Interim report - 2nd quarter 2009

NKT HOLDING A/S, 25 AUGUST 2009, ANNOUNCEMENT NO. 12SUMMARYThe realized revenue in 2nd quarter 2009 of 3,144 mDKK corresponds to negativeorganic growth of 9% against 2nd quarter 2008. Overall, negative organic growthof 10% was realized for 1st half 2009. Operational EBITDA for 2nd quarter 2009 comprises 294 mDKK, against 461 mDKK in2nd quarter 2008. For 1st half 2009 an operational EBITDA of 441 mDKK wasrealized, against 766 mDKK in 1st half 2008. As a result, the operationalEBITDA margin measured on a rolling 12-month basis at standard metal pricesfell from 10.5% at 31 March to 9.3% at 30 June 2009. Overall, the results were consistent with the expectations for 2009, which areunchanged from previous announcements. An operational EBITDA for 2009 ofapproximately 700-900 mDKK is therefore still anticipated. Based ondevelopments in recent months a profit in the top half of this interval isrealistic. NKT Cables realized positive organic growth of 3% in 2nd quarter 2009, whichwas primarily attributable to the high voltage segment (+20%) and railwaycatenary wires (+190%). In 2nd quarter 2009 the medium and low voltage segmentscontinued to be affected by the economic recession, with negative organicgrowth rates of 20% and 15% respectively against the same period in 2008.EBITDA comprised 10.9% for 2nd quarter 2009, against 13.8% for the same periodin 2008. The construction of the new Cologne high voltage factory is proceedingto plan and commercial production has now begun. Nilfisk-Advance realized negative organic growth of 20%, around 3%-points ofwhich was related to Easter. After adjusting for this, the negative organicgrowth for both 1st and 2nd quarter 2009 is estimated to be approximately15-16%. Operational EBITDA was 9.4% for the 2nd quarter, against 11.8% for thesame period of 2008. In 2nd quarter 2009, 57 mDKK was spent on implementing thepreviously announced structural initiatives, and the number of employees hasnow been reduced by around 600 from 5,200 at the end of June 2008.Nilfisk-Advance continues to maintain a high level of innovation and six newproducts were launched in the 2nd quarter. Cash flow from operating activities was satisfactory also in 2nd quarter 2009.The Group's working capital amounted to 2 bnDKK at the end of June 2009,against 2.938 mDKK at the same time in 2008. As previously stated, the Group's capital resources increased in 2nd quarter2009 and comprised approximately 2.6 bnDKK at the end of June. The Group's debtis still not subject to any form of financial covenant.