Pfleiderer AG increased consolidated revenues by 3.5% in the first half of 2008 to €916.9 million (H1/2007: €886.0 million). Western and Eastern Europe were the growth drivers, while North America recorded a decline due in particular to the plant closure in La Baie, Canada, and to exchange rates. These two effects reduced the Group’s revenues by a total of €33.5 million. Overall, the international share of revenues in the Pfleiderer Group increased from 70.4% to 71.9%.
At €119.5 million, consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) almost matched the previous year’s level (H1/2007: €121.0 million). The EBITDA margin remained a good 13.0% (prior-year period: 13.7%). Earnings were affected by rising raw material prices and limited scope for price adjustments in some cases. In addition, EBIT reflects expenses of €9.8 million relating to the closure of the MDF plant in La Baie, Canada. Exchange rates also had a negative effect of €1.5 million. As a result, EBIT only reached €54.8 million as against €70.5 million in the previous year.
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