Ad-hoc-Announcement:
Pfleiderer Group revenue up by 8% in 2010
Higher loss posted due to restructuring expenses and impairments – Price increases result in improved earnings in Q1 2011
Neumarkt, June 10, 2011 – On the basis of preliminary and unaudited figures, Pfleiderer AG (ISIN DE0006764749) recorded an increase in consolidated revenue of 8% in 2010 compared with the prior year to 1,493 million euros. Due to high extraordinary expenses for restructuring and impairments of subsidiaries and goodwill, as previously announced, the Group posted a loss for the year (attributable to shareholders of Pfleiderer AG) of 723 million euros (2009: loss of 69.8 million euros).
The loss per share amounted to €12.47 (2009: loss per share of €1.38). Net debt increased to 960 million euros as of December 31, 2010 from 854 million euros a year earlier. Due to the large net loss, equity attributable to Pfleiderer shareholders amounted to minus 301 million euros at the end of the year (December 31, 2010: 343 million euros).
Earnings from operating activities before interest, taxes, depreciation and amortization (EBITDA) for 2010 amounted to 92 million euros, compared with 117.9 million euros in 2009. Taking restructuring expenses into consideration, EBITDA for 2010 amounted to just 40 million euros (2009: 100.4 million euros).
The Group’s earnings before interest and taxes (EBIT) in 2010 were reduced by high extraordinary expenses to minus 583 million euros.
Excluding extraordinary expenses, EBIT amounted to minus 15 million euros. In 2009, EBIT amounted to minus 16.1 million euros, or plus 8.2 million euros after adjusting for extraordinary expenses.
Extraordinary expenses of 568 million euros resulted from impairments of 464 million euros in the North America region, impairments of 27 million euros on non-current assets held for sale, restructuring costs of 61 million euros relating to plant closures and other restructuring costs of 15 million euros.
The net financial expense for 2010 was 79 million euros, compared with a net financial expense of 48.8 million euros in the prior year. The increase was primarily a result of higher financing costs and higher debt.
The preliminary and unaudited figures for the first quarter of 2011 show an increase in Group revenue of approximately 10% to 391 million euros (Q1 2010: 355.6 million euros), mainly due to improved operations in Western Europe. EBITDA amounts to 20 million euros, compared with 22.2 million euros in the first quarter of last year.
The financial statements for the year 2010 have already been reviewed by the external auditors but an audit opinion can only be issued when the continuation of Pfleiderer as a going concern has been decided upon, i.e. when the financial restructuring has been approved with the require majorities by the bondholders’ meeting and the shareholders’ meeting and is then implemented. The figures may change by the time of the final audit and the issue of the audit opinion.
Contact persons:
Analysts/Investors Press
Lothar Sindel
Vice President Investor Relations
Pfleiderer AG
Tel.: +49 (0) 91 81 - 28-80 44
Fax: +49 (0) 91 81 - 28-6 06
E-Mail: lothar.sindel@pfleiderer.com