Neumarkt -- According to preliminary analyses, SDAX-listed Pfleiderer AG expects to post a loss for the year 2010 in its company financial statements, in line with the German Commercial Code (HGB), resulting from the restructuring it is implementing with the closure of production facilities and the impairment of equity, which will reduce the share capital of Pfleiderer AG by more than half. The final loss for the year 2010 has not yet been determined. The balance sheet impairments have no impact on cash and do not affect the company’s liquidity.
Pursuant to Section 92 Subsection 1 of the German Stock Corporation Act (AktG), a reduction in a company’s share capital by more than half triggers a statutory disclosure duty and the convening without delay of an extraordinary meeting of the shareholders. The extraordinary shareholders’ meeting serves to fulfill company’s statutory disclosure duty.
“The standstill agreement with our banks and credit insurers and the company’s liquidity are not affected by the extraordinary shareholders’ meeting,” stated Chairman of the Executive Board (CEO) Hans H. Overdiek. “The restructuring measures we have taken are showing the first positive effects. In terms of both value and time, they are in line with the planning we communicated on November 11, 2010.”
As reported, Pfleiderer AG is currently holding constructive discussions with its banks on a new financing framework. In financial year 2010, the Pfleiderer Group achieved revenue growth of 8% compared with the prior year. At the beginning of 2011, significant increases in prices of raw particleboard as well as surface-finished panels were successfully implemented, thus laying the foundations for a sustained improvement in the company’s profit margins.
The Executive Board of Pfleiderer Aktiengesellschaft
SDAX-listed Pfleiderer AG (ISIN DE 0006764749) is one of the world’s leading producers of engineered wood. The company employs approximately 5,600 people and operates 22 sites in North America, Western and Eastern Europe producing engineered wood, surface finished products and laminate flooring. Pfleiderer is a preferred partner of the furniture industry, specialist and home improvement stores, and interior design suppliers. In fiscal year 2009, the Group generated consolidated
revenues of approximately €1.4 billion and EBITDA after restructuring costs of approximately €100 million.
SOURCE: Pfleiderer AG
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