Pfleiderer AG / Quarter Results


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Pfleiderer AG continues along its growth path in Q1 2008 – Effects from
interest and exchange rates hedging reduce earnings by around €6 million –
Unchanged guidance confirmed for full year

Neumarkt, April 29, 2008. On the basis of preliminary figures, Pfleiderer
AG increased its consolidated revenue in the first quarter of 2008 (Jan. 1
– Mar. 31, 2008) by 9.4% to €468 million (Q1 2007: €428 million). However,
the Group’s earnings before interest, taxes, depreciation and amortization
(EBITDA) increased by only 7.1% to €60.4 million (€56.4 million) due to
weaker demand in Poland, and were thus €3.1 million below the Company’s
forecast. The first quarter is always the weakest of the year for seasonal
reasons. There was an additional negative impact from the lower number of
production days than in Q1 2007 because the Easter holidays were in March
this year. Financial income was reduced due to the valuation on the interim
balance sheet date of interest rate hedging instruments (by €4.5 million)
and of forward-exchange hedges (by €1.2 million). Earnings from ordinary
operating activities amounted to €14.4 million (€24.8 million). Profit for
the period before minority interests was €10.9 million (€17.5 million).
Earnings per share amounted to 10 (24) euro cents.

Despite the dissatisfactory development of earnings in the first quarter of
2008, the Executive Board of Pfleiderer AG confirms its announced goals for
the full year, provided that there is no further worsening of the market
situation and no further negative impact from currency or interest
developments. Total revenue of €2 billion and an improved Group EBITDA
margin of 15% for the year 2008 are still considered a realistic target.
This assessment is based on the measures initiated, the Group’s good
performance in the region of Western Europe, and the currently
better-than-planned development of business in North America. As the year
progresses, these factors will compensate for the relatively slow growth in
earnings during the first quarter.

Pfleiderer AG will publish its interim report on the first quarter of 2008
on the company’s website before official trading on May 8.

Further information: 
Pfleiderer AG, Neumarkt 
Gala Conrad 
Head of Corporate Communication and Investor Relations 
Tel.: + 49 (0)9181 28 8491 
Fax: + 49 (0)9181 28 606 

DGAP 29.04.2008 
Language:     English
Issuer:       Pfleiderer AG
              Ingolstädter Straße 51
              93218 Neumarkt
Phone:        +49 (0)9181 28 - 8491
Fax:          +49 (0)9181 28 - 606
ISIN:         DE0006764749
WKN:          676474
Indices:      MDAX
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News                                     DGAP News-Service