During the first three quarters of 2016 Pfleiderer Group generated a strong financial performance. Consolidated revenues during the first nine months of the year amounted to Euro 726.6 million compared to Euro 741.9 million last year. The level of sales was negatively affected by price pressure and the negative effect of exchange rate differences amounting to Euro 23.6 million, as the company said in the press release received by Lesprom Network.
At a lower level of sales, sustainable EBITDA amounted to Euro 108.4 million and was 12.9% higher. EBITDA margin was raised to 14.9% and was higher than the assumptions for the reporting period.
Michael Wolff, President and CEO of the Pfleiderer Group, said: “The project “ONE PFLEIDERER” successfully drove the next stage of full integration of the Group. The results recorded after 3 quarters of 2016 demonstrated a strong financial performance. High volume demand across all product groups in particular value added products, EBITDA significant growth excluding the impact of extraordinary items by 12.9% and improvement in margins are of key significance. The results are above our expectations, also when it comes to the effect of optimization activities related to the full integration of the Group.
“ONE PFLEIDERER” reached all milestones and reported realized savings of Euro 16.4 million to the end of September 2016. We are happy to confirm our target of realizing cost savings of at least Euro 30 million by the end of 2018. We are working on the new growth strategy till 2020, which we would like to present to the capital market at the end of 1Q, 2017.”
Pfleiderer Grajewo S.A. specializes in production of wood-based materials used in furniture, interior and construction industries.
