Draka Holding N.V.: Provisional 2010 Full-Year Figures[1]
(Thomson Reuters ONE) -
Operating result[2] approx. ? 85 million and net result[2] approx. ? 60 million
+-------------------------------------------+-----------+-------+--------------+
| |Provisional| | |
| |2010 full- | | |
| | year | |Trading update|
|(? million, unless stated otherwise) | figures | 2009|November 2010 |
+-------------------------------------------+-----------+-------+--------------+
|Revenues | 2,428|2,048.3| - |
+-------------------------------------------+-----------+-------+--------------+
|Operating result, excluding non-recurring | | | |
|items[2] | 85| 75.3| 80-85 |
+-------------------------------------------+-----------+-------+--------------+
|Operating result | 29| 8.8| 35-40 |
+-------------------------------------------+-----------+-------+--------------+
|Net result for the year, excluding non- | | | |
|recurring items[2],[3] | 60| 48.3| 50-55 |
+-------------------------------------------+-----------+-------+--------------+
|Net result for the year[3] | 5| (18.2)| 9-14 |
+-------------------------------------------+-----------+-------+--------------+
|Net debt | 281| 295.0| approx. 295 |
+-------------------------------------------+-----------+-------+--------------+
|Working capital ratio | 12.9%| 13.7%| 14-15% |
+-------------------------------------------+-----------+-------+--------------+
|Cash flow from operating activities | 58| 189.2| >45% lower |
+-------------------------------------------+-----------+-------+--------------+
These provisional 2010 full-year figures are published by Draka Holding N.V.,
one of the world's leading producers of low-voltage cable, special-purpose cable
and communication cable. These provisional full-year figures are published in
advance of Draka's Extraordinary General Shareholders Meeting, which will be
held on Wednesday, 26 January 2011, and publication of the definitive full-year
figures on Tuesday, 15 February 2011 (before start of trading).
* Market conditions improved compared with H1 2010. Recovery strongest in
communication cable and industrial cable activities. European construction
markets remained stable overall, with a slowing decline in the Benelux
offset by modest growth in the Scandinavian countries. Pressure on prices
has not increased, pressure on margins from higher raw-material prices
(polymers) has eased.
* Revenues around 19% higher, driven mainly by higher copper price. Volume
growth of around 3.5%, reflecting rising demand for high-end special-purpose
cables and optical-fiber telecommunication cables.
* Operating result[2] around 13% higher at ? 85 million. All of this increase
was generated in H2 2010, driven by volume growth and cost savings. All
three Draka groups contributed to this improvement.
* Non-recurring items approximately ? 57 million negative, mainly due to
implementation of cost-reduction programmes. This figure also includes non-
recurring costs of more than ? 7 million in consultancy fees relating to
intended offers on Draka.
* Net result for the year[2] approximately ? 60 million, compared with ? 48.3
million in 2009. The improvement reflected the higher operating result,
lower financing costs and a higher contribution from equity-accounted
investees.
* Cost-reduction programmes on schedule, cost base lowered by around ? 30
million in 2010.
* Operating working capital as a percentage of revenues amounted to 12.9%
compared with 13.7% in 2009. Net debt approximately ? 281 million, about 5%
lower than at year-end 2009 (? 295 million). Increase in working capital due
to volume growth, substantially higher copper prices and exchange-rate
effects compensated by free cash flow.
[1] Unaudited figures.
[2] Excluding non-recurring items. Gross non-recurring items in 2010 are
expected to be around ? 57 million negative (about ? 56 million net). Non-
recurring items in 2009 amounted to ? 66.5 million negative (gross and net).
[3] Attributable to equity holders of the company.
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.
+------------------------------------------------------------------------------+
|2011 Financial calendar (provisional) |
+----------------------------------------------------+-------------------------+
|Extraordinary General Shareholders Meeting, Holiday |Wednesday 26 January 2011|
|Inn Amsterdam |Start at 14:00h |
+----------------------------------------------------+-------------------------+
|Publication of 2010 full-year figures |Tuesday 15 February 2011 |
| |(before start of trading)|
+----------------------------------------------------+-------------------------+
|General Meeting of Shareholders, Holiday Inn |Monday 9 May 2011 |
|Amsterdam |Start at 14.30h |
+----------------------------------------------------+-------------------------+
|Publication of trading update for the first half of |Wednesday 18 May 2011 |
|2011 |(before start of trading)|
+----------------------------------------------------+-------------------------+
|Publication of 2011 half-year figures |Thursday 4 August 2011 |
| |(before start of trading)|
+----------------------------------------------------+-------------------------+
|Publication of trading update for the second half of|Tuesday 15 November 2011 |
|2011 |(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 Aerospace, Automotive, Elevator, Engineered
Specialties, Offshore and Renewable Energy 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 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 at www.draka.com.
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Source: Draka Holding NV via Thomson Reuters ONE
[HUG#1481295]
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Datum: 21.01.2011 - 08:30 Uhr
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