Hierbij het gehele persbericht van Draka zelf:
Published: 07:30 12.11.2009 GMT+1 /HUGIN /Source: Draka Holding NV /AEX: DRAK /ISIN: NL0000347813
Draka Holding N.V.: Trading Update 2009
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 issued by Draka Holding N.V., one of the world's leading producers of low-voltage cable, cable for OEMs and communication cable, ahead of the 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 of Draka Holding N.V, said: 'The global cable market has faced a significant fall in demand in 2009. The consequences have been mitigated as far as possible by actions we took at an early stage to intensify our focus on customers, costs and cash. Given the circumstances, we expect Draka to post a satisfactory result for 2009, excluding non-recurring items.
Despite stabilising demand in many of our markets since the second quarter, the economic recovery - and hence the recovery in end-user demand - is fragile. Draka will therefore continue to focus on achieving additional cost savings, by further streamlining the organisation and reducing overhead, and increasing the group's cash flow generating capacity, by maintaining capital discipline. We shall be well placed to derive maximum benefit when Draka's end-user markets recover.'
[1] Excluding non-recurring items. Gross non-recurring items in 2009 are expected to be around € 60 million negative (2008: € 46.7 million negative).
Groet,
Gert