Pfleiderer Group’s revenue fell by 20.4% to Euro 1.38 billion in 2009

Mar 22, 2010. /Lesprom Network/. The Pfleiderer Group’s revenue fell by 20.4% from Euro 1.74 billion in 2008 to Euro 1.38 billion in 2009, company said in a statement received by Lesprom Network. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell to Euro 100.4 million. Com-pared to Euro 223.7 million in the prior year, this represents a decrease of 55.1%. Excluding the restructuring expenses that became necessary last year, Pfleiderer would have posted EBITDA of Euro 117.9 million. Adjusted for restructuring costs, the EBITDA margin was 8.5% (7.3% including restructuring costs), compared to 12.9% in 2008. The Group posted a loss from continuing operations before income taxes of Euro 64.9 million in 2009, compared to a profit of Euro 17.6 million in the prior year. The balance of tax payments and tax income as a result of the capitalization of deferred taxes on loss carry forwards at Pfleiderer’s subsidiary Pergo was a net tax income of Euro 8.2 million. This resulted in a loss for the period (including discontinued operations) of Euro 56.7 million, compared to a profit of Euro 28.8 million for the prior year. “The year 2009 was very challenging, especially in the 2Q, which saw declines of 30% in some areas. We are anything but proud of the numbers we are presenting today. While we started at an early stage to prepare the Group for the worsening crisis, the severity of the market slump or its scope was not to be foreseen. The positive as-pect of this is the fact that we have moved up worldwide from third to second place in terms of installed capacities for particleboard and fiber-board. This means that we will benefit from rising market share when the crisis abates,” stated Hans H. Overdiek, Chairman of the Executive Board of Pfleiderer AG. Pfleiderer Group manufactures engineered wood, surface finished products and laminate flooring.