Amtel-Vredestein Posts $110 million EBITDA
Amtel-Vredestein N.V. reports in un-audited results that it has exceeded the revenue projections made by the company in November 2006, by delivering sales of $823 million ($800 million estimated) and EBITDA of $110 million ($100 million estimated).
The Company cautions that certain non-cash adjustments to its 2006 results are still possible as it completes a protracted audit as a result of significant and complex transactions last year – including the acquisition of the Moscow Tyre Plant, the sale of its Amtel-Kuzbass chemical fibre plant in Kemerovo, Russia, and acquisitions of retail tyre centres throughout Russia.
Amtel-Vredestein has a positive outlook for 2007 and expects to achieve sales growth – primarily in its key passenger car tyre business. Sales are expected to fall between $1 – 1.1 billion in 2007 based on current sales trends and scheduled production output. Management also anticipates improvements in Gross Profit Margin consistent with previous years. EBITDA may exceed $120 million and rise to as high as $130 million. The Company expects to be profitable in 2007.