Draka Holding N.V.: 2010 Full-Year Figures
(Thomson Reuters ONE) -
Demand continues to recover in main markets
+------------------------------------------------------+-+-------+-------+-----+
|(? million, unless stated otherwise) | | 2010| 2009|diff%|
+------------------------------------------------------+-+-------+-------+-----+
|Revenues | |2,427.8|2,048.3| 19|
+------------------------------------------------------+-+-------+-------+-----+
|Revenues at constant copper prices | |2,299.5|2,167.8| 6|
+------------------------------------------------------+-+-------+-------+-----+
|EBITDA, excluding non-recurring items[1] | | 148.1| 138.2| 7|
+------------------------------------------------------+-+-------+-------+-----+
|Operating result, excluding non-recurring items[1] | | 85.4| 75.3| 13|
+------------------------------------------------------+-+-------+-------+-----+
|Operating result | | 28.6| 8.8| 225|
+------------------------------------------------------+-+-------+-------+-----+
|Result for the year, excluding non-recurring | | | | |
|items[1],[2] | | 60.5| 48.3| 25|
+------------------------------------------------------+-+-------+-------+-----+
|Result for the year[2] | | 4.6| (18.2)| -|
+------------------------------------------------------+-+-------+-------+-----+
|Earnings per share, excluding non-recurring items | | | | |
|(?)[1],[3] | | 1.13| 1.01| 12|
+------------------------------------------------------+-+-------+-------+-----+
|Proposed dividend per ordinary share (?) | | -| -| -|
+------------------------------------------------------+-+-------+-------+-----+
|Cash flow from operating activities | | 58.4| 189.2| (69)|
+------------------------------------------------------+-+-------+-------+-----+
* Revenues up 18.5%, mainly due to higher copper prices (+12.4%). Volume
growth amounted to 3.5% in 2010; strong improvement in H2 2010 to 8.1% after
decline of 0.6% in H1 2010.
* Volume growth driven by rising demand for high-end special-purpose cables,
optical-fiber telecommunication cables and strong Q4 in low voltage cable.
* Operating result, excluding non-recurring items, +13.4% to ? 85.4 million.
All of this increase was generated in H2 2010 (+49.9%), driven by volume
growth and cost savings. All three Draka groups contributed to this
improvement.
* Cost-reduction programmes resulted in lowering of cost base by around ? 30
million.
* Result for the year, excluding non-recurring items, ? 60.5 million (+25.3%).
* Non-recurring items ? 56.8 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.
* Operating working capital ratio reduced to historically low 12.9% (2009:
13.7%). Net debt reduced by approximately 4% and, consequently, financial
position remained strong.
Comment by Frank Dorjee, Chairman and CEO of Draka Holding N.V.: "2010 was an
eventful year for Draka, a year which saw the start of a process that will
culminate in the end of the company's independence. It was also a year of strong
recovery at the operational level, which was reflected in our results from the
second quarter onwards. This improvement was due in part to action we had taken,
in the form of new growth initiatives and further cost savings. Draka also
benefited from sustained recovery in demand on most of the markets we serve,
which we expect to continue this year.
In 2011, Draka is embarking on a new phase in its development. The year will see
the official launch of the combined Prysmian-Draka group, a new leader in the
global cable market and number one in energy and telecom cable and systems.
Together, we can achieve things that neither Draka nor Prysmian could do alone,
enabling us to deliver an even better service for our customers. I'm confident
that Draka is assured of a successful future as part of the new combined group."
[1] Excluding non-recurring items. Total non-recurring items in 2010 were ?
56.8 million negative (or ? 55.9 million net) and related mainly to
restructuring costs. Non-recurring items in 2009 were ? 66.5 million negative.
[2] Attributable to the equity holders of the Company.
[3] Per ordinary share after preference dividend of ? 5.4 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.
+------------------------------------------------------------------------------+
| |
|2011 Financial calendar (provisional) |
+----------------------------------------------------+-------------------------+
| |Monday 9 May 2011 |
|General Meeting of Shareholders, Holiday Inn |Start at 14.30h |
|Amsterdam | |
+----------------------------------------------------+-------------------------+
| |Wednesday 18 May 2011 |
|Publication of trading update for the first half of |(before start of trading)|
|2011 | |
+----------------------------------------------------+-------------------------+
|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
9,375 people. Draka Holding N.V.'s head office is in Amsterdam. In 2010, Draka
reported revenue of ? 2.4 billion and net income of ? 60.5 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#1488760]
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