15.05.2014
SURTECO SE DE0005176903
DGAP-News: SURTECO with sales and earnings surge in the first quarter
DGAP-News: SURTECO SE / Key word(s): Quarter Results
SURTECO with sales and earnings surge in the first quarter
15.05.2014 / 07:00
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Press Release
SURTECO with sales and earnings surge in the first quarter
- Group sales surge 62 % to 160.1 million euros
- EBITDA increases by 65 % to 21.8 million euros
- Optimization of the production network has been launched in the course
of integration of SÜDDEKOR - significant synergies expected
- Outlook for 2014: Rise in sales to 630-640 million euros with sustained
high profitability
Buttenwiesen-Pfaffenhofen, 15 Mai 2015 - SURTECO SE - one of the world's
leading manufacturers of decorative surface materials - benefited
significantly in line with expectations from the first-time full
consolidation of SÜDDEKOR, taken over at the end of 2013. Group sales rose
in the quarter under review by 62 % to 160.1 million euros (Q1 2013: 98.7
million euros). Even on the basis of adjusted figures, SURTECO would have
achieved moderate growth. A particular highlight is the fact that the new
SURTECO Group has also succeeded in achieving an improved yield even
without the forecast synergy effects arising from the takeover and
projected to come onstream especially from 2015. The EBITDA margin rose
from 13.4 % to 13.6 % with an increase of 65 % in earnings before interest,
tax and depreciation and amortization (EBITDA) from 13.2 million euros to
21.8 million euros. Against the background of this improved operating
result, the company is confident of achieving the projected targets for
2014 over the remainder of the year.
"We made a good start to the business year 2014 and achieved even better
progress than we originally anticipated. The integration of SÜDDEKOR is
running according to schedule, the optimization of the production network
has been launched and we can look forward to the rest of the year with
confidence. Our expectation is for significant growth at our company with
an increase in sales to 630-640 million euros," commented Chairman of the
Board of Management of SURTECO SE Friedhelm Päfgen.
Both business units post significant improvement in earnings
Since SÜDDEKOR activities are being consolidated in the paper segment, a
surge in sales took place here in the first quarter by 149 % to 102.4
million euros (Q1 2013: 41.1 million euros). In the Strategic Business Unit
Plastics, sales at 57.7 million euros remained at the level of the previous
year, although an increase would have been posted if sales had been
adjusted by the activities discontinued in 2013. Double-digit percentage
growth in both business units contributed to the increase in earnings for
the Group. SURTECO was therefore able to post an increase in profit before
tax of 57 % from 6.1 million euros to 9.6 million euros. Profit after tax
went up from 69 % to 6.7 million euros (Q1 2013: 4.0 million euros).
Significantly positive free cash flow
The balance sheet structure of SURTECO is extremely sound even after the
takeover of SÜDDEKOR with an equity ratio of 48.8 % (end of 2013: 49.7 %).
Against the background of the good earnings development, free cash flow
also increased to 6.7 million euros (Q1 2013: 3.8 million euros). This
increase was partly used to scale back net financial debt from 151.2
million euros on 31 December 2013 to 146.8 million euros on 31 March 2014.
Gearing - defined as the ratio of net financial debt to equity - came down
accordingly from 49 % to 47%.
Optimism increases for 2014, forecast confirmed - optimization of the
production network launched in the course of SÜDDEKOR integration
Although there were no significant positive stimuli originating from the
furniture industry as the Group's most important customer in the business
year 2014, sales for the Group are likely to increase to between 630 and
640 million euros (2013: 404 million euros) on the back of the acquisition.
If stable procurement prices prevail, an increase in the operating result
can be anticipated for the SURTECO Group and for the Strategic Business
Units. A significant positive free cash flow is projected, which should be
used to reduce the level of indebtedness and to make an attractive payout
to shareholders.
The integration of SÜDDEKOR is proceeding according to plan. Now that a
uniform sales structure has been implemented, SURTECO started on the
process of optimizing the production network at the beginning of May. The
first stage involved concentrating the Group's decor printing activities at
the Buttenwiesen site. Synergies are anticipated here which will exert a
positive impact on the consolidated result from the year 2015.
You can find the report for the first quarter of 2014 and other information
about SURTECO SE on the Internet by going to www.surteco.com.
Profile of SURTECO
SURTECO SE, Buttenwiesen-Pfaffenhofen, is a leading international
specialist for surface technologies. The product portfolio includes papers
printed with decorative designs, impregnated products, release paers,
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, technical extrusions for industry
and do-it-yourself ranges and shutter systems.
The Group currently has a workforce of appr. 2,700 and manufactures at 21
sites on four continents, currently generating approximately 30 % of sales
in Germany, 45 % in European countries outside Germany and the remainder in
America, Asia and Australia. Customers of SURTECO generally come from the
wood based materials, flooring and furnishing industry and the interior
industry.
The shares of SURTECO SE 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,
Düsseldorf and Stuttgart. The stock is listed on the SDAX of Deutsche
Börse.
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 88-515Important indicators of SURTECO SE (in EUR million) Q1-2013 Q1-2014 Variation Consolidated sales 98.7 160.1 +62 % - of which paper 41.1 102.4 +149 % - of which plastics 57.6 57.7 +-0 % Foreign sales in % 67 70 - EBITDA 13.2 21.8 +65 % EBITDA margin in % 13.4 13.6 - EBIT 7.9 12.1 +52 % EBT 6.1 9.6 +57 % Consolidated net profit 4.0 6.7 +69 % Earnings per share in EUR 1 0.36 0.43 +19 % Cash flow from current business 7.1 9.8 operations Free cash flow 3.8 6.7 31/12/2013 31/03/2014 Balance sheet total 626.7 640.6 Equity 311.4 312.3 Net debt 151.2 146.8 Gearing (level of debt) in % 2 49 47 Equity ratio in % 49.7 48.8 Employees 2,664 2,666(1) Q1-2014: based on 15,505,731 no-par-value shares (including capital increase from December 2013), Q1-2013: number of shares: 11,075,522 (2) Net debt / Equity End of Corporate News --------------------------------------------------------------------- 15.05.2014 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 Indices: SDAX Listed: Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Düsseldorf, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 268367 15.05.2014
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