euro adhoc: Westag & Getalit AG
Financial Figures/Balance Sheet
Strong
advance in sales and earnings in 2007; Dividend to increase to EUR 0.94 EUR per
ordinary share and EUR 1.00 EUR per preference share
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
06.03.2008
Westag & Getalit AG was able to boost sales by 14.5% to EUR 225.3 million (previous year: EUR 196.8 million). We once again benefited from the positive development of the export side where our sales rose by 23.3% to EUR 56.8 million (previous year: EUR 46.0 million). The export share rose to 25.2% (previous year: 23.4%).
Earnings before income taxes improved by 23.1% to EUR 16.6 million (previous year: EUR 13.5 million). This improvement was mainly driven by higher sales which translated into better capacity utilisation. In contrast, raw materials prices once again weighed on our margins. The cost of materials ratio increased again and came to 52.5% (previous year: 49.5%). The ratio of personnel expenses to sales was lowered from 29.5% to 27.4% in 2007, which partly reflected capital expenditure measures completed in prior periods. Net profit for the year 2007 came in at EUR 9.5 million (previous year: EUR 11.9 million). Adjusted for non-recurrent special tax income, the comparable value for the prior year amounted to EUR 8.7 million. The high 2007 tax ratio of 42.8% is due to a retroactive tax claim which remains in dispute. Net profit per share for FY 2007 amounts to EUR 1.67 compared to the prior year´s figure of EUR 1.52 (adjusted for special effect). Equity per share stood at EUR 15.22 (previous year: 14.38 EUR) as at the balance sheet date.
The company's Supervisory Board approved the financial statements for fiscal 2007 at today's meeting. The Management Board and the Supervisory Board will propose to the Annual General Meeting, which will take place on August 12, 2008 in Rheda-Wiedenbrück, to pay out a greatly increased dividend of EUR 0.94 per ordinary share (previous year: EUR 0.82) and EUR 1.00 per preference share (previous year: EUR 0.88).
We are optimistic that we can continue to increase our sales during the financial year 2008. The start to the new year has been encouraging. In the two first months we improved by another 10% on the already good sales figures of the previous year. Whether this rate of sales growth can be maintained through the full financial year will depend on the stability of construction activity in our sector. Provided that commodities prices do not continue to surge as they have done, we assume that we will be able to raise our 2008 earnings before income taxes in line with sales. Depending on the development of our operating profit we expect a positive effect on our after-tax result from Germany´s corporate tax reform. Against the background of our high capacity utilisation and with a view to the future development of our company, we have budgeted just under EUR 20 million for capital spending in 2008. Investments will focus on the expansion of our cogeneration plant, a new acrylic-based solid surface production line as well as a new press for our door manufacturing operations.
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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: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / regulated dealing
Original content of: Westag & Getalit AG, transmitted by news aktuell