Draka Holding N.V.: 2009 full-year figures
(Thomson Reuters ONE) -
Operating result ? 75.3 million and net result ? 48.3 million1
Strongly placed to profit from future growth opportunities:
balance sheet strengthened by ? 250 million debt reduction
significantly lower cost base
+------------------------------------------------------------------------------+
|(x ? million, unless stated otherwise) 2009 2008 ?%|
| |
|Revenue 2,048.3 2,828.9 (28)|
| |
|EBITDA, excluding non-recurring items1 138.2 202.5 (32)|
| |
|Operating result, excluding non-recurring items1 75.3 142.0 (47)|
| |
|Operating result 8.8 95.3 (91)|
| |
|Result for the year, excluding non-recurring 48.3 83.5 (42)|
|items1,2 |
| |
|Result for the year2 (18.2) 69.3 -|
| |
|Earnings per share, excluding non-recurring items 1.01 2.18 (54)|
|(?)1,3 |
| |
|Proposed dividend per ordinary share (?) - - -|
| |
|Cash flow from operating activities 189.2 110.7 71|
+------------------------------------------------------------------------------+
* Revenues down 28%, mainly due to lower volumes (-18%) and lower copper
prices (-9%).
* Operating result, excluding non-recurring items, ? 75.3 million (-47%); cost
savings and improvements in the product mix did not compensate fully the
adverse effects of reduced volume and competitive landscape.
* Energy & Infrastructure and Industry & Specialty mainly responsible for
lower result. Profit held up relatively well at Communications, 14% higher
in H2 vs. H2 2008.
* Cost-reduction programmes expected to yield annual savings of ? 60 million
from 2010 onwards, of which ? 30 million were realized in 2009.
* Result for the year, excluding non-recurring items, was ? 48.3 million
(-42%); earnings per share ? 1.01. Proposal not to distribute dividend on
ordinary shares for 2009.
* Historically low operating working capital ratio of 13.7% (2008: 15.0%), due
to focus on reducing working capital and partly utilization of standby
arrangement for securitization of debtors.
* Net debt reduced by ? 250 million to ? 295 million, reflecting substantial
free cash flow (? 160 million, +165%) and a successful share issue (? 100
million).
Frank Dorjee, Chairman and CEO:'In the face of extremely difficult market
conditions, Draka delivered a good performance in 2009, in line with our earlier
forecasts, while at the same time sharply reducing net debt through strict
management of working capital and a successful share issue in October last year.
Although demand on many of our end-user markets has been stable since the second
half of 2009, the recovery is still fragile. By pursuing a strategy centred on
cost management and maintenance of a sound balance sheet position, Draka is
ideally placed to derive maximum benefit when the end-user markets recover.'
1 Excluding non-recurring items. Total non-recurring items in 2009 were ? 66.5
million negative and related mainly to restructuring costs. Non-recurring items
in 2008 were ? 46.7 million negative gross and ? 14.2 million negative net in
2008.
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 +31
Relations 20 568 9805;michael.bosman(at)draka.co
m
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) |
| |
|General Meeting of Shareholders, the Tuesday, 20 April 2010, |
|Rosarium (Amsterdam) |
| starting at 14:30h |
| |
|Publication of trading update for the Tuesday, 18 May 2010 (before start |
|first half of 2010 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 2010 (before |
|second half of 2010 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 30 countries throughout Europe, North and
South America, Asia and Australia. Worldwide, the Draka companies employ some
9,600 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
[HUG#1386782]
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Datum: 22.02.2010 - 01:45 Uhr
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