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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
2017/03/02 | 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
2016/11/07 | Downloads Pfleiderer Group recorded an increase in EBITDA margin thanks to the focus on value-added products
Pfleiderer Group recorded an increase in EBITDA margin thanks to the focus on value-added products   Sustainable EBITDA (excluding extraordinary effects) increased significantly - by 12.9% to EUR 108.4 million EBITDA margin was raised to 14.9% of revenues and overachieved expectations Strong volume demand across all product groups in particular value added products, such as HPL and laminated particleboard Revenues were EUR 726.6 million, slightly down against the same period in 2015 due to lower selling prices and negative exchange rates The Group’s strong performance was supported by growth of the national economies – a steady increase in sales in the West Segment, materials prices remain at favorable levels The Management Board confirmed its expectation to achieve at least 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. 07.11.2016 Wrocław, Poland. During the first three quarters of 2016 Pfleiderer Group generated a strong financial performance. The project “ONE PFLEIDERER” successfully drove the next stage of full integration of the Group, which has unlocked further grow potential.   Consolidated revenues during the first nine months of the year amounted to EUR 726.6 million to EUR 741.9 million last year. The level of sales was negatively affected by price pressure and the negative effect of exchange rate differences amounting to EUR 23.6 million. However, the volume growth in the West Segment (EUR 21.1 million) and favorable prices of materials used in production had a positive impact on revenues. At a lower level of sales, sustainable EBITDA amounted to EUR 108.4 million and was 12.9% higher. EBITDA margin was raised to 14.9% and was higher than the assumptions for the reporting period. “The project “ONE PFLEIDERER” successfully drove the next stage of full integration of the Group. The results recorded after 3 quarters of 2016 demonstrated a strong financial performance. High volume demand across all product groups in particular value added products, EBITDA significant growth excluding the impact of extraordinary items by 12.9% and improvement in margins are of key significance. The results are above our expectations, also when it comes to the effect of optimization activities related to the full integration of the Group.” “ONE PFLEIDERER” reached all milestones and reported realized savings of EUR 16.4 million to the end of September 2016. We are happy to confirm our target of realizing cost savings of at least EUR 30 million by the end of 2018. We are working on the new growth strategy till 2020, which we would like to present to the capital market at the end of Q1, 2017.”   Michael Wolff, President and CEO of the Pfleiderer Group   The results of the subsequent quarters of this year are affected by one-off events related to the expenditure incurred on the process of re-IPO (EUR 10.2 million), the provisions for necessary reorganization process of the capital group (EUR 7.3 million) and the provisions for costs related to antitrust claims or for settlements of such claims (EUR 3.8 million). Reported EBITDA, taking into account the aforementioned reasons, amounted to EUR 77.2 million (compared to EUR 87.2 million in three quarters of 2015.). Net profit in the reported period amounted to EUR 13.5 million from EUR 15.1 million during the first nine months of 2015. In the Western European segment, the Group in the first 3 quarters of 2016 reported a 2.1% increase in revenues to EUR 501.2 million, mainly due to higher sales volumes in all product groups, especially when it comes to raw particleboard and laminate. The results improved despite growing pressure on prices. In the segment of Eastern Europe in the first three quarters of 2016 the Group generated revenue of EUR 251.6 million, compared to EUR 279.3 million in the same period last year. The decrease of sales of the segment is mainly related to the decrease in turnover of the HDF-plant in MDF Grajewo, price pressure associated with the import of cheaper particleboards from Belarus and Ukraine to the Polish market. The Board notes, however, that the rate of decrease is stopped (in the Q3, 2016 the sales reduction in HDF-plant MDF Grajewo was only EUR 1.5 million vs. EUR 13.7 million in Q1-Q3, 2016). Production capacity in key lines was almost fully utilized, allowing for the effective distribution of fixed costs. In the three quarters of the year, the Group took additional measures to increase operational efficiency, especially in terms of productivity and costs associated with improving quality. All strategic projects are well on track and the capital expenditure amounted to EUR 31.8 million in the nine months of 2016. At the end of July, a new lacquering line was opened in Grajewo. This investment worth EUR 5 million will increase by 30% the production capacity for lacquered HDF boards in Grajewo and was realized within the framework of the Pfleiderer program “4Pack Project”. Already 51 people were employed to service the new investment. Implementation of the 4Pack project will increase the employment within MDF Grajewo by 70 people. In March the investment in the worktop line in Wieruszów was finalized. Thanks to it, the Group increases its production and improves its competitiveness in the segment of kitchen worktops. Pfleiderer also uses the favorable market conditions in the housing market in Germany. This year EUR 9 million are invested in the Neumarkt production site and the outlays will increase production capacity by 10%. This plant is the largest factory producing particleboards throughout Europe. In the end of Q3 (30 September), the National Court Register KRS registered the new name - the earlier Pfleiderer Grajewo S.A. is now the Pfleiderer Group S.A. and the Company's head office was moved from Grajewo to Wroclaw. Changes in the Group structure are strategic and they will result in the creation of three tiers of the organization. The Group currently consists of: a holding company which carries out tasks related to the management of the Group, operators of operational and production companies. Due to change of  the Company name, the Warsaw Stock Exchange announced that as from 28th October, 2016 shares of the Pfleiderer Group S.A. will be quoted under market ticker „PFL”.

Pfleiderer Group recorded an increase in EBITDA margin thanks to the focus on value-added products

 

  • Sustainable EBITDA (excluding extraordinary effects) increased significantly - by 12.9% to EUR 108.4 million
  • EBITDA margin was raised to 14.9% of revenues and overachieved expectations
  • Strong volume demand across all product groups in particular value added products, such as HPL and laminated particleboard
  • Revenues were EUR 726.6 million, slightly down against the same period in 2015 due to lower selling prices and negative exchange rates
  • The Group’s strong performance was supported by growth of the national economies – a steady increase in sales in the West Segment, materials prices remain at favorable levels
  • The Management Board confirmed its expectation to achieve at least 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.

07.11.2016 Wrocław, Poland. During the first three quarters of 2016 Pfleiderer Group generated a strong financial performance. The project “ONE PFLEIDERER” successfully drove the next stage of full integration of the Group, which has unlocked further grow potential.  

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

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

“The project “ONE PFLEIDERER” successfully drove the next stage of full integration of the Group. The results recorded after 3 quarters of 2016 demonstrated a strong financial performance. High volume demand across all product groups in particular value added products, EBITDA significant growth excluding the impact of extraordinary items by 12.9% and improvement in margins are of key significance. The results are above our expectations, also when it comes to the effect of optimization activities related to the full integration of the Group.”

“ONE PFLEIDERER” reached all milestones and reported realized savings of EUR 16.4 million to the end of September 2016. We are happy to confirm our target of realizing cost savings of at least EUR 30 million by the end of 2018. We are working on the new growth strategy till 2020, which we would like to present to the capital market at the end of Q1, 2017.”

 

Michael Wolff, President and CEO of the Pfleiderer Group

 

The results of the subsequent quarters of this year are affected by one-off events related to the expenditure incurred on the process of re-IPO (EUR 10.2 million), the provisions for necessary reorganization process of the capital group (EUR 7.3 million) and the provisions for costs related to antitrust claims or for settlements of such claims (EUR 3.8 million).

Reported EBITDA, taking into account the aforementioned reasons, amounted to EUR 77.2 million (compared to EUR 87.2 million in three quarters of 2015.). Net profit in the reported period amounted to EUR 13.5 million from EUR 15.1 million during the first nine months of 2015.

In the Western European segment, the Group in the first 3 quarters of 2016 reported a 2.1% increase in revenues to EUR 501.2 million, mainly due to higher sales volumes in all product groups, especially when it comes to raw particleboard and laminate. The results improved despite growing pressure on prices.

In the segment of Eastern Europe in the first three quarters of 2016 the Group generated revenue of EUR 251.6 million, compared to EUR 279.3 million in the same period last year. The decrease of sales of the segment is mainly related to the decrease in turnover of the HDF-plant in MDF Grajewo, price pressure associated with the import of cheaper particleboards from Belarus and Ukraine to the Polish market. The Board notes, however, that the rate of decrease is stopped (in the Q3, 2016 the sales reduction in HDF-plant MDF Grajewo was only EUR 1.5 million vs. EUR 13.7 million in Q1-Q3, 2016). Production capacity in key lines was almost fully utilized, allowing for the effective distribution of fixed costs. In the three quarters of the year, the Group took additional measures to increase operational efficiency, especially in terms of productivity and costs associated with improving quality.

All strategic projects are well on track and the capital expenditure amounted to EUR 31.8 million in the nine months of 2016. At the end of July, a new lacquering line was opened in Grajewo. This investment worth EUR 5 million will increase by 30% the production capacity for lacquered HDF boards in Grajewo and was realized within the framework of the Pfleiderer program “4Pack Project”. Already 51 people were employed to service the new investment. Implementation of the 4Pack project will increase the employment within MDF Grajewo by 70 people. In March the investment in the worktop line in Wieruszów was finalized. Thanks to it, the Group increases its production and improves its competitiveness in the segment of kitchen worktops. Pfleiderer also uses the favorable market conditions in the housing market in Germany. This year EUR 9 million are invested in the Neumarkt production site and the outlays will increase production capacity by 10%. This plant is the largest factory producing particleboards throughout Europe.

In the end of Q3 (30 September), the National Court Register KRS registered the new name - the earlier Pfleiderer Grajewo S.A. is now the Pfleiderer Group S.A. and the Company's head office was moved from Grajewo to Wroclaw.

Changes in the Group structure are strategic and they will result in the creation of three tiers of the organization. The Group currently consists of: a holding company which carries out tasks related to the management of the Group, operators of operational and production companies.

Due to change of  the Company name, the Warsaw Stock Exchange announced that as from 28th October, 2016 shares of the Pfleiderer Group S.A. will be quoted under market ticker „PFL”.


  1611: Pfleiderer Group recorded an increase in EBITDA margin thanks to the focus on value-added products
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.
2016/03/21 | 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
2015/07/31 | Downloads Atlantik S.A. announcement regarding its lenders
Atlantik S.A. announcement regarding its lenders   Neumarkt, 31 July 2015 – In connection with certain proposed transactions, including the capital increase of Pfleiderer Grajewo S.A. and its acquisition of Pfleiderer GmbH, Pfleiderer GmbH’s shareholder, Atlantik S.A., has informed Pfleiderer GmbH that Atlantik S.A.’s lenders have all agreed to refrain from trading, until the earlier of the completion or abandonment of the proposed transactions and 31 January 2016, in Atlantik S.A.’s debt instruments, including deferred settled trades and sub-participations (other than transfers to an existing lender or an affiliate of the transferor).   This document (and the information contained herein) does not contain or constitute an offer of securities for sale, or a solicitation of an offer to purchase securities, in the United States, Australia, Canada or Japan, or any other jurisdiction where such an offer or solicitation would be unlawful. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States, unless registered under the Securities Act or unless an exemption from the registration requirements set forth in the Securities Act applies to them. No public offering of the securities will be made in the United States and the Company does not intend to make any such registration under the Securities Act.   In the United Kingdom, this communication is being distributed only to and is directed only at “qualified investors” within the meaning of section 86 of the Financial Services and Markets Act 2000 who are (a) persons who have professional experience in matters relating to investments falling within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (b) high net worth entities falling within Article 49(2)(a) to (d) of the Order and (c) other persons to whom it may be lawfully communicated (all such persons together being referred to as “relevant persons”). The securities will be available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be only with, relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents.   This communication is for informational purposes only and under no circumstances shall constitute an offer or invitation, or form the basis for a decision, to invest in the securities of Pfleiderer Grajewo S.A. (the “Company”). The prospectus (the “Prospectus”) which should be prepared in connection with the offering and admission of the Company’s securities to trading on the Warsaw Stock Exchange will be the sole legally binding document containing information about the Company and the offering of its shares in Poland (the “Offering”). The Company will be authorized to carry out the Offering to the public in Poland once the Prospectus has been approved by the Polish Financial Supervision Authority. For the purposes of the Offering in Poland and admission of the Company’s securities to trading on the Warsaw Stock Exchange, the Company will make the Prospectus available on the Company’s website http://www.pfleiderer.pl.   The publication of this material does not constitute the making available of information to promote the purchase or acquisition of securities or an inducement of their purchase or acquisition within the meaning of Article 53 section 1 of Polish Act of 29 July 2005 on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies, as amended (the “Act on Public Offering”), and does not constitute a promotional campaign within the meaning of Article 53 section 2 Act on Public Offering.   This material does not constitute a recommendation within the meaning of the Regulation of the Polish Minister of Finance Regarding Information Constituting Recommendations Concerning Financial Instruments or Issuers Thereof dated October 19, 2005.   Statements contained herein may constitute “forward-looking statements”. Forward-looking statements are generally identifiable by the use of the words “may”, “will”, “should”, “aim”, “plan”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “project”, “goal” or “target” or the negative of these words or other variations on these words or comparable terminology.   Forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that could cause the Company’s or its industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company does not undertake publicly to update or revise any forward-looking statement that may be made herein, whether as a result of new information, future events or otherwise.

Atlantik S.A. announcement regarding its lenders

 

Neumarkt, 31 July 2015 – In connection with certain proposed transactions, including the capital increase of Pfleiderer Grajewo S.A. and its acquisition of Pfleiderer GmbH, Pfleiderer GmbH’s shareholder, Atlantik S.A., has informed Pfleiderer GmbH that Atlantik S.A.’s lenders have all agreed to refrain from trading, until the earlier of the completion or abandonment of the proposed transactions and 31 January 2016, in Atlantik S.A.’s debt instruments, including deferred settled trades and sub-participations (other than transfers to an existing lender or an affiliate of the transferor).

 

This document (and the information contained herein) does not contain or constitute an offer of securities for sale, or a solicitation of an offer to purchase securities, in the United States, Australia, Canada or Japan, or any other jurisdiction where such an offer or solicitation would be unlawful. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States, unless registered under the Securities Act or unless an exemption from the registration requirements set forth in the Securities Act applies to them. No public offering of the securities will be made in the United States and the Company does not intend to make any such registration under the Securities Act.

 

In the United Kingdom, this communication is being distributed only to and is directed only at “qualified investors” within the meaning of section 86 of the Financial Services and Markets Act 2000 who are (a) persons who have professional experience in matters relating to investments falling within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (b) high net worth entities falling within Article 49(2)(a) to (d) of the Order and (c) other persons to whom it may be lawfully communicated (all such persons together being referred to as “relevant persons”). The securities will be available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be only with, relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents.

 

This communication is for informational purposes only and under no circumstances shall constitute an offer or invitation, or form the basis for a decision, to invest in the securities of Pfleiderer Grajewo S.A. (the “Company”). The prospectus (the “Prospectus”) which should be prepared in connection with the offering and admission of the Company’s securities to trading on the Warsaw Stock Exchange will be the sole legally binding document containing information about the Company and the offering of its shares in Poland (the “Offering”). The Company will be authorized to carry out the Offering to the public in Poland once the Prospectus has been approved by the Polish Financial Supervision Authority. For the purposes of the Offering in Poland and admission of the Company’s securities to trading on the Warsaw Stock Exchange, the Company will make the Prospectus available on the Company’s website http://www.pfleiderer.pl.

 

The publication of this material does not constitute the making available of information to promote the purchase or acquisition of securities or an inducement of their purchase or acquisition within the meaning of Article 53 section 1 of Polish Act of 29 July 2005 on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies, as amended (the “Act on Public Offering”), and does not constitute a promotional campaign within the meaning of Article 53 section 2 Act on Public Offering.

 

This material does not constitute a recommendation within the meaning of the Regulation of the Polish Minister of Finance Regarding Information Constituting Recommendations Concerning Financial Instruments or Issuers Thereof dated October 19, 2005.

 

Statements contained herein may constitute “forward-looking statements”. Forward-looking statements are generally identifiable by the use of the words “may”, “will”, “should”, “aim”, “plan”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “project”, “goal” or “target” or the negative of these words or other variations on these words or comparable terminology.

 

Forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that could cause the Company’s or its industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company does not undertake publicly to update or revise any forward-looking statement that may be made herein, whether as a result of new information, future events or otherwise.


  0730: Atlantik S.A. announcement regarding its lenders
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 | Downloads 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.


  1501: Pfleiderer Grajewo
2014/06/20 | Downloads 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.