NKT HOLDING A/S, 25 AUGUST 2009, ANNOUNCEMENT NO. 12
SUMMARY
The realized revenue in 2nd quarter 2009 of 3,144 mDKK corresponds to negative
organic growth of 9% against 2nd quarter 2008. Overall, negative organic growth
of 10% was realized for 1st half 2009.
Operational EBITDA for 2nd quarter 2009 comprises 294 mDKK, against 461 mDKK in
2nd quarter 2008. For 1st half 2009 an operational EBITDA of 441 mDKK was
realized, against 766 mDKK in 1st half 2008. As a result, the operational
EBITDA margin measured on a rolling 12-month basis at standard metal prices
fell from 10.5% at 31 March to 9.3% at 30 June 2009.
Overall, the results were consistent with the expectations for 2009, which are
unchanged from previous announcements. An operational EBITDA for 2009 of
approximately 700-900 mDKK is therefore still anticipated. Based on
developments in recent months a profit in the top half of this interval is
realistic.
NKT Cables realized positive organic growth of 3% in 2nd quarter 2009, which
was primarily attributable to the high voltage segment (+20%) and railway
catenary wires (+190%). In 2nd quarter 2009 the medium and low voltage segments
continued to be affected by the economic recession, with negative organic
growth rates of 20% and 15% respectively against the same period in 2008.
EBITDA comprised 10.9% for 2nd quarter 2009, against 13.8% for the same period
in 2008. The construction of the new Cologne high voltage factory is proceeding
to plan and commercial production has now begun.
Nilfisk-Advance realized negative organic growth of 20%, around 3%-points of
which was related to Easter. After adjusting for this, the negative organic
growth for both 1st and 2nd quarter 2009 is estimated to be approximately
15-16%. Operational EBITDA was 9.4% for the 2nd quarter, against 11.8% for the
same period of 2008. In 2nd quarter 2009, 57 mDKK was spent on implementing the
previously announced structural initiatives, and the number of employees has
now been reduced by around 600 from 5,200 at the end of June 2008.
Nilfisk-Advance continues to maintain a high level of innovation and six new
products were launched in the 2nd quarter.
Cash flow from operating activities was satisfactory also in 2nd quarter 2009.
The Group's working capital amounted to 2 bnDKK at the end of June 2009,
against 2.938 mDKK at the same time in 2008.
As previously stated, the Group's capital resources increased in 2nd quarter
2009 and comprised approximately 2.6 bnDKK at the end of June. The Group's debt
is still not subject to any form of financial covenant.
