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Westag & Getalit AG: Sales Performance slightly slowed down by Exports

RHEDA-WIEDENBRUECK/GERMANY, April 10, 2014 - Westag & Getalit AG reports sales of EUR 224.2 million for the past financial year, a figure slightly below the strong sales of EUR 227.4 in the prior year.

This decline mainly reflects lower export sales which were down to EUR 46.2 million (previous year: EUR 48.9 million) as a consequence of weak consumer spending in our target markets. At the same time, the weaker domestic performance during the first half of the year was not fully compensated during the further course of the year.

Earnings before taxes for the past financial year came to EUR 9.1 million (previous year: EUR 10.8 million). This means that earnings were down on the previous year due to, amongst other factors, the above-mentioned decline in sales as well as strong competitive pressure which led to lower margins.

The long winter and the resulting low capacity utilization in the industry as well as the ensuing competitive pressure have had a negative impact on prices. While the restructuring of the Plywood/Formwork Division was largely completed, it weighed on 2013 earnings.

Developing in line with pre-tax profit, net profit for the year came in at EUR 6.4 million (previous year: EUR 7.5 million).

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 in an ad-hoc press release on March 20, 2014 following the adoption of the financial statements by the Supervisory Board.
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