Operating result[2] approx. € 85 million and net result[2] approx. € 60 million
(€ million, unless stated otherwise)
Provisional
2010 full-year figures 2009 Trading update November 2010
Revenues 2,428 2,048.3 -
Operating result, excluding non-recurring items[2] 85 75.3 80-85
Operating result 29 8.8 35-40
Net result for the year, excluding non-recurring items[2],[3] 60 48.3 50-55
Net result for the year[3] 5 (18.2) 9-14
Net debt 281 295.0 approx. 295
Working capital ratio 12.9% 13.7% 14-15%
Cash flow from operating activities 58 189.2 >45% lower

These provisional 2010 full-year figures are published by Draka Holding N.V., one of the world's leading producers of low-voltage cable, special-purpose cable and communication cable. These provisional full-year figures are published in advance of Draka's Extraordinary General Shareholders Meeting, which will be held on Wednesday, 26 January 2011, and publication of the definitive full-year figures on Tuesday, 15 February 2011 (before start of trading).

Market conditions improved compared with H1 2010. Recovery strongest in communication cable and industrial cable activities. European construction markets remained stable overall, with a slowing decline in the Benelux offset by modest growth in the Scandinavian countries. Pressure on prices has not increased, pressure on margins from higher raw-material prices (polymers) has eased.
Revenues around 19% higher, driven mainly by higher copper price. Volume growth of around 3.5%, reflecting rising demand for high-end special-purpose cables and optical-fiber telecommunication cables.
Operating result[2] around 13% higher at € 85 million. All of this increase was generated in H2 2010, driven by volume growth and cost savings. All three Draka groups contributed to this improvement.
Non-recurring items approximately € 57 million negative, mainly due to implementation of cost-reduction programmes. This figure also includes non-recurring costs of more than € 7 million in consultancy fees relating to intended offers on Draka.
Net result for the year[2] approximately € 60 million, compared with € 48.3 million in 2009. The improvement reflected the higher operating result, lower financing costs and a higher contribution from equity-accounted investees.
Cost-reduction programmes on schedule, cost base lowered by around € 30 million in 2010.
Operating working capital as a percentage of revenues amounted to 12.9% compared with 13.7% in 2009. Net debt approximately € 281 million, about 5% lower than at year-end 2009 (€ 295 million). Increase in working capital due to volume growth, substantially higher copper prices and exchange-rate effects compensated by free cash flow.

[1] Unaudited figures.

[2] Excluding non-recurring items. Gross non-recurring items in 2010 are expected to be around € 57 million negative (about € 56 million net). Non-recurring items in 2009 amounted to € 66.5 million negative (gross and net).

[3] Attributable to equity holders of the company