Zwolle, 5 November 2009 – Wavin N.V., leading supplier of plastic pipe systems and solutions in Europe, today gives an update on its trading performance in Q3.
Summary:
• Market environment remained challenging in Q3, demand stabilising
• Q3 revenue EUR 320 million, a decrease of 24.8%. Like-for-like revenue* drop 20.0%
• Q3 Ebitda** EUR 44.3 million, a decline of 8.6%
• Q3 Ebitda margin 13.8% (Q3 2008: 11.4%)
• Restructuring programmes deliver annualised savings ahead of targeted EUR 40 million
• EUR 227 million rights issue contributed to significant net debt reduction

Markets and performance
In Q3 construction markets across Europe showed signs of stabilisation, but remained very challenging.
Demand in Civils & Infrastructure (below ground plastic pipes systems and solutions) is somewhat less affected than Building & Installation (above ground plastic pipes systems and solutions) as result of
governmental initiatives announced in various European countries.
Revenue in Q3 amounted to EUR 320 million. This represents a like-for-like drop of 20.0% versus Q3 last year. Like for like decline in Q2 was 24.2% and 30.7% in Q1.
Year to date revenue of EUR 893 million showed a like-for-like decline of 24.9%.
Q3 Ebitda of EUR 44.3 million came close to the EUR 48.6 million recorded in the same period last year.
Results benefited from earlier announced restructuring programmes and a recovery of added value margins in comparison to Q3 2008. These developments contributed to a solid 13.8% Ebitda margin in
Q3, which was 240 basis points higher than the same period last year.

Traditionally margins in the second and third quarter are ahead of the first and last quarter as a consequence of the seasonality of the
business.
Year to date Ebitda is EUR 89.8 million, a drop of 36.0% versus the first three quarters of last year. Ebitda margin year to date amounted to 10.1% (last year 11.1%).
Cost reduction measures
Wavin is realising annualised savings well ahead of the targeted EUR 40 million as a result of restructuring measures. Meanwhile Wavin’s workforce has been reduced by approximately 1,500 FTE’s.
The company currently employs around 6,600 people. Total restructuring costs will be EUR 30 million of which EUR 13 million has been charged to 2008. The remaining EUR 17 million costs have been largely included in year-to-date 2009 results.
Net debt
The net proceeds of the rights issue completed in July have been used to pay down debt and to structurally reduce leverage of the company. Net debt at the end of September amounted to EUR 337 million compared to EUR 651 million in September last year.

Outlook
The market environment is expected to remain challenging for the remainder of the year. Revenue decline in Q4 will be more moderate than in the previous quarters as it compares to an increasingly weak last quarter in 2008. Barring unforeseen circumstances, the company expects that the full year
Ebitda will be ahead of EUR 100 million.

Financial Calendar 2010
26 February Publication of Annual Results 2009
22 March Publication Annual Report 2009 on website
31 March Registration date for General Meeting of Shareholders
21 April Annual General Meeting of Shareholders
28 April Trading Update Q1
17 August Publication of H1 figures 2010
28 October Trading Update Q3