13.05.2016
SURTECO SE DE0005176903
DGAP-News: SURTECO SE: SURTECO with anticipated respectable start to the year 2016
DGAP-News: SURTECO SE / Key word(s): Quarterly / Interim Statement
SURTECO SE: SURTECO with anticipated respectable start to the year 2016
13.05.2016 / 08:00
The issuer is solely responsible for the content of this announcement.
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SURTECO with anticipated respectable start to the year 2016
- Renewed sales growth up by 3 % to EUR 170.2 million in the first
quarter
- EBIT slightly increased to EUR 10.4 million
- Outlook for 2016 confirmed: Modest increase in sales and substantial
improvement in EBIT to EUR 38 - 42 million
Buttenwiesen-Pfaffenhofen, 13 May 2016 - SURTECO SE - one of the world's
leading manufacturers of decorative surface materials - started the year
2016 with a respectable result in line with expectations. Accordingly,
consolidated sales increased by 3 % as a result of improvements in the two
Strategic Business Units to EUR 170.2 million (Q1-2015: EUR 166.0 million)
during the first quarter of 2016. Earnings before financial result, income
tax, and depreciation and amortization (EBITDA) were unchanged at EUR 18.9
million on account of higher costs of materials, EBIT underwent a small
improvement by 1 % to EUR 10.4 million. Following a currency gain of EUR
3.9 million in the year-earlier quarter, the financial result in the first
quarter of 2016 was negatively impacted by an unrealized currency loss
amounting to EUR -1.1 million. As a result of this, profit after tax at EUR
5.3 million was 37 % below the comparable year-earlier value (EUR 8.4
million). Against the background of the business performance during the
first quarter, the SURTECO Board of Management confirms its positive
forecast for the year overall in 2016, according to which a slight increase
in sales is anticipated for consolidated sales and EBIT is expected to
experience a substantial improvement of around EUR 31 million to EUR 38 -
42 million.
"As expected, SURTECO made a respectable start to the business year 2016
with a further increase in sales. Since the synergies from the largely
completed integration of the Süddekor Group will become increasingly
tangible as the year progresses, we continue to maintain our confident
forecast for the year overall. We want to improve EBIT by more than 20 % to
between EUR 38 and EUR 42 million," according to the Chairman of the Board
of Management of SURTECO SE Dr. Herbert Müller.
Level of debt significantly reduced to 35 %
During the first quarter, SURTECO succeeded in substantially reducing the
net financial debt by EUR 7.6 million to EUR 119.0 million compared with
year-end 2015. Since equity simultaneously grew by 1 % to EUR 337.0
million, the level of debt - defined as the ratio of net financial debt and
equity - went down from 38 % to 35 %. The equity ratio at 50.9 % remained
virtually unchanged at a high level. Conversely, the free cash flow
declined significantly from EUR 19.7 million to EUR 6.1 million on account
of a reduction in currency-adjusted earnings after tax and extraordinary
income realized in the previous year. Overall, the Group continued to have
a healthy financial base and underlying balance sheet to maintain the
foundation for the desired ongoing growth which the company is striving to
achieve in future.
Forecast for increase in sales and earnings confirmed for 2016
Against the background of the expected steady economic development and
cautious optimism projected by the most important customer group in the
form of the furniture industry, SURTECO is maintaining its forecast for the
year 2016 as a whole. According to this projection, consolidated sales are
expected to be slightly above the previous record value attained in 2015
(EUR 638.4 million). EBIT is forecast to rise from EUR 31 million to a
value of between EUR 38 and 42 million on the back of the projected
operational improvements and with significantly lower one-off burdens
arising from Süddekor integration.
You can find the report for the 1st quarter of 2016 and other information
about SURTECO SE on the Internet at 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 papers,
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 20
sites on four continents, currently generating approximately 29 % of sales
in Germany, 44 % 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, Stuttgart Hamburg and Hannover.
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 + 49 (0) 8274/99 88-563 Office + 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) Q1-2015 Q1-2016 Variation Consolidated sales 166.0 170.2 +3 % - of which paper 103.7 106.8 +3 % - of which plastics 62.3 63.4 +2 % Foreign sales in % 71 71 - EBITDA 18.9 18.9 +-0% EBITDA margin in % 11.4 11.1 - EBIT 10.3 10.4 +1 % EBIT margin in % 6.2 6.1 - EBT 12.1 7.2 -40 % Consolidated net profit 8.4 5.3 -37 % Earnings per share in EUR 1 0.54 0.34 -37 % 31/12/2015 31/3/2016 Variation Balance sheet total 656.1 662.6 +1 % Equity 334.9 337.0 +1 % Net debt 126.6 119.0 -6 % Level of debt in % 2 38 35 -3 pts. Equity ratio in % 51.0 50.9 -0,1 pts. Employees 2,695 2,708 -(1) Based on an number of shares amounting to 15,505,731 (2) Net debt / Equity --------------------------------------------------------------------------- 13.05.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP 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: Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart End of News DGAP News Service --------------------------------------------------------------------------- 462413 13.05.2016
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