Zwolle, 20 October 2011 - Wavin, Europe's leading supplier of plastic pipe systems and solutions, today provides an update on its trading performance in Q3.
Summary Q3 2010:
Revenue EUR 353 million, 2% above Q3 2010, like-for-like revenue up 4.6%
Ebitda EUR 35.8 million, compared to EUR 36.5 million in Q3 2010
Ebitda margin 10.1% (Q3 2010: 10.5%)
Markets and performance
Wavin's Q3 2011 revenue increased 2% to EUR 353 million compared to Q3 2010. Like-for-like growth was 4.6%. Q3 revenue excludes EuroCeramic, the continental clay pipe business divested in July.
In the third quarter the performance in Central & Eastern Europe, the Nordic countries, Turkey and Germany remained strong. In the Netherlands, Italy and the UK market conditions were challenging.
In the first nine months of 2011 total revenue amounted to EUR 1,034 million, up 10.0% compared to 2010. The like-for-like revenue increase in the first nine months of the year was 9.5%.
Q3 Ebitda was EUR 35.8 million compared to EUR 36.5 million in the same period last year. The Ebitda-margin was 10.1% in the quarter, against 10.5% in 2010. Ebitda for the first nine months was EUR 81.8 million, (2010: EUR 84.4 million), resulting in a year-to-date Ebitda margin of 7.9% (2010: 9.0%)
The turmoil in the financial markets will have an impact on construction activities. As a result fourth quarter revenue growth will be limited. Although raw material costs have started to level off, we expect margins to remain under pressure in the current economic and competitive environment. Wavin has taken additional measures to control costs and cash.
All figures included in this release are unaudited
All references to like-for-like revenue reflect organic revenue at constant currencies
All references to Ebitda reflect operating result before depreciation, amortisation and non-recurring items
Financial Calendar 2012 (subject to change)
29 February Annual Results 2011
19 April Trading Update Q1 2012
25 April Annual General Meeting of Shareholders
23 August Half Year Results 2012
18 October Trading Update Q3 2012
Wavin is the leading supplier of plastic pipe systems and solutions in Europe. The company provides essentials: plastic pipe systems and solutions for tap water, surface heating and cooling, soil and waste, rain- and storm water, distribution of drinking water and gas and telecom applications. Wavin is headquartered in Zwolle (The Netherlands) and has a presence in 26 European countries, with manufacturing sites in 18 of those and one in China. The company employs approximately 6,400 people and reported revenue of more than EUR 1.2 billion for 2010. Outside Europe, it has a global network of agents, licensees and distributors. Wavin is listed on the NYSE Amsterdam stock exchange (WAVIN). More details about Wavin can be found at www.wavin.com
For further information:
| Media Relations:|
Herbert van Zijl
Telephone: +31 38 429 4209
Mobile: +31 6 51461442
| Investor Relations :|
Telephone: +31 38 429 4357
Mobile : +31 6 51234949
Cautionary note regarding forward-looking statements
This announcement contains forward-looking statements. Forward-looking statements are statements that are not based on historical fact, including statements about our beliefs and expectations. Any statement in this announcement that expresses or implies our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. Such statements are based on plans, estimates and projections as currently available to the management of Wavin. Forward-looking statements therefore speak only as of the date they are made and we assume no obligation to publicly update any of them in the light of new information or future events.