Draka Holding N.V.
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Publicatie datum
19 mei 2009 - 08:04
Statutaire naam
Draka Holding N.V.
Titel
Draka Holding N.V.: Trading Update H1 2009
Bericht
Operating result of € 32-37 million and net result of € 17-22 million expected
in H1 2009 (both excluding non-recurring items)
Strong focus on cash and debt reduction
Additional cost savings implemented
Headlines:
Volume down 23% in first four months of 2009, mainly due to automotive sector, lower construction volumes in Europe and reduced demand for copper communication cable.
EBITDA, excluding non-recurring items[1], of € 60-65 million expected for H1 2009 (H1 2008: € 102.9 million).
Operating result, excluding non-recurring items[1], of € 32-37 million expected for H1 2009 (H1 2008: € 75.7 million).
Net income for the period, excluding non-recurring items[1], of € 17-22 million expected for H1 2009 (H1 2008: € 49.3 million).
Exceptionally difficult market conditions in Q4 2008 continued into Q1 2009, with consequences for all market segments in which Draka is active. The signs so far in Q2 2009 point to a stabilisation in market conditions.
Cost-saving programmes that have already been implemented are on track. New measures have been announced, targeted mainly on the Communications Group. Total cost savings now estimated at € 50 million from 2010 onwards, with about € 30 million already being realised in 2009 of which approximately € 20 million in H2 2009.
Operating working capital as a percentage of revenue expected within target bandwidth of 16-18% (H1 2008: 17.8%).
Net debt at least € 25 million lower compared with year-end 2008, due to positive cash flow trend and sale of Draka's OPGW operations.
Datum laatste update: 22 maart 2025