Wavin N.V.
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Publicatie datum
20 jan 2009 - 08:18
Statutaire naam
Wavin N.V.
Titel
WAVIN ANNOUNCES FURTHER RESTRUCTURING IN THE UK
Bericht
Zwolle, 20 January 2009 – Wavin N.V., leading supplier of plastic pipe systems and solutions in Europe, today announces measures to reduce the UK workforce by a further 165 employees.
This UK reorganisation is part of the restructuring programme indicated in the company’s December 2008 trading update which will lead to annualised savings of around EUR 15 million against non-recurring charges of around EUR 14 million.
Net debt reduced to approx. EUR 465 million at year-end 2008 *
Wavin today also confirms 2008 revenue in line with the December statement at EUR 1,580 million and an Ebitda margin of around 10% (3% below the level of 2007).
At year-end 2008 the company had reduced its net debt to approx. EUR 465 million. This substantial decrease compared to EUR 542 million at year-end 2007 is the result of a strict focus on cash generation and cost control. Weakening non-Euro currencies in the last weeks of 2008 further contributed to the debt reduction.
With a leverage ratio below 3.0 at year-end, the company remained solidly within the covenants of its EUR 750 million financing facility.
* All figures are unaudited.
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 28 European countries, with manufacturing sites in 17 of those. The company employs approximately 7,000 people and reported revenue of EUR 1.6 billion for 2007. Outside Europe, it has a global network of more than 120 agents, licensees and distributors. Wavin is listed on the NYSE Euronext Amsterdam stock exchange (WAVIN). More details about Wavin can be found at www.wavin.com.
Datum laatste update: 08 januari 2026