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Ad-hoc-News

Ad-hoc - March 15, 2019

Consolidated revenues decline moderately in 2018; consolidated earnings clearly affected by increase in various expense types and one-time effects; reduced dividend proposal of € 0.18 per preference share and € 0.12 per ordinary share

In the fiscal year 2018, Westag & Getalit AG generated consolidated sales revenues of € 233.2 million (previous year: € 234.4 million). In spite of the generally positive environment in the construction sector, total revenues were adversely affected by weaker domestic business. Necessary repair work on the power plant and the resulting downtime also had an adverse effect on domestic revenues. Export revenues showed a positive trend in both divisions. They were up by 6.0% on 2017 and totalled € 57.9 million in the fiscal year 2018 (previous year: € 54.6 million). As a result, the export share increased from 23.3% to 24.8%.

At € 103.3 million, sales revenues in the Surfaces/Elements Division were up by 2.7% on the previous year in 2018. While domestic revenues rose by 2.6% to € 72.2 million, export revenues climbed 3.0% to € 31.1 million (previous year: € 30.2 million). The division’s export share thus stands at 30.1% (previous year: 30.0%).

Against the background of almost full capacity utilisation and difficult competitive conditions, sales revenues in the Doors/Frames Division totalled € 125.4 million, down by a moderate 1.2% on the previous year’s € 126.9 million. The division’s export revenues increased by 9.8% from € 24.4 million to € 26.8 million in 2018. Due to the expansion of the project business, the export share climbed from 19.2% to 21.4%.

Sales revenues in the Central Division dropped from € 6.9 million to € 4.5 million in 2018. One of the main reasons was the repair and resulting downtime of the power plant, which reduced revenues in this division by € 2.7 million.

Consolidated earnings before taxes amounted to € 6.0 million in 2018 (previous year: € 9.1 million). The Group’s earnings in 2018 were primarily affected by increased material and freight costs and personnel expenses. To offset these cost increases and to stabilise the profit contributions, the company announced price increases for its own products for 2019 already at the end of the third quarter of 2018. One-time effects additionally weighed on the result in the fiscal year 2018. The effects of the repair of the power plant and consulting expenses that became necessary in conjunction with the public takeover bid for the company’s shares reduced the Group’s earnings by a total of € 3.3 million. Compared to 2017, the result of the year 2018 benefited from the fact that the expenses incurred in the previous year to reorganise the product ranges did not recur in 2018. Consolidated net profit moved in line with earnings before taxes and reached € 4.5 million (previous year: € 6.5 million). Earnings per share amounted to € 0.87 per preference share (previous year: € 1.25) and to € 0.81 per ordinary share (previous year: € 1.19).

At today’s Supervisory Board meeting, the financial statements of Westag & Getalit AG for the fiscal year 2018 were adopted and the consolidated financial statements were approved. The Management Board and the Supervisory Board will propose a dividend of € 0.18 per preference share and of € 0.12 per ordinary share to the Annual General Meeting on May 17, 2019. This dividend proposal is attributable to the lower HGB net profit for the year 2018 of € 1.9 million (previous year: € 4.7 million) as well as to the unsatisfactory cash flow generated in the past fiscal year.

Mr Christopher Stenzel, Chief Financial Officer of Westag & Getalit AG since November 2015, will leave the company at his own request with effect from June 30, 2019 to take up a new professional challenge. Over the past years, Mr Stenzel has always been entirely committed to the company. The Supervisory Board therefore regrets Mr Stenzel’s departure very much and thanks him sincerely for the excellent and trusting cooperation. We wish Mr Stenzel all the best for the future and will always regard him as a friend of the Westag family.

Outlook

In view of a generally positive economic environment, the management of Westag & Getalit AG is optimistic about the future. Building on the strengths of the company, it is our objective to analyse the business activity with the help of a product-market matrix and to focus on higher-margin products and markets. This includes a review of the strategic focus to assess the product portfolio and the services. Moreover, the internal processes will be reviewed as to whether and how external partners may assist the company in further improving its efficiency. It is the objective of the Management Board to improve the Group’s earnings position and to achieve an adequate return on capital employed.

In this context, the new development opportunities that will arise for the company within the Broadview Group will also have a positive effect. The Group gives Westag & Getalit access to new technologies, new products and an expanded distribution network without the company losing its distinct profile.

For 2019, management projects a high single-digit percentage increase in sales revenues and a noticeable improvement in earnings before taxes and, consequently, in consolidated net profit. In spite of the moderate revenue trend at the beginning of the year, the Management Board remains optimistic that these projections will be met. Besides the measures mentioned above, this expectation is also based on continued good construction activity.

The above press release and further information on Westag & Getalit are available on the Internet at www.westag-getalit.com.

 

  • 2019
    • Ad-hoc - March 15, 2019

      Consolidated revenues decline moderately in 2018; consolidated earnings clearly affected by increase in various expense types and one-time effects; reduced dividend proposal of € 0.18 per preference share and € 0.12 per ordinary share

      In the fiscal year 2018, Westag & Getalit AG generated consolidated sales revenues of € 233.2 million (previous year: € 234.4 million). In spite of the generally positive environment in the construction sector, total revenues were adversely affected by weaker domestic business. Necessary repair work on the power plant and the resulting downtime also had an adverse effect on domestic revenues. Export revenues showed a positive trend in both divisions. They were up by 6.0% on 2017 and totalled € 57.9 million in the fiscal year 2018 (previous year: € 54.6 million). As a result, the export share increased from 23.3% to 24.8%.

      At € 103.3 million, sales revenues in the Surfaces/Elements Division were up by 2.7% on the previous year in 2018. While domestic revenues rose by 2.6% to € 72.2 million, export revenues climbed 3.0% to € 31.1 million (previous year: € 30.2 million). The division’s export share thus stands at 30.1% (previous year: 30.0%).

      Against the background of almost full capacity utilisation and difficult competitive conditions, sales revenues in the Doors/Frames Division totalled € 125.4 million, down by a moderate 1.2% on the previous year’s € 126.9 million. The division’s export revenues increased by 9.8% from € 24.4 million to € 26.8 million in 2018. Due to the expansion of the project business, the export share climbed from 19.2% to 21.4%.

      Sales revenues in the Central Division dropped from € 6.9 million to € 4.5 million in 2018. One of the main reasons was the repair and resulting downtime of the power plant, which reduced revenues in this division by € 2.7 million.

      Consolidated earnings before taxes amounted to € 6.0 million in 2018 (previous year: € 9.1 million). The Group’s earnings in 2018 were primarily affected by increased material and freight costs and personnel expenses. To offset these cost increases and to stabilise the profit contributions, the company announced price increases for its own products for 2019 already at the end of the third quarter of 2018. One-time effects additionally weighed on the result in the fiscal year 2018. The effects of the repair of the power plant and consulting expenses that became necessary in conjunction with the public takeover bid for the company’s shares reduced the Group’s earnings by a total of € 3.3 million. Compared to 2017, the result of the year 2018 benefited from the fact that the expenses incurred in the previous year to reorganise the product ranges did not recur in 2018. Consolidated net profit moved in line with earnings before taxes and reached € 4.5 million (previous year: € 6.5 million). Earnings per share amounted to € 0.87 per preference share (previous year: € 1.25) and to € 0.81 per ordinary share (previous year: € 1.19).

      At today’s Supervisory Board meeting, the financial statements of Westag & Getalit AG for the fiscal year 2018 were adopted and the consolidated financial statements were approved. The Management Board and the Supervisory Board will propose a dividend of € 0.18 per preference share and of € 0.12 per ordinary share to the Annual General Meeting on May 17, 2019. This dividend proposal is attributable to the lower HGB net profit for the year 2018 of € 1.9 million (previous year: € 4.7 million) as well as to the unsatisfactory cash flow generated in the past fiscal year.

      Mr Christopher Stenzel, Chief Financial Officer of Westag & Getalit AG since November 2015, will leave the company at his own request with effect from June 30, 2019 to take up a new professional challenge. Over the past years, Mr Stenzel has always been entirely committed to the company. The Supervisory Board therefore regrets Mr Stenzel’s departure very much and thanks him sincerely for the excellent and trusting cooperation. We wish Mr Stenzel all the best for the future and will always regard him as a friend of the Westag family.

      Outlook

      In view of a generally positive economic environment, the management of Westag & Getalit AG is optimistic about the future. Building on the strengths of the company, it is our objective to analyse the business activity with the help of a product-market matrix and to focus on higher-margin products and markets. This includes a review of the strategic focus to assess the product portfolio and the services. Moreover, the internal processes will be reviewed as to whether and how external partners may assist the company in further improving its efficiency. It is the objective of the Management Board to improve the Group’s earnings position and to achieve an adequate return on capital employed.

      In this context, the new development opportunities that will arise for the company within the Broadview Group will also have a positive effect. The Group gives Westag & Getalit access to new technologies, new products and an expanded distribution network without the company losing its distinct profile.

      For 2019, management projects a high single-digit percentage increase in sales revenues and a noticeable improvement in earnings before taxes and, consequently, in consolidated net profit. In spite of the moderate revenue trend at the beginning of the year, the Management Board remains optimistic that these projections will be met. Besides the measures mentioned above, this expectation is also based on continued good construction activity.

      The above press release and further information on Westag & Getalit are available on the Internet at www.westag-getalit.com.

       

    • Ad-hoc February 11, 2019

      Consolidated revenues decline moderately to € 233.2 million in 2018; increase in various expense types and one-time effects have clearly adverse effect on consolidated earnings

      According to preliminary figures, Westag & Getalit AG generated consolidated revenues of € 233.2 million in the fiscal year 2018 (previous year: € 234.4 million). While export revenues were up by 6.0% in comparison to 2017, total sales revenues were adversely affected by the slowdown in domestic business. This was due, among other things, to the necessary repair of the power plant and the resulting downtime.

      Consolidated earnings before taxes totalled € 6.0 million (previous year: € 9.1 million). In 2018, the Group’s earnings were primarily affected by rising material and freight costs and personnel expenses. To offset these cost increases and to stabilise the profit contributions, the Group announced price increases for its own products in 2019 already at the end of the third quarter of 2018.

      As reported in the course of the year, one-time effects additionally weighed on the result in the fiscal year 2018. The effects of the repair of the power plant completed in October 2018 and consulting expenses that became necessary in conjunction with the public takeover bid for the company’s shares totalled € 3.3 million. Compared to 2017, the result of the year 2018 benefited from the fact that the expenses incurred in the previous year to reorganise the product ranges did not recur in 2018. Consolidated net profit for the year moved in sync with earnings before taxes and reached € 4.5 million (previous year: € 6.5 million).

      Westag & Getalit AG’s net profit for the year as defined by the German Commercial Code (HGB) amounted to € 1.9 million in 2018 (previous year: € 4.7 million). This result was subject to the same influencing factors as the Group’s consolidated net profit to IFRS. Besides this, the decline from the previous year’s result is primarily due to allocations to pension provisions that became necessary because of the change in the interest rate and the use of new mortality tables.

      All above figures are provisional and are subject to the ongoing audit of the financial statements. The final figures as well as a profit appropriation proposal will be communicated following the adoption of the financial statements. Due to the decline in net profit to HGB and the reduced cash flow, the dividend for the year 2018 will be significantly lower than that for the previous year.

      The above release and further information on Westag & Getalit are available on the Internet at www.westag-getalit.com.

       

  • 2018
    • Ad-hoc - November, 22 2018

      Westag & Getalit AG: Company applies for revocation of the admission to the Prime Standard of Deutsche Börse AG

      The company announces herewith that the Managing Board of Westag & Getalit AG has decided to file an application for revocation of the admission to the Prime Standard of the Regulated Market of the Frankfurt Stock Exchange with the consent of the Supervisory Board today. This step is taken to reduce the additional expense associated with a listing in the Prime Standard.

      The revocation of the admission will become effective three months after the revocation decision of the management of the Frankfurt Stock Exchange is published on the Internet (www.deutsche-boerse.com). The admission of Westag & Getalit AG’s shares to the Regulated Market of the Frankfurt Stock Exchange will remain unaffected by the revocation. The company’s shares will in future be listed in the General Standard. The Company will also inform the public in the future about its business performance in the form of quarterly reports and half-year financial reports.

      The above announcement and further information on Westag & Getalit are available on the Internet at www.westag-getalit.com.

    • Ad-hoc - October 31, 2018

      Ad-hoc - October 31, 2018

      Sales revenues below previous year at nine-month stage 2018; consolidated earnings below previous year due to cost increases and material one-time effects

      In the first nine months of the fiscal year 2018, Westag & Getalit AG generated consolidated revenues of € 176.2 million. Revenues thus fell short of the previous year’s € 177.5 million. Domestic revenues again declined during the nine-month period, whereas the Group’s export revenues rose by 8.1% to € 44.1 million (previous year: € 40.8 million). Consequently, the export share increased from 23.0% to 25.1%.

      Sales revenues of the Doors/Frames Division amounted to € 95.0 million in the first nine months of 2018 (previous year: € 96.1 million). The Surfaces/Elements Division generated revenues of € 78.1 million (previous year: € 75.9 million). The Central Division’s revenues dropped sharply from € 5.5 million to € 3.1 million due to the major overhaul of the cogeneration unit which started in June 2018.

      Consolidated earnings before taxes in the amount of € 3.5 million (previous year: € 7.0 million) have again been influenced by different factors in the current fiscal year to date. At the operational level, increased material prices and higher forwarding expenses resulting from a shortage of freight capacities resulted in lower profit contributions from our own products in the past months. Moreover, the major overhaul of the cogeneration unit, which commenced in early June 2018 and could not be completed before mid-October 2018 because of unplanned high repair requirements, had an adverse effect worth € 3.0 million on the bottom line. The scheduled overhaul had revealed that an unexpectedly comprehensive repair of the generator was required. Due to the extended downtime, this led to a shortfall in revenues as well as to higher expenses for alternative energy sources and for repairs. Another extraordinary effect related to consulting expenses in the amount of € 0.6 million that became necessary in conjunction with the public takeover bid for the company’s shares announced on June 11, 2018.

      Consequently, the Group’s net profit for the period also declined sharply to € 2.4 million (previous year: € 4.9 million). Net profit per share amounted to € 0.43 for the ordinary shares (previous year: € 0.89) and to € 0.49 for the preference shares (previous year: € 0.95).

      Outlook
      The company projects a generally positive market trend for the remaining course of 2018. On the condition that revenues in the Surfaces/Elements Division will stay above the prior year level and that the cogeneration unit will run smoothly after completion of the overhaul, the Management Board now projects total sales revenues to be on a par with the previous year.

      In the long term, the company expects to generate growing revenues again also in the domestic market. The fact that the product portfolios are precisely tailored to the individual markets makes the Management Board optimistic that the company will be able to further expand its export activities assuming a benign economic environment.

      The overhaul of the cogeneration unit completed in mid-October 2018 will continue to weigh on the bottom line in the fourth quarter of 2018. Against the background of the one-time effects described above, the Management Board expects earnings for the full year 2018 to be considerably lower than in the previous year.

      Redemption of own shares and capital reduction
      The Management Board of Westag & Getalit AG today decided, with the consent of the Supervisory Board, to redeem all preference shares (365,066 shares) held by the company, which have been acquired over the past years on the basis of various repurchase authorisations, and to reduce the subscribed capital by the corresponding amount of € 934,586.96. This is equivalent to 6.38% of the share capital. The redemption will be made on the basis of the authorisation granted by the Annual General Meeting of Westag & Getalit AG on August 18, 2015.

      The above release and further information on Westag & Getalit are available on the Internet at www.westag-getalit.com.

    • Ad-hoc - August 22, 2018

      Ad-hoc - August 22, 2018

      Resignation as Chairman of the Supervisory Board

      Klaus Pampel, Chairman of the Supervisory Board of the Westag & Getalit AG, has recently informed the company that he resigns from his position as Chairman of the Supervisory Board and as member of the Supervisory Board with effect of the end of the Annual General Meeting to be held on August 31, 2018.

    • Ad-hoc - July 25, 2018

      Ad-hoc - July 25, 2018

      Sales revenues in H1 2018 slightly above previous year; consolidated earnings clearly below previous year due to one-time effects

      Westag & Getalit AG generated consolidated revenues of € 118.1 million in the first half of 2018, which was slightly above the previous year’s € 117.8 million. While domestic revenues declined during the period, exports showed a positive trend, with revenues in the Group’s foreign markets growing by 11.3% to € 29.5 million (previous year: € 26.5 million). Consequently, the export share climbed from 22.5% to 25.0%.

      Sales revenues in the Doors/Frames Division totalled € 62.6 million in the first six months of 2018 (previous year: € 63.6 million). The Surfaces/Elements Division generated revenues of € 52.6 million (previous year: € 50.2 million). Revenues of the Central Division declined from € 4.0 million to € 2.9 million in the reporting period.

      Consolidated earnings before taxes in the amount of € 3.3 million (previous year: € 4.5 million) were adversely influenced by several factors. At the operational level, increased material prices and higher forwarding expenses resulting from a shortage of freight capacities resulted in lower profit contributions from our own products in the past months. Moreover, a scheduled major overhaul of the cogeneration unit revealed that an unexpectedly comprehensive repair of the generator is required. This means that the Group’s income statement is adversely affected by a shortfall of revenues and by much higher maintenance expenses than originally planned. To a minor extent, the result of the second quarter was adversely affected by consulting expenses that became necessary in conjunction with the public takeover bid for the company’s shares announced on June 11, 2018. Consequently, the Group’s net profit for the period also declined to € 2.3 million (previous year: € 3.1 million). Net profit per share amounted to € 0.40 for the ordinary shares (previous year: € 0.56) and to € 0.46 for the preference shares (previous year: € 0.62).

      Based on a continued positive market environment and the ongoing expansion of the distribution activities in the Surfaces/Elements Division, the Managing Board expects total sales revenues for 2018 to increase moderately. In the long term, the company primarily aims to grow its domestic revenues again. The fact that the product portfolios are precisely tailored to the individual markets makes the Management Board optimistic that the company will be able to further expand its export activities assuming a benign economic environment. In this context, the company will benefit, among other things, from the increased production capacity that will be available in the Doors/Frames Division starting 2019.

      According to current knowledge, the major overhaul of the cogeneration unit will last until the end of September, i.e. much longer than originally planned due to the necessary repair of the generator. This will lead to declining revenues and increased repair costs also in the third quarter of 2018. This and the above-described earnings trend in the year to date have prompted the Management Board to adjust its forecast, according to which earnings for the full year 2018 are now expected to be lower than in the previous year.

    • Ad-hoc - May 23, 2018

      Ad-hoc - May 23, 2018

      Gethalia Foundation and Broadview Industries AG have reached an agreement on the sale of 75.50 percent of the ordinary shares of Westag & Getalit AG - announcement of a voluntary public takeover offer

      Rheda-Wiedenbrück, 23 May 2018 – The Management Board of Westag & Getalit AG has been informed that the majority shareholder of Westag & Getalit AG, Gethalia Foundation, completed an agreement today with Broadview Industries AG regarding the sale of all ordinary shares held by Gethalia Foundation, amounting to 75.5 percent of the issued ordinary shares. As a result, the sale consists of 37.75 percent of all shares in Westag & Getalit AG. Broadview Industries AG is an indirect subsidiary of Broadview Holding B.V., a company based in the Netherlands.

      Pursuant to Section 10 of the German Securities Acquisition and Takeover Act, Broadview Industries AG furthermore published its decision today to make a voluntary public takeover offer to all shareholders of Westag & Getalit AG to acquire their no-par bearer shares. According to the announcement, the shareholders of Westag & Getalit AG will be offered EUR 31.00 per ordinary and preference share in cash. If the settlement of the takeover offer occurs prior to the next Annual General Meeting of Westag & Getalit AG, the cash consideration in the amount of EUR 30.26 per ordinary share and EUR 30.20 per preference share will be increased by EUR 0.74 per ordinary share and EUR 0.80 per preference share to EUR 31.00 per ordinary and preference share in cash. If the settlement of the takeover offer occurs after the next Annual General Meeting of Westag & Getalit AG, the shareholders of Westag & Getalit AG will, in addition to the cash consideration in the amount of EUR 30.26 per ordinary share and EUR 30.20 per preference share in cash, receive the expected dividend for the financial year 2017 of EUR 0.74 per ordinary share and EUR 0.80 per preference share. If the dividend for the financial year 2017 is less than EUR 0.74 per ordinary share and EUR 0.80 per preference share, Broadview Industries AG will make up the difference for those shareholders who have tendered their shares as part of the takeover offer.

      Furthermore, the completion of the takeover offer will be subject to merger-control approvals. However, the key terms for the offer will be set solely by the offer document that has to be published yet.

      The Management Board and the Supervisory Board of Westag & Getalit AG will carefully review the offer and issue a reasoned opinion following the release of the offer documents in accordance with Section 27 of the German Securities Acquisition and Takeover Act. The Management Board is of the opinion that Broadview Industries AG is as a suitable partner for the continued long-term development of Westag & Getalit AG.

      Against the background of these events, the Management Board intends to postpone the already summoned Annual General Meeting of Westag & Getalit AG from 26 June 2018 to 31 August  2018.

    • Ad-hoc May 11, 2018

      Ad-hoc - May 11, 2018

      New Board member appointed for Westag & Getalit AG

      The Supervisory Board of Westag & Getalit AG today appointed Mr Rainer Zumholte (55) as new member of the company’s Management Board and Head of the Surfaces/Elements Division with effect from July 1, 2018. Mr Zumholte is a highly experienced industry expert, who will push ahead with the company’s strategic development, especially in the Surfaces/Elements Division.

      Mr Zumholte previously served as Managing Director of a leading international manufacturer of wooden materials, for which he very successfully built up and managed marketing and sales units. He has thus gained comprehensive experience, which he will now contribute to his new role at Westag & Getalit AG.

      Mr Zumholte will strengthen the Management Board, whose other members are Wilhelm Beckers, CEO and Head of the Doors/Frames Division, and Chief Financial Officer Christopher Stenzel.

    • Ad-hoc - April 30, 2018

      Ad-hoc - April 30, 2018

      Sales revenues and earnings pick up slightly in Q1 2018

      Westag & Getalit AG generated sales revenues of € 60.9 million in the first quarter of 2018. This represented a moderate improvement by 2.0% compared to the previous year’s € 59.7 million. The company’s export business showed a particularly positive trend in the first three months of 2018. Sales revenues outside Germany increased by 9.1% to € 14.4 million (previous year: € 13.2 million). Consequently, the export share climbed from 22.1% to 23.7%.

      At € 32.1 million, sales revenues in the Doors/Frames Division remained almost unchanged compared to the prior year period (€ 32.3 million). The Surfaces/Elements Division increased its revenues from € 25.7 million to € 27.2 million. Sales revenues in the Central Division stood at € 1.6 million (previous year: € 1.7 million).

      Earnings before taxes amounted to € 2.4 million in the first quarter of 2018 (previous year: € 2.3 million). Earnings after taxes rose to € 1.7 million in the first three months (previous year: € 1.5 million). Earnings per share stood at € 0.29 for the ordinary shares (previous year: € 0.26) and at € 0.35 for the preference shares (previous year: € 0.32).

      Based on the forecasts for the German construction sector, the Management Board generally expects a positive market environment for 2018. This optimistic assumption is also based on the ongoing expansion of the distribution activities in the Surfaces/Elements Division. As the export markets remain difficult to assess, it is not easy to issue a precise forecast for the company’s performance abroad. On balance, however, the fact that the product portfolios are precisely tailored to the individual markets makes the Management Board optimistic that the company will be able to further expand its export activities assuming a benign economic environment.

      In view of the strategic measures already initiated and positive industry forecasts, management is optimistic about the future. The Management Board thus confirms its forecast for 2018 under the conditions set out in the Annual Report for 2017 and aims for a moderate increase in sales revenues and disproportionately higher improvement in earnings compared to the previous year.

    • Ad-hoc - March 22, 2018

      Ad-hoc - March 22, 2018

      Revenues pick up moderately in 2017; earnings affected by one-time effects; reduced dividend proposal of € 0.80 per preference share and € 0.74 per ordinary share

      In the fiscal year 2017, Westag & Getalit AG generated consolidated sales revenues of € 234.4 million (previous year: € 233.0 million). The Group was thus able to achieve a moderate year-on-year increase in revenues thanks to a pick-up in business in the fourth quarter of 2017. This is attributable to the 8.8% rise in export revenues to € 54.6 million (previous year: € 50.2 million) and reflects the company’s intensified sales efforts in markets outside Germany. The export share climbed from 21.5% to 23.3%.

      Consolidated earnings before taxes amounted to € 9.1 million in the past fiscal year (previous year: € 10.5 million). Apart from an increase in various expense types, one-time effects also sent earnings falling below the prior year level. These included, for instance, the comprehensive reorganisation of the range of decorative products for interior construction, which initially had an adverse impact on profitability. Moreover, the expenses resulting from the discontinuation of the business activity of the Russian distribution company and the operating loss posted by this entity were fully recognised in the consolidated financial statements for 2017. The increase in various expense types primarily related to the cost of materials as well as to maintenance and advertising expenses. Consolidated net profit moved in line with earnings before taxes and reached € 6.5 million (previous year: € 7.6 million). Earnings per share amounted to € 1.25 per preference share (previous year: € 1.44) and to € 1.19 per ordinary share (previous year: € 1.38).

      At today’s Supervisory Board meeting, the financial statements of Westag & Getalit AG for the fiscal year 2017 were adopted, the consolidated financial statements were approved and the previously published preliminary figures were confirmed. The Management Board and the Supervisory Board will propose a dividend of € 0.80 per preference share and of € 0.74 per ordinary share to the Annual General Meeting on June 26, 2018. This is equivalent to a dividend yield of approx. 3.5% in terms of the year-end prices.

      Outlook

      Based on the forecasts for the German construction sector, which mainly influences the business of the Doors/Frames Division, the Management Board generally expects a positive market environment for 2018. This optimistic assumption is also based on the ongoing expansion of the distribution activities in the Surfaces/Elements Division. Developments in the increasingly important export markets will again be subject to uncertainties in 2018. In particular, the economic trend in European neighbouring countries will be influenced by the ECB’s continued low-interest policy and the consequences of Brexit. Against this background, it is difficult to issue an exact forecast for business outside Germany. On balance, however, the fact that the product portfolios are precisely tailored to the individual markets makes the Management Board optimistic that the company will be able to further expand its export activities assuming a benign economic environment.

      The negative earnings trend in 2017 was primarily influenced by one-time effects. In view of the strategic measures already initiated and positive industry forecasts, management is optimistic about the future. Based on continued good construction activity and the sales efforts undertaken in both product segments, the Management Board projects moderately rising revenues for 2018. Although the main expense items will continue to increase, management aims for a better result in 2018. This presupposes, however, that the company will be able to offset cost increases by raising its own prices and increasing its sales volumes.

    • Ad-hoc - February 16, 2018

      Ad-hoc - February 16, 2018

      Group sales revenues climb moderately to € 234.4 million in 2017; consolidated earnings adversely affected by one-time effects

      Westag & Getalit AG generated consolidated sales revenues of € 234.4 million in the fiscal year 2017 (previous year: € 233.0 million). The moderate year-on-year increase in revenues is attributable to the fact that business picked up in the fourth quarter of 2017. This was mainly due to the 8.8% rise in export revenues to € 54.6 million (previous year: € 50.2 million).

      Consolidated earnings before taxes amounted to € 9.1 million in the past fiscal year (previous year: € 10.5 million). Apart from an increase in several expense types, earnings declined also because of the comprehensive reorganisation of the product range in 2017. Moreover, the Management Board of Westag & Getalit AG decided to discontinue the business activity of the Russian distribution company. The resulting expenses were also recognised in the consolidated financial statements for 2017.

      Net profit moved in sync with earnings before taxes and reached € 6.5 million (previous year: € 7.6 million).

      The company’s headcount decreased from 1,308 to 1,279 people in 2017.

      All above figures are provisional and are subject to the ongoing audit of the financial statements. The final figures as well as a profit appropriation proposal will be communicated following the adoption of the financial statements.

  • 2017

    Ad-hoc - December 12, 2017

    Westag & Getalit AG continues share repurchase programme; 
    Announcement pursuant to Article 5 para. 1 lit. a) of Regulation (EU) No. 596/2014 and Article 2 para. 1 of Delegated Regulation (EU) No. 2016/1052 

    The Management Board of Westag & Getalit AG today decided, with the consent of the Supervisory Board, to continue the share repurchase programme in 2018. The company thus builds on the resolution passed on December 15, 2016 and will continue to repurchase own preference shares representing up to 10% of the present share capital beyond December 31, 2017 until 31 December 2018. At no time may the purchased shares, together with other own shares, represent more than 10% of the share capital. The Management Board thus exercises the authorisation granted by the ordinary Annual General Meeting dated August 18, 2015 to acquire own shares in accordance with section 71 para. 1 No. 8 of the German Stock Corporation Act (AktG).

    The shares are to be acquired via the stock exchange. The purchase price (excl. ancillary expenses) must not be more than 10% higher or lower than the average of the closing prices of the preference shares at the Frankfurt Stock Exchange (XETRA) on the three days preceding the purchase. The repurchased shares may be used for all legally permissible purposes covered by the authorisation granted by the Annual General Meeting. 

    The share repurchase is made in accordance with Articles 5, 14 and 15 of Regulation (EU) No. 596/2014 in conjunction with the Delegated Regulation (EU) No. 2016/1052 with the exception of Article 2 para. 1 a). The average daily share turnover that is relevant for the upper limit of the daily repurchase is derived from the average daily trading volume of the 20 trading days preceding the date of purchase. The repurchases are announced on the company’s website at www.westag-getalit.com/aktienrueckkauf. 

    Ad-hoc - October 25, 2017

    Group sales revenues and earnings below prior year in the first nine months

    Westag & Getalit AG generated consolidated sales revenues of € 177.5 million in the first nine months of 2017. Revenues were thus down by a moderate 1.2% on the previous year (€ 179.6 million) primarily due to the decline in domestic business. Exports again showed a positive trend during this period with revenues in the Group’s foreign markets rising by 6.5% to € 40.8 million (previous year: EUR 38.3 million). Consequently, the export share increased from 21.3% to 23.0%.

    Sales revenues in the Doors/Frames Division came in at € 96.1 million in the reporting period (previous year:  € 97.1 million). At € 75.9 million, revenues in the Surfaces/Elements Division remained almost unchanged from the previous year. The Central Division generated revenues of € 5.5 million (previous year: € 5.9 million).

    As a result of the above, consolidated earnings before taxes came in at € 7.0 million (previous year: € 8.6 million). As reported at the six-month stage, earnings were impacted not only by the unsatisfactory revenue trend but also primarily by price increases for various inputs as well as higher budgets for sales and marketing activities. Consequently, net profit for the period declined to € 4.9 million (previous year: € 6.1 million). Net profit per share amounted to € 0.89 for the ordinary shares (previous year: € 1.10) and to € 0.95 for the preference shares (previous year: € 1.16). 

    Outlook

    The current revenue trend and price trends in the commodities markets are key factors influencing the Group’s profitability. In view of the situation described above, the Management Board is not satisfied with the business performance in the year to date. The price increases for the company’s own products initiated in the course of the year will not be fully reflected in the result for 2017. 

    The Management Board expects sales revenues for the full year to more or less reach the prior year level. Taking into account the factors weighing on profitability as discussed above, consolidated earnings for the full year are expected to come in below the previous year’s level.

    Given that a Russian distribution company was established at the end of 2016, Westag & Getalit AG publishes its figures on a consolidated basis. The prior year figures have been adjusted accordingly.

    Ad-hoc - September 19, 2017

    Franz David, Chair of the Surfaces/Elements business unit is leaving Westag & Getalit AG

    Mr Franz David (51), a member of the Executive Board of Westag & Getalit AG since March 2015, has resigned his Executive Board mandate as of 19/09/2017. This has been mutually agreed between the Supervisory Board of Westag & Getalit AG and Mr David. Until a successor is appointed, Mr Wilhelm Beckers, CEO, and Mr Christopher Stenzel, CFO, will take over his responsibilities on an interim basis.

    The strategic direction of the Surfaces/Elements business unit was redefined under the responsibility of Mr David. The priority was to develop new growth areas while simultaneously optimizing the cost structures. 

    “Among other things, Mr David significantly drove forward the sales activities of the Surfaces/Elements business unit and provided new impetus for Westag & Getalit AG’s future growth. We would like to thank him for his outstanding performance.” says Supervisory Board Chairman Mr Klaus Pampel”. 
    Mr David says: “Westag & Getalit AG is a good and successful company to which I will continue to feel connected in future.” 

    The Supervisory Board of Westag & Getalit AG would like to thank Mr David for the excellent cooperation and his great commitment and wish him all the best and every success for his future career and private life.

    This release and further information about our company are available online at www.westag-getalit.com.

    Ad-hoc - July 26, 2017

    Group sales revenues and earnings below prior year in H1 2017


    Westag & Getalit AG generated consolidated sales revenues of € 117.8 million in the first half of 2017. This means that revenues were down by a moderate -0.9% on the previous year (€ 118.8 million), reflecting the decline in domestic business. Exports showed a positive trend during this period, with revenues in the Group’s foreign markets rising by 4.7% to € 26.5 million (previous year: EUR 25.3 million). Consequently, the export share climbed from 21.3% to 22.5%.

    This business performance translated into consolidated earnings before taxes of € 4.5 million, which was clearly below the previous year’s € 5.4 million. Apart from the unsatisfactory trend in top line revenues, earnings were impacted by price increases for a wide variety of raw materials as well as higher budgets allocated to sales activities. As a result, net profit for the period declined to € 3.1 million (previous year: € 3.8 million). Net profit per share amounted to € 0.56 for the ordinary shares (previous year: € 0.67) and to € 0.62 for the preference shares (previous year: € 0.73).

    Outlook
    The Management Board is not satisfied with the business performance during the first half of 2017. Apart from the subdued sales revenues for the first six months, current trends in the commodities markets are one of the key factors in the Group’s profitability. Specifically, Westag & Getalit AG is faced with clearly higher raw materials prices. The result for the full year 2017 will be determined in great measure by the company’s ability to pass on these price increases by raising the prices of its own products.

    The management is optimistic that the enhanced sales activities will have a positive impact on sales revenues during the remaining months of the financial year 2017. Against this background, the Management Board continues to assume that both divisions will achieve a slight increase in sales revenues for the full year. Taking into account the factors weighing on profitability as discussed above, consolidated earnings for the full year are expected to come in below the previous year’s level.

    Given that a Russian distribution company was established at the end of 2016, Westag & Getalit AG publishes its figures on a consolidated basis. The prior year figures have been adjusted accordingly.

    The above release and further information on Westag & Getalit are available on the Internet at www.westag-getalit.com.

    Ad-hoc - April 26, 2017

    Group sales revenues and earnings slightly below prior year in Q1 2017

    Westag & Getalit AG generated sales revenues of EUR 59.7 million in the first quarter of 2017. The slight 1.0% decline from the prior year period’s EUR 60.3 million is due to moderate demand at the beginning of the year. Exports showed a positive trend during the first three months, with revenues in the Group’s foreign markets up by 5.6% to € 13.2 million (previous year: € 12.5 million). Consequently, the export share climbed from 20.7% to 22.1%.

    Consolidated earnings before taxes amounted to € 2.3 million, which was slightly below the previous year’s € 2.4 million. As a result, net profit for the period declined to € 1.5 million (previous year: € 1.6 million). Net profit per share amounted to € 0.26 for the ordinary shares (previous year: € 0.27) and to € 0.32 for the preference shares (previous year: € 0.32).

    Outlook                            

    In spite of a moderate start to the year, the outlook for the coming months remains positive. Based on the forecasts for the German construction sector, which mainly influences the business of the Doors/Frames Division, the Management Board continues to expect a positive market environment for 2017. The positive revenue expectations are also based on the ongoing expansion of the distribution activities in the Surfaces/Elements Division. Developments in the increasingly important export markets will again be subject to several uncertainties in 2017. In particular, the economic situation in European neighbouring countries will be influenced by the continued low-interest policy and the consequences of the Brexit. Against this background, it is difficult to issue an exact forecast for business outside Germany. On balance, however, management is optimistic that the company will be able to further expand its export activities assuming a benign economic environment.

    The past year was essentially influenced by the good economic environment and the improved cost structures. Based on the assumption that the economic environment remains favourable, the Management Board’s objective is to achieve a slight increase in sales revenues in both operating divisions in the full fiscal year in spite of the subdued start into 2017. Depending on the development of the main expense items, e.g. raw materials, the company expects earnings to reach the previous year’s level in the fiscal year 2017.

    Given that a Russian distribution company was established at the end of 2016, Westag & Getalit AG publishes its figures on a consolidated basis. The prior year figures have been adjusted accordingly.

    Ad-hoc - March 29, 2017

    Sales and earnings growth in 2016; Management Board and Supervisory Board propose payment of an increaseddividend of € 1.00 per preference share and of € 0.94 per ordinary share

    In the fiscal year 2016, Westag & Getalit AG increased its consolidated sales revenues by 2.8% to €
    233.0 million (previous year: € 226.7 million). While domestic sales revenues rose by 1.8% to € 182.8
    million (previous year: € 179.6 million), export sales picked up by a disproportionate 6.6% to € 50.2
    million (previous year: € 47.1 million). The export share consequently improved from 20.8% to 21.5%.

    Consolidated earnings before taxes amounted to € 10.5 million in 2016 and were hence clearly up on the previous year’s € 8.6 million, with both operating divisions generating higher earnings. This positive
    earnings trend was essentially achieved thanks to the increase in sales revenues and the improved cost structures. Where the increase in sales revenues is concerned, Westag & Getalit AG benefited not only from the good economic environment but above all from the optimisation of its distribution structures initiated in the previous year and the selective investments in foreign markets. Consolidated net profit developed in line with earnings before taxes and reached € 7.6 million (previous year: € 6.3 million). Earnings per share amounted to € 1.44 per preference share (previous year: € 1.20) and to € 1.38 per ordinary share (previous year: € 1.14).

    The consolidated und separate financial statements for the fiscal year 2016 were approved and the
    preliminary figures already published confirmed at today’s meeting of the Supervisory Board. Because of the positive earnings trend, the Management Board and the Supervisory Board will propose a dividend of € 1.00 per preference share and of € 0.94 per ordinary share for the fiscal year 2016 at the Annual General Meeting on June 27, 2017. This would result in an above-average yield of close to 5% in terms of the 2016 closing prices.

    Outlook
    In view of the above-mentioned forecasts for the German construction industry, which has the biggest
    influence on our Doors/Frames Division, the Management Board generally expects a positive market
    environment for 2017. The positive revenue projections are additionally based on the ongoing expansion of our distribution activities in the Surfaces/Elements Division. The performance of the increasingly important export markets will again be influenced by the prevailing uncertainties in 2017. In the coming months, the ECB’s low-interest policy and the implications of Brexit will primarily influence the economies in our European neighbouring countries. Against this background, it is difficult to issue a precise forecast for our business performance abroad. All in all, management is, however, optimistic to be able to further increase the export activities assuming a benign economic environment.

    The past year was essentially influenced by the good economic environment and the improved cost
    structures. Based on the assumption that the economic environment remains favourable, the
    Management Board’s objective is to achieve a slight increase in sales revenues in both operating
    divisions in the full fiscal year in spite of the subdued start into 2017. Depending on the development of the main expense items, the company expects earnings to reach the previous year’s level in the fiscal year 2017.

    Ad-hoc - February 15, 2017

    Group sales revenues climb to € 233.0 million in 2016 Consolidated net profit grows on increased revenues and improved cost structures

    Westag & Getalit AG generated consolidated sales revenues of € 233.0 million in the fiscal year 2016
    (previous year: € 226.7 million). This 2.8% increase shows that the positive sales trend continued in spite of moderate autumn sales. While domestic sales revenues picked up by 1.8% to € 182.8 million
    (previous year: € 179.6 million), export sales increased by a disproportionate 6.6% to € 50.2 million
    (previous year: € 47.1 million).

    Consolidated earnings before taxes amounted to € 10.5 million in the past fiscal year (previous year:
    € 8.6 million), as the company benefited from a positive sales trend and an improved cost structure in a
    good economic environment. Consolidated net profit moved in sync with earnings before taxes and
    reached € 7.6 million (previous year: € 6.3 million).

    At 1,308 people, the headcount remained almost unchanged from the prior year reporting date (1,304
    people).

    Following the foundation of a Russian distribution company in October 2016, Westag & Getalit AG has
    prepared its first consolidated financial statements and adjusted the prior year figures accordingly. Sales revenues and other operating income were recognised in accordance with the new provisions of the Bilanzrichtlinie-Umsetzungsgesetz (BilRUG - German Accounting Directive Implementation Act) already in the course of the year. To ensure comparability, the prior year figures were adjusted accordingly.

    All above figures are provisional and are subject to the ongoing audit of the financial statements. The
    final figures as well as a profit appropriation proposal will be communicated following the adoption of the financial statements.

    The above press release and further information on Westag & Getalit are available on the Internet at
    www.westag-getalit.de.

  • 2016
    • Ad-hoc - July 26, 2016

      Sales revenues and earnings pick up in H1 2016

      Thanks to the good economic trend in the relevant output markets, Westag & Getalit AG increased its sales revenues by 5.7% to € 118.8 million in the first half of 2016 (previous year: € 112.4 million). With effect from June 30, 2016, sales revenues and other operating income were for the first time recognised in accordance with the provisions of the Bilanzrichtlinie-Umsetzungsgesetz (BilRUG - German Accounting Directive Implementation Act). The prior year figures have been adjusted accordingly. The company’s export sales rose by a disproportionate 8.6% to € 25.3 million (previous year: € 23.3 million); as a consequence, the export share climbed from 20.7% to 21.3%.

      The Doors/Frames Division boosted its sales revenues by 9.9% to € 64.4 million in the first half of 2016, compared to € 58.6 million in the previous year. 

      At € 50.5 million, first-half sales revenues in the Surfaces/Elements Division were up by 0.6% on the previous year’s € 50.2 million.

      As a result of the positive revenue trend, the company’s earnings also improved compared to the previous year. Earnings before income tax increased by 7.3% from € 5.1 million as at June 30, 2015 to € 5.4 million. Consequently, net income for the period rose from € 3.6 million to € 3.8 million. Net income per share amounted to € 0.68 for the ordinary shares (previous year: € 0.63) and to € 0.74 for the preference shares (previous year: € 0.69).

      Outlook

      After the gratifying trend in the first six months of 2016, the outlook for the coming months is generally positive. From today’s point of view, the Management Board assumes that the company will continue to benefit from the good development in the German construction sector. Management also expects the relevant output markets to show a generally positive trend. This expectation is supported by the intensified distribution activities abroad and the product portfolios customised to the individual markets.

      Against this background, the Management Board expects the sales trend in the year to date to continue until the end of the year. On this basis, the Management Board also believes that earnings will continue to show a positive trend.

       

    • Ad-hoc - May 3, 2016

      Westag & Getalit AG starts buying back own shares

      The Management Board of Westag & Getalit AG today decided, with the consent of the Supervisory Board, to purchase own preference shares representing up to 10% of the current share capital between May 9, 2016 and December 31, 2016; at no time may the purchased shares, together with other own shares, represent more than 10% of the share capital. The Management Board thus exercises the authorisation granted by the ordinary Annual General Meeting dated August 18, 2015 to acquire own shares in accordance with section 71 para. 1 No. 8 of the German Stock Corporation Act (AktG). As a result of the purchases made up to December 31, 2012, the company currently holds 310,828 own preference shares.

      The shares are to be acquired via the stock exchange. The purchase price (excl. ancillary expenses) must not be more than 10% higher or lower than the average of the closing prices of the preference shares at the Frankfurt Stock Exchange (XETRA) on the three days preceding the purchase. The repurchased shares may be used for all legally permissible purposes covered by the authorisation granted by the Annual General Meeting.

      The share buyback is to be executed by a bank commissioned by the company and in accordance with Art. 4 to 6 of Directive (EC) No. 2273/2003 of the Commission dated December 22, 2003. The daily upper volume limit for the buyback is subject to the average daily turnover in the stock which will be calculated on the basis of the average daily trading volume during the 20 trading days preceding each purchase.

      All purchases will be disclosed on the company's website at www.westag-getalit.de/aktienrueckkauf.

       

    • Ad-hoc - April 25, 2016

      Sales revenues and earnings pick up in Q1 2016

      Westag & Getalit AG increased its sales revenues by an impressive 7.3% to € 59.9 million in the first quarter of 2016 (previous year: € 55.8 million). The company primarily benefited from the good business climate in the housing construction sector at the beginning of the year. The company’s export business also showed a positive trend. Export sales increased by 11.7% to € 12.5 million in the reporting period (previous year: € 11.2 million). As a result, the export share climbed to 20.8% (previous year: 20.0%).

      Westag & Getalit AG’s earnings also showed a positive trend in the reporting period. Earnings before taxes (EBT) climbed from € 2.5 million in 2015 to € 2.6 million as of March 31, 2016. Moving in sync with EBT, net profit for the period increased by 5.1% from € 1.7 million to € 1.8 million. Net profit per share amounted to € 0.31 for the ordinary shares (previous year: € 0.29) and to € 0.37 for the preference shares (previous year: € 0.35).

      In spite of the positive developments at the beginning of the year, the outlook for the coming months remains difficult. The Management Board assumes that the company will continue to benefit from the positive trend in the German construction sector. Based on current estimates, the relevant export markets will generally also show a positive trend. This expectation is supported by the intensified distribution activities abroad and the product portfolios customised to the individual markets.

      Against this background, the Management Board projects a moderate increase in sales revenues and earnings for 2016 based on the assumption that the economic environment will remain unchanged.

       

    • Ad-hoc - October 27, 2016

      Positive sales trend continues and earnings pick up sharply in first nine months of 2016

      Westag & Getalit AG increased its sales revenues by 4.8% to € 179.6 million in the first nine months of 2016 (previous year: € 171.4 million). As already announced at the six-month stage, the company’s export revenues again picked up disproportionately, climbing 8% from the previous year’s € 35.4 million to € 38.3 million in the first nine months of 2016. Consequently, the export share rose from 20.8% to 21.5%.

      Thanks to the positive sales trend resulting from the intensified distribution activities and the ongoing adjustment of the operational cost structures, the company’s result improved notably in the reporting period. Earnings before taxes increased to € 8.6 million in the first nine months, up 11.5% on the € 7.7 million reported as of 30 September 2015. This trend also led to higher net profit for the period, which climbed from € 5.4 million to € 6.0 million. Net profit per share amounted to € 1.08 for the ordinary shares (previous year: € 0.97) and to € 1.14 for the preference shares (previous year: € 1.03).

      Outlook

      As already announced at the six-month stage, the market environment showed a good trend also in the third quarter of 2016. Forecasts suggest that the company’s market environment will generally remain positive for the rest of the year. The intensified distribution efforts and the continued good demand situation in the company’s relevant export markets will form the basis for the successful performance of Westag & Getalit AG.

      In view of these general conditions, the Management Board projects a continued positive revenue and earnings trend for the remaining months of the fiscal year. Consequently, management expects sales revenues to increase at the same rate as in the year to date and earnings to pick up sharply in the full year 2016.

       

    • Ad-hoc - March 29, 2016

      Sales revenues pick up moderately in 2015; earnings nevertheless below previous year; reduced dividend proposal of € 0.80 per preference share and € 0.74 per ordinary share

      Westag & Getalit AG was able to increase its sales revenues by 1.0% to € 225.4 million in the past fiscal year (previous year: € 223.1 million). While domestic sales revenues remained almost unchanged from the previous year, export sales increased sharply in spite of the difficult situation in some of the company’s target markets. They picked up by 5.2% to € 47.1 million in the past fiscal year (previous year: € 44.7 million). Consequently, the export share climbed from 20.1% to 20.9% in 2015.

      At € 8.2 million, earnings before taxes were down by 7.4% on the previous year’s € 8.9 million. The decline in earnings is essentially attributable to higher-than-expected write-downs of inventories and increased distribution activities in foreign markets. Net profit moved in sync with earnings before taxes and reached € 5.9 million (previous year: € 6.4 million). Accordingly, earnings per share amounted to € 1.13 (previous year: € 1.21) per preference share and to € 1.07 (previous year: € 1.15) for the ordinary shares in 2015.

      The financial statements for the fiscal year 2015 were approved and the preliminary figures already published confirmed at today’s meeting of the Supervisory Board. In view of the fact that earnings are lower than in the previous year, the Management Board and the Supervisory Board of Westag & Getalit AG will propose a dividend of € 0.80 per preference share and of € 0.74 per ordinary share to the Annual General Meeting on August 23, 2016. Although the dividend is lower than last year, the shares of Westag & Getalit AG will thus still offer an attractive yield of approx. 4%. 

      Forecast

      The uncertainty still prevailing in the international markets makes it difficult to predict the outlook. The general uncertainty may quickly make itself felt in the company’s relevant output markets. At this stage, however, management relies on the positive expectations regarding the economic trend in the construction sector and in the construction of houses and buildings, in particular. The Management Board also projects a generally positive trend for the relevant export markets. This expectation is supported by the intensified distribution activities abroad and the product portfolios customised to the individual markets. In view of the current environment, however, a forecast for the important Russian market is very difficult to make. 

      Because of the stimulation expected to be provided by construction activity as well as various distribution-related measures initiated in the Surfaces/Elements Division, Westag & Getalit AG expects sales revenues to pick up in the future. Based on the assumption that the economic environment will remain unchanged and that the cost of materials and personnel expenses as a percentage of total output will remain constant, the Management Board aims to achieve a turnaround in earnings, too. Against this background, the company projects slightly higher sales revenues and earnings for 2016.

       

    • Ad-hoc - February 12, 2016

      Moderate increase in sales revenues as exports rise sharply in 2015; earnings nevertheless below the prior year level

      Westag & Getalit AG generated sales revenues of € 225.4 million (previous year: € 223.1 million) in the financial year 2015. Following the rather slow start to the year, sales revenues thus grew by a moderate 1.0% year-on-year. While domestic revenues remained almost constant compared to the previous year, exports sales advanced notably in spite of the partly very difficult situation in the company’s target markets. They rose by 5.4% to € 47.1 million (previous year: € 44.7 million).

      Earnings before taxes amounted to € 8.2 million in the past financial year (previous year: € 8.9 million). The decline against the previous year is attributable to write-downs of inventories and intensified distribution activities in foreign markets. The effects of the write-downs exceeded the original expectations. By stepping up its distribution activities, the company is making investments to ensure that the positive sales trend outside Germany continues in the future.

      Net profit moved in sync with earnings before taxes and reached € 5.9 million (previous year: € 6.4 million). Against this background, the Management Board considers proposing a reduced dividend for 2015. 

      The company’s headcount increased by three to 1,304 people compared to the prior year reporting date.

      All above figures are provisional and are subject to the ongoing audit of the financial statements. The final figures as well as a profit appropriation proposal will be communicated following the adoption of the financial statements.