WAVIN GROUP REPORTS STRONG INCREASE IN REVENUE AND OPERATING RESULTS IN FIRST HALF YEAR 2007 Zwolle, 6 September 2007 Wavin N.V., leading supplier of plastic pipe systems and solutions in Europe, today announces its First Half Year 2007 results: Financial highlights H1 2007 Revenue increased 12.3% to EUR 824,4 million (H1 2006: 734.3 million), organically 11.9% Ebitda (2) up 19.8 % to EUR 107.3 million (H1 2006: 89.6 million) Ebitda margin improved to 13.0% (H1 2006: 12.2%) Net profit of EUR 44.5 million (H1 2006: net profit EUR 44.3 million included non-recurring gains of EUR 27.0 million) Interim dividend of EUR 0.22 per share Operational highlights Continued high revenue growth in Hot & Cold (up 24.8%), Cable Ducting (up 23.8%) and Water Management (up 20.2%) Central and Eastern Europe reports strong growth of revenue (up 35.2%) and operating profit (up 41.1 %) Increased acceptance of plastic fittings in the Hot & Cold segment Bolt-on acquisitions of Polyfemos (Norway) and O Brien (Ireland) completed Wavin Group Key figures (unaudited) in EUR million H1 2007 H1 2006 Change Total Revenue 824.4 734.3 12.3% Revenue breakdown per Business Unit (1) : Building & Installation 310.2 267.1 16.1% Civils & Infrastructure 495.3 453.0 9.3% Other 18.9 14.2 33.1% EBITDA (2) 107.3 89.6 19.8% as % of revenue 13.0% 12.2% Operating result (3) 70.5 51.4 37.2% Net profit Net profit attributable to equity holders 44.5 43.4 44.3 43.5 0.5% Per share data (EUR) Earnings per share 0.55 Accounting principles applied are based on IFRS, all figures are unaudited (1) Restated figures reflect the redefinition of the Water Management segment. (2) All references to Ebitda reflect operating result before depreciation, amortisation and non-recurring items (3) All references to operating result include non-recurring items Philip Houben, Wavin CEO: Our performance over the first six months of 2007 can only be described as strong. Following an exceptionally positive start of the year, business continued to develop satisfactory, leading to significant revenue growth and further Ebitda margin expansion. It is pleasing to see that both business units and all regions contributed to the growth. Particularly our Central and Eastern Europe region performed very strong with a 35% revenue increase. The Civils & Infrastructure business unit benefited from higher activity levels especially as a result of the mild winter, whereas Building & Installation continued its excellent trend in the Hot & Cold segment. Page 1 of 12
Revenue In the first half year total revenue grew by 12.3% to EUR 824.4 million. The Civils & Infrastructure (below-ground pipe systems and solutions) business benefited from the mild winter conditions. This is in contrast to the severe winter in some parts of Europe last year. Revenue in this segment increased 9.3% to EUR 495.3 million. In Building & Installation (above-ground pipe systems and solutions), revenue rose with 16.1% to EUR 310.2 million, driven by the ongoing replacement of traditional materials by plastic solutions. All regions saw revenue improvement compared to the first half of last year. High growth was noted in the Central and East European and South East European areas. In the North West Europe region, the relatively high growth of the German construction market in the first quarter saw a distinct slow down in Q2. Ebitda Operating result before depreciation, amortisation and non-recurring items improved ahead of revenue. Ebitda in H1 2007 was EUR 107.3 million, an increase of 19.8% over H1 2006. As a percentage of revenue, the Ebitda margin increased further to 13.0%, against 12.2% in the first half of 2006. Strong growth in the higher margin Building & Installation business unit and an improved product mix in the Civils sector, contributed to this margin expansion. Non-recurring items in operating result Non-recurring items in the operating result amounted to EUR 6.7 million mainly related to the closure of a manufacturing site in the UK as one of the final steps of the integration programme of Hepworth Building Products. Financing costs and tax Financing costs amounted to EUR 17.2 million versus EUR 40.2 million over the same period last year. The significantly lower net debt and a refinancing at favourable rates that was finalised in the fall of 2006 contributed to this reduction. Income tax expense was EUR 11.5 million. The announced lower corporate tax rates in the UK and Denmark had a non-recurring positive impact on the deferred tax-liabilities. Net profit The strong operational performance and the lower financing costs in the first half year resulted in a net profit of EUR 44.5 million. The H1 2006 net profit of 44.3 million included non-recurring net gains of EUR 27.0 million, primarily as a result of the sale of a minority stake in an Australian joint venture. Cash flow Due to the seasonality of the business, Wavin historically generates virtually all of its cash flow in the second half of the year. Free operating cash flow in H1 2007 was EUR 11.6 million. This is an increase of EUR 15.8 million compared to the same period last year. The 2006 cash flow statement is aligned with the 2007 cash flow presentation. Capital expenditure in H1 2007 was EUR 30.9 million, a significant increase compared to the low EUR 23.9 million over the first half of the previous year. Trade working capital in the period increased EUR 114.5 million from year end 2006, in line with the seasonal pattern of the business and revenue increases. Net debt In the first half year net debt went up in line with seasonality from EUR 597.7 million per 31 December 2006 million to EUR 654.2 million per 30 June 2007. The net debt to EBITDA ratio (leverage) remained stable at just below 3.0 per 30 June 2007. Page 2 of 12
Business Unit Developments The good economic circumstances and the mild winter across Europe resulted in favourable growth of revenue across the two business units. Building & Installation* Revenue (EUR million) H1 2007 H1 2006 Growth Hot & Cold 161.0 129.0 24.8% Soil & Waste 110.5 102.9 7.4% Other Building Systems 38.7 35.2 9.9% Total Building & Installation 310.2 267.1 16.1% * Restated figures reflect the redefinition of the Water Management segment. The Building & Installation business unit (above-ground plastic pipe and fitting systems) realised 16.1% growth to EUR 310.2 million. With its substantial market position in many European countries, Wavin benefited from the ongoing substitution trend towards plastics. Building & Installation represented 37.6% of total revenue in H1 2007, compared to 36.4% in H1 2006. Hot & Cold The Hot & Cold business segment (pipes, fittings and manifolds to supply hot and cold tap water, radiator connections and surface heating and cooling) is an important growth area for Wavin. Revenue jumped 24.8% to EUR 161.0 million, representing almost 20% of Group revenue. Generally good housing markets, the favourable price comparison with traditional materials and the cost effective installation of plastic systems, helped drive the ongoing substitution trend in favour of plastics. Wavin offers a broad range of Hot & Cold systems and solutions, covering nearly all applicable plastic-based materials. This meets the different customer preferences in the European markets. Growth in the different systems was equally encouraging. The new plastic push-fit system Wavin smartfix was launched in Germany and Italy. Market reception was positive. The system will gradually be rolled out in other European countries. Growth in indoor climate control (floor heating and ceiling cooling systems) is driven by new governmental directives related to the energy performance of buildings and the availability of high comfort solutions in residential and commercial buildings. In many European countries these applications are more and more accepted as a preferred solution versus traditional systems. Soil & Waste Revenue in the Soil & Waste segment (systems for the transport of waste water from kitchens and bathrooms to the sewer) grew 7.4% to EUR 110.5 million (13.4% of Group revenue). Innovative low-noise systems such as Wavin AS and Wavin SiTech improve in-house convenience, replacing cast iron alternatives. Other Building Systems Other Building Systems, such as roof gutters and electrical conduit pipes, showed satisfying revenue of EUR 38.7 million. Revenue was up 9.9% compared to H1 2006, mainly driven by growth in roof gutter sales in Central and Eastern Europe. Page 3 of 12
Civils & Infrastructure* Revenue (EUR million) H1 2007 H1 2006 Growth Foul Water 278.9 256.3 8.8% Water Management 81.0 67.4 20.2% Cable Ducting 34.9 28.2 23.8% Water & Gas 100.5 101.1-0.6% Total Civils & Infrastructure 495.3 453.0 9.3% * Restated figures reflect the redefinition of the Water Management segment. The business unit Civils & Infrastructure (below ground plastic pipe and fitting systems) accounted for 60% of total Group revenue. The mild winter months resulted in a strong start of the year, which levelled off in the subsequent months. H1 2007, revenue increased 9.3% to EUR 495.3 million. Growth in Central and Eastern Europe was particularly encouraging. Foul Water Revenue in the Foul Water category (predominantly sewer systems) rose 8.8% to EUR 278.9 million. Wavin is market leader in Europe in this segment. European product concepts such as Tegra manholes and inspection chambers were further rolled out successfully. Water Management Total revenue from Water Management applications (systems used to remove, collect, attenuate and infiltrate rain and storm water) increased 20.2% to EUR 81.0 million (2006: EUR 67.4 million), almost 10% of total Group revenue. This significant growth reflects an increasing market focus on rain water management issues. Wavin has a complete range of Water Management systems and solutions and is well positioned to play an important role in this growing market segment. Cable Ducting In H1 2007 revenue in Cable Ducting segment was up 23.8% to EUR 34.9 million (4.2% of total Group revenue). The market of cable duct systems for data communication (Last Mile Telecom) enjoyed brisk growth in selective European markets. Water & Gas In the Water & Gas segment (pressure pipes and fittings for the distribution of gas and potable water) revenue remained flat at EUR 100.5 million in the first half of 2007. The company has chosen to be selective in tendering for large contracts in this mature and lower margin market and focuses on technically advanced concepts with improved product characteristics. Within total Group revenue, the Water & Gas segment now comprises 12.2% versus 13.8% in H1 2006. Other The segment other includes incidental revenue from raw material sales, machinery and electronics sale and licence income. In the first half year this segment amounted to EUR 18.9 million. Page 4 of 12
Results per region Performance development across virtually all geographic regions was satisfactory. Results in the Central and Eastern European region were exceptional with double digit growth at sustained high margins. In the North West region, temporary inefficiencies related to the integration of manufacturing activities of the Netherlands and Germany had a negative impact on the performance. Revenue and EBITDA (1) (EUR million) H1 2007 H1 2006 Growth Total Revenue 824.4 734.3 12.3% Total EBITDA (1) 107.3 89.6 19.8% UK/Ireland (2) Revenue 226.0 226.2-0.1% EBITDA (1) 36.9 29.0 27.2% Margin 16.3% 12.8% North West Europe Revenue 169.6 155.0 9.4% EBITDA (1) 12.6 14.6-13.7% Margin 7.4% 9.4% Nordic Europe Revenue 114.5 104.6 9.5% EBITDA (1) 12.7 11.8 7.6% Margin 11.1% 11.3% Central and Eastern Europe Revenue 107.5 79.5 35.2% EBITDA (1) 22.3 15.8 41.1% Margin 20.7% 19.9% South West Europe Revenue 91.8 85.8 7.0% EBITDA (1) 9.2 6.7 37.3 Margin 10.0% 7.8% South East Europe Revenue 82.4 65.7 25.4% EBITDA (1) 8.4 7.1 18.3% Margin 10.2% 10.8% Other (incl Wavin Overseas) (2) Revenue 32.6 17.5 86.3% EBITDA (1) 5.2 4.6 13.0% (1) All references to Ebitda reflect operating result before depreciation, amortisation and non-recurring items (2) Per 2007, the export business from Hepworth Building Products was transferred to Wavin Overseas. Page 5 of 12
On a like for like basis, business in the UK/Ireland region increased 5.0%. Per 2007, the export business from Hepworth Building Products was transferred to Wavin Overseas. In total EUR 6.7 million was transferred. The overall construction market in the UK was steady with a flat new built housing segment and a positive development of the RMI (Repair, Maintenance and Improvement) segment. The Irish market is clearly softening after the high levels in past years. Ebitda in the UK/Ireland region improved to EUR 36.9 million. This increase of 27.2% mainly results from the synergy benefits derived from the integration of Hepworth Building Products. As a consequence, margins in the region expanded to 16.3%. In Wavin s North West Europe region, revenue grew 9.4% to EUR 169.6 million. Germany reported a strong start of the year, but slowed down in the subsequent months. Operating results in the region lagged behind due to temporary issues regarding the rationalisation of the regional manufacturing footprint. In addition some competitive price pressure was faced in this region. Ebitda in the North West region ended EUR 2 million behind H1 2006, the margin dropped to 7.4%. The Nordic region recorded a 9.5% increase of revenue to EUR 114.5 million. Good market conditions were especially noticeable in Sweden and the Baltic region. Ebitda increased to EUR 12.7 million with the Ebitda margin stable at 11.1%. Polyfemos, a Norwegian supplier of cable duct systems for Telecom access networks, was acquired and integrated successfully. Market circumstances in the Central and Eastern Europe region continued to be bullish. Revenue increased 35.2% to EUR 107.5 million. The mild winter and high construction activity in the region fuelled the growth. All countries in this CEE region showed an excellent trend. Increased sales and marketing efforts in Russia and Ukraine will strengthen Wavin s position in these emerging markets. On the back of this performance, the region delivered EUR 22.3 million Ebitda, and a margin of 20.7%. The South West Europe region reported 7.0% revenue growth to EUR 91.8 million. Although general construction activity did not reach 2006 levels, the market for plastic pipe systems remained solid. As a result of improved product mix, margins have further improved to 10.0% from 7.8% in H1 2006. In the South East Europe region, revenue increased to EUR 82.4 million, growing at a very healthy pace of 25.4%. All countries in the region showed good revenue growth. Especially Romania benefited from a healthy construction market. Ebitda in the region increased to EUR 8.4 million. The Ebitda margin was 10.2%, (10.8% in the same period last year). Margins were affected by market investments in Romania and challenging market circumstances in Hungary. The Wavin Group also comprises entities such as Wavin Technology & Innovation (research and development) Wavin Overseas (the central export organisation) and the Group holding companies (Others). The increase in revenue is mainly attributable to the transfer of the UK export business to Wavin Overseas. Dividend The total profit attributable to equity holders of Wavin N.V. amounted to EUR 43.4 million. Reported earnings per share in H1 2007 were EUR 0.55. In accordance with Wavin s dividend policy, the interim dividend will be EUR 0.22 per share. This dividend will be paid out either in cash or in shares, at the discretion of individual shareholders. As per 7 September 2007, the ordinary shares will be registered ex-dividend. The dividend payment will take place on 5 October 2007. Outlook 2007 Wavin maintains its earlier guidance for full year 2007. Revenue growth for the full year is expected to be close to the lower end of the earlier indicated range of 10-13% as markets in the second half of the year are expected to be less buoyant. The Ebitda margin will be slightly ahead of last year (2006: 13.1%). Barring unforeseen circumstances, net profit will be well ahead of 2006. Page 6 of 12
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 telecom applications. Wavin is headquartered in Zwolle (The Netherlands) and has a presence in 27 European countries, with manufacturing sites in 16 of those. The company employs approximately 6,700 people and reported revenues of EUR 1.5 billion for 2006. Outside Europe, it has a global network of more than 120 agents, licensees and distributors. Wavin is listed on the 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 E-mail: media@wavin.com Investor Relations Ton Bruijne Telephone: +31 38 429 4357 E-mail: InvestorRelations@wavin.com 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. Forward-looking statements involve inherent risks and uncertainties. A number of significant factors could therefore cause actual future results to differ materially from those expressed or implied in any forward-looking statement. Such factors include but are not limited to conditions in the regions from which we derive a substantial portion of our revenue, potential defaults on the part of borrowers or trading counterparties, Wavin s relationship with its key customers, relationships with key suppliers, whether market conditions or other factors permit us to pass on any increases in the costs of raw materials and our ability to effectively compete with our competitors. The forward-looking statements contained in this announcement are made as of the date hereof and Wavin assumes no obligation to update any forward-looking statement contained in this announcement. Annexes: Consolidated income statement Consolidated balance sheet Consolidate statement of cash flows Changes in shareholders equity Segmentation reporting FINANCIAL CALENDAR subject to change 2007 7 September Ex-dividend date 5 October Dividend payment 2008 29 February Publication of annual figures 2007 (before start of trading) 17 April General Meeting of Shareholders 29 August Publication of H1 figures 2008 (before start of trading) Page 7 of 12
Consolidated income statement For the half year ended 30 June 2007 ( million) 2007 2006* Non- Non- Recurring recurring Total* Recurring recurring Total Continuing operations Total revenue 824.4-824.4 734.3-734.3 Revenue discontinued operations (7.8) - (7.8) (6.5) - (6.5) Revenue continuing operations 816.6-816.6 727.8-727.8 Cost of sales (591.5) (5.1) (596.6) (525.2) (3.0) (528.2) Gross profit 225.1 (5.1) 220.0 202.6 (3.0) 199.6 Other operating income 3.0-3.0 3.6-3.6 Selling and distribution expenses (87.3) (0.1) (87.4) (81.4) - (81.4) Administrative expenses (54.1) (1.2) (55.3) (50.4) (4.2) (54.6) Research and development expenses (4.3) - (4.3) (4.8) - (4.8) Other operating expenses (5.2) (0.3) (5.5) (9.6) (1.4) (11.0) Result from operating activities 77.2 (6.7) 70.5 60.0 (8.6) 51.4 Finance income 7.9-7.9 6.5-6.5 Finance expenses (25.1) - (25.1) (46.7) - (46.7) Net finance costs (17.2) - (17.2) (40.2) - (40.2) Share of profit of associates 2.4-2.4 1.5-1.5 Profit (loss) on sale of associates - - - - 38.6 38.6 Profit before income tax 62.4 (6.7) 55.7 21.3 30.0 51.3 Income tax expense (15.8) 4.3 (11.5) (4.2) (3.0) (7.2) Profit from continuing operations 46.6 (2.4) 44.2 17.1 27.0 44.1 Discontinued operations Profit (loss) from discontinued operations (net of income tax) 0.3-0.3 0.2-0.2 Profit for the period 46.9 (2.4) 44.5 17.3 27.0 44.3 - - Attributable to: Equity holders of the company 45.8 (2.4) 43.4 16.5 27.0 43.5 Minority interest 1.1-1.1 0.8-0.8 Profit for the period 46.9 (2.4) 44.5 17.3 27.0 44.3 Earnings per share 2007 2006** Continuing Continuing operations Total operations Total Basic earnings per share (half year) 0.55 0.55 0.73 0.74 Diluted earnings per share (half year) 0.55 0.55 0.73 0.74 * Figures adjusted for comparison reasons. ** P rofit for the period adjusted for comparison reasons. The net profit is adjusted for the interest paid on preference shares. The accounting principles applied are based on IFR S The data included in this report are unaudited Page 8 of 12
Consolidated balance sheet As at 30 June 2007 before profit appropriation ( million) 30-Jun-07 31-Dec-06 Assets Property, plant and equipment 376.7 375.1 Intangible assets 514.5 510.8 Investments in associates 15.8 15.6 Other non-current investments 12.5 1.8 Deferred tax assets 13.4 11.3 Total non-current assets 932.9 914.6 Inventories 228.3 200.6 Other current investments 0.2 0.2 Trade and other receivables 441.2 327.8 Income tax receivable 0.3 - Assets classified as held for sale 6.6 4.0 Cash and cash equivalents 18.1 17.0 Total current assets 694.7 549.6 Total assets 1,627.6 1,464.2 Equity Total equity attributable to equity holders of the company 334.8 295.4 Minority interest 5.6 4.5 Total equity 340.4 299.9 Liabilities Interest bearing loans and borrowings 599.5 596.9 Employee benefits 29.5 30.0 Deferred government grants 0.1 0.1 Provisions 18.6 18.5 Deferred tax liabilities 126.0 124.5 Other non-current liabilities 2.8 2.9 Total non-current liabilities 776.5 772.9 Interest bearing loans and borrowings 55.4 3.3 Bank overdrafts 17.4 14.6 Provisions 8.4 6.9 Income tax payable 18.0 5.9 Trade and other payables 407.4 358.9 Liabilities classified as held for sale 4.1 1.8 Total current liabilities 510.7 391.4 Total liabilities 1,287.2 1,164.3 Total equity and liabilities 1,627.6 1,464.2 The accounting principles applied are based on IFR S The data included in this report are unaudited Page 9 of 12
Consolidated statement of cash flows For the half year ended 30 June ( x 1,000) 30 June 2007 30 June 2006* Result from operating activities 70.5 51.4 Depreciation and amortisation 29.6 29.3 Share-based payment plans 1.2 - Changes in trade working capital (114.5) (107.5) Operating cash flow (13.2) (26.8) Changes in other working capital 24.5 24.2 Changes in employee benefits (0.4) (3.6) Changes in provisions 1.5 6.0 Dividends received from associates 2.4 2.2 Income taxes paid (3.2) (6.2) Free operating cash flow 11.6 (4.2) Investments in property, plant and equipment and intangible assets (30.9) (23.9) Disposals and value adjustments 0.6 - Changes in other financial assets (2.8) 2.1 Proceeds from sale of associates - 73.1 Changes in securities - - Changes in other non-current liabilities (0.1) (0.6) Acquired property, plant & equipment and intangible assets (1.0) (0.1) Goodwill on acquisitions (4.6) (4.2) Acquired other assets and liabilities (0.3) (1.6) Net cash from (used in) investing activities (39.1) 44.8 Net financing costs paid (16.5) (34.2) Change in interest bearing loans and borrowings 3.3 14.5 Dividend paid to shareholders (14.7) - Dividend paid to minority shareholders (0.1) (2.0) Result from discontinued operations 0.3 0.2 Net cash from (used in) financing activities (27.7) (21.5) Net increase (decrease) of cash and cash equivalents less current bank debt (55.2) 19.1 Cash and cash equivalents less current bank debt at 1 January (0.8) 53.3 Effect of exchange rate fluctuations on cash held 1.3 (0.7) Cash and cash equivalents less current bank debt at 30 June (54.7) 71.7 * In 2007 non operational results and results from discontinued operations are included in R esults from operating activities. In order to better reflect the cash effects of the operations, the non-cash items related to deferred tax, interest instruments and translation differences have been eliminated. The 2006 cash flow has been adjusted accordingly The accounting principles applied are based on IFR S The data included in this report are unaudited Page 10 of 12
Changes in shareholders equity For the half year ended 30 June 2007 ( million) 2007 2006 Balance at 1 January 295.4 5.6 Share-based payment plans 1.3 - Dividends paid to shareholders (14.7) - Net profit attributable to shareholders of the company 43.4 43.5 Currency differences 1.3 - Fair value changes financial instruments 8.0 8.5 Other changes in equity - (4.1) Balance at 30 june 334.7 53.5 The accounting principles applied are based on IFR S The data included in this report are unaudited Page 11 of 12
Segmentation reporting For the half year ended 30 June 2007 Revenue ( million) H1 2007 H1 2006 % change Wavin UK / Ireland 226.0 226.2 (0.1)% Wavin North West Europe 169.6 155.0 9.4% Wavin Nordic Europe 114.5 104.6 9.5% Wavin Central & Eastern Europe 107.5 79.5 35.2% Wavin South West Europe 91.8 85.8 7.0% Wavin South East Europe 82.4 65.7 25.4% Other 32.6 17.5 86.3% Total revenue 824.4 734.3 12.3% EBITDA ** ( million) H1 2007 H1 2006 % change Wavin UK / Ireland 36.9 29.0 27.2% Wavin North West Europe 12.6 14.6 (13.7)% Wavin Nordic Europe 12.7 11.8 7.6% Wavin Central & Eastern Europe 22.3 15.8 41.1% Wavin South West Europe 9.2 6.7 37.3% Wavin South East Europe 8.4 7.1 18.3% Other 5.2 4.6 13.0% Total EBITDA 107.3 89.6 19.8% Revenue * ( million) H1 2007 H1 2006 * % change Hot & Cold 161.0 129.0 24.8% Soil & Waste 110.5 102.9 7.4% Other Building Systems 38.7 35.2 9.9% Total Building & Installation 310.2 267.1 16.1% Foul Water Systems 278.9 256.3 8.8% Water Management 81.0 67.4 20.2% Cable Ducting 34.9 28.2 23.8% Water & Gas 100.5 101.1 (0.6)% Total Civil & Infrastructure 495.3 453.0 9.3% Other 18.9 14.2 33.1% Total Revenue 824.4 734.3 12.3% H1 2006 * reallocation H1 2006 Revenue ( million) FY 2006 * reallocation FY 2006 129.0-129.0 Hot & Cold 268.8 (1.0) 269.8 102.9 (8.9) 111.8 Soil & Waste 196.1 (10.0) 206.1 35.2 7.7 27.5 Other Building Systems 73.0 12.3 60.7 267.1 (1.2) 268.3 Total Building & Installation 537.9 1.3 536.6 256.3 (13.2) 269.5 Foul Water Systems 521.0 (35.8) 556.8 67.4 35.6 31.8 Water Management 143.1 77.5 65.6 28.2 0.5 27.7 Cable Ducting 59.9 1.2 58.7 101.1 (6.8) 107.9 Water & Gas 207.7 (15.6) 223.3 453.0 16.1 436.9 Total Civil & Infrastructure 931.7 27.3 904.4 14.2 (14.9) 29.1 Other 31.9 (28.6) 60.5 734.3-734.3 Total Revenue 1,501.5-1,501.5 * Restated figures reflect the redefinition of the Water Management segment. ** All references to Ebitda reflect operating result before depreciation, amortisation and non-recurring items. The accounting principles applied are based on IFR S The data included in this report are unaudited Page 12 of 12