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PEGAS NONWOVENS increases revenues to EUR 75.3 mn in H1
03
Oct '08
PEGAS NONWOVENS S.A second largest European producer of nonwoven textiles for use primarily in the personal hygiene products market, reported its half year 2008 financial results.

In the first half of 2008, PEGAS increased its total consolidated revenues to EUR 75.3 million, which represented a year on year increase of 24.1%.

Total revenues in the second quarter of 2008 went up to EUR 37.6 million, up by 27.9% compared to the second quarter of 2007.

The revenue increase is the result of successful utilization of the newly installed capacity of the latest production line and excellent operations of existing production capacities.

In the first half of 2008, the consolidated net profit of the Company increased to EUR 23.2 million from EUR 2.7 million in the first half of 2007.

Key drivers of net earnings were primarily unrealized foreign exchange gains resulting from a strong appreciation of the Czech koruna against the EUR and lower interest payments.

Net profit in the second quarter of 2008 amounted to EUR 11.7 million compared to a loss of EUR 231 thousand in the same period last year.

“We are very pleased with our first half 2008 financial results. Again, we managed to maximize our production output and in line with our expectations, revenues grew by 24.1%.

On the other hand, our margins were affected by the strong appreciation of the Czech currency mainly in the second quarter of this year and by higher energy prices.

Nonetheless, the Company has continued in its excellent financial performance, which is unrivalled in the nonwovens industry.”, remarked Miloš Bogdan, CEO of Pegas Nonwovens s.r.o and member of the Board of Directors of Pegas Nonwovens S.A.

The Board of Directors of PEGAS NONWOVENS S.A. decided on a dividend payment of EUR 7,844,990, i.e. EUR 0.85 per share (based on the total number of shares being 9,229,400).

The record date (i.e. the date at the end of which shares entitled to dividend are registered at accounts held by the settlement systems of Univyc or NDS) was set to September 23, 2008 and the dividend payment date to September 30, 2008.

This interim dividend will be paid from the share premium account of the Company and its payment doesn't require the approval of the General Meeting of Shareholders.

Miloš Bogdan said, “Based on the decision of the Board of Directors which confirmed the expected dividend payout, we will distribute to our shareholders in total EUR 7.8 million.

The dividend payment is higher than last year, comes shortly after the last payment for the 8th production line investment and demonstrates our strong ability to generate cash”.

PEGAS NONWOVENS S.A

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