This update on Wavin's 2011 performance precedes the annual results announcement, including detailed analysis per region and business unit, to be published on Wednesday 29 February 2012, before start of trading.
Zwolle, 8 February 2012 - Wavin NV, Europe's leading supplier of plastic pipe systems and solutions, today provides an update on its 2011 performance.
- 2011 revenue approximately EUR 1.3 billion(1) (2010: EUR 1,231 million)
- Ebitda(2) around EUR 98 million (2010: EUR 104 million)
- Net debt at year end reduced to approximately EUR 230 million (2010: EUR 256 million)

In 2011 Wavin recorded revenues of approximately EUR 1.3 billion. In the second half of the year, despite more challenging market circumstances in a number of countries, revenues were around EUR 640 million (H2 2010: EUR 637 million).

Throughout the year, the performance in the Scandinavian countries, Poland, Germany and Czechia was good. In other countries, including the Netherlands, Italy, UK and France, markets remained challenging.

Ebitda in the year amounts to around EUR 98 million, approximately EUR 6 million behind 2010. In the first half year raw material costs rose sharply. Despite volume growth, tight cost control and sales price increases, these higher input costs put significant pressure on margins. As a result of a strong focus on working capital and cash flow, net debt was reduced to around EUR 230 million (2010: EUR 256 million).

Restructuring
Early 2012 Wavin UK announced a restructuring plan leading to a head count reduction of approximately 80 people in the back-office. In other operating companies in continental Europe, Wavin will reduce headcount with 70 people in the first half of 2012. The annualised savings of these measures will be around EUR 5 million, against a restructuring charge of EUR 3 million.

(1) All 2011 figures included in this release are unaudited

(2) All references to Ebitda reflect operating result before depreciation, amortisation and non-recurring items