Mixed Shareholders’ Meeting of May 31st, 2011 - Outlook for first half 2011 and confirmation of annual targets
Paris, May 31st, 2011 – The Group will present the outlook for first half 2011 at the Mixed Shareholders’ Meeting that will be held today at 3:00 p.m. at the musée du quai Branly in Paris (France). The meeting will be chaired by Frédéric Vincent, Chairman and CEO.
Given confirmation of the strong recovery in sales volumes for almost all the Group’s businesses and the 13% organic increase in sales recorded in the first quarter 2011 (compared with the particularly weak first quarter 2010), the Group is expecting organic growth sales of 7% to 9% in first-half 2011 compared with the same period a year earlier. In this context, the Group anticipates a first-half 2011 operating margin rate in the range of 4.5% to 5%, compared with 4.0% at June 30, 2010.
The Group also confirms its annual target for organic growth in sales of more than 5% and an operating margin rate that should be about 5.5%, subject to satisfactory pass-through of price increases for plastics and components.
Lastly, Nexans indicates that in the framework of the agreement signed on March 27, 2011 with its main shareholder Madeco in a view of allow the latter a leading position in Nexans’ share capital, Madeco declared on May 27, 2011 that it has set up financial instruments that will eventually enable it to increase its position in Nexans share capital above the 15% threshold, at the earliest in August 2011 and at the latest in February 20121. The shareholders are asked to approve at today’s meeting the agreement signed with Madeco.
The reader is invited to consult the 2010 Reference Document on the Group’s Web site. This document presents the Group’s risk factors, in particular those relative to the competition surveys in Europe and in other countries, previously described in the press release issued on February 12, 2009.
1. Declaration to the French stock market authority (AMF) no. 211C0795 dated May 27, 2011.
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