27.04.2018
SURTECO SE DE0005176903
DGAP-News: SURTECO SE: Significant rise in earnings expected for 2018
DGAP-News: SURTECO SE / Key word(s): Final Results
SURTECO SE: Significant rise in earnings expected for 2018
27.04.2018 / 10:05
The issuer is solely responsible for the content of this announcement.
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SURTECO SE: Significant rise in earnings expected for 2018
- Consolidated net profit for 2017 rises by 10 % to EUR 26.2 million
- Healthy balance sheet structure in spite of higher investments in
international expansion
- Dividend proposal with unchanged payout of EUR 0.80 per share
- Outlook for 2018: sales growth at between EUR 725 and EUR 750 million -
EBIT increase projected to between EUR 49 and EUR 53 million
Buttenwiesen, 27 April 2018 - SURTECO SE, the world's leading manufacturer
of surfaces for the furniture and wood-based industry, and producer of
technical extrusions (profiles), is striving to achieve significant growth
in sales and earnings for the new business year 2018. Consolidated sales are
therefore projected to rise from EUR 689.7 million (+8 % compared with 2016)
to between EUR 725 and EUR 750 million. This growth should be achieved on
the back of modest organic growth and full-year consolidation of the Probos
Group. Earnings before the financial result and income tax (EBIT) are
projected to improve from EUR 44.7 million (+9 % compared with 2016) to a
value between EUR 49 and EUR 53 million in 2018.
In the business year 2017, consolidated net profit increased by 10 % to EUR
26.2 million (2016: EUR 23.9 million). In view of the robust operating
development, the Board of Management and the Supervisory Board will submit a
proposal to the Annual General meeting on 28 June 2018 to pay out an
unchanged dividend of EUR 0.80 per share. This corresponds to a payout rate
of approximately 47 % of the consolidated net profit.
"Our strategy is increasingly proving successful as we have expanded into
growth markets and growth products, alongside organic growth," commented Dr.
Herbert Müller, the Chairman of the Board of Management, as he outlined
development.
Both segments with renewed earnings growth
While sales in the plastics segment went up by 26 % to EUR 321.7 million
(2016: EUR 254.4 million) driven by organic growth and on account of the
acquisition of the Portuguese Probos Group and the British Nenplas Group,
development in the paper segment fell by -5 % to EUR 368.0 million (2016:
EUR 385.4 million) as a result of ongoing final follow-on effects from the
concentration of German decorative printing activities. However,
consistently applied efficiency enhancement measures ensured that EBIT
continued to increase in both segments (EBIT paper line: +6 % to EUR 26.9
million and plastics line +11 % to EUR 24.6 million). The number of
employees rose significantly by 16 % to 3,295 due to acquisition.
Balance sheet and cash flow defined by expansion
On account of the takeover of the Probos group in 2017 with an investment
volume of EUR 99 million and the first-time issuance of a promissory loan
note in October, the equity ratio at 31 December 2017 came down from 51.4 %
in the previous year to 41.4 %. The transactions referred to were also
reflected in the level of debt (54 % after 39 % in 2016) and the net debt
(EUR 190.0 million after EUR 135.6 million in the previous year). Primarily
due to the purchase price payment for the acquisition, the free cash flow
for 2017 amounted to EUR -32.6 million (2016: EUR 4.1 million). Refinancing
at favourable conditions and the increased operating result mean that the
company has a very healthy platform for the targeted company growth.
You will find the Annual Report for the year 2017 and additional information
about SURTECO SE on the Internet at www.ir.surteco.com.
Contact:
SURTECO SE
Martin Miller
Investor Relations and Press Office
+49 (0) 8274/99 88-508
Internet www.ir.surteco.com
Email [email protected]
Fax + 49 (0) 8274/99 88-515
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. 3,300 and manufactures at 23
sites on four continents, currently generating approximately 25 % of sales
in Germany, 46 % 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.
Important indicators of SURTECO SE (in EUR million)
2016 2017 Variation
Consolidated sales 639.8 689.7 +8 %
- of which paper 385.4 368.0 -5 %
- of which plastics 254.4 321.7 +26 %
Foreign sales in % 73 75 + 2 pts.
EBITDA 74.3 83.1 +12 %
EBIT 1 40.9 44.7 +9 %
- of which paper 25.3 26.9 +6 %
- of which plastics 22.1 24.6 +11 %
EBIT margin in % 6.4 6.5 +0,1 pts.
EBT 35.0 33.5 -4 %
Consolidated net profit 23.9 26.2 +10 %
Earnings per share in EUR 2 1.54 1.69 +10 %
Dividend per share in EUR 3 0.80 0.80 +-0 %
31/12/201- 31/12/201- Variatio-
6 7 n
Balance sheet total 673.9 842.6 +25 %
Equity 346.6 349.2 +1 %
Net debt 135.6 190.0 +40 %
Level of debt in % 4 39 54 +15 pts.
Equity ratio in % 51.4 41.4 -10 pts.
Cash flow from current business 58.4 82.9 +42 %
operations
Free cash flow 4.1 -32.6 -
Employees 2,833 3,295 +16
1 Difference to balance of segment earnings due to internal clearing
2 Based on a number of shares amounting to 15,505,731
3 For the business year 2017: Dividend proposal to the Annual General
Meeting
4 Net debt / Equity
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27.04.2018 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.
Archive at www.dgap.de
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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, Tradegate Exchange
End of News DGAP News Service
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679613 27.04.2018
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