Zwolle, 28 August 2009 – Wavin N.V., leading supplier of plastic pipe systems and solutions in Europe, today
announces its First Half Year 2009 results:
Summary H1
• Difficult overall market conditions with signs of demand stabilisation in recent months
• Restructuring programmes deliver annualised savings ahead of targeted EUR 40 million. Headcount
reduced by 1350 FTE’s year-on-year
• Revenue EUR 572 million, a decrease of 31%. Like-for-like revenue in H1 down 27%
• Ebitda(1) EUR 45.5 million (H1 2008: 91.9 million)
• Net loss of EUR 7.2 million in H1 includes restructuring charges of EUR 12.9 million before tax
• Successful completion of EUR 227 million rights issue in July
Summary Q2
• Q2 like-for-like revenue decline of 24% vs. 31% drop in Q1 2009
• Ebitda in Q2 EUR 38.4 million. Strong margin recovery from 2.8% in Q1 to 12.0% in Q2, equal to same
period last year
• Net profit of EUR 14.2 million in Q2

Wavin Group
Key figures in EUR million H1 2009 H1 2008 change
Total Revenue 572,1 833,8 -31,4%
Revenue breakdown
Business Units:
Building & Installation 222,0 325,4 -31,8%
Civils & Infrastructure 341,0 496,8 -31,4%
Ebitda(1) 45,5 91,9 -50,5%
As percentage of revenue 8,0% 11,0%
Operating result(2) 2.0 50.8 - 96.1%
Net result -7,2 24,8
Recurring net result 2,1 31,8 -93,4%
Net debt 549 681 - 19.4%
Per share data (EUR)
Earnings per share -0.10 0.30
The figures included in this release are unaudited
All references to like-for-like revenue reflect organic revenue at constant currencies
(1) All references to Ebitda reflect operating result before depreciation, amortisation and non-recurring items
(2) All references to operating result include non-recurring items

Philip Houben, Wavin CEO: ”Under very challenging market circumstances, we have consistently focussed on cost control and cash generation. We are fully on track in cutting 40 million Euro from our cost base and have
reduced working capital by more than 100 million. The second quarter shows a strong rebound in our operating margins as a result of these restructuring measures, and I am pleased to report that the largest part
of our operating result so far this year was realised in Q2. Net result during this recent quarter was positive.
We also take our responsibility as industry leader and continue to invest in innovation, where we especially target the areas of Water Management and Hot & Cold.
We have significantly deleveraged our balance sheet. With the successful completion of the rights issue in July and our renegotiated debt facilities, we have now secured a financial structure that is sufficiently resilient
to steer the company through these difficult market circumstances and to further build on our leading market position.”

Revenue
In the first half of 2009, total revenue declined by 31.4% to EUR 572.1 million. Like for like revenue decreased 27.3%. The pace of the like-for-like revenue decline in Q2 slowed to minus 24.2% compared to minus 30.7% in Q1. The first quarter was extremely difficult due to a combination of unprecedented market decline and a relatively harsh winter.
Both Wavin’s business units were similarly affected by the strong decline in construction activities across Europe. In Building & Installation (above ground pipe systems and solutions) H1 revenue decreased by 31.8% to EUR 222.0 million, compared to 2008. In Civils & Infrastructure (below ground pipe systems and solutions) revenue for the first six months was 31.4% below last year at EUR 341.0 million.

Ebitda and Ebitda margin
Ebitda in H1 2009 decreased by EUR 46.4 million or 50.5% to EUR 45.5 million. Overall H1 Ebitda margin amounted to 8.0%, against 11.0% in the first half of 2008.The impact of currency translation losses on Ebitda was approximately EUR 7.4 million. In Q2 an Ebitda of EUR 38.4 million was realised.
Restructuring projects in various countries have lowered the cost base structurally. Together with lower input prices, these measures contributed to a solid margin recovery. Q2 margin of 12.0% virtually equalled Q2 2008
level of 12.1% whereas margin in Q1 2009 was only 2.8%.

Non-recurring items in operating result
Restructuring costs in H1 totalled EUR 12.9 million and were mainly related to redundancy charges. Together with measures taken last year, this will lead to annualised cost savings ahead of the targeted EUR 40 million.
A large part of these savings were already contributing in the reporting period.

Financing costs and tax
Net financing costs amounted to EUR 11.9 million versus EUR 20.0 million in the same period last year. This decrease was a result of lower interest rates and a lower average net debt position. In line with the lower operating result, income tax expense decreased by EUR 10.8 million to EUR 1.6 million income (H1 2008: EUR 9.2 million expense).

Net result
Net loss in H1 2009 of EUR 7.2 million compares to a net profit of EUR 24.8 million in H1 2008. A net profit of EUR 14 million was realised in Q2. Net result includes cumulative restructuring charges before tax of EUR
12.9 million. Excluding non-recurring items, net profit amounted to EUR 2.1 million over the first half year.

Cash flow
Compared to 31 December 2008, trade working capital increased EUR 103.1 million to EUR 225.7 million as a result of the seasonal peak in working capital requirement. The absolute level at 30 June was well below
previous year due to a strict focus on working capital and lower revenue. Cash flow from operating activities amounted to negative EUR 48.4 million in H1 2009 compared to negative EUR 4.7 million in H1 2008. Lower
operating results explain this difference.
Investments amounted to EUR 23.8 million (H1 2008: 35.7 million).

Net debt
Net debt at the end of the first half year amounted to EUR 548.6 million. The substantial reduction compared to a year ago (EUR 681 million per 30 June 2008) is a result of strict cash management and lower activity levels. Compared to 31 December 2008, when a net debt of EUR 461 million was reported, debt increased in line with the seasonal nature of Wavin’s activities.
In July, Wavin successfully finalised a rights issue as part of a comprehensive refinancing solution. Under these arrangements, the company received a waiver for its H1 2009 debt covenants. The net proceeds of the
rights issue will be used to pay down debt. The pro forma June 2009 net debt following the rights issue would be EUR 349 million.

Workforce
Wavin’s workforce was reduced by approx 1350 FTE’s compared to 30 June 2008. Wavin currently employs approximately 6,700 people.

Outlook
Visibility on macro-economic developments affecting the building industry is still very limited and the market environment will remain challenging throughout the year. Wavin does not foresee any significant
improvement of construction activity levels in 2009. Revenue decline will continue in H2 but will be more moderate than in the first half year because of a more favourable comparison base. Barring unforeseen developments the company is confident that, as a result of all cost reduction measures, operating result in the second half of the year will be better than in the first half of 2009.
Following the recapitalisation in July, Wavin has created substantial financial headroom to steer the business through these challenging times and to further build on its leading market position.

toevoeging op 29/8 per 6 augustus meldde FIL Limited (voorheen Fidelity International Limited)een belang en stemrecht in Wavin van 5,14%
Die hadden dus een fijne neus.