Wavin N.V.: Q1 2012 Trading Update
(Thomson Reuters ONE) -
Zwolle, 19 April 2012 - Wavin, Europe's leading supplier of plastic pipe systems
and solutions, today provides an update on its performance in Q1 2012.
* Q1 revenue EUR 286 million((1)) (EUR 300 million in Q1 2011)
* Q1 Ebitda((2)) EUR 11.6 million (2011: EUR 10.9 million)
* Ebitda margin rose to 4.1 % (Q1 2011: 3.6%)
Markets and Performance
Wavin's Q1 2012 revenue was EUR 286 million, a decrease of 4.7% compared to Q1
2011. The like-for-like revenue decrease was 1.1%. The Scandinavian countries,
Germany, Czechia and Poland continued their strong performances. Market
circumstances in the UK, the Netherlands and Italy remained difficult. Revenue
development in February was affected by severe winter conditions.
Raw material cost rose sharply in the course of Q1. The negative effect on
margins was mitigated by tight cost control, operational improvements and sales
price increases. Q1 Ebitda amounted to EUR 11.6 million, up 6.4% compared to the
same period last year. The Q1 Ebitda margin increased 50 bps to 4.1%.
Restructuring
At the beginning of the year Wavin announced a restructuring plan, leading to a
head count reduction of approximately 80 people in the back-office in the UK and
70 people in other operating companies throughout continental Europe. This
restructuring is in full progress and will be finalised mid-year.
Mexichem bid
On 8 February, Wavin and Mexichem jointly announced that they had reached a
conditional agreement in connection with a public offer by Mexichem for all
issued and outstanding ordinary shares of Wavin. On 9 March Mexichem launched
its recommended cash offer, the acceptance period ends 7 May, unless extended.
On 23 March, Mexichem announced that its shareholders had approved the
acquisition and that Mexichem had a 22.28% shareholding in Wavin. The offer will
be explained at the Wavin Annual General Meeting of Shareholders on 25 April.
Outlook
In 2012, sentiments will continue to differ in our key countries. The situation
in Scandinavia, Germany, Poland and Turkey looks positive. Markets in the UK,
the Netherlands and Italy are difficult. We expect a further rise of raw
material costs but the pace will level off. We will continue to put emphasis on
passing these on.
((1))All 2012 figures included in this release are unaudited
((2))All references to Ebitda reflect operating result before depreciation,
amortisation and non-recurring items
About Wavin
Wavin is the leading supplier of plastic pipe systems and solutions in Europe.
The company provides essentials: plastic pipe systems and solutions for tap
water, surface heating and cooling, soil and waste, rain- and storm water,
distribution of drinking water and gas and telecom applications. Wavin is
headquartered in Zwolle (The Netherlands) and has a presence in 25 European
countries. The company employs approximately 6,000 people and reported revenue
of approximately EUR 1.3 billion for 2011. Outside Europe, it has a global
network of agents, licensees and distributors. Wavin is listed on the NYSE
Amsterdam stock exchange (WAVIN). More details about Wavin can be found at
www.wavin.com
For further information:
Media Relations: Investor Relations :
Herbert van Zijl Ton Bruijne
Telephone: +31 38 429 4209 Telephone: +31 38 429 4357
Mobile: +31 6 51461442 Mobile : +31 6 51234949
E-mail: media(at)wavin.com E-mail: InvestorRelations(at)wavin.com
Click here to view the full press release in PDF format:
http://hugin.info/143050/R/1603954/507305.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Wavin N.V. via Thomson Reuters ONE
[HUG#1603954]
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Datum: 19.04.2012 - 02:03 Uhr
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