Q1 revenue EUR 286 million(1) (EUR 300 million in Q1 2011)
Q1 Ebitda(2) EUR 11.6 million (2011: EUR 10.9 million)
Ebitda margin rose to 4.1 % (Q1 2011: 3.6%)
Markets and Performance
Wavin's Q1 2012 revenue was EUR 286 million, a decrease
of 4.7% compared to Q1 2011. The like-for-like revenue
decrease was 1.1%. The Scandinavian countries, Germany,
Czechia and Poland continued their strong performances.
Market circumstances in the UK, the Netherlands and Italy
remained difficult. Revenue development in February was
affected by severe winter conditions.
Raw material cost rose sharply in the course of Q1. The negative effect on margins was mitigated by tight cost control, operational improvements and sales price increases. Q1 Ebitda amounted to EUR 11.6 million, up 6.4% compared to the same period last year. The Q1 Ebitda margin increased 50 bps to 4.1%.
Restructuring
At the beginning of the year Wavin announced a restructuring
plan, leading to a head count reduction of approximately 80
people in the back-office in the UK and 70 people in other
operating companies throughout continental Europe. This
restructuring is in full progress and will be finalised
mid-year.
Mexichem bid
On 8 February, Wavin and Mexichem jointly announced that they
had reached a conditional agreement in connection with a
public offer by Mexichem for all issued and outstanding
ordinary shares of Wavin. On 9 March Mexichem launched its
recommended cash offer, the acceptance period ends 7 May,
unless extended.
On 23 March, Mexichem announced that its shareholders had
approved the acquisition and that Mexichem had a 22.28%
shareholding in Wavin. The offer will be explained at the
Wavin Annual General Meeting of Shareholders on 25 April.
Outlook
In 2012, sentiments will continue to differ in our key
countries. The situation in Scandinavia, Germany, Poland and
Turkey looks positive. Markets in the UK, the Netherlands and
Italy are difficult. We expect a further rise of raw material
costs but the pace will level off. We will continue to put
emphasis on passing these on.
(1)All 2012 figures included in this release are
unaudited
(2)All references to Ebitda reflect operating result before
depreciation, amortisation and non-recurring items
About Wavin
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 teleapplications. Wavin is
headquartered in Zwolle (The Netherlands) and has a presence
in 25 European countries. The company employs approximately
6,000 people and reported revenue of approximately EUR 1.3
billion for 2011. 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.
For further information:
Media Relations: Herbert van Zijl Telephone: +31 38 429 4209 Mobile: +31 6 51461442 E-mail: media@wavin. |
Investor Relations : Ton Bruijne Telephone: +31 38 429 4357 Mobile : +31 6 51234949 E-mail: InvestorRelations@wavin. |
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