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PEGAS NONWOVENS increases revenues to EUR 110.8 mn
28
Nov '08
PEGAS NONWOVENS SA, one of the leading European producers of nonwoven textiles for use primarily in the personal hygiene products market, increased its consolidated revenues to EUR 110.8 million in the first nine months of 2008.

Annual increase of revenues by 22.1% resulted from increased production volumes and higher raw material prices reflected in the output prices. EBITDA amounted to EUR 30.4 million in the first three quarters of 2008, up by 0.8% when compared with the same period last year.

The net profit rose by 88% to EUR 23.5 million, mainly due to unrealized FX gains resulting from the appreciation of the CZK against EUR and lower interest paid.

“We are very satisfied with the financial results in the first nine months of 2008. The Company confirmed good financial performance and stability and also its strong position in the nonwovens market in Europe. All this despite the affects of external factors such as the strong appreciation of the Czech currency, the volatility in the polymer market and weaker than expected demand for technical materials for the construction industry.” said František Rezác, member of the Board of the Company and CEO of PEGAS NONWOVENS s.r.o.

“As at September 30, 2008 we paid out a dividend to our shareholders of almost EUR 8 million. PEGAS demonstrated the strong ability to generate cash and to retain a stable net debt level compared to the period before the dividend payout.

“Our main goal in the near term is primarily locking in sales for 2009, the optimal distribution of sales into calendar months and the successful finalisation of new projects,”added František Rezác.

PEGAS NONWOVENS SA

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