Draka Holding N.V.: 2010 Full-Year Figures

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Overig advies 15/02/2011 08:40
Demand continues to recover in main markets
(€ million, unless stated otherwise)
2010 2009 diff%
Revenues 2,427.8 2,048.3 19
Revenues at constant copper prices 2,299.5 2,167.8 6
EBITDA, excluding non-recurring items[1] 148.1 138.2 7
Operating result, excluding non-recurring items[1] 85.4 75.3 13
Operating result 28.6 8.8 225
Result for the year, excluding non-recurring items[1],[2] 60.5 48.3 25
Result for the year[2] 4.6 (18.2) -
Earnings per share, excluding non-recurring items (€)[1],[3]
1.13 1.01 12
Proposed dividend per ordinary share (€) - - -
Cash flow from operating activities 58.4 189.2 (69)

. Revenues up 18.5%, mainly due to higher copper prices (+12.4%). Volume growth amounted to 3.5% in 2010; strong improvement in H2 2010 to 8.1% after decline of 0.6% in H1 2010.
. Volume growth driven by rising demand for high-end special-purpose cables, optical-fiber telecommunication cables and strong Q4 in low voltage cable.
Operating result, excluding non-recurring items, +13.4% to € 85.4 million. All of this increase was generated in H2 2010 (+49.9%), driven by volume growth and cost savings. All three Draka groups contributed to this improvement.
. Cost-reduction programmes resulted in lowering of cost base by around € 30 million.
. Result for the year, excluding non-recurring items, € 60.5 million (+25.3%).
. Non-recurring items € 56.8 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.
. Operating working capital ratio reduced to historically low 12.9% (2009: 13.7%). Net debt reduced by approximately 4% and, consequently, financial position remained strong.

Comment by Frank Dorjee, Chairman and CEO of Draka Holding N.V.: "2010 was an eventful year for Draka, a year which saw the start of a process that will culminate in the end of the company's independence. It was also a year of strong recovery at the operational level, which was reflected in our results from the second quarter onwards. This improvement was due in part to action we had taken, in the form of new growth initiatives and further cost savings. Draka also benefited from sustained recovery in demand on most of the markets we serve, which we expect to continue this year.

In 2011, Draka is embarking on a new phase in its development. The year will see the official launch of the combined Prysmian-Draka group, a new leader in the global cable market and number one in energy and telecom cable and systems. Together, we can achieve things that neither Draka nor Prysmian could do alone, enabling us to deliver an even better service for our customers. I'm confident that Draka is assured of a successful future as part of the new combined group."

[1] Excluding non-recurring items. Total non-recurring items in 2010 were € 56.8 million negative (or € 55.9 million net) and related mainly to restructuring costs. Non-recurring items in 2009 were € 66.5 million negative.

[2] Attributable to the equity holders of the Company.

[3] Per ordinary share after preference dividend of € 5.4 million.






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