PERSBERICHT: UPDATE ON 2011 PERFORMANCE WAVIN
08-02-2012 08:03:00
dit persbericht is alleen in de Engelse taal verschenen
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.