HEIGR 1H2012 numbers are out this morning, Revenue for 1H was up 3.7% at EUR6.58b, this was against growth of 11.4% in the first quarter as budget cuts in Europe and uncertainty over the Euro crisis hit activity; also in the US the economic recovery has lost some momentum in the 2nd quarter BUT trends there and in Asia are still positive. Nevertheless the results are marginally above expectations For the full year the company still expects North American and Asian volume growth to continue to help balance any softening of demand in Europe and it has reiterated its 2012 guidance EBITDA rose 1% to EUR911.6m vs a 7% rise in 1Q. Cash from Operations rose to EUR70.9m from EUR-164.6m and Free Cash Flow was EUR-201m vs. EUR-453, largely driven by the better operational cash flow position. Net debt was EUR8,117m giving leverage of just under 3.5x.

Source: ING