Surteco SE

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SURTECO

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Corporate News: SURTECO SE: SURTECO gets off to a strong start in the business year 2015


SURTECO SE / Key word(s): Quarter Results

2015-05-15 / 08:00


Press Release

 

SURTECO gets off to a strong start in the business year 2015

- Group sales increase by 4 % to EUR 166.0 million in the first quarter

- EBITDA down to EUR 18.9 million - earnings before tax increase by 26 % to
  EUR 12.1 million

- Free cash flow increases to EUR 19.7 million

- Outlook for 2015 confirmed: Organic growth in both Strategic Business Units

Buttenwiesen-Pfaffenhofen, 15 May 2015 - SURTECO SE - one of the world's leading manufacturers of decorative surface materials - got off to a strong start in the business year 2015. Sales increased by 4 % to EUR 166.0 million (Q1 2014: EUR 160.1 million) in the first quarter. Both Strategic Business Units contributed to this positive development: Sales in the Strategic Business Unit Plastics increased by 8 % while sales in the Strategic Business Unit Paper grew by 1 %. Additional costs associated with integration arising from the merger of printing activities exerted a negative impact on earnings during the quarter under review. The operating result (EBITDA) at EUR 18.9 million therefore fell short of the comparable figure for the previous year of EUR 21.8 million. However, the financial result improved significantly on the back of currency gains, and earnings before tax posted an increase of 26 % at EUR 12.1 million EUR (Q1-2014: EUR 9.6 million). Earnings per share developed in a similar way with an increase of EUR 0.43 to EUR 0.54. Against the background of this development, the company is confident of achieving the defined objectives for 2015 over the course of the year.

"Following the integration of Süddekor, SURTECO is extremely well positioned for the future. The concentration of decorative printing activities in Buttenwiesen is also proceeding according to plan. In view of the upbeat economic forecasts, we are therefore confident of being able to increase sales and earnings once again in 2015," commented Chairman of the Board of Management of SURTECO SE Friedhelm Päfgen.

Level of debt further reduced, gearing at 40%

Free cash flow leapt from EUR 6.7 million to EUR 19.7 million during the first quarter, and cash and cash equivalents rose from EUR 43.1 million at year-end 2014 to EUR 62.0 million on 31 March 2015. Accordingly, the level of net financial debt decreased significantly to EUR 133.9 million (31/12/2014: EUR 145.8 million) and gearing (net financial debt/equity) fell from 45 % to 40 %. On the basis of these figures and an equity ratio of 49.3 % (31/12/2014: 50.4 %), SURTECO therefore has an extremely robust balance sheet structure.

Outlook for 2015 confirmed: Organic growth in both segments - Adjusted earnings before tax should increase slightly

Following on from the results of the first quarter, the forecast for the entire year 2015 in the current Annual Report can be confirmed. The company is anticipating a modestly positive development in the global economy. This is expected to lead to a slight increase in sales revenues in the two Strategic Business Units.

The SURTECO Group expects a slight increase in the pretax result for the business year 2015, compared with the business year 2014, which has been adjusted by restructuring expenses (EUR 9.4 million).

You can find the Report for the first quarter 2015 and other information about SURTECO SE on the Internet at www.surteco.com.

Important indicators of SURTECO SE
(in EUR million)

  Q1-2014     Q1-2015     Variation
Consolidated sales 160.1 166.0 +4%
- of which paper 102.4 103.7 +1%
- of which plastics 57.7 62.3 +8%
Foreign sales in % 70 71  
EBITDA 21.8 18.9 -13%
EBITDA margin in % 13.6 11.4  
EBIT 12.1 10.3 -15%
EBT 9.6 12.1 +26%
Consolidated net profit 6.7 8.4 +26%
Earnings per share in EUR 1 0.43 0.54 +26%
Cash flow from current business operations 9.9 17.8 +80%
Free Cash flow 6.7 19.7 +194%
 

 

  31/12/2014      31/03/2015
Balance sheet total 636.7 683.5
Equity 321.1 336.9
Net debt 145.8 133.9
Gearing (level of debt) in % 2 45 40
Equity ratio in % 50.4 49.3
Employees 2,705 2,735
 

(1) Based on an number of shares amounting to 15,505,731

(2) Net debt / Equity

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 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. 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
Chief Financial Officer
+ 49 (0) 8274/99 88-563
 
Martin Miller
Investor Relations and Press Office
+ 49 (0) 8274/99 88-508
 
 
Internet www.surteco.com
Email ir@SURTECO.com
Fax + 49 (0) 8274/99 88-515
 
 
 

 





2015-05-15 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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