Interim Report, 1st quarter 2011

NKT Holding A/S 

11.05.2011 08:13
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NKT realized organic growth in revenue of 13%, thereby supporting expectations.
Earnings for Nilfisk-Advance and NKT Flexibles were as expected while
additional costs incurred by NKT Cables on a submarine cable project negatively
influenced the NKT Group's overall earnings 


Summary
Revenue increased by 712 mDKK to 3,774 mDKK, corresponding to organic growth of
13% and nominal growth of 23%. The NKT Group's solid organic growth was
principally driven by the Electricity Infrastructure and Railway segments of
NKT Cables which realized organic growth rates of 30% and 29%, respectively.
Nilfisk-Advance also contributed with organic growth of 5%. 

Despite improved earnings for Nilfisk-Advance and NKT Flexibles, events at NKT
Cables reduced operational EBITDA for the NKT Group to 221 mDKK, a fall of 14
mDKK on 1st quarter 2010. As stated in the 2010 Annual Report, the early part
of 2011 in particular was negatively impacted by the relocation and running-in
of equipment at NKT Cables. Added to this, an operating loss of 58 mDKK was
incurred on a major submarine cable project. The cable system entered service
with the customer at end-March. Calculated in standard metal prices,
operational EBITDA margin on a rolling 12-month basis (LTM) comprised 8.2% at
31 March 2011, compared with 8.6% at 31 December 2010. 

Due among other things to a rising level of activity, working capital increased
by 501 mDKK to 3,498 mDKK at 31 March 2011 (20.5% LTM). 

Net interest bearing debt increased by 716 mDKK, primarily as a result of the
rise in working capital and investments. 

NKT Cables realized organic growth of 20%, corresponding to revenue of 1,268
mDKK measured in standard metal prices (1st quarter 2010: 1,036 mDKK). EBITDA
was 29 mDKK (1st quarter 2010: 60 mDKK) and was influenced by the additional
costs of 58 mDKK relating to the loss-making submarine cable project. 

Nilfisk-Advance reported organic growth of 5% (nominal growth of 9%),
corresponding to revenue of 1,552 mDKK (1st quarter 2010: 1,418 mDKK).
Operational EBITDA increased by 9 mDKK to 181 mDKK (1st quarter 2010: 172 mDKK)
as a result of the growth in revenue combined with rising raw material prices. 

NKT Flexibles realized growth of 83%, corresponding to revenue of 397 mDKK (1st
quarter 2010: 216 mDKK). This must be seen in the light of low sales in the
comparative period. EBITDA increased by 80% and comprised 72 mDKK (1st quarter
2010: 40 mDKK). 

Expectations for 2011 remain unchanged, with anticipated organic growth in
revenue of approx. 5% and EBITDA of approx. 1,200 mDKK, (the 2010 Annual
Report). This is notwithstanding the cost overruns on the loss-making submarine
cable project. NIBD/operational EBITDA is expected to be unchanged at approx.
3.5x end 2011.
News Source: NASDAQ OMX



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Language:     English
Company:      NKT Holding A/S
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0010287663
WKN:          
 
End of Announcement                             DGAP News-Service
 
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