1 PFLEIDERER AG NINE-MONTH FINANCIAL REPORT 2007
1 PFLEIDERER AG NINE-MONTH FINANCIAL REPORT 2007 1 PFLEIDERER AG NINE-MONTH FINANCIAL REPORT 2007
Statement of Income of the Pfleiderer Group for the Period January 1 to September 30, 2007 (in accordance with IFRSs) € thousands Jan. 1 – Sept. 30, 2007 Jan. 1 – Sept. 30, 2006 July 1 – Sept. 30, 2007 July 1 – Sept. 30, 2006 Revenues 1,340,868 1,041,534 454,706 362,278 Cost of sales -958,829 -762,265 -320,071 -257,915 Gross profit 382,039 279,269 134,635 104,363 Selling expenses -187,842 -126,608 -64,505 -42,355 Administrative expenses -90,345 -74,182 -32,675 -28,421 Research and development costs -2,097 -728 -798 -203 Other operating income and expenses 10,569 11,157 -261 2,071 Restructuring expenses -9,659 0 -4,272 0 Profit from operations 102,665 88,908 32,124 35,455 Interest income 5,482 3,182 89 608 Interest expense -39,734 -38,298 -11,723 -7,378 Net income from investments 0 217 0 133 Other financial income, net 116 75 -23 -21 Financial expenses, net -34,136 -34,824 -11,657 -6,658 Profit before taxes from continuing operations 68,529 54,084 20,467 28,797 Income taxes -20,443 -15,887 -6,569 -9,058 Profit from continuing operations 48,086 38,197 13,898 19,739 Loss/profit from discontinued operations -360 52,631 -178 0 Income taxes on discontinued operations -666 -16,987 210 0 Profit for the period 47,060 73,841 13,930 19,739 of which attributable to minority interests 9,506 12,176 2,667 4,892 of which attributable to hybrid capital investors 8,374 0 4,891 0 of which attributable to shareholders of Pfleiderer AG 29,180 61,665 6,372 14,847 Earnings per share (basic) 0.55 1.24 0.12 0.30 Earnings per share (diluted) 0.55 1.23 0.12 0.30 Earnings per share from continuing 0.57 0.52 0.12 0.30 operations Earnings per share from discontinued operations -0.02 0.72 0.00 0.30 Average number of shares outstanding (basic) 52,782,818 49,706,501 52,782,818 49,706,501 18 PFLEIDERER AG NINE-MONTH FINANCIAL REPORT 2007
Balance Sheet of the Pfleiderer Group as of September 30, 2007 (in accordance with IFRSs) € thousands Sept. 30, 2007 Dec. 31, 2006 Sept. 30, 2006 ASSETS Cash and cash equivalents 14,603 35,405 86,754 Receivables and other assets 182,319 124,394 131,115 Inventories, net 227,698 156,675 151,749 Current tax receivables 4,881 4,290 2,938 Other assets 15,893 6,493 13,235 Non-current assets held for sale 7,153 3,366 14,055 Current assets 452,547 330,623 399,846 Property, plant, and equipment, net 846,669 689,338 654,875 Intangible assets, net 549,245 281,128 272,757 Non-current financial assets 5,410 5,583 8,794 Deferred tax assets 60,789 58,031 60,877 Other non-current assets 7,527 8,021 1,197 Non-current assets 1,469,640 1,042,101 998,500 Total ASSETS 1,922,187 1,372,724 1,398,346 € thousands Sept. 30, 2007 Dec. 31, 2006 Sept. 30, 2006 LIABILITIES AND EQUITY Current liabilities and other liabilities 262,158 212,771 200,678 Current financial liabilities 195,749 81,257 71,192 Other current provisions 41,100 44,329 53,408 Current tax payables 2,700 275 1,017 Miscellaneous other current liabilities 6,049 1,025 2,505 Liabilities directly associated with non-current 25,097 40,776 64,267 assets held for sale Current liabilities 532,853 380,433 393,067 Non-current financial liabilities 495,440 376,425 369,657 Pension provisions 19,280 16,459 64,462 Deferred tax liabilities 73,185 35,413 31,320 Other non-current liabilities 108 1,906 2,029 Other non-current provisions 28,267 19,780 20,610 Non-current liabilities 616,280 449,983 488,078 Contributions and subscribed capital 136,515 136,515 136,515 Group reserves including retained earnings brought forward and consolidated profit 345,834 302,309 279,757 Treasury shares -32,131 -1,222 -1,222 Other comprehensive income 5,450 -1,737 3,699 Hybrid capital 270,915 0 0 Minority interests 46,471 106,443 98,452 Equity 773,054 542,308 517,201 Total LIABILITIES AND EQUITY 1,922,187 1,372,724 1,398,346 19 PFLEIDERER AG NINE-MONTH FINANCIAL REPORT 2007
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- Page 3 and 4: Contents 4 Foreword by the Executiv
- Page 5 and 6: It is our declared goal to maintain
- Page 7 and 8: Sectors) and the Verband der Deutsc
- Page 9 and 10: 2006, to €773.1 million at the en
- Page 11 and 12: Pfleiderer’s encouraging business
- Page 13 and 14: concretized in the form of specific
- Page 15 and 16: In contrast to Europe, the situatio
- Page 17: Pfleiderer Shares Pfleiderer share
- Page 21 and 22: Statement of Changes in Equity of t
- Page 23 and 24: North America € thousands Jan. 1
- Page 25 and 26: The following subsidiaries were inc
- Page 27 and 28: Revenue recognition Revenues are ge
- Page 29 and 30: Government grants Government assist
- Page 31 and 32: The financial assets reported as lo
- Page 33 and 34: The stock options allow Pfleiderer
- Page 35 and 36: shareholders is expected to be comp
- Page 37 and 38: 10. Repurchase of own shares to ser
Statement of Income of the Pfleiderer Group<br />
for the Period January 1 to September 30, <strong>2007</strong><br />
(in accordance with IFRSs)<br />
€ thousands<br />
Jan. 1 –<br />
Sept. 30,<br />
<strong>2007</strong><br />
Jan. 1 –<br />
Sept. 30,<br />
2006<br />
July 1 –<br />
Sept. 30,<br />
<strong>2007</strong><br />
July 1 –<br />
Sept. 30,<br />
2006<br />
Revenues 1,340,868 1,041,534 454,706 362,278<br />
Cost of sales -958,829 -762,265 -320,071 -257,915<br />
Gross profit 382,039 279,269 134,635 104,363<br />
Selling expenses -187,842 -126,608 -64,505 -42,355<br />
Administrative expenses -90,345 -74,182 -32,675 -28,421<br />
Research and development costs -2,097 -728 -798 -203<br />
Other operating income and expenses<br />
10,569 11,157 -261 2,071<br />
Restructuring expenses -9,659 0 -4,272 0<br />
Profit from operations 102,665 88,908 32,124 35,455<br />
Interest income 5,482 3,182 89 608<br />
Interest expense -39,734 -38,298 -11,723 -7,378<br />
Net income from investments 0 217 0 133<br />
Other financial income, net 116 75 -23 -21<br />
Financial expenses, net -34,136 -34,824 -11,657 -6,658<br />
Profit before taxes from continuing<br />
operations 68,529 54,084 20,467 28,797<br />
Income taxes -20,443 -15,887 -6,569 -9,058<br />
Profit from continuing operations 48,086 38,197 13,898 19,739<br />
Loss/profit from discontinued operations<br />
-360 52,631 -178 0<br />
Income taxes on discontinued operations<br />
-666 -16,987 210 0<br />
Profit for the period 47,060 73,841 13,930 19,739<br />
of which attributable to minority interests<br />
9,506 12,176 2,667 4,892<br />
of which attributable to hybrid capital<br />
investors 8,374 0 4,891 0<br />
of which attributable to shareholders of<br />
Pfleiderer <strong>AG</strong> 29,180 61,665 6,372 14,847<br />
Earnings per share (basic) 0.55 1.24 0.12 0.30<br />
Earnings per share (diluted) 0.55 1.23 0.12 0.30<br />
Earnings per share from continuing<br />
0.57 0.52 0.12 0.30<br />
operations<br />
Earnings per share from discontinued<br />
operations -0.02 0.72 0.00 0.30<br />
Average number of shares outstanding<br />
(basic) 52,782,818 49,706,501 52,782,818 49,706,501<br />
18 <strong>PFLEIDERER</strong> <strong>AG</strong> <strong>NINE</strong>-<strong>MONTH</strong> <strong>FINANCIAL</strong> <strong>REPORT</strong> <strong>2007</strong>
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