euro adhoc: Westag & Getalit AG
Financial Figures/Balance Sheet
2008 sales
revenues at prior year level; Dividend of EUR 0.44 per ordinary share and EUR
0.50 per preference share; Slow start to the year 2009
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
05.03.2009
While domestic demand remained relatively stable in 2008, the situation in many foreign markets deteriorated markedly as a result of the financial crisis. Against this background, Westag & Getalit AG, whose headcount remained unchanged, generated EUR 226.2 million in sales, which was more or less on a par with the previous year´s EUR 225.3 million. It should be noted, however, that demand slowed down noticeably in the fourth quarter and was down 10.4% on the previous year. This was primarily due to a 21.4% slump in export sales. The export share for the full year declined from 25.2% in the previous year to 24.5%.
Earnings before income tax amounted to EUR 15.3 million in the fiscal year (previous year: EUR 16.6 million). The decline in earnings is primarily attributable to the weaker-than-expected fourth quarter. Thanks to the positive effects of the corporate tax reform, net profit increased to EUR 10.8 million (previous year: EUR 9.5 million) in spite of the decline in earnings before income tax. Net profit per share rose to EUR 1.89 (previous year: EUR 1.67).
At today´s annual accounts meeting, the Supervisory Board of Westag & Getalit AG approved the financial statements for the fiscal year 2008. The Management Board and the Supervisory Board will propose a dividend of EUR 0.44 per ordinary share (previous year: EUR 0.94) and of EUR 0.50 per preference share (previous year: EUR 1.00) to the Annual General Meeting. By reducing the dividend as compared to the previous year, we want to ensure that our company remains financially sound and has the necessary room for manoeuvre in these uncertain economic times.
The outlook for the German construction sector continues to deteriorate. In the fourth quarter of 2008, incoming orders in the building construction sector were down by 9.4% on the previous year. This suggests that domestic construction activity - also in our markets - will drop sharply in the new year. The economic situation is even worse in many neighbouring countries, where the property crisis will lead to even more dramatic declines in construction activity.
Unfortunately, we are unable to fully isolate ourselves from the current economic trend. In the first two months of 2009, sales were down by 14.4% on the very good first two months of the previous year. From today´s point of view, it is therefore likely that full-year sales will be below the previous year´s level. In view of our high competitiveness and our attractive products, we are confident, however, that we will compete very successfully in the market.
end of announcement euro adhoc --------------------------------------------------------------------------------
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