DGAP-News: Pfleiderer AG english
21.02.08 07:32
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DGAP-News: Pfleiderer AG english
Preliminary Results
Pfleiderer AG: Pfleiderer generates EBITDA of €249 million in 2007
Corporate News transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
------------------------------------
Pfleiderer generates EBITDA of €249 million in 2007
• EBITDA of €249 million at top end of target corridor
• Consolidated revenues up 27% to €1.8 billion despite postponed revenues
• Outlook for 2008: Consolidated revenues in the order of €2 billion,
EBITDA margin of 15%
Neumarkt, February 21, 2008 – According to its preliminary figures,
MDAX-listed Pfleiderer AG (ISIN DE0006764749) generated record consolidated
revenues and profit in 2007.
Earnings before interest, taxes, depreciation,
and amortization (EBITDA) rose by approximately 20% to €248.7 million. This
figure is at the top end of the forecast target corridor of €240 to €250
million. At 13.8%, the EBITDA margin was down from last year’s figure of
14.7%, but this had been expected due to costs for integration and
restructuring measures at Pergo and the rationalization program in Western
Europe. These costs amounted to €21.6 million in 2007. Consolidated
revenues grew by 27% to €1.8 billion, whereby 11 percentage points are
attributable to organic growth and 16 percentage points to external growth.
Pfleiderer’s own target of €1.9 billion was not achieved due to currency
translation effects and postponed revenues in North America. However, since
the majority of these postponed revenues will be recovered in 2008 and the
order situation is promising, Pfleiderer expects consolidated revenues in
the order of €2 billion and an improvement in the Group-wide EBITDA margin
to 15% for the new fiscal year (previous year: 13.8%).
'Pfleiderer succeeded in setting new records in revenues and earnings in
2007, despite the problems in North America. We are very pleased with our
business in Western and Eastern Europe. We have restructured our business
in North America with the Pergo integration and expect positive results in
2008 from the measures we have taken there. We are also confident about
this fiscal year for these reasons. We expect to generate consolidated
revenues in the order of €2 billion and improve the Group-wide EBITDA
margin to 15%. We intend 2008 to be another year of profitable growth,'
said Pfleiderer AG's CEO Hans H. Overdiek, commenting on the Group's
business development.
Earnings at the top end of the target corridor
Pfleiderer substantially improved its consolidated earnings thanks to
increasing sales volumes, a proactive pricing policy, and significant cost
savings. EBITDA was up by around 20% to €248.7 million (€208.1 million). At
13.8%, the EBITDA margin was down from last year’s figure of 14.7%, but
this had been expected due to extraordinary costs of €21.6 million in 2007.
EBIT grew by around 3% to €136.8 million (€133.0 million) due to increased
depreciation and amortization primarily relating to the acquisition of
Pergo. Pre-tax earnings from continuing operations were €90.6 million
(€92.4 million) after adjustment for net financial expenses of €46.0
million (€40.3 million), which were affected by the financing for Pergo.
The tax rate fell to 12% due to deferred tax income and loss carryforwards,
causing after-tax earnings from continuing operations to increase by 19% to
€79.7 million. This corresponds to earnings per share for continuing
operations of €1.00, in line with the previous year’s figure, after
deducting the profit share attributable to holders of hybrid bonds.
Excellent financial strength and solid balance sheet structure
Cash flow from opeRating activities increased significantly in 2007 from
€111.4 million to €198.0 million. The equity ratio rose by two percentage
points to 41.7% despite total assets increasing by 40% due to the initial
consolidation of Pergo. One of the main reasons for this was that the Pergo
takeover was financed by the placement of a €275 million hybrid bond, which
is recognized as equity. Net debt was €618.2 million at the end of 2007,
compared with €414.6 million in the previous year. Gearing (the ratio of
net debt to equity) remained at 0.77 on a par with the previous year.
Segments:
Western Europe records continuing growth
The Western Europe region continued the dynamic growth seen in previous
years in 2007. Segment revenues increased sharply by 26% to €986.7 million
(€781.5 million).
High demand in all product areas and the initial consolidation of Pergo’s
European activities contributed to this. This was also reflected in EBITDA,
which rose faster than revenues, climbing 55% to over €160.7 million
(€103.6 million). Despite one-time expenses of €7.1 million relating to the
rationalization program in Western Europe and the integration of Pergo’s
Europe activities, the EBITDA margin grew from 13.3% to 16.3%.
Eastern Europe continues on dynamic growth path
Eastern Europe expanded at an uninterrupted pace. The segment’s revenues
increased by 31% to €393 million (€300.3 million). The main reason for this
was the strong expansion of capacity, reflecting Pfleiderer’s systematic
response to the sharp increase in demand in the region. The segment’s
EBITDA jumped sharply by 37% to €77.6 million (€56.5 million) despite
ramp-up costs incurred in this context at the new plants in Poland and
Russia. The EBITDA margin rose from 18.8% to 19.7%.
Challenging market environment in North America
In North America, business was affected by the weakness in the real estate
segment and the turbulence on the financial markets in 2007. Resulting
consumer uncertainty also depressed sales of laminate flooring and
fiberboard. Pfleiderer was unable to escape this challenging environment,
although the Company significantly outperformed the industry as a whole.
Revenues in North America including Pergo's activities amounted to €443.0
million, compared with €349.6 million in the previous year.
In addition to strengthening the Company's strategic position, the Pergo
integration is creating substantial synergies that will lead to savings of
approximately €30 million in North America in 2008. The rationalization
programs in Europe will also lead to cost improvements of an additional €6
million. The necessary restructuring of the North American business in this
context required one-time expenses of €14.5 million in 2007. The effects of
the weak market environment were also felt, reducing sales in the flooring
business area in particular. In terms of profitability, the North America
region therefore recorded EBITDA of only €16.6 million, as against €52.5
million in the previous year. This corresponded to a margin of 3.7%,
compared with 15.0% in the previous year. However, a double-digit earnings
margin was again recorded in North America in the particleboard business.
Further profitable growth in 2008
Pfleiderer expects its strong business performance to continue in Europe on
the back of the continued strength of the engineered wood markets there.
The Company is again forecasting high revenue growth in Eastern Europe. In
particular, a positive factor for Pfleiderer will be the year-round
availability of its new plants in Poland and Russia for the first time. An
additional laminating press will be put into service in summer 2008 at the
Company’s Russian location. Economies of scale will mean that the
increasing output volumes in Eastern Europe will also be reflected in a
significant improvement in earnings. Pfleiderer is expecting further
revenue and earnings growth in Western Europe, reflecting the Company’s
investments in enhancing productivity at its German plants in particular. A
positive effect will also result from the revenue contribution of Pergo for
the full year (previous year: 10 months).
The North American market will remain challenging in 2008. Contrary to the
industry trend, however, Pfleiderer is expecting to moderately increase its
business volume by gaining market share. The Company is well positioned to
do this due to the successful integration of Pergo and the implementation
of its extensive restructuring program. As Pfleiderer also has a
significantly improved cost structure and does not expect further
substantial one-time costs, its earnings in North America will improve
considerably in the current fiscal year.
Based on its performance in the regions, the Pfleiderer Group is
forecasting revenues in the order of €2 billion in fiscal year 2008.
Earnings will also improve for the above-mentioned reasons. Overall,
Pfleiderer is expecting its EBITDA margin to increase to around 15%.
€m 2007 2006 Delta
Revenues 1,801 1,415 27%
• of which Western Europe 987 782 26%
• of which Eastern Europe 393 300 31%
• of which North America 443 350 27%
EBITDA 249 208 20%
• of which Western Europe 161 104 55%
• of which Eastern Europe 78 57 37%
• of which North America 17 53 -68%
EBIT 137 133 3%
EBT from continuing operations 91 92 -2%
Total EBT from continuing and 96 142 -32%
discontinued operations
Profit for the period 85 101 -16%
Basic earnings per share from 1.00 1.00
continuing operations (€)
(c)DGAP 21.02.2008
---------------------------------
Language: English
Issuer: Pfleiderer AG
Ingolstädter Straße 51
93218 Neumarkt
Deutschland
Phone: +49 (0)9181 28 - 8491
Fax: +49 (0)9181 28 - 606
E-mail: gala.conrad@pfleiderer.com
Internet: www.pfleiderer.com
ISIN: DE0006764749
WKN: 676474
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
---------------------------------
Preliminary Results
Pfleiderer AG: Pfleiderer generates EBITDA of €249 million in 2007
Corporate News transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
------------------------------------
Pfleiderer generates EBITDA of €249 million in 2007
• EBITDA of €249 million at top end of target corridor
• Consolidated revenues up 27% to €1.8 billion despite postponed revenues
• Outlook for 2008: Consolidated revenues in the order of €2 billion,
EBITDA margin of 15%
Neumarkt, February 21, 2008 – According to its preliminary figures,
MDAX-listed Pfleiderer AG (ISIN DE0006764749) generated record consolidated
revenues and profit in 2007.
and amortization (EBITDA) rose by approximately 20% to €248.7 million. This
figure is at the top end of the forecast target corridor of €240 to €250
million. At 13.8%, the EBITDA margin was down from last year’s figure of
14.7%, but this had been expected due to costs for integration and
restructuring measures at Pergo and the rationalization program in Western
Europe. These costs amounted to €21.6 million in 2007. Consolidated
revenues grew by 27% to €1.8 billion, whereby 11 percentage points are
attributable to organic growth and 16 percentage points to external growth.
Pfleiderer’s own target of €1.9 billion was not achieved due to currency
translation effects and postponed revenues in North America. However, since
the majority of these postponed revenues will be recovered in 2008 and the
order situation is promising, Pfleiderer expects consolidated revenues in
the order of €2 billion and an improvement in the Group-wide EBITDA margin
to 15% for the new fiscal year (previous year: 13.8%).
'Pfleiderer succeeded in setting new records in revenues and earnings in
2007, despite the problems in North America. We are very pleased with our
business in Western and Eastern Europe. We have restructured our business
in North America with the Pergo integration and expect positive results in
2008 from the measures we have taken there. We are also confident about
this fiscal year for these reasons. We expect to generate consolidated
revenues in the order of €2 billion and improve the Group-wide EBITDA
margin to 15%. We intend 2008 to be another year of profitable growth,'
said Pfleiderer AG's CEO Hans H. Overdiek, commenting on the Group's
business development.
Earnings at the top end of the target corridor
Pfleiderer substantially improved its consolidated earnings thanks to
increasing sales volumes, a proactive pricing policy, and significant cost
savings. EBITDA was up by around 20% to €248.7 million (€208.1 million). At
13.8%, the EBITDA margin was down from last year’s figure of 14.7%, but
this had been expected due to extraordinary costs of €21.6 million in 2007.
EBIT grew by around 3% to €136.8 million (€133.0 million) due to increased
depreciation and amortization primarily relating to the acquisition of
Pergo. Pre-tax earnings from continuing operations were €90.6 million
(€92.4 million) after adjustment for net financial expenses of €46.0
million (€40.3 million), which were affected by the financing for Pergo.
The tax rate fell to 12% due to deferred tax income and loss carryforwards,
causing after-tax earnings from continuing operations to increase by 19% to
€79.7 million. This corresponds to earnings per share for continuing
operations of €1.00, in line with the previous year’s figure, after
deducting the profit share attributable to holders of hybrid bonds.
Excellent financial strength and solid balance sheet structure
Cash flow from opeRating activities increased significantly in 2007 from
€111.4 million to €198.0 million. The equity ratio rose by two percentage
points to 41.7% despite total assets increasing by 40% due to the initial
consolidation of Pergo. One of the main reasons for this was that the Pergo
takeover was financed by the placement of a €275 million hybrid bond, which
is recognized as equity. Net debt was €618.2 million at the end of 2007,
compared with €414.6 million in the previous year. Gearing (the ratio of
net debt to equity) remained at 0.77 on a par with the previous year.
Segments:
Western Europe records continuing growth
The Western Europe region continued the dynamic growth seen in previous
years in 2007. Segment revenues increased sharply by 26% to €986.7 million
(€781.5 million).
High demand in all product areas and the initial consolidation of Pergo’s
European activities contributed to this. This was also reflected in EBITDA,
which rose faster than revenues, climbing 55% to over €160.7 million
(€103.6 million). Despite one-time expenses of €7.1 million relating to the
rationalization program in Western Europe and the integration of Pergo’s
Europe activities, the EBITDA margin grew from 13.3% to 16.3%.
Eastern Europe continues on dynamic growth path
Eastern Europe expanded at an uninterrupted pace. The segment’s revenues
increased by 31% to €393 million (€300.3 million). The main reason for this
was the strong expansion of capacity, reflecting Pfleiderer’s systematic
response to the sharp increase in demand in the region. The segment’s
EBITDA jumped sharply by 37% to €77.6 million (€56.5 million) despite
ramp-up costs incurred in this context at the new plants in Poland and
Russia. The EBITDA margin rose from 18.8% to 19.7%.
Challenging market environment in North America
In North America, business was affected by the weakness in the real estate
segment and the turbulence on the financial markets in 2007. Resulting
consumer uncertainty also depressed sales of laminate flooring and
fiberboard. Pfleiderer was unable to escape this challenging environment,
although the Company significantly outperformed the industry as a whole.
Revenues in North America including Pergo's activities amounted to €443.0
million, compared with €349.6 million in the previous year.
In addition to strengthening the Company's strategic position, the Pergo
integration is creating substantial synergies that will lead to savings of
approximately €30 million in North America in 2008. The rationalization
programs in Europe will also lead to cost improvements of an additional €6
million. The necessary restructuring of the North American business in this
context required one-time expenses of €14.5 million in 2007. The effects of
the weak market environment were also felt, reducing sales in the flooring
business area in particular. In terms of profitability, the North America
region therefore recorded EBITDA of only €16.6 million, as against €52.5
million in the previous year. This corresponded to a margin of 3.7%,
compared with 15.0% in the previous year. However, a double-digit earnings
margin was again recorded in North America in the particleboard business.
Further profitable growth in 2008
Pfleiderer expects its strong business performance to continue in Europe on
the back of the continued strength of the engineered wood markets there.
The Company is again forecasting high revenue growth in Eastern Europe. In
particular, a positive factor for Pfleiderer will be the year-round
availability of its new plants in Poland and Russia for the first time. An
additional laminating press will be put into service in summer 2008 at the
Company’s Russian location. Economies of scale will mean that the
increasing output volumes in Eastern Europe will also be reflected in a
significant improvement in earnings. Pfleiderer is expecting further
revenue and earnings growth in Western Europe, reflecting the Company’s
investments in enhancing productivity at its German plants in particular. A
positive effect will also result from the revenue contribution of Pergo for
the full year (previous year: 10 months).
The North American market will remain challenging in 2008. Contrary to the
industry trend, however, Pfleiderer is expecting to moderately increase its
business volume by gaining market share. The Company is well positioned to
do this due to the successful integration of Pergo and the implementation
of its extensive restructuring program. As Pfleiderer also has a
significantly improved cost structure and does not expect further
substantial one-time costs, its earnings in North America will improve
considerably in the current fiscal year.
Based on its performance in the regions, the Pfleiderer Group is
forecasting revenues in the order of €2 billion in fiscal year 2008.
Earnings will also improve for the above-mentioned reasons. Overall,
Pfleiderer is expecting its EBITDA margin to increase to around 15%.
€m 2007 2006 Delta
Revenues 1,801 1,415 27%
• of which Western Europe 987 782 26%
• of which Eastern Europe 393 300 31%
• of which North America 443 350 27%
EBITDA 249 208 20%
• of which Western Europe 161 104 55%
• of which Eastern Europe 78 57 37%
• of which North America 17 53 -68%
EBIT 137 133 3%
EBT from continuing operations 91 92 -2%
Total EBT from continuing and 96 142 -32%
discontinued operations
Profit for the period 85 101 -16%
Basic earnings per share from 1.00 1.00
continuing operations (€)
(c)DGAP 21.02.2008
---------------------------------
Language: English
Issuer: Pfleiderer AG
Ingolstädter Straße 51
93218 Neumarkt
Deutschland
Phone: +49 (0)9181 28 - 8491
Fax: +49 (0)9181 28 - 606
E-mail: gala.conrad@pfleiderer.com
Internet: www.pfleiderer.com
ISIN: DE0006764749
WKN: 676474
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
---------------------------------
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