Moscow. May 21, 2009. /Lesprom Network/. Pfleiderer AG recorded 1Q 2009 revenue of Euro 358.0 million. It was 23.5% below the level posted in the 1Q of last year. Revenue was also reduced by exchange-rate effects totaling Euro 14.1 million. The low capacity utilization in the markets put pressure on prices in nearly all product groups. 70.6% of revenue was generated abroad, compared with 72.2 % in the prior-year quarter, the company said in a statement received by Lesprom Network.Thanks to lower raw-material prices and consistent efficiency-improving actions, Pfleiderer’s gross margin increased to 28.7%. Glue prices, which are influenced by decreasing oil prices after a six-month delay, have more than halved compared with their peak levels last year. Due in part to this reduction, the ratio of material expenses to revenue decreased compared with the previous quarter by 4.4 percentage points.
Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased in the first three months of 2009 by 12.7% to Euro 52.7 million (Q1 2008: Euro 60.4 million). The fact that earnings decreased at a lower rate than revenue was the result not only of the lower cost of raw materials, but also of the release of provisions no longer required.
The EBITDA margin for the 1Q was 14.7%. Earnings before interest and taxes (EBIT) decreased compared with the prior-year quarter by 28.5% to Euro 23.0 million (Q1 2008: Euro 32.2 million). This was partially due to higher depreciation and amortization caused by an impairment of Euro 4.0 million. Depreciation and amortization increased from Euro 28.2 million to Euro 29.7 million in the 1Q 2009.
The net financial expense of Euro 16.4 million includes non-operating charges of Euro 2.4 million from the mark-to-market valuation on the balance sheet date of financial positions denominated in foreign currencies as well as charges of Euro 2.5 million for forward-exchange transactions and interest-rate hedges. In the prior-year quarter, the miscellaneous items under net financial result amounted to an expense of Euro 5.7 million.
For the aforementioned reasons, earnings from continuing operations were 63.7% below the prior-year figure at Euro 4.0 million. Including the deduction of minority interests of Euro -1.2 million and the claims of hybrid-bonds holders of 4.6 million euros, net profit attributable to the shareholders of Pfleiderer AG amount to 0.1 million euros, compared with Euro 5.3 million in the 1Q 2008. This results in basic earnings per share of Euro 0.00, compared with Euro 0.10 for the 1Q of last year.
Pfleiderer Group is one of the worldwide leading manufacturers of engineered wood, surface finished products and laminate flooring.
Additional information: Pfleiderer
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