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Place de cotation: EURONEXT
AMSTERDAM STOCK EXCHANGE
Draka Holding N.V., with
its head office in Amsterdam, is the holding company for a number of operating
companies which are engaged worldwide in the development, production and
sale of cable and cable systems. Draka focuses on two product groups: Telecommunication
Cables & Systems and Low-Voltage & Special-Purpose Cable. In 2002,
Draka achieved net turnover of €1.5 billion, with a result on ordinary
activities of €25.1 million negative. Before restructuring charges,
the net result was € 9.5 million positive. The Telecommunication Cables
Systems Product Group contributed approximately 19% of net turnover in
the period and the Low-Voltage & Special-Purpose Cable Product Group
accounted for the remaining 81%
Draka has 60 operating
companies in 25 countries in Europe, North and South America and Asia.
In 2002, Draka achieved 72% of its turnover in Europe. Outside Europe Draka's
activities are primarily concentrated in North and South America
(14%) and, increasingly, in Asia (14%).
Draka’s customers include
electrical wholesalers, electrical installation companies, original equipment
manufacturers (OEMs – such as elevator manufacturers and the automotive
industry), traditional telecommunication network operators and data communication
network operators.
http://www.draka.com
Amsterdam,
22 February 2010
Draka
Holding N.V. 2009
FULL-YEAR FIGURES
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 items1,2 48.3 83.5 (42)
Result
for the year 2 (18.2) 69.3 -
Earnings
per share, excluding non-recurring items (€)1,3 1.01 2.18 (54)
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.
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