News
2017/04/07 | Downloads Refinancing – Pricing and Allocation
Refinancing – Pricing and Allocation   Current Report No. 18/2017   Further to current report no. 17//2017, Pfleiderer Group S.A. (together with its subsidiary PCF GmbH, “Pfleiderer”) announces that it has successfully priced and allocated a €350.0 million 7-year covenant-lite term loan B facility carrying an interest margin of 325bps (Euribor floor: 0.75%) and 99.0 OID. The new €100.0 million 5-year revolving credit facility will have an interest margin of 300bps (Euribor floor: 0%). The senior credit facilities agreement for the term loan B facility and the revolving credit facility (together, the “Facilities”) is expected to be signed in due course.   The proceeds from the Facilities will be used to redeem the existing €321,684,000 7.875% senior secured notes issued by PCF GmbH (formerly Pfleiderer GmbH) (“Notes”) in full, to refinance the existing senior secured revolving credit facility and to fund related transaction fees, redemption premium and expenses as well as for general corporate purposes and working capital requirements.   Subject to the completion of the Facilities, Pfleiderer plans to redeem the Notes on or after August 1, 2017 at a redemption price of 101.969%.   *********   This report was prepared pursuant to Article 17 Section 1 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and on repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ EU L 173/1 dated June 12, 2014).   April 7, 2017

Refinancing – Pricing and Allocation

 

Current Report No. 18/2017

 

Further to current report no. 17//2017, Pfleiderer Group S.A. (together with its subsidiary

PCF GmbH, “Pfleiderer”) announces that it has successfully priced and allocated a €350.0

million 7-year covenant-lite term loan B facility carrying an interest margin of 325bps

(Euribor floor: 0.75%) and 99.0 OID. The new €100.0 million 5-year revolving credit facility

will have an interest margin of 300bps (Euribor floor: 0%). The senior credit facilities

agreement for the term loan B facility and the revolving credit facility (together, the

“Facilities”) is expected to be signed in due course.

 

The proceeds from the Facilities will be used to redeem the existing €321,684,000 7.875%

senior secured notes issued by PCF GmbH (formerly Pfleiderer GmbH) (“Notes”) in full, to

refinance the existing senior secured revolving credit facility and to fund related transaction

fees, redemption premium and expenses as well as for general corporate purposes and

working capital requirements.

 

Subject to the completion of the Facilities, Pfleiderer plans to redeem the Notes on or after

August 1, 2017 at a redemption price of 101.969%.

 

*********

 

This report was prepared pursuant to Article 17 Section 1 of Regulation (EU) No. 596/2014

of the European Parliament and of the Council of 16 April 2014 on market abuse (market

abuse regulation) and on repealing Directive 2003/6/EC of the European Parliament and of

the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ EU

L 173/1 dated June 12, 2014).

 

April 7, 2017


  170407:Current Report No. 18/2017
2017/03/21 | Downloads Pfleiderer Group, Public Lender Presentation

  1703: Pfleiderer Group, Public Lender Presentation
2017/03/21 | Downloads Pfleiderer Group recorded 15.5% of sustainable EBITDA margin in 2016
Consolidated net sales generated by Pfleiderer Group in 2016 amounted to approximately EUR 960 million and were slightly down (by 2.4%) against the same period in 2015. Consolidated gross profit generated in 2016 amounted to approximately EUR 252 million (adjusted for purchase price allocation effects of approximately EUR 29 million due to re-IPO and changes in the organization structure), and was by 3.4% higher than in the previous year. The Group’s sustainable EBITDA (excluding extraordinary effects) in 2016 grew by 12.5% to ca. EUR 149 million. Sustainable EBITDA margin amounted to approximately 15.5% of revenues. Net leverage ratio (net financial debt / sustainable EBITDA) is equal to approximately 1.6x. One Pfleiderer cost synergies already achieved EUR 18 million (vs. total target of more than EUR 30 million by the end of 2018). Pfleiderer Group published preliminary consolidated results for 2016. Last year the net sales revenue generated by the Group amounted to approximately EUR 960 million. Sales decrease by 2.4% as compared to 2015 was affected by lower sales prices and a negative exchange rate effect. Net sales of the Core West segment amounted to approximately EUR 659 million and was primarily driven by higher sales volumes and an increase of value-added product sales. Net sales of the Core East segment amounted to approximately EUR 339 million. The decrease of 9.4% as compared to 2015 was primarily driven by declining sales of Grajewo MDF plant, lower sales prices in Poland due to lower raw material prices and a negative exchange rate effect. In 2016 Pfleiderer Group’s gross profit amounted to ca. EUR  252 million (adjusted for purchase price allocation effects of approximately EUR 29 million due to re- IPO and changes in the corporate structure), and was by 3.4% higher than in the previous year. The Group’s sustainable EBITDA amounted to approximately EUR 149  million, which means a growth by 12.5% as compared to 2015. The margin on the level of the Group’s sustainable EBITDA in 2016 amounted to approximately 15.5 % of the revenue against 13.4% margin reported in 2015. An improvement in the consolidated results was driven by shift towards higher value products, synergies resulting from integration of the Group’s business segments and successful efficiency programs and operational improvements. The prices of raw materials also had a positive influence on the results.  “In 2016 we successfully completed the “ONE PFLEIDERER” project. The preliminary consolidated results which have been just published, confirm that the Group’s financial standing is very good and concentration on premium strategy in added value segment implemented by us, positively influences generated results and margins. ”  Michael Wolff, President and CEO of the Pfleiderer Group   In 2016, Pfleiderer Group successfully completed the reorganization of the Group. As a result of the merger of the Eastern and Western segments, a leading Polish company, as well as the Europe's leading manufacturer of wood-based products was established. In 2016, Pfleiderer Group strengthened its ability to invest, reflected in capital expenditure in the amount of EUR 52 million. The implementation of strategic projects, such as 4-Pack Project in Grajewo, a new worktop line and Dynasteam in Wieruszów, sanding line in the biggest particleboard production plant in Neumarkt, as well as improved operational efficiency what in overall increases Pfleiderer’s competitiveness in the market.   In the past year the name of the company was changed - Pfleiderer Grajewo has become the Pfleiderer Group - the new name reflects the international nature of the Group. At the same time the Company's main office was moved from Grajewo to Wrocław. Strategic changes have been made in the structure of the Group, which is expected to increase management efficiency. In 2016, for the first time since 2008 the Company paid a dividend. The shareholders received 64.70 million PLN (i.e.1.00 PLN per share).   In January 2017 during BAU Trade Fair in Munich one common collection “ONE COLLECTION” was first time presented, under motto “Inspirations close to you”. It is a unique program of 360 different decors. The concept of "Inspirations close to you" covers besides new decors, also a number of new surface structures and new boards as well as worktops. In addition, the Pfleiderer range also includes innovations like electrostatic treatment of metals and digital printing made for individual orders.   The preliminary financial information above is based on internal management accounts and has been prepared by the Pfleiderer’s management. This preliminary financial information has not been audited, reviewed or verified and no procedures have been completed by the Company’s external auditors with respect thereto. It is not intended to be a comprehensive statement of Pfleiderer’s financial or operational results for the financial year ended December 31, 2016, and you should not place undue reliance thereon. This preliminary information is subject to confirmation in Pfleiderer’s audited consolidated financial statements and audit report for the financial year ended December 31, 2016. Consequently, upon publication of the Company’s audited results for the year ended December 31, 2016, the Company may report results that are materially different from those set forth in this current report. The consolidated annual report for the financial year ended December 31, 2016 is expected to be published on April 26, 2017. The preliminary financial information above includes the full 12 month in 2016 as it does not reflect that the first-time consolidation of Pfleiderer group occurred on January 19, 2016. Further the preliminary financial information include the adjustment of the amortization of the fair-value entries for the purpose of first-time consolidation of Pfleiderer group and “non-sustainable items”. Therefore, the preliminary financial information above will not be fully comparable with the reported audited financial statements for 2016 (period from January 19, 2016 through December 31, 2016).
  • Consolidated net sales generated by Pfleiderer Group in 2016 amounted to approximately EUR 960 million and were slightly down (by 2.4%) against the same period in 2015.

  • Consolidated gross profit generated in 2016 amounted to approximately EUR 252 million (adjusted for purchase price allocation effects of approximately EUR 29 million due to re-IPO and changes in the organization structure), and was by 3.4% higher than in the previous year.

  • The Group’s sustainable EBITDA (excluding extraordinary effects) in 2016 grew by 12.5% to ca. EUR 149 million.

  • Sustainable EBITDA margin amounted to approximately 15.5% of revenues.

  • Net leverage ratio (net financial debt / sustainable EBITDA) is equal to approximately 1.6x.

  • One Pfleiderer cost synergies already achieved EUR 18 million (vs. total target of more than EUR 30 million by the end of 2018).

Pfleiderer Group published preliminary consolidated results for 2016. Last year the net sales revenue generated by the Group amounted to approximately EUR 960 million. Sales decrease by 2.4% as compared to 2015 was affected by lower sales prices and a negative exchange rate effect. Net sales of the Core West segment amounted to approximately EUR 659 million and was primarily driven by higher sales volumes and an increase of value-added product sales. Net sales of the Core East segment amounted to approximately EUR 339 million. The decrease of 9.4% as compared to 2015 was primarily driven by declining sales of Grajewo MDF plant, lower sales prices in Poland due to lower raw material prices and a negative exchange rate effect.

In 2016 Pfleiderer Group’s gross profit amounted to ca. EUR  252 million (adjusted for purchase price allocation effects of approximately EUR 29 million due to re- IPO and changes in the corporate structure), and was by 3.4% higher than in the previous year. The Group’s sustainable EBITDA amounted to approximately EUR 149  million, which means a growth by 12.5% as compared to 2015. The margin on the level of the Group’s sustainable EBITDA in 2016 amounted to approximately 15.5 % of the revenue against 13.4% margin reported in 2015.

An improvement in the consolidated results was driven by shift towards higher value products, synergies resulting from integration of the Group’s business segments and successful efficiency programs and operational improvements. The prices of raw materials also had a positive influence on the results.

 “In 2016 we successfully completed the “ONE PFLEIDERER” project. The preliminary consolidated results which have been just published, confirm that the Group’s financial standing is very good and concentration on premium strategy in added value segment implemented by us, positively influences generated results and margins. ” 

Michael Wolff, President and CEO of the Pfleiderer Group

 

In 2016, Pfleiderer Group successfully completed the reorganization of the Group. As a result of the merger of the Eastern and Western segments, a leading Polish company, as well as the Europe's leading manufacturer of wood-based products was established.

In 2016, Pfleiderer Group strengthened its ability to invest, reflected in capital expenditure in the amount of EUR 52 million. The implementation of strategic projects, such as 4-Pack Project in Grajewo, a new worktop line and Dynasteam in Wieruszów, sanding line in the biggest particleboard production plant in Neumarkt, as well as improved operational efficiency what in overall increases Pfleiderer’s competitiveness in the market.

 

In the past year the name of the company was changed - Pfleiderer Grajewo has become the Pfleiderer Group - the new name reflects the international nature of the Group. At the same time the Company's main office was moved from Grajewo to Wrocław. Strategic changes have been made in the structure of the Group, which is expected to increase management efficiency. In 2016, for the first time since 2008 the Company paid a dividend. The shareholders received 64.70 million PLN (i.e.1.00 PLN per share).

 

In January 2017 during BAU Trade Fair in Munich one common collection “ONE COLLECTION” was first time presented, under motto “Inspirations close to you”. It is a unique program of 360 different decors. The concept of "Inspirations close to you" covers besides new decors, also a number of new surface structures and new boards as well as worktops. In addition, the Pfleiderer range also includes innovations like electrostatic treatment of metals and digital printing made for individual orders.

 

The preliminary financial information above is based on internal management accounts and has been prepared by the Pfleiderer’s management. This preliminary financial information has not been audited, reviewed or verified and no procedures have been completed by the Company’s external auditors with respect thereto. It is not intended to be a comprehensive statement of Pfleiderer’s financial or operational results for the financial year ended December 31, 2016, and you should not place undue reliance thereon. This preliminary information is subject to confirmation in Pfleiderer’s audited consolidated financial statements and audit report for the financial year ended December 31, 2016. Consequently, upon publication of the Company’s audited results for the year ended December 31, 2016, the Company may report results that are materially different from those set forth in this current report. The consolidated annual report for the financial year ended December 31, 2016 is expected to be published on April 26, 2017.

The preliminary financial information above includes the full 12 month in 2016 as it does not reflect that the first-time consolidation of Pfleiderer group occurred on January 19, 2016. Further the preliminary financial information include the adjustment of the amortization of the fair-value entries for the purpose of first-time consolidation of Pfleiderer group and “non-sustainable items”. Therefore, the preliminary financial information above will not be fully comparable with the reported audited financial statements for 2016 (period from January 19, 2016 through December 31, 2016).


  1703: Pfleiderer Group recorded 15.5% of sustainable EBITDA margin in 2016
2017/03/20 | Downloads Launch of Refinancing
Launch of Refinancing Current Report No. 17/2017 Further to current report no. 13/2017, Pfleiderer Group S.A. (together with its subsidiary PCF GmbH, “Pfleiderer”) announces that they mandated Credit Suisse International, Deutsche Bank AG, London Branch and Goldman Sachs Bank USA as Mandated Lead Arrangers and Joint Bookrunners to arrange €450.0 million senior secured credit facilities (the “Facilities”) comprising (i) a €350.0 million 7-year covenant-lite term loan B facility and (ii) a €100.0 million 5-year revolving credit facility. The proceeds from the Facilities are intended to be used to redeem the existing €321,684,000 7.875% senior secured notes issued by PCF GmbH (formerly Pfleiderer GmbH) (“Notes”), to refinance the existing senior secured revolving credit facility and to fund related transaction fees, redemption premium and expenses as well as general corporate purposes and working capital requirements. Subject to the Facilities being completed, Pfleiderer currently intends the redemption of the Notes to occur on or after August 1, 2017 at a redemption price of 101.969%. ********* This report was prepared pursuant to Article 17 Section 1 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and on repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ EU L 173/1 dated June 12, 2014). March 20, 2017

Launch of Refinancing

Current Report No. 17/2017

Further to current report no. 13/2017, Pfleiderer Group S.A. (together with its subsidiary PCF GmbH, “Pfleiderer”) announces that they mandated Credit Suisse International, Deutsche Bank AG, London Branch and Goldman Sachs Bank USA as Mandated Lead Arrangers and Joint Bookrunners to arrange €450.0 million senior secured credit facilities (the “Facilities”) comprising (i) a €350.0 million 7-year covenant-lite term loan B facility and (ii) a €100.0 million 5-year revolving credit facility. The proceeds from the Facilities are intended to be used to redeem the existing €321,684,000 7.875% senior secured notes issued by PCF GmbH (formerly Pfleiderer GmbH) (“Notes”), to refinance the existing senior secured revolving credit facility and to fund related transaction fees, redemption premium and expenses as well as general corporate purposes and working capital requirements.

Subject to the Facilities being completed, Pfleiderer currently intends the redemption of the Notes to occur on or after August 1, 2017 at a redemption price of 101.969%.

*********

This report was prepared pursuant to Article 17 Section 1 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and on repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ EU L 173/1 dated June 12, 2014).

March 20, 2017


  1703: Current Report No. 17/2017
2017/03/20 | Downloads Preliminary Financial Information for the Financial Year 2016
Subject: Preliminary Financial Information for the Financial Year 2016 Current Report No. 16/2017 Pfleiderer Group S.A. (together with its subsidiary PCF GmbH, “Pfleiderer”) announces selected preliminary financial information for the financial year ended December 31, 2016: · Consolidated net sales amount to approximately €960 million (a decrease of 2.4% compared to the financial year ended December 31, 2015). Such decrease was primarily driven by lower sales prices and a negative exchange rate effect. Net sales of our Core West segment amount to approximately €659 million (an increase of 1.2% compared to the financial year ended December 31, 2015); the increase was primarily driven by higher sales volumes and an increase of value-added product sales. Net sales of our Core East segment amount to approximately €339 million (a decrease of 9.4% compared to the financial year ended December 31, 2015); the decrease was primarily driven by declining sales of our MDF plant in Grajewo, lower sales prices in Poland due to lower raw material prices and a negative exchange rate effect. · Consolidated gross profit amounts to approximately €252 million (adjusted for purchase price allocation effects of approximately €29 million due to the reverse takeover and changes in the corporate structure), which represents an increase of 3.4 % compared to the financial year ended December 31, 2015. Such increase was primarily driven by increased sales volumes of value-added products and positive raw material price effects. · Sustainable EBITDA amounts to approximately €149 million (an increase of 12.5% compared to the financial year ended December 31, 2015). Such increase was primarily driven by the positive gross profit development as well as cost savings and synergies. The main non-sustainable items are integration costs in connection with the “One Pfleiderer” project (approximately €12 million), costs and purchase price allocation effects in relation to the reverse takeover and the re-IPO (approximately €10 million) as well as follow-up cost regarding the anti-trust proceedings in Germany (approximately €6 million). Sustainable EBITDA in our Core West segment amounts to approximately €101 million (an increase of 29.2% compared to the financial year ended December 31, 2015). Sustainable EBITDA in our Core East segment amounts to approximately €49 million (a decrease of 9.7% compared to the financial year ended December 31, 2015). · Sustainable EBITDA margin is equal to approximately 15.5% (compared to 13.4% in the financial year ended December 31, 2015). Sustainable EBITDA margin in our Core West segment is equal to approximately 15.3% (compared to 11.9% in the financial year ended December 31, 2015), with such increase primarily being driven by cost savings and operational improvement measures. Sustainable EBITDA margin in our Core East segment is equal to approximately 14.5 % (compared to 14.6% in the financial year ended December 31, 2015); due to cost savings and operational improvement measures, the margin was only slightly down despite the 9.7% decrease in sustainable EBITDA. · Capital expenditures amount to approximately €52 million (compared to €47 million in the financial year ended December 31, 2015), thereof approximately €17 million maintenance capex. · Cost synergies achieved in relation to the implementation of the “One Pfleiderer” project amount to approximately €18 million, thereof approximately €8 million in Core East and approximately €10 million in Core West. · Net leverage ratio (net financial debt / sustainable EBITDA) is equal to approximately 1.6x. The preliminary financial information above is based on internal management accounts and has been prepared by the Pfleiderer’s management. This preliminary financial information has not been audited, reviewed or verified and no procedures have been completed by Pfleiderer’s external auditors with respect thereto. It is not intended to be a comprehensive statement of Pfleiderer’s financial or operational results for the financial year ended December 31, 2016, and you should not place undue reliance thereon. This preliminary information is subject to confirmation in Pfleiderer’s audited consolidated financial statements and audit report for the financial year ended December 31, 2016. Consequently, upon publication of Pfleiderer’s audited results for the year ended December 31, 2016, Pfleiderer may report results that are materially different from those set forth in this current report. The consolidated annual report for the financial year ended December 31, 2016 is expected to be published on April 26, 2017. The preliminary financial information above includes the full 12 month in 2016 as it does not reflect that the first-time consolidation of Pfleiderer group occurred on January 19, 2016. Further the preliminary financial information include the adjustment of the amortization of the fair-value entries for the purpose of first-time consolidation of Pfleiderer group and “nonsustainable items”. Therefore, the preliminary financial information above will not be fully comparable with the reported audited financial statements for 2016 (period from January 19, 2016 through December 31, 2016). ********* This report was prepared pursuant to Article 17 Section 1 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and on repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ EU L 173/1 dated June 12, 2014). March 20, 2017

Subject: Preliminary Financial Information for the Financial Year 2016

Current Report No. 16/2017

Pfleiderer Group S.A. (together with its subsidiary PCF GmbH, “Pfleiderer”) announces selected preliminary financial information for the financial year ended December 31, 2016:

· Consolidated net sales amount to approximately €960 million (a decrease of 2.4% compared to the financial year ended December 31, 2015). Such decrease was primarily driven by lower sales prices and a negative exchange rate effect. Net sales of our Core West segment amount to approximately €659 million (an increase of 1.2% compared to the financial year ended December 31, 2015); the increase was primarily driven by higher sales volumes and an increase of value-added product sales. Net sales of our Core East segment amount to approximately €339 million (a decrease of 9.4% compared to the financial year ended December 31, 2015); the decrease was primarily driven by declining sales of our MDF plant in Grajewo, lower sales prices in Poland due to lower raw material prices and a negative exchange rate effect.

· Consolidated gross profit amounts to approximately €252 million (adjusted for purchase price allocation effects of approximately €29 million due to the reverse takeover and changes in the corporate structure), which represents an increase of 3.4 % compared to the financial year ended December 31, 2015. Such increase was primarily driven by increased sales volumes of value-added products and positive raw material price effects.

· Sustainable EBITDA amounts to approximately €149 million (an increase of 12.5% compared to the financial year ended December 31, 2015). Such increase was primarily driven by the positive gross profit development as well as cost savings and synergies. The main non-sustainable items are integration costs in connection with the “One Pfleiderer” project (approximately €12 million), costs and purchase price allocation effects in relation to the reverse takeover and the re-IPO (approximately €10 million) as well as follow-up cost regarding the anti-trust proceedings in Germany (approximately €6 million). Sustainable EBITDA in our Core West segment amounts to approximately €101 million (an increase of 29.2% compared to the financial year ended December 31, 2015). Sustainable EBITDA in our Core East segment amounts to approximately €49 million (a decrease of 9.7% compared to the financial year ended December 31, 2015).

· Sustainable EBITDA margin is equal to approximately 15.5% (compared to 13.4% in the financial year ended December 31, 2015). Sustainable EBITDA margin in our Core West segment is equal to approximately 15.3% (compared to 11.9% in the financial year ended December 31, 2015), with such increase primarily being driven by cost savings and operational improvement measures. Sustainable EBITDA margin in our Core East segment is equal to approximately 14.5 % (compared to 14.6% in the financial year ended December 31, 2015); due to cost savings and operational improvement measures, the margin was only slightly down despite the 9.7% decrease in sustainable EBITDA.

· Capital expenditures amount to approximately €52 million (compared to €47 million in the financial year ended December 31, 2015), thereof approximately €17 million maintenance capex.

· Cost synergies achieved in relation to the implementation of the “One Pfleiderer” project amount to approximately €18 million, thereof approximately €8 million in Core East and approximately €10 million in Core West.

· Net leverage ratio (net financial debt / sustainable EBITDA) is equal to approximately 1.6x.

The preliminary financial information above is based on internal management accounts and has been prepared by the Pfleiderer’s management. This preliminary financial information has not been audited, reviewed or verified and no procedures have been completed by Pfleiderer’s external auditors with respect thereto. It is not intended to be a comprehensive statement of Pfleiderer’s financial or operational results for the financial year ended December 31, 2016, and you should not place undue reliance thereon. This preliminary information is subject to confirmation in Pfleiderer’s audited consolidated financial statements and audit report for the financial year ended December 31, 2016. Consequently, upon publication of Pfleiderer’s audited results for the year ended December 31, 2016, Pfleiderer may report results that are materially different from those set forth in this current report. The consolidated annual report for the financial year ended December 31, 2016 is expected to be published on April 26, 2017.

The preliminary financial information above includes the full 12 month in 2016 as it does not reflect that the first-time consolidation of Pfleiderer group occurred on January 19, 2016. Further the preliminary financial information include the adjustment of the amortization of the fair-value entries for the purpose of first-time consolidation of Pfleiderer group and “nonsustainable items”. Therefore, the preliminary financial information above will not be fully comparable with the reported audited financial statements for 2016 (period from January 19, 2016 through December 31, 2016).

*********

This report was prepared pursuant to Article 17 Section 1 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and on repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ EU L 173/1 dated June 12, 2014).

March 20, 2017


  1703: Current Report No. 16/2017
2017/03/02 | Downloads Appointment of the President of Pfleiderer Group S.A. Management Board
Date: 02.03.2017 Current report nb 15/2017 Subject: Appointment of the President of Pfleiderer Group S.A. Management Board Legal basis: Article 56 section 1 item 2 of the Act on Public Offering The Management Board of Pfleiderer Group S.A. (the "Company") acting on the basis of Article 56 section 1 item 2 of the Act of 29 July 2005 on public offering, conditions governing the introduction of financial instruments to organized trading, and public companies (consolidated text of 2016; Official Journal item 1639, as amended) in connection with § 5 section 1 item 22 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state (consolidated text of 2014; Official Journal item 133, as amended), hereby informs that on 2 March 2017 the Supervisory Board of the Company decided to appoint Mr Thomas Schäbinger to the Management Board of the Company as the President of the Management Board (Chief Executive Officer). The appointment of Mr Thomas Schäbinger takes effect from 1 July 2017 (inclusive). Mr Thomas Schäbinger (born in 1962) is a graduate of the Vienna University of Economies & Business (in 1989 he graduated in Studies of Business Administration) and Secondary School for Mechanical Engineering in St. Pölten (in 1982 he graduated with distinction as Engineer (Ingenieur)). Mr Thomas Schäbinger has been working as CEO for Bundy Refrigeration Group (cooling technology provider) since 2015 and has been managing partner of TS TRUST GmbH (a capital investment company) since 2014. Between 1998 and 2014 he held several positions in Mondi Europe and International (formerly known as Frantschach – a packaging and paper group with global operations), including several positions as Chief Executive Officer. Previously, Mr Thomas Schäbinger worked in various management positions including at Unilever and at Beiersdorf. Mr Thomas Schäbinger is not engaged in any activities competitive to the business of the Company. He is not a partner in any partnership under civil law or another type of partnership, or a member of a governing body of an incorporated company or any other legal entity which would conduct activities competitive to the Company's business. Mr Thomas Schäbinger has not been entered in the Register of Insolvent Debtors maintained pursuant to the National Court Register Act.

Date: 02.03.2017

Current report nb 15/2017

Subject: Appointment of the President of Pfleiderer Group S.A. Management Board

Legal basis: Article 56 section 1 item 2 of the Act on Public Offering

The Management Board of Pfleiderer Group S.A. (the "Company") acting on the basis of Article 56 section 1 item 2 of the Act of 29 July 2005 on public offering, conditions governing the introduction of financial instruments to organized trading, and public companies (consolidated text of 2016; Official Journal item 1639, as amended) in connection with § 5 section 1 item 22 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state (consolidated text of 2014; Official Journal item 133, as amended), hereby informs that on 2 March 2017 the Supervisory Board of the Company decided to appoint Mr Thomas Schäbinger to the Management Board of the Company as the President of the Management Board (Chief Executive Officer). The appointment of Mr Thomas Schäbinger takes effect from 1 July 2017 (inclusive).

Mr Thomas Schäbinger (born in 1962) is a graduate of the Vienna University of Economies & Business (in 1989 he graduated in Studies of Business Administration) and Secondary School for Mechanical Engineering in St. Pölten (in 1982 he graduated with distinction as Engineer (Ingenieur)). Mr Thomas Schäbinger has been working as CEO for Bundy Refrigeration Group (cooling technology provider) since 2015 and has been managing partner of TS TRUST GmbH (a capital investment company) since 2014. Between 1998 and 2014 he held several positions in Mondi Europe and International (formerly known as Frantschach – a packaging and paper group with global operations), including several positions as Chief Executive Officer. Previously, Mr Thomas Schäbinger worked in various management positions including at Unilever and at Beiersdorf.

Mr Thomas Schäbinger is not engaged in any activities competitive to the business of the Company. He is not a partner in any partnership under civil law or another type of partnership, or a member of a governing body of an incorporated company or any other legal entity which would conduct activities competitive to the Company's business. Mr Thomas Schäbinger has not been entered in the Register of Insolvent Debtors maintained pursuant to the National Court Register Act.


  1703:Appointment of the President of Pfleiderer Group S.A. Management Board
2017/03/02 | Downloads Resignation of the President of Pfleiderer Group S.A. Management Board
Date: 02.03.2017 Current report no 14/2017 Subject: Resignation of the President of Pfleiderer Group S.A. Management Board Legal basis: Article 56 section 1 item 2 of the Act on Public Offering The Management Board of Pfleiderer Group S.A. (the "Company") acting on the basis of Article 56 section 1 item 2 of the Act of 29 July 2005 on public offering, conditions governing the introduction of financial instruments to organized trading, and public companies (consolidated text of 2016; Official Journal item 1639, as amended) in connection with § 5 section 1 item 21 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information to be published by issuers of securities and  conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state (consolidated text of 2014; Official Journal item 133, as amended), hereby informs that on 2 March 2017 Mr Michael Wolff resigned from the Management Board of the Company. The resignation of Mr Michael Wolff takes effect from 1 July 2017.

Date: 02.03.2017

Current report no 14/2017

Subject: Resignation of the President of Pfleiderer Group S.A. Management Board

Legal basis: Article 56 section 1 item 2 of the Act on Public Offering

The Management Board of Pfleiderer Group S.A. (the "Company") acting on the basis of Article 56 section 1 item 2 of the Act of 29 July 2005 on public offering, conditions governing the introduction of financial instruments to organized trading, and public companies (consolidated text of 2016; Official Journal item 1639, as amended) in connection with § 5 section 1 item 21 of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information to be published by issuers of securities and  conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state (consolidated text of 2014; Official Journal item 133, as amended), hereby informs that on 2 March 2017 Mr Michael Wolff resigned from the Management Board of the Company. The resignation of Mr Michael Wolff takes effect from 1 July 2017.


  1703: Resignation of the President of Pfleiderer Group S.A. Management Board
2017/03/02 | Downloads Pfleiderer Group announces CEO change
Thomas Schäbinger to succeed Michael Wolff, who does not wish to extend his contract after 13 years of service for the leading European manufacturer of wood-based products   Wroclaw, 2.03.2017 – On 2nd March 2017 the Supervisory Board of Pfleiderer Group S.A. has appointed Thomas Schäbinger as President and Chief Executive Officer (CEO). Mr. Schäbinger succeeds Michael Wolff, Pfleiderer Group’s President and CEO who does not wish to extend his contract which expires in December 2017 and who will therefore leave the Group. The changes are effective as of 1 July  2017.   Michael Wolff has been with the Group since 2004, firstly as CEO of the Western European segment and since 2013 as CEO of Pfleiderer Group. From 2010 onwards, he successfully initiated an in-depth restructuring process of the Pfleiderer Group, leading the business back to growth and profitability. Since 2013 the Pfleiderer Group has successfully gone through financial and operational enhancements, resulting in the re-IPO process finalized in January 2016 which lifted the Group to the next level. As a result of the legal and operational merger of the Eastern and Western segments to form a fully integrated Group, ONE PFLEIDERER – Europe´s leading manufacturer of wood-based products - was established.   To lead the next stage of strategic development of the Pfleiderer Group, the Supervisory Board has selected Thomas Schäbinger who will join the Company latest at July 1st. Michael Wolff will run the Company till end of June and will assist him in a smooth and successful transition. “Michael Wolff informed the Supervisory Board of the Pfleiderer Group SA  that he does not wish to extend his contract, which we regret very much. The Pfleiderer Group owes Michael Wolff a great debt of thanks. He has provided more than 13 years of loyal and successful service to the Group. During the period he has overseen the successful restructuring of the German parent company and the complex integration of the German and Polish business centers. All of this has been achieved whilst delivering continued earnings growth. The Supervisory Board wishes Michael Wolff every success in his future endeavors”, comments Zbigniew Prokopowicz, Chairman of the Supervisory Board of Pfleiderer Group SA. “Following the tough financial and operational restructuring of the historical German parent of Pfleiderer in 2012, I am proud of the great progress the Pfleiderer business has made. This culminated in realizing my vision of a leading German-Polish integrated wood based products business in 2016. Our financial solid Pfleiderer Group is profitable, growing and ready for the future. It´s the perfect moment to hand over to my successor. I will support Mr. Schäbinger to oversee a seamless transition”, says Michael Wolff, President and CEO of Pfleiderer Group SA. Mr. Schäbinger has been working as CEO of Bundy Refrigeration Group, cooling technology provider since 2015. Between 1998 and 2014 he held several positions in Mondi Europe and International (formerly known as Frantschach) a packaging and paper group with global operations in more than 30 countries and 25,700 employees Previously, Mr. Schäbinger worked in various management positions including at Unilever and at Beiersdorf. He has hands on strategic and operative experience in international operations, sales and procurement based on Lean Six Sigma and Value Management approach.  “We are happy that we could find so fast an expert like Mr. Schäbinger I am sure that he can lead the Pfleiderer Group into its great future to become a global European Player”, adds Zbigniew Prokopowicz, Chairman of the Supervisory Board of Pfleiderer Group SA. The other Board members will remain unchanged. Richard Mayer acting as CFO, Dirk Hardow as the COO (Chief Operating Officer), Rafał Karcz being the CAO (Chief Administration Officer) and Wojciech Gątkiewicz as the company’s CSO (Chief Sales Officer) responsible for marketing, sales and R&D.
  • Thomas Schäbinger to succeed Michael Wolff, who does not wish to extend his contract after 13 years of service for the leading European manufacturer of wood-based products

     

Wroclaw, 2.03.2017On 2nd March 2017 the Supervisory Board of Pfleiderer Group S.A. has appointed Thomas Schäbinger as President and Chief Executive Officer (CEO). Mr. Schäbinger succeeds Michael Wolff, Pfleiderer Group’s President and CEO who does not wish to extend his contract which expires in December 2017 and who will therefore leave the Group. The changes are effective as of 1 July  2017.

 

Michael Wolff has been with the Group since 2004, firstly as CEO of the Western European segment and since 2013 as CEO of Pfleiderer Group. From 2010 onwards, he successfully initiated an in-depth restructuring process of the Pfleiderer Group, leading the business back to growth and profitability. Since 2013 the Pfleiderer Group has successfully gone through financial and operational enhancements, resulting in the re-IPO process finalized in January 2016 which lifted the Group to the next level. As a result of the legal and operational merger of the Eastern and Western segments to form a fully integrated Group, ONE PFLEIDERER – Europe´s leading manufacturer of wood-based products - was established.

 

To lead the next stage of strategic development of the Pfleiderer Group, the Supervisory Board has selected Thomas Schäbinger who will join the Company latest at July 1st. Michael Wolff will run the Company till end of June and will assist him in a smooth and successful transition.

“Michael Wolff informed the Supervisory Board of the Pfleiderer Group SA  that he does not wish to extend his contract, which we regret very much. The Pfleiderer Group owes Michael Wolff a great debt of thanks. He has provided more than 13 years of loyal and successful service to the Group. During the period he has overseen the successful restructuring of the German parent company and the complex integration of the German and Polish business centers. All of this has been achieved whilst delivering continued earnings growth. The Supervisory Board wishes Michael Wolff every success in his future endeavors”, comments Zbigniew Prokopowicz, Chairman of the Supervisory Board of Pfleiderer Group SA.

“Following the tough financial and operational restructuring of the historical German parent of Pfleiderer in 2012, I am proud of the great progress the Pfleiderer business has made. This culminated in realizing my vision of a leading German-Polish integrated wood based products business in 2016. Our financial solid Pfleiderer Group is profitable, growing and ready for the future. It´s the perfect moment to hand over to my successor. I will support Mr. Schäbinger to oversee a seamless transition”, says Michael Wolff, President and CEO of Pfleiderer Group SA.

Mr. Schäbinger has been working as CEO of Bundy Refrigeration Group, cooling technology provider since 2015. Between 1998 and 2014 he held several positions in Mondi Europe and International (formerly known as Frantschach) a packaging and paper group with global operations in more than 30 countries and 25,700 employees Previously, Mr. Schäbinger worked in various management positions including at Unilever and at Beiersdorf. He has hands on strategic and operative experience in international operations, sales and procurement based on Lean Six Sigma and Value Management approach.

 “We are happy that we could find so fast an expert like Mr. Schäbinger I am sure that he can lead the Pfleiderer Group into its great future to become a global European Player”, adds Zbigniew Prokopowicz, Chairman of the Supervisory Board of Pfleiderer Group SA.

The other Board members will remain unchanged. Richard Mayer acting as CFO, Dirk Hardow as the COO (Chief Operating Officer), Rafał Karcz being the CAO (Chief Administration Officer) and Wojciech Gątkiewicz as the company’s CSO (Chief Sales Officer) responsible for marketing, sales and R&D.


  1703: Pfleiderer Group announces CEO change
2017/02/28 | Downloads Refined Refinancing Plans
Current Report No. 13/2017 Further to current report No. 63/2016 dated 8 December 2016 (the “Report”), the Management Board of Pfleiderer Group S.A. (the “Company”) hereby announces that it has refined its refinancing plans in respect of the existing EUR 321,684,000 7.875% Senior Secured Notes issued by PCF GmbH (formerly Pfleiderer GmbH) on 7 July 2014 (the “Notes”) and the existing EUR 60 million and PLN 200 million revolving facilities (the “Existing Facilities”). Based on the current strong and favourable conditions in the institutional loan and bond markets, the Company is currently working on a capital markets oriented refinancing solution for its Notes and the Existing Facilities, to enhance the Company’s operational flexibility and financing cost. The Company intention to early redeem the Notes continues and it will report separately on the redemption and the redemption date. *** This report was prepared pursuant to Article 17 Section 1 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and on repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ EU L 173/1 dated June 12, 2014). February 28, 2017

Current Report No. 13/2017

Further to current report No. 63/2016 dated 8 December 2016 (the “Report”), the

Management Board of Pfleiderer Group S.A. (the “Company”) hereby announces that it has

refined its refinancing plans in respect of the existing EUR 321,684,000 7.875% Senior

Secured Notes issued by PCF GmbH (formerly Pfleiderer GmbH) on 7 July 2014 (the

“Notes”) and the existing EUR 60 million and PLN 200 million revolving facilities (the

“Existing Facilities”).

Based on the current strong and favourable conditions in the institutional loan and bond

markets, the Company is currently working on a capital markets oriented refinancing solution

for its Notes and the Existing Facilities, to enhance the Company’s operational flexibility and

financing cost. The Company intention to early redeem the Notes continues and it will report

separately on the redemption and the redemption date.

***

This report was prepared pursuant to Article 17 Section 1 of Regulation (EU) No. 596/2014

of the European Parliament and of the Council of 16 April 2014 on market abuse (market

abuse regulation) and on repealing Directive 2003/6/EC of the European Parliament and of

the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ EU

L 173/1 dated June 12, 2014).

February 28, 2017


  1702: Refined Refinancing Plans
2017/02/02 | Downloads S&P upgrades the Pfleiderer Group to “B+” rating – positive outlook
Rating agency recognises good operating performance for the European manufacturer of engineered wood materials   Neumarkt/Wrocław, 25 January 2017 – Rating agency Standard & Poor´s (S&P) has upgraded the long-term credit rating for the Pfleiderer Group from “B” to “B+”, with a positive outlook, thereby acknowledging the good operating performance of the  European manufacturer of engineered wood materials. S&P also gave a positive rating for Pfleiderer’s further development in 2016 into a fully-integrated company with activities in Germany and Poland, with the Pfleiderer Group S.A. as the parent company which is listed on the Warsaw Stock Exchange. According to S&P, the company has proven that it can operate successfully in a challenging and competitive market environment – and that increasing sales volumes and an improved product mix with a clear emphasis on value-added products has resulted in higher profit margins and, consequently, to an improvement in its operating return on sales  (based on EBITDA). It also states that Pfleiderer has the opportunity to significantly reduce its interest charges within the scope of a new refinancing scheme. For the financial year 2017, the experts anticipate a growth in sales for the Pfleiderer Group and continuing improvement in the EBITDA margin, driven by an increasing proportion of value-added products and further improvements in efficiency. Michael Wolff, Chairman of the Management Board (CEO) for the Pfleiderer Group: “The upgrade in our rating by S&P is excellent news and a good start for 2017. We view it as clear affirmation of our strategic course. The rating analysis shows that the Pfleiderer Group not only signifies good operational development but also an increasingly solid financial profile.”
  • Rating agency recognises good operating performance for the European manufacturer of engineered wood materials

     

Neumarkt/Wrocław, 25 January 2017 – Rating agency Standard & Poor´s (S&P) has upgraded the long-term credit rating for the Pfleiderer Group from “B” to “B+”, with a positive outlook, thereby acknowledging the good operating performance of the  European manufacturer of engineered wood materials. S&P also gave a positive rating for Pfleiderer’s further development in 2016 into a fully-integrated company with activities in Germany and Poland, with the Pfleiderer Group S.A. as the parent company which is listed on the Warsaw Stock Exchange.

According to S&P, the company has proven that it can operate successfully in a challenging and competitive market environment – and that increasing sales volumes and an improved product mix with a clear emphasis on value-added products has resulted in higher profit margins and, consequently, to an improvement in its operating return on sales  (based on EBITDA). It also states that Pfleiderer has the opportunity to significantly reduce its interest charges within the scope of a new refinancing scheme. For the financial year 2017, the experts anticipate a growth in sales for the Pfleiderer Group and continuing improvement in the EBITDA margin, driven by an increasing proportion of value-added products and further improvements in efficiency.

Michael Wolff, Chairman of the Management Board (CEO) for the Pfleiderer Group: “The upgrade in our rating by S&P is excellent news and a good start for 2017. We view it as clear affirmation of our strategic course. The rating analysis shows that the Pfleiderer Group not only signifies good operational development but also an increasingly solid financial profile.”


  1701: S&P upgrades the Pfleiderer Group to “B+” rating – positive outlook
2017/01/12 | Downloads Change of name of the Issuer
Pfleiderer GmbH (the “Issuer”) EUR 321,684,000 7.875% Senior Secured Notes due 2019 Regulation S Notes: ISIN DE000A12T176 / Common Code 108402091 Rule 144A Notes: ISIN DE000A12T184 / Common Code 108402253   Change of name of the Issuer   Neumarkt, 12 January 2017 – The Issuer announces that its name was changed from Pfleiderer GmbH to PCF GmbH with effect from 4 January 2017.   In case of any enquiries please contact ir@pfleiderer.com.    

Pfleiderer GmbH (the “Issuer”)

EUR 321,684,000 7.875% Senior Secured Notes due 2019

Regulation S Notes: ISIN DE000A12T176 / Common Code 108402091

Rule 144A Notes: ISIN DE000A12T184 / Common Code 108402253

 

Change of name of the Issuer

 

Neumarkt, 12 January 2017 – The Issuer announces that its name was changed from Pfleiderer GmbH to PCF GmbH with effect from 4 January 2017.

 

In case of any enquiries please contact ir@pfleiderer.com.

 

 


  1701: Change of name of the Issuer
2016/12/08 | Downloads Pfleiderer GmbH herewith informs, that the parent Company Pfleiderer Group S.A. has today published the following Current Report no. 63/2016:
"The Management Board of Pfleiderer Group S.A. (the “Company”), hereby informs that on 8  December 2016 the Company signed with a group of financial institutions commitment letters in respect of a senior secured credit facilities to refinance the EUR 321,684,000 7.875% Senior Secured Notes issued by Pfleiderer GmbH on  7 July 2014 (the “HY Notes”) as well as the facilities granted on the basis of the EUR 60 million and PLN 200 million revolving facilities agreement dated as of 4 July 2014, as amended and restated (the “Commitment Letters”).   The Commitment Letters provide for the obligations of the financial institutions to make available to the Company and certain of its subsidiaries the financing, subject to successful negotiations of the senior facilities agreement by 11 January 2017 (unless such deadline is extended by the parties to the Commitment Letters) as well as satisfaction of customary conditions precedent to utilisation of the facilities which will be agreed in the senior facilities agreement. Provided negotiations of the finance documentation are successfully closed and such documentation is entered into, it is intention of the Company to exercise the call option in respect of the HY Notes in order to effectuate early redemption of the HY Notes which is to be financed inter alia from the proceeds under the senior facilities agreement (the “Refinancing”), of which the Company will separately inform.   The Commitment Letters provide that the senior facilities to be made available to the Company and its subsidiaries under the finance documentation to be agreed will comprise two facilities: (i) a EUR 300 million term loan facility with the maturity date falling 5 years after the date of the Refinancing, amortised semi-annually starting in 2017 with 50% bullet repayment at the maturity date to be used for the purposes of refinancing of the HY Notes and existing revolving facilities as well as for financing of costs associated therewith and (ii) up to EUR 60 million (with the ability to make drawdowns in PLN and potential increase of the maximum amount) revolving credit facility with maturity date falling 5 years after the date of the Refinancing, to be used for general purposes of the Company and the group. The Company also intends to use its own funds to finance certain part of the costs related to the Refinancing in excess of the anticipated EUR 300 million term loan facility.   The Commitment Letters provide that the facilities under the senior facilities agreement to be agreed will bear interest at a rate per annum equal to EURIBOR or WIBOR increased by a margin, subject to a margin ratchet based on the consolidated leverage of the Company. In addition, the Company will be required to pay a specified commitment fee and upfront fees and certain other fees to the financial institutions participating in the Refinancing.   ***   This report was prepared pursuant to Article 17 Section 1 of the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ EU L 173/1 dated June 12, 2014)."

"The Management Board of Pfleiderer Group S.A. (the “Company”), hereby informs that on 8  December 2016 the Company signed with a group of financial institutions commitment letters in respect of a senior secured credit facilities to refinance the EUR 321,684,000 7.875% Senior Secured Notes issued by Pfleiderer GmbH on  7 July 2014 (the “HY Notes”) as well as the facilities granted on the basis of the EUR 60 million and PLN 200 million revolving facilities agreement dated as of 4 July 2014, as amended and restated (the “Commitment Letters”).

 

The Commitment Letters provide for the obligations of the financial institutions to make available to the Company and certain of its subsidiaries the financing, subject to successful negotiations of the senior facilities agreement by 11 January 2017 (unless such deadline is extended by the parties to the Commitment Letters) as well as satisfaction of customary conditions precedent to utilisation of the facilities which will be agreed in the senior facilities agreement. Provided negotiations of the finance documentation are successfully closed and such documentation is entered into, it is intention of the Company to exercise the call option in respect of the HY Notes in order to effectuate early redemption of the HY Notes which is to be financed inter alia from the proceeds under the senior facilities agreement (the “Refinancing”), of which the Company will separately inform.

 

The Commitment Letters provide that the senior facilities to be made available to the Company and its subsidiaries under the finance documentation to be agreed will comprise two facilities: (i) a EUR 300 million term loan facility with the maturity date falling 5 years after the date of the Refinancing, amortised semi-annually starting in 2017 with 50% bullet repayment at the maturity date to be used for the purposes of refinancing of the HY Notes and existing revolving facilities as well as for financing of costs associated therewith and (ii) up to EUR 60 million (with the ability to make drawdowns in PLN and potential increase of the maximum amount) revolving credit facility with maturity date falling 5 years after the date of the Refinancing, to be used for general purposes of the Company and the group. The Company also intends to use its own funds to finance certain part of the costs related to the Refinancing in excess of the anticipated EUR 300 million term loan facility.

 

The Commitment Letters provide that the facilities under the senior facilities agreement to be agreed will bear interest at a rate per annum equal to EURIBOR or WIBOR increased by a margin, subject to a margin ratchet based on the consolidated leverage of the Company. In addition, the Company will be required to pay a specified commitment fee and upfront fees and certain other fees to the financial institutions participating in the Refinancing.

 

***

 

This report was prepared pursuant to Article 17 Section 1 of the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ EU L 173/1 dated June 12, 2014)."


  1612_63/2016
2016/08/11 | Downloads Good results were reported for the Pfleiderer Group in first half of 2016, thanks to their focus on value-added products and favorable market conditions
Good results were reported for the Pfleiderer Group in first half of 2016, thanks to their focus on value-added products and favorable market conditions Sustainable EBITDA (without extraordinary effects) increased by 9.2% to EUR 70.4 million EBITDA margin was 14.4%, better than expected Revenues were EUR 489.3 million, slightly down against the same period in 2015 due to negative exchange rates The Group’s performance was supported by strong growth of the national economies and a positive outlook for the construction markets in DACH, Poland and also in France and the UK Management confirmed its expectation to achieve a low double-digit increase in EBITDA in 2016 Presented financial data are comparable in connection with the legal and financial process of integration of the Group. 11.08.2016 Grajewo, Poland. In the first half of this year, the Pfleiderer Group generated a solid set of financial results after the process of legal and financial integration of the Eastern and Western European divisions at the beginning of 2016. Revenues amounted to EUR 489.3 million in the first half, slightly below the level posted in the same period last year (EUR 497.5 million). Revenues were negatively affected by lower sales prices and negative exchange rate effects amounting to EUR 14.6 million. However, Pfleiderer has grown in volume by EUR 9.2 million. Sustainable EBITDA amounted to EUR 70.4 million and was 9.2% higher compared to the same period last year, due to volume growth, favorable material costs and synergies from the integration of ONE PFLEIDERER. EBITDA margin stood at 14.4% (compared to 13% EBITDA margin in the first half of 2015) and overachieved expectations for the reporting period. The current year is regarded as extraordinary concerning non-sustainable items, due to the expenses in H1 2016 for the re-IPO (EUR 10.2 million) and in connection with the integration of Eastern and Western businesses (EUR 4.2 million). Including the non-sustainable expenses reported, EBITDA stood at EUR 51.8 million (H1 2015: EUR 60.5 million). Net profit (after tax) amounted to EUR 4.1 million in the first half of 2016 compared to EUR 14 million in the same period of 2015. “As expected and communicated to the market, the first half of the year was influenced by several non-sustainable issues related to expenditures on the re-IPO process and the full integration of the Eastern and Western segments. However, due to consistent strategic focus on the development of the sales of value-added products and the growing impact of synergies arising from the integration of the Pfleiderer organization, we have achieved very satisfying results in the first six months.” “The main objective for the second half of 2016 is a strong focus on the Group’s internal integration to push faster decision-making processes and a more streamlined operational structure. We are happy to confirm our target of realizing cost savings of at least EUR 30 million by the end of 2018.” Michael Wolff, President and CEO of the Pfleiderer Group In the Western European segment, the Group recorded steady growth both in terms of sales (up 3.2% to EUR 336.6 million) and the sustainable EBITDA (up 14.9% to EUR 43.1 million). This is mainly the result of higher sales volumes, particularly for value-added products, which achieved the highest margins (sales growth of MFC and HPL). The results improved despite growing pressure on sales prices, overcompensated by lower material costs. In the Eastern Europe segment, Pfleiderer generated revenues of EUR 169.7 million in the first half of 2016, compared to EUR 190 million in the same period last year. Sustainable EBITDA amounted to EUR 25.7 million and was 4.8% lower (H1 2015: EUR 27 million). The performance of the segment is mainly related to the decrease in revenues of the HDF-plant MDF in Grajewo (a negative contribution of EUR 11.7 million due to overcapacity in the market), price pressure associated with the import of cheaper particle boards from Belarus and Ukraine to the Polish market, and a negative exchange rate effect (EUR 4.4 million). Conversely, value-added products, such as HPL, had a positive impact on the eastern segment. Production capacity in key lines was almost fully utilized, allowing for the efficient distribution of fixed costs. In the first half of the year, the Group took additional measures to increase operational efficiency, especially in terms of productivity and costs associated with improving quality. This led to a 2.8 percentage point increase in raw gross margin ex works. In the first half, capital expenditure amounted to EUR 15.8 million and all strategic projects were implemented according to plan. At the end of July, four weeks ahead of schedule, a new lacquering line was launched at the Grajewo plant. This investment of EUR 5 million will increase the production capacity for lacquered HDF boards in Grajewo by 30%. The investment was realized within the framework of the Pfleiderer program 4Pack Project, which will cost EUR 10 million and will finish at the end of 2016. With this investment the Group will shift commodities into value-added products and overcome HDF-plant difficulties. In March the investment in the worktop line in Wieruszów was finalized. Thanks to this, the Group can increase and improve its competitiveness in the segment of kitchen worktops.

Good results were reported for the Pfleiderer Group in first half of 2016, thanks to their focus on value-added products and favorable market conditions

  • Sustainable EBITDA (without extraordinary effects) increased by 9.2% to EUR 70.4 million
  • EBITDA margin was 14.4%, better than expected
  • Revenues were EUR 489.3 million, slightly down against the same period in 2015 due to negative exchange rates
  • The Group’s performance was supported by strong growth of the national economies and a positive outlook for the construction markets in DACH, Poland and also in France and the UK
  • Management confirmed its expectation to achieve a low double-digit increase in EBITDA in 2016

Presented financial data are comparable in connection with the legal and financial process of integration of the Group.

11.08.2016 Grajewo, Poland. In the first half of this year, the Pfleiderer Group generated a solid set of financial results after the process of legal and financial integration of the Eastern and Western European divisions at the beginning of 2016.

Revenues amounted to EUR 489.3 million in the first half, slightly below the level posted in the same period last year (EUR 497.5 million). Revenues were negatively affected by lower sales prices and negative exchange rate effects amounting to EUR 14.6 million. However, Pfleiderer has grown in volume by EUR 9.2 million.

Sustainable EBITDA amounted to EUR 70.4 million and was 9.2% higher compared to the same period last year, due to volume growth, favorable material costs and synergies from the integration of ONE PFLEIDERER. EBITDA margin stood at 14.4% (compared to 13% EBITDA margin in the first half of 2015) and overachieved expectations for the reporting period. The current year is regarded as extraordinary concerning non-sustainable items, due to the expenses in H1 2016 for the re-IPO (EUR 10.2 million) and in connection with the integration of Eastern and Western businesses (EUR 4.2 million).

Including the non-sustainable expenses reported, EBITDA stood at EUR 51.8 million (H1 2015: EUR 60.5 million). Net profit (after tax) amounted to EUR 4.1 million in the first half of 2016 compared to EUR 14 million in the same period of 2015.

“As expected and communicated to the market, the first half of the year was influenced by several non-sustainable issues related to expenditures on the re-IPO process and the full integration of the Eastern and Western segments. However, due to consistent strategic focus on the development of the sales of value-added products and the growing impact of synergies arising from the integration of the Pfleiderer organization, we have achieved very satisfying results in the first six months.”

“The main objective for the second half of 2016 is a strong focus on the Group’s internal integration to push faster decision-making processes and a more streamlined operational structure. We are happy to confirm our target of realizing cost savings of at least EUR 30 million by the end of 2018.”

Michael Wolff, President and CEO of the Pfleiderer Group

In the Western European segment, the Group recorded steady growth both in terms of sales (up 3.2% to EUR 336.6 million) and the sustainable EBITDA (up 14.9% to EUR 43.1 million). This is mainly the result of higher sales volumes, particularly for value-added products, which achieved the highest margins (sales growth of MFC and HPL). The results improved despite growing pressure on sales prices, overcompensated by lower material costs.

In the Eastern Europe segment, Pfleiderer generated revenues of EUR 169.7 million in the first half of 2016, compared to EUR 190 million in the same period last year. Sustainable EBITDA amounted to EUR 25.7 million and was 4.8% lower (H1 2015: EUR 27 million). The performance of the segment is mainly related to the decrease in revenues of the HDF-plant MDF in Grajewo (a negative contribution of EUR 11.7 million due to overcapacity in the market), price pressure associated with the import of cheaper particle boards from Belarus and Ukraine to the Polish market, and a negative exchange rate effect (EUR 4.4 million). Conversely, value-added products, such as HPL, had a positive impact on the eastern segment. Production capacity in key lines was almost fully utilized, allowing for the efficient distribution of fixed costs. In the first half of the year, the Group took additional measures to increase operational efficiency, especially in terms of productivity and costs associated with improving quality. This led to a 2.8 percentage point increase in raw gross margin ex works.

In the first half, capital expenditure amounted to EUR 15.8 million and all strategic projects were implemented according to plan. At the end of July, four weeks ahead of schedule, a new lacquering line was launched at the Grajewo plant. This investment of EUR 5 million will increase the production capacity for lacquered HDF boards in Grajewo by 30%. The investment was realized within the framework of the Pfleiderer program 4Pack Project, which will cost EUR 10 million and will finish at the end of 2016. With this investment the Group will shift commodities into value-added products and overcome HDF-plant difficulties. In March the investment in the worktop line in Wieruszów was finalized. Thanks to this, the Group can increase and improve its competitiveness in the segment of kitchen worktops.


  1608: Press release halfyear 2016
2016/06/02 | Downloads Changes in the Management Board of Pfleiderer Grajewo S.A.
Changes in the Management Board of Pfleiderer Grajewo S.A.   CEO Michael Wolff to run all operational functions on an interim basis to start additional value creating measures with regard to productivity, quality cost and efficiency improvement     Grajewo/Wroclaw, 2 June 2016 - On 1st June 2016 the Supervisory Board of Pfleiderer Grajewo S.A. has decided on changes in the line-up of the Company’s Management Board. The measures aim to streamline the internal organization further in order to speed up processes and to reduce complexity in the new integrated Group, one of the largest manufacturer of wood based panels in Europe.   After delivering very good results in first quarter 2016, to speed up the implemention of operational best pratices and to initiate new value creating initiatives, the Supervisory Board has decided to hand over all operational functions to Mr. Michael Wolff, the CEO of the Group, on an interim basis. Dr Gerd Schubert, Chief Operational Officer (COO), is going to leave the Management Board with immediate effect. Michael Wolff will run operations in addition to its direct functions until a new COO has been appointed.   The decisions of the Supervisory Board are associated with the organizational and operational integration of the former Core East and Core West business units in order to finalize multi-level cooperation within the Pfleiderer Group and to unlock the potential for further synergies from joint operations. In November 2015 the Company moved the headquarters to Wrocław and started to centralize all service functions from German and Polish operational divisions. In January 2016, the Pfleiderer Grajewo Group successfully completed the re-IPO transaction. This created ONE PFLEIDERER, a group which offers a wide range of diversified products in a fast growing markets at the heart of Europe. Due to the faster decision-making processes and a more streamlined operational structure management confirms previously announced cost savings of at least €30 million by the end of 2018.   “I would like to thank  Mr Schubert for  his continued commitment and all the effort he put into Pfleiderer. The streamlining of the operational and management structure is the next logical step to start new value creating measures in the area of operations especially on productivity, quality cost and efficiency, with benefits both for the Company and its Shareholders”, comments Dr. Paolo G. Antonietti,  Chairman of the Supervisory Board of the Pfleiderer Grajewo S.A.   The other Board members will remain unchanged. Michael Wolff continues to be the President of the Management Board and CEO, Richard Mayer acting as CFO, Rafał Karcz being the CAO (Chief Administration Officer) and Wojciech Gątkiewicz as the company’s CSO responsible for marketing, sales and R&D.   The Pfleiderer Grajewo Group started year 2016 with good set of financial results. In the first quarter of 2016 revenues increased to €215.5 million and the sustainable EBITDA developed to €33.9 million (+13.3% y-o-y). All products group contributed to the increase of sales, in particular value added products like HPL and MFC.   For the year 2016, the Group is planning several significant investments, such as customized back wall solutions in Grajewo to introduce more lacquered, sanded and customized product variants. In March this year, the “Worktop Line” project in Wieruszow was finalized, where the new press line will allow to boost sales volume by improvements in the production process and thus to increase Pfleiderer’s competitiveness on the worktop market.

Changes in the Management Board of Pfleiderer Grajewo S.A.

 

  • CEO Michael Wolff to run all operational functions on an interim basis to start additional value creating measures with regard to productivity, quality cost and efficiency improvement

 

 

Grajewo/Wroclaw, 2 June 2016 - On 1st June 2016 the Supervisory Board of Pfleiderer Grajewo S.A. has decided on changes in the line-up of the Company’s Management Board. The measures aim to streamline the internal organization further in order to speed up processes and to reduce complexity in the new integrated Group, one of the largest manufacturer of wood based panels in Europe.

 

After delivering very good results in first quarter 2016, to speed up the implemention of operational best pratices and to initiate new value creating initiatives, the Supervisory Board has decided to hand over all operational functions to Mr. Michael Wolff, the CEO of the Group, on an interim basis. Dr Gerd Schubert, Chief Operational Officer (COO), is going to leave the Management Board with immediate effect. Michael Wolff will run operations in addition to its direct functions until a new COO has been appointed.

 

The decisions of the Supervisory Board are associated with the organizational and operational integration of the former Core East and Core West business units in order to finalize multi-level cooperation within the Pfleiderer Group and to unlock the potential for further synergies from joint operations. In November 2015 the Company moved the headquarters to Wrocław and started to centralize all service functions from German and Polish operational divisions. In January 2016, the Pfleiderer Grajewo Group successfully completed the re-IPO transaction. This created ONE PFLEIDERER, a group which offers a wide range of diversified products in a fast growing markets at the heart of Europe. Due to the faster decision-making processes and a more streamlined operational structure management confirms previously announced cost savings of at least €30 million by the end of 2018.

 

“I would like to thank  Mr Schubert for  his continued commitment and all the effort he put into Pfleiderer. The streamlining of the operational and management structure is the next logical step to start new value creating measures in the area of operations especially on productivity, quality cost and efficiency, with benefits both for the Company and its Shareholders”, comments Dr. Paolo G. Antonietti,  Chairman of the Supervisory Board of the Pfleiderer Grajewo S.A.

 

The other Board members will remain unchanged. Michael Wolff continues to be the President of the Management Board and CEO, Richard Mayer acting as CFO, Rafał Karcz being the CAO (Chief Administration Officer) and Wojciech Gątkiewicz as the company’s CSO responsible for marketing, sales and R&D.

 

The Pfleiderer Grajewo Group started year 2016 with good set of financial results. In the first quarter of 2016 revenues increased to €215.5 million and the sustainable EBITDA developed to €33.9 million (+13.3% y-o-y). All products group contributed to the increase of sales, in particular value added products like HPL and MFC.

 

For the year 2016, the Group is planning several significant investments, such as customized back wall solutions in Grajewo to introduce more lacquered, sanded and customized product variants. In March this year, the “Worktop Line” project in Wieruszow was finalized, where the new press line will allow to boost sales volume by improvements in the production process and thus to increase Pfleiderer’s competitiveness on the worktop market.


  1606_ Changes in the Management Board of Pfleiderer Grajewo S.A.
2016/05/11 | Downloads Pfleiderer Grajewo S.A. with EUR 215.5 million of revenues in Q1 2016 as the Group’s integration progresses
Pfleiderer Grajewo Group revenues in the first quarter of 2016 amounted to EUR 215.5 million However, excluding all extraordinary effects, sales of the Group have been EUR 246.3 million for the full first quarter In Q1 2016, the Group reported EBITDA of EUR 19.3 million (+54% vs. previous year) and net profit (after tax) of EUR 4.3 million, Sustainable EBITDA (without extraordinary effects) increased to EUR 33.9 million, which is 13.3% of Q1 2015 on a comparable basis Several non-sustainable factors influenced the results, however management expects the sustainable EBITDA to increase on a low double digit percentage number over the year   Grajewo, Poland, 11 May 2016 – The Pfleiderer Grajewo Group’s revenues increased to EUR 215.5 million in the first quarter of 2016 from EUR 96.2 million in Q1 2015, due to first time consolidation after the capital increase and take over of western european businesses.   The sustainable EBITDA – the EBITDA adjusted by non-sustainable issues - well-developed to EUR 33.9 million equals to 13.8% of sales and exceeded slightly initial expectations for the reporting period. Several non-sustainable influencing factors burdened the EBITDA “as reported”, nevertheless it rose from EUR 12.5 million to EUR 19.3 million y/y. The Group generated a net profit (after tax) of EUR 4.3 million in the first quarter of 2016.   In January 2016, the Pfleiderer Grajewo Group successfully completed the legal and financial integration of the Eastern and Western European businesses. This created ONE PFLEIDERER, a group which offers a wide range of diversified products in a fast growing markets at the heart of Europe. Currently Group is concentrating on organizational and operational integration of the Core East and Core West in order to finalize multi-level cooperation within the Pfleiderer Group and to unlock the potential for further synergies from joint operations. It is important to highlight that several non-sustainable factor, implicated from the acquisition of Pfeliderer GmbH, affected the Q1 results.   “Due to creation of ONE PFLEIDERER the operational performance and the net assets of Pfleiderer Grajewo Group are hardly comparable to the prior year’s reporting. However, the first quarter of 2016 developed satisfactorily from an operational point of view” - said Michael Wolff, President and CEO of Pfleiderer Group. “The results are influenced by several non-sustainable issues, inter alia deriving from the first consolidation of the Pfleiderer GmbH acquisition, which can be attributed to accounting-related specifics. We are on track and expect the sustainable EBITDA to increase on a low double digit percentage number over the year,” he added.   All products group contributed to the increase of sales, in particular value added products like HPL and MFC. In the Western Europe positive sales performance was mainly driven by higher volumes across all segments. Q1 2016 sales results in Core West markets were higher by 2.6% than in the previous year, despite the ongoing light reductions on sales prices, mainly as a result of low material purchase prices.   The overall development in Eastern European segments is less positive – revenues fell from EUR 96.2 million to EUR 86.3 million in the first three months (including intercompany sales) of the fiscal year 2016. Results were mainly driven by a negative exchange rate effect of EUR 3.5 million and the decrease in turnover of HDF-plant MDF Grajewo and the pricing pressure from the import of particle boards from Belarus and Ukraine.   “The available capacities at our key production lines were almost fully utilized, permitting an efficient distribution of fixed costs. Thanks to quantity-wise production we plan to sell more value added products with higher margin. This should protect us from the need of price competition” - said Michael Wolff. “Almost all groups of our clients are demanding more complex and high quality products, so we believe that our strategy will support further positive results. Market development is strongly supported by the growth of the national economies and shows positive outlook for the construction markets in both DACH and Poland,” he added.   For the year 2016, the Group is planning several investments, such as customized back wall solutions in Grajewo to introduce more lacquered, sanded and customized product variants to avoid future market risks. Secondly, the “Worktop Line” in Wieruszow, where the new press line will allow to boost sales volume by improvements in the production process and thus to increase Pfleiderer’s competitiveness on the worktop market.   The main objective for 2016 is a strong focus on internal integration of processes to push the important operative projects such as first integrated collection the ONE Collection, implementation of unified processes, the ONE SAP in connection with the overall-project ONE PFLEIDERER and the realization of the efficiency gains. In addition to utilize the young talents from Poland a new R&D department will be located in Wieruszow.   On March 21, 2016, The Management Board recommended dividend payment of PLN 64,701,007 (equals EUR 15,194,807 translated at the exchange rate of the date of the recommendation) in total, and corresponds to PLN 1.00 of the dividend per one share.
  • Pfleiderer Grajewo Group revenues in the first quarter of 2016 amounted
    to EUR 215.5 million
  • However, excluding all extraordinary effects, sales of the Group have been EUR 246.3 million for the full first quarter
  • In Q1 2016, the Group reported EBITDA of EUR 19.3 million
    (+54% vs. previous year) and net profit (after tax) of EUR 4.3 million,
  • Sustainable EBITDA (without extraordinary effects) increased
    to EUR 33.9 million, which is 13.3% of Q1 2015 on a comparable basis
  • Several non-sustainable factors influenced the results,
    however management expects the sustainable EBITDA to increase on a low double digit percentage number over the year

 

Grajewo, Poland, 11 May 2016 – The Pfleiderer Grajewo Group’s revenues increased to EUR 215.5 million in the first quarter of 2016 from EUR 96.2 million in Q1 2015, due to first time consolidation after the capital increase and take over of western european businesses.

 

The sustainable EBITDA – the EBITDA adjusted by non-sustainable issues -
well-developed to EUR 33.9 million equals to 13.8% of sales and exceeded slightly initial expectations for the reporting period. Several non-sustainable influencing factors burdened the EBITDA “as reported”, nevertheless it rose from EUR 12.5 million to EUR 19.3 million y/y. The Group generated a net profit (after tax) of EUR 4.3 million in the first quarter of 2016.

 

In January 2016, the Pfleiderer Grajewo Group successfully completed the legal and financial integration of the Eastern and Western European businesses. This created ONE PFLEIDERER, a group which offers a wide range of diversified products in a fast growing markets at the heart of Europe. Currently Group is concentrating on organizational and operational integration of the Core East and Core West in order to finalize multi-level cooperation within the Pfleiderer Group and to unlock the potential for further synergies from joint operations. It is important to highlight that several non-sustainable factor, implicated from the acquisition of Pfeliderer GmbH, affected the Q1 results.

 

“Due to creation of ONE PFLEIDERER the operational performance and the net assets of Pfleiderer Grajewo Group are hardly comparable to the prior year’s reporting. However, the first quarter of 2016 developed satisfactorily from an operational point of view” - said Michael Wolff, President and CEO of Pfleiderer Group.The results are influenced by several non-sustainable issues, inter alia deriving from the first consolidation of the Pfleiderer GmbH acquisition, which can be attributed to accounting-related specifics. We are on track and expect the sustainable EBITDA to increase
on a low double digit percentage number over the year,
” he added.

 

All products group contributed to the increase of sales, in particular value added products like HPL and MFC. In the Western Europe positive sales performance was mainly driven by higher volumes across all segments. Q1 2016 sales results in Core West markets were higher by 2.6% than in the previous year, despite the ongoing light reductions on sales prices, mainly as a result of low material purchase prices.

 

The overall development in Eastern European segments is less positive – revenues fell from EUR 96.2 million to EUR 86.3 million in the first three months (including intercompany sales) of the fiscal year 2016. Results were mainly driven by a negative exchange rate effect of EUR 3.5 million and the decrease in turnover of HDF-plant MDF Grajewo and the pricing pressure from the import of particle boards from Belarus
and Ukraine.

 

The available capacities at our key production lines were almost fully utilized, permitting an efficient distribution of fixed costs. Thanks to quantity-wise production we plan to sell more value added products with higher margin. This should protect us from the need of price competition” - said Michael Wolff. “Almost all groups of our clients are demanding more complex and high quality products, so we believe that our strategy will support further positive results. Market development is strongly supported by the growth of the national economies and shows positive outlook for the construction markets in both DACH and Poland,” he added.

 

For the year 2016, the Group is planning several investments, such as customized back wall solutions in Grajewo to introduce more lacquered, sanded and customized product variants to avoid future market risks. Secondly, the “Worktop Line” in Wieruszow, where the new press line will allow to boost sales volume by improvements in the production process and thus to increase Pfleiderer’s competitiveness on the worktop market.

 

The main objective for 2016 is a strong focus on internal integration of processes to push the important operative projects such as first integrated collection the ONE Collection, implementation of unified processes, the ONE SAP in connection with the overall-project ONE PFLEIDERER and the realization of the efficiency gains. In addition to utilize the young talents from Poland a new R&D department will be located in Wieruszow.

 

On March 21, 2016, The Management Board recommended dividend payment of PLN 64,701,007 (equals EUR 15,194,807 translated at the exchange rate of the date of the recommendation) in total, and corresponds to PLN 1.00 of the dividend per one share.


  1605: Press release - Jan 1-Mar 31 2016
2016/03/21 | Downloads Pfleiderer Group with strong growth in earnings and profitability in 2015 Financial Year
Pfleiderer Group with strong growth in earnings and profitability in 2015 Financial Year   Pfleiderer Group revenues rise 2.6% y-o-y to EUR 984.5 million Sustainable EBITDA increased by even 10.6% to EUR 132.3 million (margin 13.4%) Revenues of Pfleiderer Grajewo S.A. amounted to EUR 374.2 million while sustainable EBITDA reached EUR 54.5 million The Management Board will recommend a dividend payment of PLN 64,701,007 (57.7% of 2015 net profit of Pfleiderer Grajewo S.A. Group) – first dividend payment since 2008 Pfleiderer Group’s net leverage significantly reduced to 1.8 from 2.7 Total investments of EUR 46.9 million in 2015 “One Pfleiderer” process was successfully completed on January 19, 2016   Grajewo, Poland, 21 March 2016 – Pfleiderer Group, one of the largest and most modern producers of furniture boards, kitchen worktops and artificial veneers in Europe, today announces its 2015 financial results. The Group’s 2015 revenues amounted to EUR 984.5 million after exemptions (2014: EUR 959.9 million). Core West posted revenues of EUR 651.3 million (growth of 3.9%), after EUR 626.8 million the year before. Core East (Pfleiderer Grajewo S.A.) revenues amounted to EUR 374.2 million (growth of 2.8%), after 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 finalised 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.   The Group has reduced net debt by as much as EUR 80.2 million to EUR 243.5 million as of 31 December 2015, which is a significant improvement. Reasons for this are the increase of cash by EUR 32.4 million as well as the repayment and reduction of financial liabilities.  At the end of 2015, the net debt to EBITDA ratio was at 1.8, compared to 2.7 a year earlier and 4.0 at the end of 2013.   At the end of January 2016, Standard & Poor’s announced that the creation of “One Pfleiderer” had positively impacted the entity’s credit standing, and as such it granted a corporate credit rating “B” to Pfleiderer Grajewo S.A. Simultaneously, the agency raised Pfleiderer GmbH’s long-term corporate credit rating from “B-“ to “B”.   “We have managed to reach the debt parameters announced before the merger. Now we are focusing on internal integration in order to bring about as many synergies as possible. Further improvements in our key markets, expected on the basis of available market data, should also contribute to the continued growth of revenues and earnings improvement,” Michael Wolff said.   Taking into account the Group’s strong financial position and significantly reduced net debt, the Management Board of Pfleiderer Grajewo S.A. intends to recommend to the General Meeting a dividend payment of PLN 64,701,007 (57.7% of 2015 net profit of Pfleiderer Grajewo S.A. Group). This would be the first dividend payment since 2008 (for financial year 2007). Decision on the amount of the dividend will be made by the General Meeting.   Pfleiderer Group invested EUR 46.9 million in 2015. Major investments included a biomass boiler in Wieruszów (South-West Poland) in November 2015, a worktop line in Wieruszów and an enhancement of HDF backwall capacities. In 2016, the Group plans to maintain its investment outlays at a similar level.

Pfleiderer Group with strong growth in earnings and profitability in 2015 Financial Year

 

  • Pfleiderer Group revenues rise 2.6% y-o-y to EUR 984.5 million
  • Sustainable EBITDA increased by even 10.6% to EUR 132.3 million (margin 13.4%)
  • Revenues of Pfleiderer Grajewo S.A. amounted to EUR 374.2 million while sustainable EBITDA reached EUR 54.5 million
  • The Management Board will recommend a dividend payment of PLN 64,701,007 (57.7% of 2015 net profit of Pfleiderer Grajewo S.A. Group) – first dividend payment since 2008
  • Pfleiderer Group’s net leverage significantly reduced to 1.8 from 2.7
  • Total investments of EUR 46.9 million in 2015
  • “One Pfleiderer” process was successfully completed on January 19, 2016

 

Grajewo, Poland, 21 March 2016 – Pfleiderer Group, one of the largest and most modern producers of furniture boards, kitchen worktops and artificial veneers in Europe, today announces its 2015 financial results. The Group’s 2015 revenues amounted to EUR 984.5 million after exemptions (2014: EUR 959.9 million). Core West posted revenues of EUR 651.3 million (growth of 3.9%), after EUR 626.8 million the year before. Core East (Pfleiderer Grajewo S.A.) revenues amounted to EUR 374.2 million (growth of 2.8%), after 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 finalised 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.

 

The Group has reduced net debt by as much as EUR 80.2 million to EUR 243.5 million as of 31 December 2015, which is a significant improvement. Reasons for this are the increase of cash by EUR 32.4 million as well as the repayment and reduction of financial liabilities.  At the end of 2015, the net debt to EBITDA ratio was at 1.8, compared to 2.7 a year earlier and 4.0 at the end of 2013.

 

At the end of January 2016, Standard & Poor’s announced that the creation of “One Pfleiderer” had positively impacted the entity’s credit standing, and as such it granted a corporate credit rating “B” to Pfleiderer Grajewo S.A. Simultaneously, the agency raised Pfleiderer GmbH’s long-term corporate credit rating from “B-“ to “B”.

 

“We have managed to reach the debt parameters announced before the merger. Now we are focusing on internal integration in order to bring about as many synergies as possible. Further improvements in our key markets, expected on the basis of available market data, should also contribute to the continued growth of revenues and earnings improvement,” Michael Wolff said.

 

Taking into account the Group’s strong financial position and significantly reduced net debt, the Management Board of Pfleiderer Grajewo S.A. intends to recommend to the General Meeting a dividend payment of PLN 64,701,007 (57.7% of 2015 net profit of Pfleiderer Grajewo S.A. Group). This would be the first dividend payment since 2008 (for financial year 2007). Decision on the amount of the dividend will be made by the General Meeting.

 

Pfleiderer Group invested EUR 46.9 million in 2015. Major investments included a biomass boiler in Wieruszów (South-West Poland) in November 2015, a worktop line in Wieruszów and an enhancement of HDF backwall capacities. In 2016, the Group plans to maintain its investment outlays at a similar level.


  1603_Press: Pfleiderer Group with strong growth in earnings and profitability in 2015 Financial Year
2016/03/08 | Downloads Changes in the Board of Pfleiderer Grajewo S.A.
Pfleiderer Grajewo S.A.’s Supervisory Board has adapt the Board’s organisation to the structure of “One Pfleiderer”   Grajewo, 3 March 2016 – The Supervisory Board of Pfleiderer Grajewo S.A., one of the largest and most modern producers of wood based panels in Europe, held yesterday it’s constitutional meeting. The Supervisory Board adopted resolutions for the renewed and completed Management Board for the new integrated Pfleiderer Group.   Richard Mayer, previous member of Supervisory Board of Grajewo S.A., has joined the Management Board as CFO and will be responsible for treasury, Group‘s accounting, Group controlling, compliance and legal affairs.   Rafał Karcz, former CFO of Pfleiderer Grajewo S.A., has become Chief Administration Officer (CAO) overseeing operational functions: statutory accounting, operational controlling, supply chain and IT.   Dariusz Tomaszewski, former member of the Management Board responsible for sales, will change to operational sales organisation as Managing Director Industry Sales for the East focusing on the furniture industry. Simultaneously, he acts as Deputy of the Sales Director, Rainer Zumholte, for Pfleiderer‘s core markets in Central Europe as well as Managing Director for Prospan S.A. and Pfleiderer MDF Sp. z o.o.   The other Board members will remain unchanged. Michael Wolff continues to be the President of the Management Board and CEO responsible specifically for strategic planning and human resources. Dr. Gerd Schubert, COO, oversees production and purchasing while Wojciech Gątkiewicz is the company’s CSO responsible for marketing, sales and R&D.   "With the completion of the Management Board, our Pfleiderer Group consists now of highly experienced management experts which will support our future profitable and sustainable growth" said Michael Wolff, President of the Management Board and CEO of Pfleiderer Grajewo S.A.
  • Pfleiderer Grajewo S.A.’s Supervisory Board has adapt the Board’s organisation to the structure of “One Pfleiderer”

 

Grajewo, 3 March 2016 – The Supervisory Board of Pfleiderer Grajewo S.A., one of the largest and most modern producers of wood based panels in Europe, held yesterday it’s constitutional meeting. The Supervisory Board adopted resolutions for the renewed and completed Management Board for the new integrated Pfleiderer Group.

 

Richard Mayer, previous member of Supervisory Board of Grajewo S.A., has joined the Management Board as CFO and will be responsible for treasury, Group‘s accounting, Group controlling, compliance and legal affairs.

 

Rafał Karcz, former CFO of Pfleiderer Grajewo S.A., has become Chief Administration Officer (CAO) overseeing operational functions: statutory accounting, operational controlling, supply chain and IT.

 

Dariusz Tomaszewski, former member of the Management Board responsible for sales, will change to operational sales organisation as Managing Director Industry Sales for the East focusing on the furniture industry. Simultaneously, he acts as Deputy of the Sales Director, Rainer Zumholte, for Pfleiderer‘s core markets in Central Europe as well as Managing Director for Prospan S.A. and Pfleiderer MDF Sp. z o.o.

 

The other Board members will remain unchanged. Michael Wolff continues to be the President of the Management Board and CEO responsible specifically for strategic planning and human resources. Dr. Gerd Schubert, COO, oversees production and purchasing while Wojciech Gątkiewicz is the company’s CSO responsible for marketing, sales and R&D.

 

"With the completion of the Management Board, our Pfleiderer Group consists now of highly experienced management experts which will support our future profitable and sustainable growth" said Michael Wolff, President of the Management Board and CEO of Pfleiderer Grajewo S.A.


  1603 press release: Supervisory_Board
2015/10/01 | Wojciech Gatkiewicz controls sales and marketing areas in the Pfleiderer group
Wojciech Gatkiewicz controls sales and marketing areas in the Pfleiderer group   Grajewo/Neumarkt (OPf.), 01st October 2015 – Mr Wojciech Gatkiewicz (54) has assumed responsibility for sales and marketing in the Pfleiderer corporate management team, with immediate effect. This means that he now controls the said areas for the entire Pfleiderer group. Gatkiewicz remains a member of the board at Pfleiderer Grajewo S.A., where he was the CEO until February 2015. He is on the Grajewo board, where he is responsible for the integration and transformation of the wood material manufacturer's two business areas for the regions of Eastern and Western Europe. The corporate management team has the task of securing the planned integration of operative functions at the German Pfleiderer GmbH and the Polish Pfleiderer Grajewo S.A. Michael Wolff, CEO of the Pfleiderer group: "Wojciech Gatkiewicz is an acknowledged industry expert with great knowledge of the market. I am very happy that he will now be bringing his skills into the corporate management team. By assuming responsibility for sales and marketing, the distribution of work activities within the corporate management team is now complete and the merging of the business group on management level has now finally been concluded."

Wojciech Gatkiewicz controls sales and marketing areas in the Pfleiderer group

 

Grajewo/Neumarkt (OPf.), 01st October 2015 – Mr Wojciech Gatkiewicz (54) has assumed responsibility for sales and marketing in the Pfleiderer corporate management team, with immediate effect. This means that he now controls the said areas for the entire Pfleiderer group. Gatkiewicz remains a member of the board at Pfleiderer Grajewo S.A., where he was the CEO until February 2015. He is on the Grajewo board, where he is responsible for the integration and transformation of the wood material manufacturer's two business areas for the regions of Eastern and Western Europe.


The corporate management team has the task of securing the planned integration of operative functions at the German Pfleiderer GmbH and the Polish Pfleiderer Grajewo S.A.


Michael Wolff, CEO of the Pfleiderer group: "Wojciech Gatkiewicz is an acknowledged industry expert with great knowledge of the market. I am very happy that he will now be bringing his skills into the corporate management team. By assuming responsibility for sales and marketing, the distribution of work activities within the corporate management team is now complete and the merging of the business group on management level has now finally been concluded."

2015/03/26 | Downloads Pfleiderer ends fiscal year 2014
See download for further information.

See download for further information.


  150330 Pfleiderer ends fiscal year 2014
2015/02/16 | Downloads Pfleiderer strengthens Executive Board of Pfleiderer Grajewo S.A.
Grajewo, February 16, 2015 – Pfleiderer Grajewo S.A.’s Supervisory Board today appointed Michael Wolff and Dr Gerd Schubert, CEO and COO of Pfleiderer GmbH, respectively, to the Executive Board of Pfleiderer Grajewo S.A.. The appointments will further streamline the management and operations of the two companies and speed up decision-making. Pfleiderer GmbH holds a 65% stake in Pfleiderer Grajewo S.A.. “I am delighted that Michael Wolff and Dr Gerd Schubert are joining the Executive Board”, said Dr Paolo Antonietti, Chairman of the Board of Pfleiderer Grajewo S.A.. “The composition of both the new Supervisory and Executive Boards at Grajewo now resembles closely that of Pfleiderer GmbH, which will enhance strategic alignment and facilitate cooperation on the ground between the two companies within the Pfleiderer Group.” Michael Wolff, who joined Pfleiderer in 2004 and has been CEO of Pfleiderer GmbH since 2013, will now also take on the CEO role at Pfleiderer Grajewo S.A.. Dr Gerd Schubert, COO at Pfleiderer GmbH since 2014, will also join the Executive Board of Pfleiderer Grajewo S.A. as COO. Rafal Karcz remains CFO and Dariusz Tomaszewski and Wojciech Gatkiewicz remain Board members. Mr Tomaszewski will be responsible for Sales and Mr Gatkiewicz for the cultural integration and the transformation process of Pfleiderer Group’s two regions Eastern and Western Europe. By enabling faster decision-making processes and a more streamlined operational structure, the new governance structure will lead to planned cost savings of €15 million by the end of 2017. It will also help the Group to pursue its growth and profitability objectives, and to strengthen its strategic position as one of the leading wood-based manufacturers in Europe.   Pfleiderer GmbH   Pfleiderer Grajewo S.A.       Executive Board Michael Wolff (CEO) Richard Mayer (CFO) Dr. Gerd Schubert (COO)   Executive Board Michael Wolff (CEO) Rafal Karcz (CFO) Dr. Gerd Schubert (COO) Dariusz Tomaszewski Wojciech Gatkiewicz       Supervisory Board Dr. Michael F. Keppel (Vorsitzender)  Reinhard Hahn (erster stellv. Vorsitzender) Dr. Paolo G. Antonietti (zweiter stellv. Vorsitzender) Tammo Andersch Alfred Dennenmoser Paul Dierkes Alfred Hagebusch Florian Kawohl Prof. Dr. Andreas Michanickl Manfred Schmidt Dr. Melanie Tuchbreiter Dr. Astrid Ziegler   Supervisory Board​ Dr. Paolo G. Antonietti (Vorsitzender) Dr. Michael F. Keppel (stellv. Vorsitzender) Jochen Schapka Richard Mayer Jan Wozniak ​About the Pfleiderer Group: Pfleiderer is a leading European manufacturer of engineered wood. The company employs around 3,300 people across the Group and is divided into the business units Core West (Western Europe Region) and Core East (Eastern Europe Region). Core West combines the product ranges of Duropal, wodego and Thermopal under the Pfleiderer umbrella brand and is a partner to industry, trade, crafts, designers and architects. The company has five production sites in Germany. In Eastern Europe, Pfleiderer holds the majority share in the listed Polish subsidiary Pfleiderer Grajewo S.A., which has a strong market position on the Polish engineered wood market. Contact for editors: Frank Elsner Frank Elsner Kommunikation für Unternehmen GmbH Tel.: +49 - 89 - 99 24 96 30 e-mail: office@elsner-kommunikation.de

Grajewo, February 16, 2015 – Pfleiderer Grajewo S.A.’s Supervisory Board today appointed Michael Wolff and Dr Gerd Schubert, CEO and COO of Pfleiderer GmbH, respectively, to the Executive Board of Pfleiderer Grajewo S.A.. The appointments will further streamline the management and operations of the two companies and speed up decision-making. Pfleiderer GmbH holds a 65% stake in Pfleiderer Grajewo S.A..

“I am delighted that Michael Wolff and Dr Gerd Schubert are joining the Executive Board”, said Dr Paolo Antonietti, Chairman of the Board of Pfleiderer Grajewo S.A.. “The composition of both the new Supervisory and Executive Boards at Grajewo now resembles closely that of Pfleiderer GmbH, which will enhance strategic alignment and facilitate cooperation on the ground between the two companies within the Pfleiderer Group.”

Michael Wolff, who joined Pfleiderer in 2004 and has been CEO of Pfleiderer GmbH since 2013, will now also take on the CEO role at Pfleiderer Grajewo S.A.. Dr Gerd Schubert, COO at Pfleiderer GmbH since 2014, will also join the Executive Board of Pfleiderer Grajewo S.A. as COO. Rafal Karcz remains CFO and Dariusz Tomaszewski and Wojciech Gatkiewicz remain Board members. Mr Tomaszewski will be responsible for Sales and Mr Gatkiewicz for the cultural integration and the transformation process of Pfleiderer Group’s two regions Eastern and Western Europe.

By enabling faster decision-making processes and a more streamlined operational structure, the new governance structure will lead to planned cost savings of €15 million by the end of 2017. It will also help the Group to pursue its growth and profitability objectives, and to strengthen its strategic position as one of the leading wood-based manufacturers in Europe.

 

Pfleiderer GmbH   Pfleiderer Grajewo S.A.
     
Executive Board
Michael Wolff (CEO)
Richard Mayer (CFO)
Dr. Gerd Schubert (COO)
  Executive Board
Michael Wolff (CEO)
Rafal Karcz (CFO)
Dr. Gerd Schubert (COO)
Dariusz Tomaszewski
Wojciech Gatkiewicz
     
Supervisory Board
Dr. Michael F. Keppel (Vorsitzender) 
Reinhard Hahn (erster stellv. Vorsitzender)
Dr. Paolo G. Antonietti (zweiter stellv. Vorsitzender)
Tammo Andersch
Alfred Dennenmoser
Paul Dierkes
Alfred Hagebusch
Florian Kawohl
Prof. Dr. Andreas Michanickl
Manfred Schmidt
Dr. Melanie Tuchbreiter
Dr. Astrid Ziegler
  Supervisory Board​
Dr. Paolo G. Antonietti (Vorsitzender)
Dr. Michael F. Keppel (stellv. Vorsitzender)
Jochen Schapka
Richard Mayer
Jan Wozniak


​About the Pfleiderer Group:
Pfleiderer is a leading European manufacturer of engineered wood. The company employs around 3,300 people across the Group and is divided into the business units Core West (Western Europe Region) and Core East (Eastern Europe Region). Core West combines the product ranges of Duropal, wodego and Thermopal under the Pfleiderer umbrella brand and is a partner to industry, trade, crafts, designers and architects. The company has five production sites in Germany. In Eastern Europe, Pfleiderer holds the majority share in the listed Polish subsidiary Pfleiderer Grajewo S.A., which has a strong market position on the Polish engineered wood market.

Contact for editors:
Frank Elsner
Frank Elsner Kommunikation für Unternehmen GmbH
Tel.: +49 - 89 - 99 24 96 30
e-mail: office@elsner-kommunikation.de


  150216 Pfleiderer strengthens Executive Board of Pfleiderer Grajewo S.A.
2015/01/30 | Change in the Supervisory Board of Pfleiderer Grajewo
At today’s Annual General Meeting of Pfleiderer Grajewo S.A., Dr Paolo Antonietti and Dr Michael F. Keppel were elected to the company’s Supervisory Board. They succeed Michael Wolff and Dr Gerd Schubert, who intend to adopt a management position at Pfleiderer Grajewo S.A. in future. Both Dr Antonietti and Dr Keppel are existing members of the Supervisory Board of Pfleiderer GmbH that owns a 65% stake in Pfleiderer Grajewo S.A.   Dr Antonietti has 30 years of experience in management positions at large multinationals. Since 2006 he has served as Chairman of the Board at Private Equity owned companies. Dr Keppel has been Chairman of the Supervisory board of Pfleiderer GmbH since May 2014. He is founder and managing partner of Keppel Managementpartners GmbH and a managing partner of Cornelius Treuhand Holding GmbH & Co.KG, both based in Frankfurt. Previously, he has acted as manager and Supervisory Board member for several companies.

At today’s Annual General Meeting of Pfleiderer Grajewo S.A., Dr Paolo Antonietti and Dr Michael F. Keppel were elected to the company’s Supervisory Board. They succeed Michael Wolff and Dr Gerd Schubert, who intend to adopt a management position at Pfleiderer Grajewo S.A. in future. Both Dr Antonietti and Dr Keppel are existing members of the Supervisory Board of Pfleiderer GmbH that owns a 65% stake in Pfleiderer Grajewo S.A.

 

Dr Antonietti has 30 years of experience in management positions at large multinationals. Since 2006 he has served as Chairman of the Board at Private Equity owned companies. Dr Keppel has been Chairman of the Supervisory board of Pfleiderer GmbH since May 2014. He is founder and managing partner of Keppel Managementpartners GmbH and a managing partner of Cornelius Treuhand Holding GmbH & Co.KG, both based in Frankfurt. Previously, he has acted as manager and Supervisory Board member for several companies.

2014/09/16 | Downloads Significant increase in turnover and earnings for Pfleiderer in the first half of 2014
· Group turnover increases by 6.3 % to 486.4 million euros · EBITDA almost doubles to 59.2 million euros · First half of the year closes with profit after tax of 14.7 million euros · Significant improvement in the cost structure achieved · CEO Michael Wolff: “Pfleiderer enters the second half of the year in a stronger position”

· Group turnover increases by 6.3 % to 486.4 million euros

· EBITDA almost doubles to 59.2 million euros

· First half of the year closes with profit after tax of 14.7 million euros

· Significant improvement in the cost structure achieved

· CEO Michael Wolff: “Pfleiderer enters the second half of the year in a stronger position”


  IR: Press release Q2 2014
2014/07/07 | Pfleiderer plans bond issue
Neumarkt, 20 June 2014 – Pfleiderer GmbH intends to issue 320 million Euro senior secured notes due in 2019. Marketing is to commence on 23 June 2014, final allocation will take place end of June.

Neumarkt, 20 June 2014 – Pfleiderer GmbH intends to issue 320 million Euro senior secured notes due in 2019. Marketing is to commence on 23 June 2014, final allocation will take place end of June.