Press Releases and Reports - 2012

PEGAS NONWOVENS SA recorded an EBITDA of EUR 11.3 million in the third quarter of 2012

LUXEMBOURG/ZNOJMO (November 22, 2012) – Based on unaudited resultsPEGAS NONWOVENS SA (hereafter "PEGAS" or "Company"), a leading Europeanproducer of nonwovens textiles, recorded an EBITDA of EUR 28.9 million in thefirst nine months of 2012 and confirms its full year EBITDA guidance.

In the first nine months of 2012 consolidated revenues reached EUR 140.2 million, up by11.0% yoy. The total consolidated revenues in the third quarter of 2012 wereEUR 47.9 million, a 9.7% increase compared with the same period last year. The year onyear increase in revenues was the result of increased volumes of sold production thanksto the new production line, which was put into operation in the second half of 2011.

Operating profitability before depreciation and amortization, interest and taxes measuredby EBITDA was EUR 28.9 million, up by 10.8% yoy. The year on year EBITDA increasewas achieved namely due to the contribution of the new production line. Conversely, theyear on year comparison was negatively impacted by the increased number of daysrequired for regular maintenance breaks, lower than planned production and higherelectricity prices. EBITDA amounted to EUR 11.3 million in the third quarter of 2012, upby 4.8% yoy thanks to the already mentioned production output from the new productionline. On the other hand, lower than planned production output lowered the yoy growth ofthis indicator.

In the first nine months of 2012 profit from operations (EBIT) amounted toEUR 19.8 million, up by 0.9% over the same period in 2011. Profit from operations in thethird quarter of 2012 decreased by 2.1% to EUR 8.4 million. The profit from operationswas affected by the level of EBITDA and by an increase in amortization and depreciation.

Net profit in the first nine months of 2012 reached EUR 17.7 million, up by 8.8% yoy,primarily due to higher unrealized foreign exchange gains. In the third quarter of 2012,the Company recorded a net profit of EUR 8.6 million, up by 56.8% compared with thesame period in 2011. This increase was caused by unrealized foreign exchangedifferences in the compared periods.

"In the third quarter of this year, the Company achieved an EBITDA of EUR 11.3 million.Naturally, this solid result was supported by the capacity from the production line thatwas put into operation last year and by the decline in polymer prices, which positivelycompensated the impact of the second quarter.

Despite the continuing volatility of input material prices and the subsequent negativeeffect of their recent increase on the results in the fourth quarter, I am happy to be ableto confirm the full year EBITDA guidance, albeit at the lower end of the announced range.

At the present time, we are focusing our efforts on finalising the budget for 2013 and it ispleasing to note that based on the current state of negotiations with our businesspartners, we believe that the Company’s production capacity in 2013 should be sold out.

Total production capacity should be supported by the start-up of the new Egyptianproduction line. This project represents a key priority for us, and with a certain level ofPEGAS NONWOVENS SA (société anonyme) is registered in the registry of commerce and companies R.C.S. in Luxembourgunder number B 112.044. The seat of the company is 68-70, boulevard de la Pétrusse, L-2320 Luxembourg, Luxembourg.Registered at the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg under number E-0043satisfaction, I can confirm that we are successful in meeting the very demandinginstallation schedule and we expect the first commercial production to come off the linein the third quarter of 2013.

Securing sales for next year as well as the successful launch of the new Egyptianproduction line are tasks that still await us. If I am to mention significant events thatoccurred in the third quarter of this year or recently, it would most certainly be the"Excellence Award" that we received from Procter & Gamble for the fifth year in a rowand of course the dividend payout in the amount of EUR 1.05 per share", said FrantišekŘezáč, CEO and member of the Board of Directors of PEGAS NONWOVENS SA.
Consolidated Financial Results of PEGAS NONWOVENS SA for the third quarter and firstnine months of 2012.

In EUR mil.

Q3 2011
Q3 2012
Change in %
Revenues
43.7
47.9
9.7%
EBITDA
10.8
11.3
4.8%
Profit from operations
8.6
8.4
2.1%
Net profit
5.5
8.6
56.8%)
In EUR mil.

9M 2011
9M 2012
Change in %
Revenues
126.3
140.2
11.0%
EBITDA
26.0
28.9
10.8%
Profit from operations
19.7
19.8
0.9%
Net profit
16.3
17.7
8.8%

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2012-11-22-TZ-3Q-2012-EN pdf 67 kB
Date of publication: 22. November 2012
The Company is registered in the Commercial Register maintained by the Municipal Court in Prague under file No. B 23154.
tel.: +420 515 262 411
fax: +420 515 262 511
e-mail: info@pfnonwovens.cz
The Company is registered in the Commercial Register maintained by the Regional Court in Brno under file No. C 51762.
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