9 May 2012 Release No. 12
NKT's revenue for Q1 2012 decreased compared with the same period last year, which was exceptionally influenced by a submarine cable project and high revenue from the Chinese Railway segment. Group EBITDA increased by 19% in Q1 2012. The result was as anticipated. Expectations for the year remain unchanged.
Net interest bearing debt was 4,491 mDKK, a rise of 62 mDKK on 31 December 2011. The debt corresponded to 4.3x operational EBITDA for the last 12 months, which is on a par with the end of 2011. If a pro forma adjustment is made for the effect of the sale of NKT Flexibles this corresponds to an equivalent ratio of 2.4x.
The sale of NKT Flexibles was finally completed on 4 April 2012. The profit from this will be recognised in Q2. NKT Flexibles is recognised as discontinued operations in the financial statements for Q1.
NKT Board of Directors member Jan Troejborg died suddenly on 6 May 2012 (Company Announcement No. 11 of 7 May 2012). At its meeting today the Board has discussed the number of Board members elected by the Annual General Meeting and has decided that a new member will not be installed as replacement for Jan Troejborg. The Board of Directors will therefore consist of five members elected by the Annual General Meeting and three members elected by the employees in the period until the Annual General Meeting in 2013.
Please direct any questions to the signer on telephone +45 4348 2000.
Yours faithfully NKT Holding A/S Thomas Hofman-Bang President and CEO ________________________________________________________
NKT Holding A/S is one of Denmark's major industrial groups with 9,100 employees at 31 December 2011 and a turnover in 2011 of 15.6 bnDKK. The group consists of NKT Cables (the energy sector), Nilfisk-Advance (the cleaning industry) and Photonics Group (the optical industry). Read more at www.nkt.dk.