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PEGAS records net profit of EUR 20.8 mn in 2009

18
Mar '10
PEGAS NONWOVENS SA, a leading European producer of nonwovens textiles, recorded net profit of EUR 20.8 million in 2009 which is by almost 40% more than in the previous year, based on the preliminary unaudited results.

Consolidated revenues reached EUR 123.4 million, down by 13.5% compared with 2008. Revenues were primarily influenced by the rapid decline of prices of raw materials (polyethylene and polypropylene), which subsequently led to lower sales prices of final products. The operating profitability before depreciation, interests and taxes measured by EBITDA amounted to EUR 38.8 million last year and declined by 1.8% yoy.

Company's net profit went up by 39.7% yoy to EUR 20.8 million compared with 2008. Main reason of this growth was stable operating profitability, FX gains and substantially lower interest costs due to a lower level of indebtedness and lower interest rates.

„In 2009 PEGAS achieved a very good operating result in terms of EBITDA, which reached similar level as in 2008. In the first half of last year the Company benefited from the positive effect of the price pass-through mechanism, while from the second half onwards it was necessary to absorb the negative impact of increases in input material prices which continue to prevail. In an effort to eliminate this negative impact, we relied on the traditionally outstanding production efficiency of our modern machinery, on a higher than expected demand for our products and last but not least on a relatively stable CZK/EUR exchange rate compared with 2008. We are also pleased that bank debt was reduced by one fifth to EUR 96 million whilst making a dividend payment of EUR 8.3 million. The continuing ability of our business to generate cash gives us the confidence regarding continued financial stability and the potential for further growth.

2010 has started satisfactorily and whilst we do not believe that the circumstances prevailing this year will be as positive as in 2009 we continue to believe that solid returns will be produced for shareholders,” said František Rezác, member of the Board of PEGAS NONWOVENS SA and CEO of PEGAS NONWOVENS s.r.o..

PEGAS NONWOVENS s.r.o.


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