part of borrowers or tradingcounterparties, the implementation of our restructuring programmeincluding the envisaged reduction in headcount and the reliability ofour risk management policies, procedures and methods. For moreinformation on these and other factors, please refer to our annualreport. The forward-looking statements contained in this announcementare made as of the date hereof and the companies assume no obligationto update any forward-looking statement contained in thisannouncement.+-------------------------------------------------------------------+| 2009 financial calendar (provisional) ||-------------------------------------------------------------------|| | Thursday, 12 November || Publication of 2009 second-half | 2009 || trading update | (before start of trading) |+-------------------------------------------------------------------+Company profileDraka Holding N.V. ('Draka') is the holding company of a number ofoperating companies that are active worldwide in the development,production and sale of cable and cable systems. Draka's activitiesare divided into three groups: Energy & Infrastructure, Industry &Specialty and Communications.Within these three groups, the activities are organised intodivisions. Energy & Infrastructure consists of the Europe andAsia-Pacific divisions; Industry & Specialty consists of theAutomotive & Aviation, Elevator Products, Cableteq USA and Industrialdivisions and the Communications Group comprises the TelecomSolutions, Multimedia and Specials, Americas and Optical Fiberdivisions.Draka has 68 operating companies in 30 countries throughout Europe,North and South America, Asia and Australia. Worldwide, the Drakacompanies employ some 9,900 people. Draka Holding N.V.'s head officeis in Amsterdam. In 2008, Draka reported revenue of ? 2.7 billion andnet income of ? 83.5 million (excluding non-recurring items).Draka Holding N.V. ordinary shares and subordinated convertible bondsare listed on NYSE Euronext Amsterdam. The company has been includedin the Next150 index since 2001 and the AMX index (Amsterdam Midkapindex) since 4 March 2008. Options on Draka shares are also traded onthe NYSE Euronext Amsterdam Derivative Markets.More information on Draka Holding N.V. can be found at www.draka.com.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 13.08.2009 - 08:02 Uhr
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