OPERATING RESULT UP 80% TO € 70.5 MILLION AND NET INCOME MORE THAN DOUBLED TO € 39.6 MILLION
DRAKA EXPECTS TO SUSTAIN POSITIVE TREND: OPERATING RESULT AND NET INCOME IN H2 AT LEAST EQUALLING H1 2007[1]
(€ million, unless stated otherwise) H1 2007 H1 2006
Revenues 1,416.3 1,189.6
EBITDA, excluding non-recurring items[2] 97.4 66.8
Operating result, excluding non-recurring items[2] 70.5 39.1
Operating result 70.5 34.1
Net income, excluding non-recurring items[2] 39.6 17.1
Net income 39.6 12.1
EPS, excluding non-recurring items (€)[2],[3] 1.04 0.48
Cash flow from operating activities (34.3) (26.7)

Strong performance driven by above-average volume growth (8%), cost savings (€ 3 million) and no adverse copper price effects.

Marked volume growth in both groups: Draka Cableteq benefited from good developments on European construction market and sustained growth in sales to OEMs. Draka Comteq profited from deliveries to several new customers and continuing growth in optical fibre market.

Operating result (excluding non-recurring items) up 80% to € 70.5 million. Draka Cableteq's operating result was over 60% higher and Draka Comteq's more than tripled.

Net income (excluding non-recurring items[2]) rose to € 39.6 million (+132%); earnings per share of € 1.04, an increase of 117% (after preference dividend).

Operating working capital lowered to 18.6% of revenues (H1 2006: 20.0%), despite higher raw material prices and healthy volume growth.

Outlook for 2007: volume growth on the global cable market is expected to continue. The prices of the principal raw materials (copper and polymers) will remain volatile. Draka expects operating result and net income in the second half of 2007 to at least equal the first six months of this year[1].

[1] Excluding non recurring items and barring unforeseen circumstances.
[2] There were no non recurring items in H1 2007. There was a non-recurring charge of € 5.0 million in H1 2006 in respect of an impairment at Draka Comteq.
[3] Earnings per ordinary share after appropriation of preference dividend of € 2.7 million in H1 2007.