Corporate | 19 September 2007 11:16
STEICO Aktiengesellschaft / Half Year Results
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.
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- Company continues previous on-track growth
- Project to increase capacity completed
- Successful IPO in June
Feldkirchen – STEICO AG, listed in Frankfurt Stock Exchange's Entry
Standard, continued the growth it has enjoyed to date during the first half
of 2007. The European market leader for wood-fiber insulation materials
lifted its revenues by 20.3% to € 47.9 million (previous year: € 39.8
million). The STEICO Group recorded EBITDA of € 8.7 million in the first
six months of 2007 (previous year: € 7.1 million). This constitutes an
increase of € 1.6 million or 22.9%. EBIT totaled € 4.5 million (previous
year: € 3.7 million), up 21.2%.
On June 30, 2007, STEICO AG closed the first six months with net income for
the period of € 0.6 million (previous year: € 2.3 million) including IPO
costs totaling € 3.0 million.
The fire at a finished goods warehouse at the Polish Czarnków production
facility led to revenues being down on forecast in May and June.
Nonetheless, there will not be any deviations compared to the forecast
production volume for fiscal year 2007. STEICO launched major projects to
increase production capacity during the first six months, and completed
these projects in September. Downtime as a result of the redevelopment work
is expected to be more than compensated for by the higher output through to
the end of the year.
IPO proceeds totaling € 73.5 million mean that STEICO AG's successfully
debuted on the stock market with the largest market capitalization to date
in the Entry Standard (Frankfurt) and M:access (Munich). The increase in
equity promises to further accelerate growth. On the balance sheet date,
the equity ratio totaled 59.5% compared to 32.0% on December 31, 2006.
The STEICO group of companies is forecasting continued revenue and earnings
growth for the second half of 2007 that is in line with the growth rates
during the first six months of the year.
The half-yearly report can be downloaded from STEICO AG's Web site at
www.ir.steico.com.
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Information and Explaination of the Issuer to this News:
Company profile:
The STEICO Group's core competence is developing, producing and selling
ecological building products based on renewable raw materials. The company
already leads the European market with a 35% share of the market for
wood-fiber insulation materials. STEICO is increasingly becoming
established as a system provider for ecological building materials with the
launch of I-joists as construction elements for timber-frame construction.
The insulation materials and I-joists have been mutually optimized, which
provides sustainable support. The increased use of NFBs (natural fiber
boards) produced in-house as I-joist components opens up additional growth
potential for STEICO as an integrated system provider. The STEICO Group was
the first manufacturer to receive the FSC® Certificate (Forest Stewardship
Council) for all of its wood-fiber insulation materials. In addition, most
of the range of insulation products is natureplus® certified. As a result,
the company is setting environmental standards – spanning the sustainable
use of forests, production and its end products. The company has operations
throughout Europe and currently has a total of around 850 employees. STEICO
AG’s headquarters in Feldkirchen, by Munich, are home to its operating
activities, which are at the top of the technological range, in addition to
its research and development department. The group has continued to
reinforce its sales activities in the United Kingdom by forming STEICO Ltd.
in Dartford by London in October 2006. The subsidiary STEICO S.A. produces
top-quality products using high-performance equipment at the two Polish
facilities in Czarnków and Czarna Woda, allowing the STEICO Group to
realize economies of scale and cost advantages. In the past, the STEICO
Group has recorded double-digit growth rates and in fiscal year 2006 it
recorded revenues of € 86.1 million and EBIT of € 9.0 million.
Contact:
Andreas Schulze
STEICO Aktiengesellschaft
Hans-Riedl-Strasse 21
85622 Feldkirchen
Fon: +49-(0)89-99 15 51-48
Fax: +49-(0)89-99 15 51-97
Email: schulze@steico.com
www.steico.com
19.09.2007 Financial News transmitted by DGAP
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Language: English
Issuer: STEICO Aktiengesellschaft
Hans-Riedl-Str. 21
85622 Feldkirchen
Deutschland
Phone: +49 - (0)89 - 99 15 51 - 0
Fax: +49 - (0)89 - 99 15 51 - 99
E-mail: info@steico.com
Internet: http://www.steico.com
ISIN: DE000A0LR936
WKN: A0LR93
Listed: Freiverkehr in Berlin, Düsseldorf, München; Entry Standard in
Frankfurt
End of News DGAP News-Service
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