Draka Holding N.V.: Trading Update 2009
(Thomson Reuters ONE) - Operating result of ? 74-79 million and net result of ? 40-45 million expected in 2009 (both excluding non-recurring items)Sustained focus on cost reductions and cash flow generating capacity * Volume down 17.4% in the period July-October 2009, stable relative to H1 2009. Lower volume mainly driven by lower construction volumes in Europe and reduced demand for copper communication cable and elevator cable. Demand in the automotive sector is recovering relative to H1 2009 in response to government measures. * EBITDA[1] of ? 134-139 million projected for 2009 (2008: ? 202.5 million). * Operating result[1] of ? 74-79 million expected for 2009 (2008: ? 142.0 million). * Result for the year[1] of ? 40-45 million expected (2008: ? 83.5 million). * Market conditions in general are stabilising after a difficult H1 2009. Instead of 2009, the effect of government stimulus measures could be felt in 2010, particularly in the renewable energy and infrastructure sectors. * Cost-saving programmes that have already been implemented are on track. Total annual cost savings estimated at ? 60 million from 2010 onwards, of which about ? 30 million will be realised in 2009. * Operating working capital as a percentage of revenue expected to be 14-15%, below the target bandwidth of 16-18% (2008: 15.0%). * Net debt will be around ? 220 million lower compared with year-end 2008 (? 519 million), due to positive cash flow trend, the recent share issue and partial use of the standby arrangement.Amsterdam, 12 November 2009 - This trading update for 2009 is issuedby Draka Holding N.V., one of the world's leading producers oflow-voltage cable, cable for OEMs and communication cable, ahead ofthe publication of its full-year figures on Monday, 22 February 2010(before start of trading).Commenting on the projected results for 2009, Frank Dorjee, CFO ofDraka Holding N.V, said: 'The global cable market has faced asignificant fall in demand in 2009. The consequences have beenmitigated as far as possible by actions we took at an early stage tointensify our focus on customers, costs and cash. Given thecircumstances, we expect Draka to post a satisfactory result for2009, excluding non-recurring items.Despite stabilising demand in many of our markets since the secondquarter, the economic recovery - and hence the recovery in end-userdemand - is fragile. Draka will therefore continue to focus onachieving additional cost savings, by further streamlining theorganisation and reducing overhead, and increasing the group's cashflow generating capacity, by maintaining capital discipline. We shallbe well placed to derive maximum benefit when Draka's end-usermarkets recover.'[1] Excluding non-recurring items. Gross non-recurring items in 2009are expected to be around ? 60 million negative (2008: ? 46.7 millionnegative).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.2010 financial calendar (provisional)Publication of 2009 full-year figures Monday, 22 February 2010 (before start of trading)General Meeting of Shareholders, Hilton Tuesday, 20 April 2010,Amsterdam starting at 14:30hPublication of trading update for the Tuesday, 18 May 2010 (beforefirst half of 2010 start of trading)Publication of 2010 half-year figures Thursday, 19 August 2010 (before start of trading)Publication of trading update for the Thursday, 11 November 2010second half of 2010 (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 EuronextAmsterdam. The company has been included in the Next150 index since2001 and the AMX index(Amsterdam Midkap index) since 4 March 2008. Options on Draka sharesare also traded onthe NYSE Euronext Amsterdam Derivative Markets.More information on Draka Holding N.V. can be found at www.draka.com.If you no longer wish to receive Draka Holding N.V. press releasesplease reply UNSUBSCRIBE to this email.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 12.11.2009 - 07:31 Uhr
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