Ad-hoc-Announcement:
Pfleiderer generates EBITDA of 249 million Euro in 2007
Ad hoc notification by Pfleiderer AG persuant to section 15 of the WpHG (German Securities Trading Act)
Preliminary figures for fiscal year 2007
Neumarkt, February 21, 2008 - According to its preliminary figures, Pfleiderer AG reported 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. At €1.8 billion, consolidated revenues were up a good 27% year-on-year, 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 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% in 2008.
Consolidated EBIT grew by around 3% to €136.8 million (€133.0 million) due to increased depreciation and amortization, which also primarily related to the acquisition of Pergo. Pre-tax earnings were €90.6 million (€92.4 million) after adjustment for net financial expenses of €46.0 million (€40.3 million). Profit after tax from continuing operations increased by 19% to €79.7 million thanks to a significantly lower tax rate.
Cash flow from operating activities increased significantly in the year under review 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% primarily due to the initial consolidation of Pergo. Net debt was €618.2 million at the end of 2007, compared with €414.6 million in the previous year.
Further information:
Pfleiderer AG, Neumarkt
Corporate Communication/
Investor Relations
Gala Conrad
Ingolstädter Straße 51
D-92318 Neumarkt
Phone.: +49 (0) 9181 / 28-8491
Fax: +49 (0) 9181 / 28-606
eMail: gala.conrad@pfleiderer.com