Constantia Packaging AG (AT) – Ad hoc: Constantia Packaging AG: Preliminary results 2009 – Stable net income after comprehensive consolidation of the Group

Ad hoc: Constantia Packaging AG: Preliminary results 2009 – Stable net income after comprehensive consolidation of the Group

2009 prel.EUR mill. 2008EUR mill. Change
Sales 1,704.0 2,080.8 – 18.1%
EBITDA 272.0 290.0 – 6.2%
EBITDA-margin 16.0% 13.9%
EBIT 160.0 176.8 – 9.5%
EBIT-margin 9.4% 8.5%
Net Income 75.0 75.0 0
Earnings per share in Euro 4.46 4.46 0

According to preliminary results for 2009 sales went down by 18.1%, as expected, from €2,080.8 mill. in 2008 to €1,704.0 mill. last year, whereby two thirds of the reduction stem from lower aluminum and paper prices and the sale of Danish Danapak Flexibles, and one third from lower order intake.

Pleasing was that the reduction in EBITDA was significantly lower at 6.2% from €290.0 mill. in 2008 to €272.0 mill.. in 2009. As a result the EBITDA-margin could be increased from 13.9% in the previous year to 16.0%. EBIT stood at €160.0 mill. in 2009 after €176.8 mill. in 2008, yielding a margin of 9.4% in 2009 after 8.5% in the previous year. Achieving a Net Income of €75.0 mill. in 2009 the good results of the previous year continued, despite the difficult economic environment.

After some years of expansion, 2009 was used for a comprehensive consolidation of the Group. The pleasing results therefore are the result of stringent cost management in all business segments as well as an improved financial result after the divestment of Danapak Flexibles, lower interest paid for reduced bank liabilities as well as lower taxes. Minority interests in earnings were also lower after the purchase of 16.55% of AMAG. At the same time the participation in Croatian paper and corrugated board manufacturer Belisce was written down by €16 mill.. With this precautionary measure, corresponding to Belisce´s share price development, Constantia Packaging AG accounts for continued economic volatility, especially in South-Eastern Europe, and continues to adhere to its traditionally cautious accounting principles.

The Annual Accounts 2009 will be published on April 9 in a press conference in Vienna.

The Constantia Packaging Group operates in the “aluminum”, “corrugated board” and “flexible packaging” businesses. Approximately 7,600 employees in 20 European, Asian and American countries produce raw aluminum, semi-finished aluminum products as well as packaging solutions from aluminum, plastic and corrugated board packaging for the food, beverages, pharmaceuticals, automotive, aviation and other industries.

HUGIN /Source: Constantia Packaging AG /ASE: COV /ISIN: AT0000943352


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