29.11.2013
SURTECO SE DE0005176903
DGAP-News: SURTECO SE: Robust result in a difficult market environment
DGAP-News: SURTECO SE / Key word(s): 9-month figures
SURTECO SE: Robust result in a difficult market environment
29.11.2013 / 07:48
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Press Release
Robust result in a difficult market environment
- Drop in sales by 5 % after nine months at 297.1 million euros
- EBITDA at the year-earlier level - EBITDA margin rises to 13.6 %
- Capital increase for takeover of Süddekor successfully completed - free
float increases to 45.35 %
Buttenwiesen-Pfaffenhofen, 29 November 2013 - After the first nine months
of the business year 2013, SURTECO SE - one of the world's leading
manufacturers of decorative surface finishes - has continued to achieve a
robust performance against the background of a difficult sector
environment, although consolidated sales at 297.1 million euros were 5 %
below the equivalent year-earlier level (313.0 million euros). However, a
slight easing of pressure at the procurement end and successes from the
efficiency programmes implemented recently meant that earnings before
interest, tax, depreciation and amortization (EBITDA) were maintained at a
stable level with 40.5 million euros (nine months 2012: 41.0 million
euros). The EBITDA margin was increased from 13.1 % to 13.6 %. A slightly
deteriorated financial result and a higher tax rate led to a consolidated
net profit of 12.4 million euros (nine months 2012: 13.1 million euros).
'SURTECO has achieved a robust performance in a difficult market
environment. As a result of the acquisition of Süddekor, we see good
potential for achieving the profitable growth over the long term that we
have projected,' commented the Chairman of the Board of Management of
SURTECO SE Friedhelm Päfgen.
High quality of the balance sheet remains unchanged
Against the background of a slightly increased balance sheet total compared
with year-end 2012, SURTECO has a stable equity ratio of 47.9 %. The net
financial debt rose by 1.4 million euros to 103.2 million euros on account
of higher investments. Despite the significant increase in net assets and
liabilities, free cash flow continued to remain positive at 11.6 million
euros (nine month 2012: 19.7 million euros).
Capital increase for the takeover of Süddekor is successful
As already communicated on 15 November 2013, SURTECO achieved gross issue
proceeds amounting to some 80 million euros by the placement of around 4.4
million new shares. These proceeds are being used for the takeover of the
Süddekor Group. After the German Federal Antitrust Office approved the
transaction on 25 November 2013, the transaction is due to be closed on 2
December 2013. After the capital measure, the free float increased from
22.6 % to 45.35 %. This has significantly increased the chances of SURTECO
being listed in the German SDAX Small Cap Index as desired by the company.
Outlook for the entire year confirmed
Although the global economic development is assessed differently in the
individual countries, a slight improvement in sentiment has been evident
since September. In Germany and Europe - the most important markets for the
SURTECO Group - the company is, however, not expecting any fundamental
upturn in the economy by year-end 2013. Business operations in the company
are traditionally rather muted at the end of the year. SURTECO (without
Süddekor) anticipates sales of less than 400 million euros for the business
year 2013. Apart from the lower sales volume, the costs incurred in
conjunction with the acquisition of the Süddekor companies are also
impacting negatively on the result. The bottom line is that earnings before
tax will therefore not reach the level of the previous year.
You can find the report for the first nine months of 2013 and other
information about SURTECO SE on the Internet by going to www.surteco.com.
Important indicators of SURTECO SE
(in EUR million)
9M-2012 9M-2013 Sales revenues 313.0 297.1 - of which SBU Paper 131.3 121.9 - of which SBU Plastics 183.0 176.9 Foreign sales in % 68.3 69.3 EBITDA 41.0 40.5 EBITDA margin in % 13.1 13.6 EBIT 24.2 24.7 EBT 18.1 17.9 Consolidated net profit 13.1 12.4 Earnings per share in EUR 1 1.19 1.12 Cash flow from current business operations 33.8 29.2 Free cash flow 19.7 11.6 31/12/2012 30/09/2013 Balance sheet total 467.3 472.0 Equity 223.2 226.1 Net debt 101.8 103.2 Gearing (level of debt) in % 2 46 46 Equity ration in % 47.8 47.9 Employees 1,967 1,984(1) Based on an unchanged number of shares on 30 September 2013 amounting to 11,075,522 (2) Net debt / Equity Profile of SURTECO SURTECO SE, Buttenwiesen-Pfaffenhofen, is a leading international specialist for surface technologies. The product portfolio includes papers printed with decorative designs, decorative flat foils and edgebandings based on specialist papers for technical applications and plastics. The extensive product portfolio is completed by skirtings made of plastic, do-it-yourself ranges and shutter and cladding systems. The Group currently has a workforce of appr. 2,000 and manufactures at 15 sites on four continents, currently generating approximately 31 % of sales in Germany, 43 % in European countries outside Germany and the remainder in America, Asia and Australia. Customers of SURTECO generally come from the furnishing industry and the construction sector. The shares of the company are listed on the official market (Prime Standard) of the Frankfurt and Munich Stock Exchanges under the ticker symbol SUR and ISIN DE0005176903. They are also traded on the stock markets in Berlin/Bremen, Düsseldorf and Stuttgart. Cautionary note regarding forward-looking statements This press release contains statements of future forecasts or expectations and other forward-looking statements and involves known and unknown risks and uncertainties. There is therefore no guarantee for the statements and expectations expressed herein. The actual results and developments may differ substantially. The company does not intend to - and assumes no obligation - to update any forward looking statements contained herein or to adapt such information to future results or developments. Contact: SURTECO SE Andreas Riedl Martin Miller Chief Financial Officer Investor Relations and Press Office + 49 (0) 8274/99 88-563 + 49 (0) 8274/99 88-508 Internet www.surteco.com Email [email protected] Fax + 49 (0) 8274/99 88-515End of Corporate News --------------------------------------------------------------------- 29.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: SURTECO SE Johan-Viktor-Bausch-Str. 2 86647 Buttenwiesen-Pfaffenhofen Germany Phone: +49 (0)8274 99 88-0 Fax: +49 (0)8274 99 88-5 05 E-mail: [email protected] Internet: www.surteco.com ISIN: DE0005176903 WKN: 517 690 Listed: Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Düsseldorf, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 242281 29.11.2013
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