Ireland | 6 November 2008 13:13
Saint-Gobain Oberland AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act]
Interim report according to Article 37x of the WpHG, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Weaker summer months than expected
In connection with the general economic slowdown in Germany, the entire
container glass market developed more slowly than expected in the summer
months.
Despite various political instabilities the situation appears to be better
in Eastern Europe.
Expansion in Eastern Europe is being continued
On the basis of the very good growth opportunities in Eastern Europe, as of
1st July 2008, ZAO Kamyshinsky Steklotarny Zavod (Kamyshin), located near
Volgograd, was acquired. In addition, Tschernomorskaja Steklotara OOO
(Black-Sea Glass Packaging LLC), also in South Russia, was founded and
registered.
Increase in turnover and yield
Thanks to the good level of utilization of production capacity, the
Saint-Gobain Oberland Group was able to increase its turnover in the first
nine months of 2008, both in Germany and in Eastern Europe - adjusted to
allow for the changes in the circle of consolidated companies by 9% to a
total of 400 mill. Euro, and in absolute terms by 13% to 414 mill. Euro.
The operating result also increased in comparison to the same period of the
previous year, despite the continued high prices on the raw materials
market. This trend is being countered through energy-saving measures,
increased productivity and cost-cutting measures.
Due to the acquisition of Kamyshin and higher investments, in comparison
with the previous year the cash-flow decreased significantly.
Number of employees stable
Structurally adjusted, in comparison with 31.12.2007, there was a reduction
from 3,412 to 3,316, in particular, as a result of adjustments in the East
European group companies. Through the acquisition of Kamyshin, 1,002 new
employees were added.
Outlook
The Executive Board believes Saint-Gobain Oberland is on a right track to
complete 2008 successfully, despite the cooling-down of the economy.
November 2008
Saint-Gobain Oberland AG
The Executive Board
All figures and details have not been externally audited.
06.11.2008 Financial News transmitted by DGAP
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Language: English
Issuer: Saint-Gobain Oberland AG
Oberlandstraße
88410 Bad Wurzach
Deutschland
Internet: www.saint-gobain.com
End of News DGAP News-Service
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