euro adhoc: Westag & Getalit AG
quarterly or semiannual financial statement /
Previous years result reached after only nine months; Change on the Management
Board at the end of the year
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
07.11.2006
The most recent data from the Federal Statistical Office are apparently indicating a turnaround in the German construction sector for the first time after over 10 years of recession; incoming orders in the building construction sector were up 8.7 % year-on-year in the first eight months of 2006. Growing both in Germany and abroad, Westag & Getalit AG increased its Q3 2006 sales by 14.4 % to EUR 145.7 million against the previous year. Double-digit growth in exports was reported by all three Divisions, with sales rising by 35.7 % to EUR 34.2 million. The export share amounted to 23.5 % (previous year: 19.8 %) in the period under review.
Our Q3 2006 earnings before income taxes advanced noticeably to EUR 8.7 million (previous year: EUR 3.5 million). This positive earnings performance was attributable to a 14.4 % increase in sales in conjunction with virtually unchanged staff costs. The latter is the result of the working time model introduced on January 1, 2006 in combination with high utilisation. As a result, staff costs as a percentage of sales declined from 34.2 % in the first nine months of the previous year to 29.7 % in the period under review. However, the market situation did not permit to fully pass on the increased commodity prices in the form of higher product prices. Net profit rose to EUR 5.2 million (previous year: EUR 2.1 million), while DVFA/SG earnings per share grew to EUR 0.97 (previous year: EUR 0.39).
We remain optimistic about the rest of the year. The full-year result of 2005 was already reached as of September 30, 2006. In addition, we have a high order backlog, part of which extends beyond the end of the year. We are also optimistic about the year 2007. We expect the positive development of construction activity in Germany to continue. On the exports side, we see additional development possibilities for all three Divisions of our company. While the continued rise in commodity prices will force us to adjust our sales prices accordingly, we are confident that our customers will appreciate this need.
The long-serving Spokesman of the Management Board of our company, Mr Pedro Holzinger, will retire from office at the end of the year. Mr Bernhard Wenninger, Director of the Central Division, will assume the position of Management Board Spokesman of Westag & Getalit AG with effect from January 1, 2007. Mr Holzinger will remain available to the company in an advisory capacity.
end of announcement euro adhoc 07.11.2006 15:05:35
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