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Hans Overdiek, CEO, Pfleiderer AG
‘Nobody is doing themselves a favor, get structures of the Market are no longer required ‘
Uta-Bettina von Altenbockum, Financial Center
The year 2009 was for Pfleiderer AG, as for so many other companies, a very difficult year. The Chairman, Hans Overdiek, there in an interview with the Financial Center Information on the economic and financial situation of the company and Calls by the new Federal Government competitive Environment for business.
Mr. Overdiek what you expect from 2010?
For 2010 we expect at least the first Half of more difficult markets. This is especially true for West Germany. In North America, we see that the demand starts up slower than expected. On the other hand, we have since the summer 2009 in Western Europe as well as in Eastern Europe marked increases in Orders and believe above all in Eastern Europe to a more robust Demand. If the reduction of current overcapacity in Western Europe and in North America in the second half have largely succeeded, we are here again with better Expected results.
In early 2007, Pfleiderer Sweden has the Laminate Flooring Pergo accepted. A takeover so shortly before the outbreak The financial crisis may in hindsight be problematic represent because you bought too dear. What does the acquisition of Pergo to Pfleiderer?
Of course one can argue more strongly about it — in hindsight – whether you bought in 2007 Pergo too expensive. Out today’s perspective, the price would certainly be much cheaper. But you have to ask here the question of whether today Pergo at all to have, or whether someone else would come into play. Certainly, we have Pergo dearly bought. We then more than eight times EBITDA paid. But we have over the past two years our Homework and write today, in a year with poor Market environment and over 2007 30% less volume in the Laminate flooring has, with the only company in this field in America black. This allows us to look positively forward.
Pfleiderer has nearly 800 million debt. How is your company short and medium term funding made available?
Of course, our debt has given our current income level is too high. However, no one has thus expected that we in the course of 2009, only about half of the Achieve EBITDA results for the years 2007 and 2008 were. Before Economic crisis we have in the light of our well-structured Capacity calculated by orders of magnitude in subsequent years to generate more than EUR 250 million in EBITDA. Then would our Debt not so tragic. We would be in an area around three times EBITDA resident who is considered by our banks as well. Our new funding is targeted at four years, how we believe there is scope to a weaker 2010, well to be able to cope.
Pfleiderer has an interesting shareholder structure: On the one hand holds the family Pfleiderer 11% of the shares on the other side you have with a private equity investor in one Shareholding of 27%. How does this mixture to the shareholder Firms?
As you say, we certainly have an interesting, good Shareholder mixture. We benefit on one side of the sustainability and one characterized by a particular cultural tradition of a Family business. We think not only in quarterly results. On the other hand certainly helps the perspective of a financial investor, things with high Professionalism, very zahlenorientiert to see much success, and I believe that both of us for the future is still in many respects be useful.
Is a shareholder in the constellation like yours Discussion of executive compensation easier?
I can part with the debate about executive compensation only shake his head. Excesses, as often as an example be used for more regulation, it has to us never existed. Especially in the years in which we are crucial Restructuring have made, as of the AG family owned a International investors owned company, has never one of my large, especially foreign shareholders, in my Compensation demand. Instead, I’ve been asked if I was even as CEO shares in the company and thus would not only Shareholders expect them in Pfleiderer AG is an investment wear. There have been questions whether the remuneration of the Board on the share price and economic welfare of Shareholders is based. These are the questions we must ask ourselves. What A Bureau has help for its shareholders value create, and to what extent the shareholders are prepared to this board to send an appropriate fee? I believe that of regulations to which we are now once again in Germany see, not necessarily to an improved image and greater equity contributes.
Mr. Overdiek, the state has saved the financial system and Stimulus package to boost the economy approved. What should the new Federal Government in 2010 to do?
Once record is, I believe that the measures have taken the federal government in the years 2008 and 2009. For 2010, it is my opinion, a priority that we are a stable have predictable framework. We need to stimulate growth, even for a German domestic market. One thing you have to say, but clearly, the German Industry, which is indeed now very export-oriented, is not solely on the Live market, but we must be internationally be competitive. That is, we need to structures in Working conditions, salaries and cancel them to come, it allow us to us to different economic Opportunities to adapt. Nobody is doing yourself a favor, structures received by the market are no longer required, such as one Automobile factory, making losses for years. This car factory Receive government funds to distort competition and do the adjustment process, not good.