GERMANY – Pfleiderer Group, one of the largest and most modern producers of furniture boards, kitchen worktops and artificial veneers in Europe, announced its 2015 financial results.
The Group’s 2015 revenues amounted to EUR 984.5 million (2014: EUR 959.9 million). The company’s Core West division posted revenues of EUR 651.3 million (growth of 3.9%), after EUR 626.8 million the year before. While the Core East (Pfleiderer Grajewo S.A.) division posted revenues that amounted to EUR 374.2 million (growth of 2.8%), against EUR 363.9 million in 2014. Results from the Polish market were driven by an upward trend in the furniture sector (8.4% y-o-y growth in furniture sales), brought about by growing exports. Growth of the furniture market in Germany was stable and the revenue increase in that region was due mostly to sales of value-added products.
Earnings for 2015 increased significantly. Sustainable EBITDA grew from EUR 119.7 million to EUR 132.3 million (+10.6% y-o-y), thus outperforming the Group revenues growth. The EBITDA margin rose to 13.4% (2014: 12.5%). In Core East, sustainable EBITDA increased from EUR 49.1 million to EUR 54.5 million (+11% y-o-y). Meanwhile, in Core West sustainable EBITDA grew by 10.3% from EUR 70.6 million to EUR 77.8 million. Major factors contributing to the improvement in operating earnings included measures to improve cost effectiveness and the focus on higher value-added products.
"We successfully finalized the transaction of Pfleiderer’s Core West and Core East businesses integration in January. This created "One Pfleiderer", a group which offers a wide range of diversified products in fast growing markets at the heart of Europe. The results for 2015 clearly show: Pfleiderer is in a very good shape. We are satisfied with revenue growth in 2015, particularly against the backdrop of the integration challenges faced by Pfleiderer over the course of the year. I am convinced that we will be able to improve our results over the course of the current year, when the synergy effects will start to materialize," said Michael Wolff, President and CEO of Pfleiderer Grajewo S.A.
