EANS-Adhoc: Westag & Getalit AG
Cost-cuttings make themselves felt in Q3 2009
ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
quarterly report
29.10.2009
As a result of the slump in European construction activity and the marked 16.5% decline in incoming orders in the German building construction sector (source: Federal Statistical Office, January to August 2009), Westag & Getalit AG reported a decline in sales. At EUR 150.1 million, sales in the first nine months of 2009 were down by 14.0% on the previous year´s EUR 174.6 million. Exports suffered especially from the difficult market environment. Export sales dropped by 33.5% to EUR 29.2 million (2008: EUR 44.0 million). The export share for the first nine months of the current fiscal year stood at 19.5%.
Earnings before income tax amounted to EUR 8.8 million (2008: EUR 11.8 million) in the first nine months of 2009. The decline is mainly attributable to the much lower sales revenues. Many of the cost-cutting measures implemented by the company made themselves felt especially in the last quarter, partly offsetting the negative effects of the drop in sales. Earnings per share amounted to EUR 1.08 EUR (2008: EUR 1.44).
In spite of initial positive signals, we expect economic activity to remain weak both in Germany and abroad. Thanks to a large number of measures taken, whose positive effect will also be felt in the fourth quarter, we are confident, however, that we will close the crisis year 2009 with a good result. Once the markets recover, we will be able to return to growth thanks to our broad product range, our state-of-the-art production facilities and our motivated workforce.
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: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Stuttgart / free trade
Düsseldorf / regulated dealing