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Corporate News: SURTECO achieves targets for the year while comparable operating profit increases by 56 %


SURTECO SE / Key word(s): Preliminary Results

2015-03-19 / 09:06


Press Release

SURTECO achieves targets for the year while comparable operating profit increases by 56 %

- Consolidated sales in the business year 2014 at EUR 618.3 million are 54 % up on previous year

- EBITDA increases by 5 % to EUR 62.8 million in spite of restructuring expenses in 2014 and a positive one-off effect in 2013

- Confidence for 2015 thanks to operating improvements and synergy effects arising from Süddekor integration

Buttenwiesen-Pfaffenhofen, 19 March 2015 - SURTECO SE - one of the world's leading manufacturers of decorative surface materials - succeeded in achieving the planned targets for the year in the course of the business year 2014. According to provisional unaudited figures, the Group posted sales of EUR 618.3 million (2013: EUR 402.4 million) amounting to an increase of 54 %. This rise was essentially due to the first-time full consolidation of the Süddekor companies, which were taken over at the end of 2013.

Earnings before Interest, Tax and Depreciation and Amortization (EBITDA) reported a five-percent increase at EUR 62.8 million compared with the figure of EUR 59.7 million reported for the previous year. In this context, it should however be taken into account that in 2013 a non-operating, positive contribution to earnings of EUR 13.5 million was included in reporting as a result of the Süddekor acquisition. In the year under review 2014, a provision amounting to EUR 9.4 million was recognised for upcoming restructuring at the decorative printing division in 2015. Adjusted by these one-off effects, an improvement in EBITDA of 56 % was achieved. EBIT amounted to EUR 27.5 million (2013: EUR 37.1 million) and although EBT at EUR 22.2 million (2013: EUR 28.1 million) was below the values for the previous year, once an adjustment is made for the one-off effects described above, significant growth rates were also achieved here.

"SURTECO succeeded in achieving its targets in 2014. Sales and comparable operating profit therefore increased by more than 50 %. We are confident that the integration of Süddekor will continue to proceed according to plan in 2015," commented the Chairman of the Board of Management of SURTECO SE Friedhelm Päfgen.

Confidence for the business year 2015 particularly in relation to earnings

The detailed outlook for the business year 2015 will be presented together with the audited annual financial statements and the management report for the year 2014 at the Financial Press Conference in Frankfurt on 30 April 2015. Provided that the economy continues to develop robustly and further integration of Süddekor proceeds according to plan, SURTECO is confident that modest operating improvements and increasing synergy effects will be achieved from the Süddekor integration, which will for the most part exert a positive impact on earnings.

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 30 % of sales in Germany, 45 % 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 and Stuttgart. 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
 
 




2015-03-19 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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