EQS-News: SURTECO GROUP SE: Sales up compared with previous year on the back of Omnova integration; Ongoing weak demand and one-off exceptional effects impact negatively on earnings
EQS-News: SURTECO GROUP SE
/ Key word(s): Half Year Report
SURTECO GROUP SE: Sales up compared with previous year on the back of Omnova integration; Ongoing weak demand and one-off exceptional effects impact negatively on earnings
31.07.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
SURTECO GROUP SE: Sales up compared with previous year on the back of Omnova integration; Ongoing weak demand and one-off exceptional effects impact negatively on earnings
- Group sales increase by 3 % to € 429 million
- EBIT at € 7.6 million, adjusted EBIT at € 20.9 million
SURTECO GROUP SE, holding company for leading national and international brands of surface technology, succeeded in increasing sales by 3 % compared with the previous half year to € 428.8 million on the back of integration of sales from the acquisition of the Omnova divisions in March 2023. However, a significant reduction in demand, particularly in Europe and North America, and one-off costs in connection with the Omnova acquisition and the purchase price allocation (PPA) exerted a negative impact on the result. Earnings before financial result and income tax (EBIT) amounted to € 7.6 million and were consequently -77 % below the equivalent year-earlier value. Adjusted by all one-off expenses, adjusted EBIT amounted to € 20.9 million. Adjusted EBITDA was € 45.1 million after € 55.2 million in the previous year.
The company introduced measures in the areas of pricing, personnel, purchasing, operations and working capital in order to improve earnings. However, additional one-off restructuring expenses will be incurred in the second half year of 2023. As a consequence, reported EBIT of € 20 to 30 million (original forecast: € 45 to 55 million) is now anticipated for the business year 2023. Adjusted EBIT for the year overall is projected to be in the range of the original EBIT forecast.
All the measures are designed to achieve sustained EBIT above € 60 million and EBITDA above € 110 million before one-off effects starting from the business year 2024.
“In the original forecast, we assumed a revival of demand in the second half year of 2023. Unfortunately, the trajectory in the important markets of Europe and North America is trending in a different direction. As a consequence, we have put together a comprehensive package of measures in order to take decisive action and provide a counterweight,” commented Wolfgang Moyses, Chairman of the Management Board of SURTECO GROUP SE.
You will find the report for the first half year of 2023 and other information about SURTECO GROUP SE on the Internet at www.surteco.com.
Important indicators of SURTECO GROUP SE (in € million)
|
Q1-2 2022 |
Q1-2 2023 |
Consolidated sales |
415.1 |
428.8 |
- of which Surfaces |
164.8 |
142.3 |
- of which Edgebands |
90.4 |
78.8 |
- of which Profiles |
80.6 |
73.1 |
- of which North America |
51.5 |
108.9 |
- of which Asia / Pacific |
27.9 |
25.6 |
Foreign sales in % |
75 |
79 |
EBITDA |
55.2 |
35.3 |
EBITDA margin in % |
13.3 |
8.2 |
EBITDA adjusted 1 |
55.2 |
45.1 |
EBIT 2 |
33.5 |
7.6 |
- of which Surfaces |
9.7 |
-1.7 |
- of which Edgebands |
10.9 |
9.4 |
- of which Profiles |
9.4 |
6.8 |
- of which North America |
4.4 |
-6.3 |
- of which Asia / Pacific |
5.6 |
3.8 |
EBIT adjusted 3 |
33.5 |
20.9 |
EBT |
31.9 |
2.9 |
Consolidated net profit |
22.5 |
-4.0 |
Earnings per share in € 4 |
1.45 |
-0.26 |
Cash flow from current business operations |
18.8 |
37.2 |
Free cash flow |
-2.4 |
-205.2 |
|
31/12/2022 |
30/06/2023 |
Balance sheet total |
851.8 |
1,086.9 |
Equity |
426.1 |
406.1 |
Net financial debt |
152.8 |
381.0 |
Level of debt in % 5 |
36 |
94 |
Equity ratio in % |
50.0 |
37.4 |
Number of employees |
3,052 |
3,716 |
- One-off effects (Aquissition and integration costs, consulting fees, PPA Step-up inventories)
- Difference to balance of segment earnings due to internal clearing
- One-off effects (Aquissition and integration costs, consulting fees, PPA Step-up inventories, PPA depreciation)
- Based on a number of shares amounting to 15,505,731
- Net financial debt to Equity
Contact:
SURTECO GROUP SE |
|
Martin Miller
Investor Relations and Press Office
T: +49 8274 9988-508 |
|
F: +49 8274 9988-515
[email protected]
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|
Profile of SURTECO
SURTECO GROUP SE with registered office in Buttenwiesen is a mid-sized holding company with international operations. The company listed on the stock exchange combines leading national and international brands for surface technology under one roof. The comprehensive product portfolio includes papers printed with decor designs, impregnated materials, release papers, decorative flat foils and edgebandings based on specialist technical papers and plastics. This portfolio is complemented by skirtings made of plastics, technical extrusions (profiles) for industry, and roller shutter systems. The group manufactures its products at 26 locations on four continents worldwide and employs approximately 3,800 people. In 2022, the company achieved an annual turnover of €748 million and an EBIT of €40 million. Customers of the SURTECO Group primarily come from the wood-based, flooring and furniture industries, as well as from interior design
The shares in SURTECO GROUP 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.
Cautionary note regarding forward-looking statements
This press release may contain 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 assumes no obligation to update any forward-looking statements contained herein or to adapt such information to future results or developments.
31.07.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com
|
Language: |
English |
Company: |
SURTECO GROUP SE |
|
Johan-Viktor-Bausch-Str. 2 |
|
86647 Buttenwiesen |
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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 |
EQS News ID: |
1691183 |
|
End of News |
EQS News Service |
1691183 31.07.2023 CET/CEST
Die wichtigsten Finanzdaten auf einen Blick
|
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
Umsatzerlöse1 |
689,65 |
698,98 |
675,27 |
626,99 |
757,06 |
747,70 |
835,09 |
EBITDA1,2 |
83,09 |
72,78 |
66,29 |
88,32 |
114,76 |
84,18 |
66,57 |
EBITDA-Marge3 |
12,05 |
10,41 |
9,82 |
14,09 |
15,16 |
11,26 |
|
EBIT1,4 |
44,67 |
32,20 |
21,12 |
46,15 |
72,52 |
40,18 |
8,12 |
EBIT-Marge5 |
6,48 |
4,61 |
3,13 |
7,36 |
9,58 |
5,37 |
0,97 |
Jahresüberschuss1 |
26,33 |
18,93 |
9,76 |
33,77 |
47,81 |
25,23 |
-2,42 |
Netto-Marge6 |
3,82 |
2,71 |
1,45 |
5,39 |
6,32 |
3,37 |
-0,29 |
Cashflow1,7 |
82,90 |
60,70 |
84,04 |
82,66 |
43,75 |
69,14 |
100,58 |
Ergebnis je Aktie8 |
1,69 |
1,20 |
0,61 |
2,17 |
3,08 |
1,63 |
-0,79 |
Dividende8 |
0,80 |
0,55 |
0,00 |
0,80 |
1,00 |
0,70 |
0,80 |
Quelle: boersengefluester.de und Firmenangaben
Geschäftsbericht 2023 - Kostenfrei herunterladen. ![](/wp-content/uploads/assets/icon/pdf_24x24.png)
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de
Wirtschaftsprüfer: PricewaterhouseCoopers
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INVESTOR-INFORMATIONEN |
©boersengefluester.de |
Surteco Group |
WKN |
Kurs in € |
Einschätzung |
Börsenwert in Mio. € |
517690 |
14,700 |
Halten |
227,93 |
KGV 2025e |
KGV 10Y-Ø |
BGFL-Ratio |
Shiller-KGV |
9,48 |
16,85 |
0,55 |
10,75 |
KBV |
KCV |
KUV |
EV/EBITDA |
0,58 |
2,27 |
0,27 |
8,99 |
Dividende '22 in € |
Dividende '23 in € |
Div.-Rendite '23 in % |
Hauptversammlung |
0,70 |
0,00 |
0,00 |
07.06.2024 |
Q1-Zahlen |
Q2-Zahlen |
Q3-Zahlen |
Bilanz-PK |
30.04.2024 |
31.07.2024 |
31.10.2024 |
24.04.2024 |
Abstand 60Tage-Linie |
Abstand 200Tage-Linie |
Performance YtD |
Performance 52 Wochen |
-4,53% |
-3,32% |
-9,26% |
-19,23% |
|
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