Operating result € 41.0 million and net result € 19.4 million[1],[2]
. Focus on debt reduction successful
. Net debt lowered by € 65 million driven by strong cash flow generation

(€ million unless stated otherwise) H1 2009[2] H1 2008[2] Change %
Revenue 1,021.8 1,461.8 (30)
EBITDA, excluding non-recurring items[1] 71.8 108.8 (34)
Operating result, excluding non-recurring items[1] 41.0 79.6 (48)
Operating result 23.1 74.6 (69)
Result for the period, excluding non-recurring items[1],[3] 19.4 49.3 (61)
Result for the period[3] 6.0 51.5 (88)
EPS, excluding non-recurring items (€)[1],[4] 0.41 1.31 (69)
Cash flow from operating activities 74.7 5.1 -

Revenue down 30%, mainly due to lower volume (-20%) and lower copper prices (-12%).
Operating result, excluding non-recurring items, € 41.0 million (-49%), reflecting lower volumes and consequently lower capacity utilisation at Draka's factories.
Operating margin of 4.0% mainly achieved by Energy & Infrastructure (5.5%) and Industry & Specialty (6.3%).
Cost-saving programmes proceeding according to plan. Cost savings of around € 10 million achieved in H1 2009; savings of some € 20 million expected for H2 2009.
Result for the period, excluding non-recurring items, € 19.4 million (-61%).
Operating working capital improved further to 15.8% of revenue (H1 2008: 18.4%).
Cash flow from operating activities sharply higher at € 74.7 million (H1 2008: € 5.1 million). Free cash flow amounted to € 66.5 million positive compared with € 18.6 million negative in H1 2008.

Commenting on the figures, Sandy Lyons, Chairman and CEO of Draka Holding N.V., said: 'Despite the very difficult market conditions faced by Draka in the first half of 2009, the results were in line with our earlier forecasts and our net debt position improved considerably. Market conditions appear to be stabilising since the second quarter of this year, but the economic outlook is still highly uncertain and Draka will continue to focus on pursuing its strategic objectives, the most important of which are cost reduction, capital discipline and maximising free cash flow.'



[1] Excluding non-recurring items. In H1 2009 total non-recurring items were € 17.9 million negative (€ 13.4 million net) comprising restructuring costs. Non-recurring items in H1 2008 were € 5.0 million negative and € 2.2 million net positive.
[2] Compliant with IFRS, Draka's joint ventures Telcon Fios e Cabos Para Telecomunicacoes in Brazil (50%) and Yangtze Optical Fibre & Cable Co. Ltd. in China (37.5%) have been consolidated proportionately as from 1 January 2009 instead of using the equity method. All comparative figures for 2008 have been restated accordingly.
[3] Attributable to the equity holders of the Company.
[4] Per ordinary share after preference dividend of € 2.7 million.