DGAP-Adhoc: Pfleiderer AG: Pfleiderer continues along its growth path in first half of 2008 - Earnings impacted by higher prices for raw materials, selective price pressure and special expenses for plant closure - Forecast for full year revised downwards

29.07.2008

Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.

Pfleiderer continues along its growth path in first half of 2008 - Earnings impacted by higher prices for raw materials, selective price pressure and special expenses for plant closure - Forecast for full year revised downwards

Neumarkt, July 29, 2008. On the basis of preliminary figures, Pfleiderer AG (ISIN DE0006764749) increased its consolidated revenue in the first half of 2008 (January 1 - June 30, 2008) by 3.5% to EUR917 million (H1 2007: EUR886 million). The regions of Western Europe and Eastern Europe were the growth drivers, while revenue decreased in North America primarily due to the closure of the La Baie plant and exchange-rate effects.

Earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR119 million were similar to the prior-year level (H1 2007: EUR121 million). Earnings were impacted by rising prices for raw materials and reduced scope for price adjustments. EBIT also includes expenses of EUR9.8 million for the closure of the MDF plant in La Baie, Canada. EBIT amounted to EUR55 million, compared with EUR70 million in the first half of 2007. Earnings per share for the first half of 2008 were 10 euro cents (H1 2007: 43 euro cents). Without the plant closure of La Baie, earnings per share would have been 22 euro cents.

Pfleiderer AG assumes that its business in the second half of 2008 could be affected by the economic consequences of the ongoing crisis of the financial markets. At present therefore, Pfleiderer AG sees only limited opportunities to pass on the increases in raw-material costs to the required extent in the short term. The targets set last year of EUR2 billion revenue and a 15% EBITDA margin in full-year 2008 must therefore be questioned. At present, a shortfall on both targets of 5% to 15% is anticipated, but from today's perspective, the company expects to surpass last year's EBITDA.

Pfleiderer AG will publish its interim report on the first half of 2008 on August 11 on the company's website before the commencement of stock-market trading.

The Executive Board of Pfleiderer Aktiengesellschaft

Pfleiderer AG, Neumarkt Lothar Sindel Head of Investor Relations Tel.: +49 (0)9181 28 8044 Fax: +49 (0)9181 28 606 E-mail: lothar.sindel@pfleiderer.com

29.07.2008 Financial News transmitted by DGAP

Language: English
Issuer: Pfleiderer AG
Ingolstädter Straße 51
93218 Neumarkt
Deutschland
Phone: +49 (0)9181 28 - 8491
Fax: +49 (0)9181 28 - 606
E-mail: fabian.schiffer@pfleiderer.com
Internet: www.pfleiderer.com
ISIN: DE0006764749
WKN: 676474
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart

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