Wavin N.V., leading supplier of plastic pipe systems and solutions in Europe, today announces its First Half Year 2007 results:
Financial highlights H1 2007
• Revenue increased 12.3% to EUR 824,4 million (H1 2006: 734.3 million), organically 11.9%
• Ebitda(2) up 19.8 % to EUR 107.3 million (H1 2006: 89.6 million)
• Ebitda margin improved to 13.0% (H1 2006: 12.2%)
• Net profit of EUR 44.5 million (H1 2006: net profit EUR 44.3 million included non-recurring gains of EUR 27.0 million)
• Interim dividend of EUR 0.22 per share

Operational highlights
• Continued high revenue growth in Hot & Cold (up 24.8%), Cable Ducting (up 23.8%) and Water Management (up 20.2%)
• Central and Eastern Europe reports strong growth of revenue (up 35.2%) and operating profit (up 41.1 %)
• Increased acceptance of plastic fittings in the Hot & Cold segment
• Bolt-on acquisitions of Polyfemos (Norway) and O’Brien (Ireland) completed

Philip Houben, Wavin CEO: “Our performance over the first six months of 2007 can only be described as strong.
Following an exceptionally positive start of the year, business continued to develop satisfactory, leading to significant revenue growth and further Ebitda margin expansion. It is pleasing to see that both business units and
all regions contributed to the growth. Particularly our Central and Eastern Europe region performed very strong with a 35% revenue increase.
The Civils & Infrastructure business unit benefited from higher activity levels especially as a result of the mild winter, whereas Building & Installation continued its excellent trend in the Hot & Cold segment.”

Net profit
The strong operational performance and the lower financing costs in the first half year resulted in a net profit of EUR 44.5 million. The H1 2006 net profit of 44.3 million included non-recurring net gains of EUR 27 million,
primarily as a result of the sale of a minority stake in an Australian joint venture.

Cash flow
Due to the seasonality of the business, Wavin historically generates virtually all of its cash flow in the second half of the year. Free operating cash flow in H1 2007 was EUR 11.6 million. This is an increase of EUR 15.8 million
compared to the same period last year. The 2006 cash flow statement is aligned with the 2007 cash flow presentation.
Capital expenditure in H1 2007 was EUR 30.9 million, a significant increase compared to the low EUR 23.9 million over the first half of the previous year.
Trade working capital in the period increased EUR 114.5 million from year end 2006, in line with the seasonal pattern of the business and revenue increases.

Net debt
In the first half year net debt went up in line with seasonality from EUR 597.7 million per 31 December 2006 million to EUR 654.2 million per 30 June 2007. The net debt to EBITDA ratio (leverage) remained stable at just below 3.0 per 30 June 2007.

Dividend
The total profit attributable to equity holders of Wavin N.V. amounted to EUR 43.4 million. Reported earnings per share in H1 2007 were EUR 0.55.
In accordance with Wavin’s dividend policy, the interim dividend will be EUR 0.22 per share. This dividend will be paid out either in cash or in shares, at the discretion of individual shareholders.
As per 7 September 2007, the ordinary shares will be registered ex-dividend. The dividend payment will take place on 5 October 2007.

Outlook 2007
Wavin maintains its earlier guidance for full year 2007. Revenue growth for the full year is expected to be close to the lower end of the earlier indicated range of 10-13% as markets in the second half of the year are expected to be less buoyant. The Ebitda margin will be slightly ahead of last year (2006: 13.1%). Barring unforeseen circumstances, net profit will be well ahead of 2006.