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* Revenue at constant currencies up 3% and volume growth of around 2%, in line with comparable cable segments on global market.
* Operating result (excluding non-recurring items1) 7% higher at € 75.7 million driven by volume growth and cost savings. Higher raw material prices are so far having only limited effect. Operating result at constant currencies € 82.2 million (+17%).
* Operating result improved fastest at Communications Group (+15%); healthy growth at Energy & Infrastructure Group (+7%) and Industry & Specialty Group (+10%).
* Total net non-recurring items € 2.2 million positive. These consist of impairment charges gross € 5 million negative (€ 4.0 million net), with respect to proposed closure of factories in Vigo (Spain) and Llanelli (UK), and a tax gain of € 6.2 million net.
* Result for the period (excluding non-recurring items2) 25% higher at € 49.3 million (EPS € 1.31, +26%).
* Operating working capital improves further to 17.8% of revenue (H1 2007: 18.6%). Cash flow from operating activities strongly up to € 1.4 million positive (H1 2007: € 34.3 million negative).
* Outlook for 2008: Modest volume growth is expected in most segments of global cable market. Barring unforeseen circumstances, Draka continues to take a cautiously optimistic view for 2008.
[1] Non-recurring items in H1 2008 were an impairment totalling € 5.0 million (€ 4.0 million net). No non-recurring items were reported in H1 2007. [2] Total net non-recurring items in H1 2008 were € 2.2 million positive, comprising an impairment (€ 4.0 million net) and a tax gain (€ 6.2 million). No non-recurring items were reported in H1 2007. [3] Earnings per ordinary share after preference dividend of € 2.7 million in H1 2008 and H1 2007.
Pdf version of the press release
Pdf versie van het persbericht
NOTE FOR EDITORS: for more information, contact:
Draka Holding N.V. Frank Dorjee - CFO +31 20 568 9808 Michael Bosman - Director Investor Relations +31 20 568 9805; michael.bosman@draka.com
+-------------------------------------------------------------------+ | 2008 & 2009 financial calendar (provisional) | | | |-------------------------------------------------------------------| | | | | Publication of trading update for | Thursday, 13 November 2008 | | second half of 2008 | (before start of trading) | | | | |-------------------------------------+-----------------------------| | Publication of 2008 full-year | Wednesday, 25 February 2009 | | figures | (before start of trading) | | | | |-------------------------------------+-----------------------------| | General Meeting of Shareholders, | Monday, 20 April 2009, | | Hilton Amsterdam | starting at 14:30h | | | | |-------------------------------------+-----------------------------| | | | | Publication of trading update for | Friday, 29 May 2009 (before | | the first half of 2009 | start of trading) | | | | |-------------------------------------+-----------------------------| | Publication of 2009 half-year | Thursday, 13 August 2009 | | figures | (before start of trading) | | | | |-------------------------------------+-----------------------------| | | | | Publication of trading update for | Thursday, 12 November 2009 | | the second half of 2009 | (before start of trading) | | | | | | | +-------------------------------------------------------------------+
Company profile Draka Holding N.V. ('Draka') is the holding company of a number of operating companies which engage worldwide in the development, production and sale of cable and cable systems. As from 2008, Draka's activities are divided into three Groups: Energy & Infrastructure, Industry & Specialty and Communications.
Within these three Groups, the activities have been split up into divisions. Energy & Infrastructure consists of the divisions Europe, Australasia and Greater China; Industry & Specialty consists of the Automotive & Aviation, Elevator Products, Cableteq USA, Industrial and Wire & Cable Assemblies divisions, while the Communications Group is divided in the divisions Cable Solutions Americas, Cable Solutions EMEA, Mobile Networks and Optical Fiber.
Draka has 68 operating companies in 30 countries throughout Europe, North and South America, Asia and Australia. The Company has a flat, decentralised organisational structure with short lines of communication. The divisions enjoy a large measure of autonomy and are responsible for their revenue and profits. Worldwide the Draka companies have some 9,550 employees. The head office of Draka Holding N.V. is established in Amsterdam. In 2007, Draka generated revenue of € 2.8 billion and a result attributable to shareholders of € 93.0 million.
Draka Holding N.V. ordinary shares and subordinated convertible bonds are listed on Euronext Amsterdam. The Company was included in the Next150 index in 2001 and the AMX-index (Amsterdam Midkap index) since 4 March 2008. Options on Draka shares have also been traded on the Euronext Amsterdam Derivative Markets since 8 July 2002.
