15.05.2018
SURTECO SE DE0005176903
DGAP-News: SURTECO SE: increase in earnings during the first quarter
DGAP-News: SURTECO SE / Key word(s): Quarter Results
SURTECO SE: increase in earnings during the first quarter
15.05.2018 / 07:30
The issuer is solely responsible for the content of this announcement.
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SURTECO SE: increase in earnings during the first quarter
- Consolidated net profit grows by 28 % to EUR 8.0 million during the first
quarter of 2018
- Sales increase by 10 % to EUR 186.7 million on the back of acquisition
- Outlook for 2018: sales growth up to between EUR 725 and EUR 750 million
and increase in EBIT to between EUR 49 and 53 million
Buttenwiesen, 15 May 2018 - SURTECO SE, the leading manufacturer of surfaces
for the furniture and wood-based materials industry and producer of
technical extrusions (profiles), achieved a substantial increase in earnings
in the first quarter of 2018. By comparison with the equivalent year-earlier
period, consolidated net profit went up by 28 % to EUR 8.0 million (Q1 2017:
EUR 6.2 million). The principal driver exerting a positive effect in the
Strategic Business Unit Plastics was the acquisition of the Portuguese
Probos Group in the middle of 2017. The sales revenues of the SURTECO Group
rose by 10% to EUR 186.7 million during the reporting period after EUR 169.7
million in the previous year. If exchange rates were at the year-earlier
level, sales revenues would have risen to around EUR 193 million. The
earnings before financial result and income tax (EBIT) were EUR 13.4 million
(Q1 2017: EUR 10.7 million) from January to March 2018. This represented
strong growth of 25 %.
"Our international expansion strategy is paying off. The acquisitions we
have made increase our presence in growth markets and they are developing
into very gratifying profitability drivers within the Group," commented Dr.
Herbert Müller, Chairman of the Board of Management of SURTECO SE, in
response to the development.
Plastics sector posts significant growth - Paper sector experiences negative
burden from raw materials prices
In the first quarter of 2018, the Strategic Business Unit Plastics reported
a disproportionate growth in profit. While revenues in the Plastics sector
went up by one quarter to EUR 90.9 million (Q1 2017: EUR 72.8 million),
primarily as a result of the acquisition of the Probos Group, EBIT of the
business line climbed by 52 % to EUR 8.2 million, after EUR 5.4 million in
the year-earlier period. By contrast, a brake was put on development in the
Business Unit Paper by higher raw materials prices and an unfavourable
product mix. Negative currency effects mean that sales in the Paper segment
have gone down by 1 % to EUR 95.8 million (Q1-2017: EUR 97.0 million) and
EBIT has eased from EUR 7.6 million to EUR 7.1 million.
Robust balance sheet quality
As at the balance sheet date on 31 March 2018, the balance sheet total
increased slightly by nearly 2 % to EUR 856.4 million (31 December 2017: EUR
842.6 million). During the reporting period, the equity remained largely
unchanged at EUR 349.9 million by comparison with year-end 2017 (31 December
2017: EUR 349.2 million). In relation to the increased balance sheet total,
the equity ratio of 41.4 % as at 31 December 2017 came down slightly to 40.9
% on 31 March 2018. Primarily on account of reduced receivables sales
(factoring) from January 2018, the net financial debt rose as at the end of
March to EUR 205.2 million after EUR 190.0 million at year-end 2017.
Accordingly, the level of debt (gearing) stood at 59 % at the end of March
and was therefore 5 percentage points above the value on 31 December 2017.
Outlook for 2018: Increase in sales and earnings
SURTECO SE confirms an unchanged outlook for the business year 2018 and
continues to work towards significant growth in sales and earnings. Group
sales amounting to EUR 689.7 million last year are projected to rise to
between EUR 725 and 750 million. The growth is supposed to be achieved by
modest organic growth and full-year consolidation of the Probos Group.
Earnings before financial result and income tax (EBIT) are projected to be
improved from EUR 44.7 million in the previous year to a value between EUR
49 and 53 million in 2018.
You will find the report on the 1st quarter of 2018 and other 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, 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)
Q1-2017 Q1-2018 Variation
Consolidated sales 169.7 186.7 +10 %
- of which Paper 97.0 95.8 -1 %
- of which Plastics 72.8 90.9 +25 %
Foreign sales in % 72.7 73.8 + 1.1 pts.
EBITDA 19.6 23.5 +19 %
EBIT 1 10.7 13.4 +25 %
- of which Paper 7.6 7.1 -7 %
- of which Plastics 5.4 8.2 +52 %
EBIT margin in % 6.3 7.2 +0.9 pts.
EBT 8.9 11.0 +23 %
Consolidated net profit 6.2 8.0 +28 %
Earnings per share in EUR 2 0.40 0.51 +28 %
31/12/2017 31/03/2018 Variation
Balance sheet total 842.6 856.4 +2 %
Equity 349.2 349.9 +0.2 %
Net debt 190.0 205.2 +8 %
Level of debt in % 3 54 59 +5 pts.
Equity ratio in % 41.4 40.9 -0.5 pts.
Employees 3,295 3,331 +1 %
(1) Difference to balance of segment earnings due to internal clearing
(2) Based on a number of shares amounting to 15,505,731
(3) Net debt / Equity
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15.05.2018 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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684959 15.05.2018
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