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PEGAS starts 2011 with a sold out production capacity
17
Mar '11
Based on preliminary unaudited results PEGAS NONWOVENS SA, a leading European producer of nonwovens textiles, recorded total consolidated revenues of EUR 148.2 million in 2010, an increase of 20% over the previous year.

In the fourth quarter consolidated revenues amounted to EUR 38.9 million, up by 28.8% over the same period in 2009. The key role in the development of revenues was the rapid year on year growth in polymer prices indices, which in 2010 rose on average by
almost 50%.

Operating profitability before depreciation, interest and taxes measured by EBITDA was EUR 35.2 million, down by 9.2% yoy. The year on year comparison was affected by positive one-off items, which improved the financial results in 2009 and which could not be repeated in subsequent periods.

On the other hand, profitability in 2010 was negatively impacted by the growth in raw material prices, nonetheless this impact was largely compensated for by the Company's solid operating and sales performance and the optimisation of raw material inventories. Excluding these factors, EBITDA would not have shown any substantial changes. In the fourth quarter of 2010 EBITDA grew by 21.6% yoy to EUR 9.7 million.

In 2010 the Company's operating profit declined by 17.5% yoy to EUR 18.9 million. In the fourth quarter it grew by 45% yoy to EUR 5.7 million. In 2010 the Company's net profit grew by 1.1% yoy to EUR 21.0 million, primarily due to FX changes in the compared periods and lower interest costs. In the fourth quarter net profit amounted to EUR 3.4 million contrasting with the loss in the same period in 2009.

"We are pleased to announce strong financial results for the year 2010. We were successful in meeting the indicated guidance on EBITDA despite significant growth in raw material prices in the first half of the year, which affected the Company's operating profitability in the second quarter. We were able to significantly mitigate this negative impact through solid operating and sales performance and an emphasis on the efficiency of our operations.

We entered 2011 with our capacity fully sold out, including the expected capacity from the new production line, which will be put into operation during the course of the third quarter of 2011. The successful launch of the new production line remains one of our main priorities this year," said František Rezác, member of the Board of Directors of PEGAS NONWOVENS SA and CEO of PEGAS NONWOVENS s.r.o.

PEGAS NONWOVENS s.r.o.

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