Biesterfeld looks back on successful year 2008

The Biesterfeld Group (www.biesterfeld.com) registers a successful year 2008. The company´s consolidated sales increased by 2.1% over previous year to reach € 853.7m. EBIT rose 12% over previous year to reach € 36.4m. 591 employees generated a net result of € 17.1m.

While the business in Western Europe remained largely on prior year´s levels, the share of sales increased in Central and Eastern Europe as well as in Central and South America to account for 14% share of sales each. Also the Asian business grew above average to reach a share of 9% of total sales.

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The Group saw a very dynamic business development during the first six months of 2008. The continuously increasing price of crude oil, which resulted in substantial price increases for most of the traded products, as well as increasing costs for logistics services led to different pictures in the three core business units Plastic, Spezialchemie and International.

The International division (Biesterfeld International GmbH) benefited strongly from increasing prices as well as from the scarceness of its products, while the German entities of the Plastics and Specialty Chemicals divisions experienced already in mid 2008 signs of the weakening economy in Germany.

In line with the strategy of growing and strengthening its three core business divisions Biesterfeld enlarged its specialty chemical activities by acquiring 85 % of the shares in the Polish company Milar Sp. z o. o., Milanowek. With the acquisition of this specialty chemicals distributor Biesterfeld Spezialchemie strongly improves its presence in Poland.

Following its successful restructuring during the last two years, Biesterfeld Scheibler Linssen GmbH & Co. KG, in which Biesterfeld AG held a share of 36%, was divested to a strategic investor effective October 2008. This transaction allows Biesterfeld AG to fully concentrate on growing and strengthening its core business units. Altogether the financial year 2008 was characterized by an extraordinary development during the first six months. Rapid clouding of the world economy in the third quarter presents new challenges to Biesterfeld. The first quarter 2009 is characterized by buying resistance and uncertainty over the economic development. Nevertheless Biesterfeld attained its ambitious objectives for this first quarter. This shows that the Group is well set to meet the challenges ahead.

About Biesterfeld
Biesterfeld AG is the strategic holding company of the Biesterfeld Group enjoying more than 100 years´ tradition in the chemicals business. The company is one of the leading enterprises in chemicals and plastics distribution with over 50 locations worldwide in Germany, Europe, the Americas, as well as in Asia. The family owned company will continue to focus on steady profitable growth.

Biesterfeld AG, Hamburg, Germany

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