STEICO Aktiengesellschaft / Quarter Results
16.06.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Q1 2008 figures: STEICO AG's revenues at previous year's level
- Weaker sales market impacts growth and earnings
- Continued positive perspectives
Feldkirchen (Munich), June 16, 2008 The STEICO Group's revenues totaled
EUR 25.0 million in the first quarter of 2008, thus up 2.3% compared to Q1
2007 (EUR 24.5 million). Growth has slowed as the markets for the group's
products have weakened. This slowdown has stemmed, in particular, from the
ongoing financial and credit crisis. In addition, the temporary sluggish
purchasing behavior led to growing inventories in the trade, which resulted
in increasing pressure on prices.
Increased costs were incurred for expanding international activities and
for the further introduction of I-joists and hemp insulation materials. In
addition, the increasing amortization/depreciation resulting from the
capital expenditure over the past few years has depressed results. EBITDA
in the first quarter of 2008 totaled EUR 2.9 million (previous year: EUR
4.5 million). STEICO AG's EBIT in the first quarter totaled EUR 0.9 million
(previous year: EUR 2.9 million).
STEICO AG has reacted to the changed environment with an in-depth
restructuring and optimization program, which will boost efficiency in all
of the company's divisions. In addition, it will focus more closely on the
attractive market for property refurbishment.
STEICO AG's Managing Board believes that the markets for its products will
stabilize during the second half of the year, which will benefit the STEICO
Group - the market leader for ecological insulation materials. In addition,
sales of I-joists are forecast to increase substantially by the end of the
year.
Environmental issues, spiraling heating costs and state subsidies for
energy-efficient building are continuing to create an attractive niche
market for STEICO's ecological construction products. Thanks to the capital
expenditure projects already completed, the high equity ratio of 70.4% and
its cash and cash equivalents totaling EUR 34.1 million, the STEICO Group
is also excellently positioned for the future.
Company profile:
The STEICO group of companies develops, produces and sells ecological
construction products made of renewable materials. The company leads the
European market for wood-fiber insulation materials with a market share of
more than 40 percent STEICO is a pioneer for the environment with a large
bandwidth of FSC® and natureplus® certified products. The company enjoys
competitive advantages as a result of the effective cost structure at its
three European production facilities and its intense research and
development work. The Group's new products 'Hemp insulation materials' and
'I-joists' as construction elements for residential construction mean that
it has positioned itself as a system provider for ecological and
particularly energy-efficient construction products. The production of
natural fiber boards (NFB) as components for the I-joists rounds off
STEICO's vertical integration, which is unique within the industry. The
Munich-based company's products are successfully used in home building for
floors, walls, ceilings and roofs.
The STEICO Group plans to continue the growth it has enjoyed in the past
few years thanks to its clear strategic orientation. The strategic plans
focus on existing and new products, including for new customers. The funds
from the IPO in June 2007 have enabled the company to further bolster the
Group's excellent quality as well as to drive its
internationalization.
Contact:
Andreas Schulze
STEICO Aktiengesellschaft
Hans-Riedl-Strasse 21
85622 Feldkirchen
Fon: +49-(0)89-99 15 51-48
Fax: +49-(0)89-99 15 51-97
E-Mail: schulze@steico.com
www.steico.com
DGAP 16.06.2008
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Language: English
Issuer: STEICO Aktiengesellschaft
Hans-Riedl-Str. 21
85622 Feldkirchen
Deutschland
Phone: +49 - (0)89 - 99 15 51 - 0
Fax: +49 - (0)89 - 99 15 51 - 99
E-mail: info@steico.com
Internet: http://www.steico.com
ISIN: DE000A0LR936
WKN: A0LR93
Listed: Freiverkehr in Berlin, Düsseldorf, München; Entry Standard in
Frankfurt
End of News DGAP News-Service
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DGAP-News: Q1 2008 figures: STEICO AG's revenues at previous year's level
| Source: EQS Group AG