euro adhoc: Westag & Getalit AG
Annual Reports
Sales up 13.5% on the
previous year; Earnings before income tax rise 56.9%
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
19.02.2007
Thanks to clearly improved domestic demand and high export growth, Westag & Getalit boosted its sales by 13.5% to EUR 196.8 million in 2006 (2005: EUR 173.4 million).
Preliminary earnings before income tax surged by an impressive 56.9% to EUR 13.5 million (2005: EUR 8.6 million) as a result of the improved sales performance. While the cost of materials increased due to higher commodity prices, we achieved a noticeable reduction in personnel expenses as a percentage of sales.
According to provisional figures, net profit for the year amounts to EUR 11.2 million (2005: EUR 5.2 million). It includes non-recurrent special income resulting from the amendment of the German Corporate Income Tax Act, according to which the existing income tax benefit will be paid out in ten equal annual instalments. The total claim must be capitalised in the balance sheet as of December 31, 2006.
The resulting special income in a discounted amount of EUR 3.2 million (which is equivalent to a gross tax benefit of EUR 4.0 million) led to a one-time reduction in our effective tax ratio in 2006 and the recognition of an increased net profit for the year. In fact, it is only the recognition of an existing tax refund claim in the balance sheet which has changed. This affects neither our earnings before income tax nor our liquidity. Adjusted for this effect, net profit for the year would have amounted to EUR 8.0 million.
All above figures are provisional and are subject to the ongoing audit of the financial statements. Publication of the final figures and the dividend proposal is scheduled for March 15, 2007.
end of announcement euro adhoc 19.02.2007 08:41:15
Further inquiry note:
Felix Huisgen
Tel.: +49 (0)5242 17 5350
E-Mail: huisgen@westag-getalit.de
Branche: Building materials
ISIN: DE0007775207
WKN: 777520
Index: Prime All Share
Börsen: Frankfurter Wertpapierbörse / official dealing/prime standard
Börse Berlin-Bremen / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade