Corporate | 7 May 2008 18:00
STEICO Aktiengesellschaft / Final Results/Forecast
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.
----------------------------------------------------------------------
STEICO AG confirms 2007 figures and adjusts forecast for 2008
· Stable core business for insulating materials and strong foreign demand
last year
· Current sub-prime and credit crisis is impacting the industry
Feldkirchen (Munich), May 7, 2008 – STEICO AG, listed on Frankfurt Stock
Exchange's Entry Standard, recorded revenues of around EUR 97.1 million in
fiscal year 2007. This corresponds to a 12.8 percent increase. Gross
profits were up 14.8 percent to EUR 41.1 million (previous year: EUR 35.8
million). New products such as I-Joists and innovative insulating materials
from the renewable resource hemp, are already making initial contributions
to revenues. However, as these products are currently still only being
launched on the market, they resulted in high costs as had been expected.
One-off factors, such as the fire at a finished goods store in May 2007 and
the downtime for a production line as a result of conversion to increase
capacity put a minor damper on growth.
EBITDA fell by 4.3 percent to EUR 13.7 million (previous year: EUR 14.3
million). EBIT amounted to EUR 6.7 million (previous year: EUR 9.0
million). In fiscal year 2007 the company recorded net income of EUR 1.2
million according to its audited figures (previous year: EUR 4.8 million).
This downturn was primarily the result of one-off costs of EUR 3.1 million
for STEICO AG's IPO in June 2007. Equity as of December 31, 2007 totaled
EUR 101.3 million (previous year: EUR 23.3 million). The equity ratio is
thus 72.1 percent. The annual report can be downloaded from www.steico.com
from May 7, 2008.
The Managing Board is forecasting that the current insecurities on the
financial markets will increasingly impact the European construction
sector, in particular resulting in a downturn in the volume of credit
issued for real estate financing. In addition, retailers full warehouses
are putting pressure on prices and are dampening the STEICO Group's growth.
As a result, the Managing Board has adjusted the current forecast, and is
now anticipating revenues of around EUR 110 million for 2008. It is
forecasting earnings to be at the previous year's level with EBITDA of
around EUR 14,5 million and EBIT of around EUR 7,0 million. This forecast
takes into account the impact of the acquisition of the production company
Casteljaloux in France in March 2008. A forecast for 2009 has not yet been
published.
The Managing Board continues to believe that the medium and long-term
prospects are positive. In particular, the high energy-saving potential
offered by STEICO's ecological construction products is regarded as being a
long-term growth driver. In addition, the STEICO Group is combating the
changed environment with a stronger focus on the renovation market.
Experience shows that this can increase in economically weaker situations.
Company profile:
The STEICO group of companies develops, produces and sells ecological
construction products made of renewable materials. The company leads the
European market for wood-fiber insulation materials with a market share of
more than 40 percent. STEICO is a pioneer for the environment with a large
bandwidth of FSC® and natureplus® certified products. The company enjoys
competitive advantages as a result of the effective cost structure at its
three European production facilities and its intense research and
development work. The Group's new products 'Hemp insulation materials' and
'I-joists' as construction elements for residential construction mean that
it has positioned itself as a system provider for ecological and
particularly energy-efficient construction products. The production of
natural fiber boards (NFB) as components for the I-joists rounds off
STEICO's vertical integration, which is unique within the industry. The
Munich-based company's products are successfully used in home building for
floors, walls, ceilings and roofs.
The STEICO Group plans to continue the growth it has enjoyed in the past
few years thanks to its clear strategic orientation. The strategic plans
focus on existing and new products, including for new customers. The funds
from the IPO in June 2007 have enabled the company to further bolster the
Group's excellent quality as well as to drive its internationalization.
Contact:
Andreas Schulze
STEICO Aktiengesellschaft
Hans-Riedl-Strasse 21
85622 Feldkirchen
Phone: +49-(0)89-99 15 51-48
Fax: +49-(0)89-99 15 51-97
E-mail: schulze@steico.com
www.steico.com
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
E-Mail: schulze@steico.com
www.steico.com
07.05.2008 Financial News transmitted by DGAP
----------------------------------------------------------------------
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
---------------------------------------------------------------------------