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Wavin N.V.
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Publicatie datum
09 dec 2008 - 08:00
Statutaire naam
Wavin N.V.
Titel
WAVIN GROUP TRADING UPDATE
Bericht
Zwolle, 9 December 2008 – Wavin N.V., leading supplier of plastic pipe systems and solutions in Europe, today provides an update of its current trading performance.
• Construction markets under significant pressure
• 2008 revenue short of EUR 1.6 billion, approx. 2% below level of last year
• Ebitda margin around 10%, 3% below last year’s level
• Total restructuring charges 2008 around EUR 12 million
• Net debt expected to be below EUR 550 million
Markets
As expected, Wavin is faced with a rapidly declining business climate. The credit crisis has a significant impact on construction activity in Europe. Housing starts, commercial property investments and repair/maintenance activities are contracting in many countries. Government sponsored infrastructure projects maintain momentum. The recent unprecedented events in the financial markets have further negatively affected credit availability and consumer confidence. Furthermore the company sees considerable destocking action in the supply chain. The turmoil in the markets has been particularly strong in the UK, Ireland and Denmark. Activities in other Western European countries are also showing a slow-down.
In Central- and Eastern Europe and Turkey healthy growth continues, albeit at a lower level than in recent years.
Focus on cash generation and cost control
After several years of robust growth, Wavin’s total revenue forecast for 2008 is approximately 2% below the 2007 level of EUR 1.62 billion. Adjusted for acquisitions and at constant currencies, like-for-like revenue is expected to be down approx. 7%. 2008 Ebitda is expected to drop approx. 25% to just below EUR 160 million, the Ebitda margin will be around 10% (2007: 13%).
In response to the adverse trading conditions, management has prioritised cash generation and cost control. Cash generation remains solid in spite of the dire market circumstances. Net debt will be down significantly from the peak of EUR 681 million that was reported in the mid-year resu
Datum laatste update: 06 oktober 2024