Pfleiderer falls into loss for 2009

German-based panels giant Pfleiderer has recorded a 2009 pre-tax loss of €64.9m (2008: €17.6m profit) and expects to see a loss for 2010, it has announced.

Sales reduced 20.4% last year to €1.38bn, with the western European division recording a 21.6% drop and eastern European business witnessing a 32.2% drop. North American sales reduced by only 0.8%.

“We are anything but proud of the numbers we are presenting today,” said chairman Hans Overdiek.

“While we started at an early stage to prepare the group for the worsening crisis, the severity of the market slump or its scope was not to be foreseen.”

But he said the group had moved from third to second place in the worldwide rankings terms of installed capacities for chipboard and fibreboard. “This means that we will benefit from rising market share when the crisis abates.”

The company does not expect its markets to recover before the second half of 2010 and will limit its investment to maintenance and rationalisation spending.

Pfleiderer said falling volumes, prices and negative currency exchange effects all impacted its sales peformance, despite cost savings of €100m.