NASDAQ OMX Copenhagen
Nikolaj Plads 6
DK-1007 Copenhagen K
22 May 2013
Release No. 11
NKT: Positve growth - and earnings as expected
Q1 2013 showed satisfactory organic growth of 2%. NKT's revenue increased with 53 mDKK to 2,859 mDKK in standard metal prices compared with the same quarter the year before. NKT Cables led the way by delivering organic growth of 4%, while the growth for Nilfisk-Advance was more subdued at 1% for the period.
With an operational EBITDA of 217 mDKK earnings were slightly down compared to the same quarter the year before (Q1 2012: 229 mDKK), among other things due to changes in product mix and timing differences. In addition NKT Cables was impacted by special costs of approx. 15 mDKK relating i.a. to the acquisition of Ericsson's power cable operations.
In NKT Cables the organic growth was principally attributable to the Electricity Infrastructure and Railway application areas. The transshipment and storage terminal in Rotterdam was completed, and a number of new orders were obtained for high voltage cables and for catenary wires for high-speed railways in China. The Construction market was characterised by a harsh winter.
In Nilfisk-Advance the organic growth came from the mature markets in Europe and the Americas. Fixed costs were reduced and working capital was largely unchanged from the same quarter last year.
The underlying growth trend in Photonics Group remained satisfactory.
Unchanged expectations
The expectations for 2013 covering the existing part of the Group are unchanged from the forecast in the 2012 Annual Report. The expected acquisition of Ericsson’s power cable operations at the beginning of Q3 2013 increase revenue in standard metal prices, however, by approx. 500 mDKK, but is not expected to influence earnings for 2013. The transaction is expected to positively impact earnings for NKT Cables as from 2014.
Please direct questions to the signer on telephone +45 4348 2000.
Yours faithfully
NKT Holding A/S
Thomas Hofman-Bang
President and CEO
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NKT is one of Denmark's major industrial groups with 8,800 employees at 31 December 2012 and revenue in 2012 of 15,253 mDKK (2,045 mEUR). The Group consists of NKT Cables (the energy sector), Nilfisk-Advance (the cleaning industry) and Photonics Group (the optical industry). Read more at www.nkt.dk.
