euro adhoc: Westag & Getalit AG
Financial Figures/Balance Sheet
Strong sales
and earnings growth in 2006; Dividend raised to EUR 0.82 per ordinary share and
EUR 0.88 EUR per preference share
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
19.03.2007
At +4.3%, the Federal Statistical Office reported the first increase in incoming orders in the building construction sector for 2006 after 11 years of declining orders. Westag & Getalit AG benefited disproportionately from this trend and boosted its sales by an impressive 13.5% to EUR 196.8 million (previous year: EUR 173.4 million). While domestic sales increased by 9.3%, exports surged by 29.7% to EUR 46.0 million (previous year: EUR 35.5 million). The export share climbed to 23.4% (previous year: 20.5%).
Earnings before income taxes rose sharply to EUR 13.5 million (previous year: EUR 8.6 million). The strong performance led to fixed cost degression and thus to a disproportionate increase in earnings. While the staff cost ratio declined thanks to our new working time model, the cost of materials ratio increased noticeably due to much higher commodity prices.
Compared to the provisional figures announced on February 16, 2007, net profit for the year has increased slightly in the context of the final tax calculation and now amounts to EUR 11.9 million (previous year: EUR 5.2 million). As announced in the ad-hoc press release dated February 16, 2007, this includes a non-recurrent special effect in an amount of EUR 3.2 million, which is attributable to the amendment of the German Corporate Income Tax Act. Adjusted for this effect, net profit for the year would have amounted to EUR 8.7 million.
Earnings per share according to DVFA/SG climbed to EUR1.60 (previous year: EUR 0.96).
The companys Supervisory Board approved the financial statements for fiscal 2006 at todays meeting. The Management Board and the Supervisory Board will propose to the Annual General Meeting, which will take place on August 7, 2007 in Rheda-Wiedenbrück, to pay out a greatly increased dividend of EUR 0.82 per ordinary share (previous year: EUR 0.48) and EUR 0.88 per preference share (previous year: EUR 0.54).
We have made a good start to the year 2007. All three divisions reported a double-digit increase in sales for the January to February period. Overall, sales rose by 19.3%.
Against this background and in view of our good market position, we are optimistic for the year 2007. We expect the start of the continuous production of laminate panels and our modern, high-performance edge processing line for doors to provide strong stimulation for our domestic business. Sales will also be driven by our export activities, which we intend to expand again in 2007.
While the high sales growth in the first two months of 2007 cannot be extrapolated for the full year, we project further growth for 2007.
We had to cope with another sharp rise in raw material prices, especially in the area of particle boards, in the first quarter of 2007. Although our customers are beginning to understand that price increases are inevitable, it will be difficult to impose the necessary price adjustments. Overall, we are confident, however, that we will again be able to generate an appropriate result.
end of announcement euro adhoc 19.03.2007 09:41:28
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 / official dealing