POLAND - During the first three quarters of 2016 Pfleiderer Group, one of the largest wood panel manufacturers in Europe, generated a strong financial performance. 

The project “ONE PFLEIDERER” successfully drove the next stage of full integration of the Group, which has unlocked further grow potential. 

Consolidated revenues during the first nine months of the year amounted to EUR 726.6 million to EUR 741.9 million last year. The level of sales was negatively affected by price pressure and the negative effect of exchange rate differences amounting to EUR 23.6 million. However, the volume growth in the West Segment (EUR 21.1 million) and favorable prices of materials used in production had a positive impact on revenues.

At a lower level of sales, sustainable EBITDA amounted to EUR 108.4 million and was 12.9% higher. EBITDA margin was raised to 14.9% and was higher than the assumptions for the reporting period.

Michael Wolff, President and CEO of the Pfleiderer Group commented on results,

“The project ONE PFLEIDERER successfully drove the next stage of full integration of the Group. The results recorded after 3 quarters of 2016 demonstrated a strong financial performance. High volume demand across all product groups in particular value added products, EBITDA significant growth excluding the impact of extraordinary items by 12.9% and improvement in margins are of key significance. The results are above our expectations, also when it comes to the effect of optimization activities related to the full integration of the Group. ONE PFLEIDERER reached all milestones and reported realized savings of EUR 16.4 million to the end of September 2016. We are happy to confirm our target of realizing cost savings of at least EUR 30 million by the end of 2018. We are working on the new growth strategy till 2020, which we would like to present to the capital market at the end of Q1, 2017.”