DGAP-Adhoc: Surteco SE: Figures for the first three quarters of 2008


SURTECO SE / Interim Report/Quarter Results

31.10.2008 

Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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SURTECO SE increased sales after three quarters in the current business
year by 1 % to € 315.7 million. While sales in the Strategic Business Unit
Paper fell short of the value for the previous year by 8 % at € 116.9
million, the plastics business posted growth of 7 % to € 198.8 million
owing to the acquisition of Swedish company Gislaved AB in September 2007.
As a result of the sustained weak economic cycle in the construction and
furnishing industry and the resulting lower utilization of capacity –
particularly during the third quarter – SURTECO SE reacted by intensifying
all current cost-cutting programmes and harmonization measures in the area
of personnel. A cut of 200 established posts in the budget is planned (30
September 2008: 2,220 employees). Restructuring reserves amounting to € 4.0
million were formed for this purpose so that the operating result (EBITDA)
in the third quarter of 2008 amounted to € 10.2 million (2007: € 17.4
million). EBITDA for the 9-month financial statements amounted to € 49.3
million. It fell short of the value for the previous year (€ 56.6 million)
by 13 %.
A correction of the investment book value for the share package in
Pfleiderer AG, Neumarkt, held by SURTECO also exerted a significant
negative impact on the EBT amounting to € 14.4 million (1-9/2007: € 36.7
million). The negative developments in the equity markets and the
unfavourable forecast for the economy mean that SURTECO carried out an
impairment amounting to € 11.5 million.
On the basis of current events in the markets and the forecasts for 2009,
SURTECO SE anticipates that the weak economic situation, particularly in
the construction and furnishing sector, will continue to deteriorate as a
result of the financial crisis.
The corporate targets for the current year are therefore no longer
realistic. It must be assumed that sales (2007: € 414.5 million) and
earnings (EBT 2007: € 46.6 million) will lag behind the figures for the
record year 2007 – particularly on account of the impairment of the
shareholding in Pfleiderer AG and restructuring provisions.

SURTECO SE will publish the 9-month report for 2008 on 11 November on the
company’s website before official hours on the stock exchange
(www.surteco.com).


Profile of SURTECO
SURTECO SE, Buttenwiesen-Pfaffenhofen, is the leading specialist for
surface technologies. The product portfolio includes papers printed with
decorative designs, decorative flat foils and edgebandings based on
specialist papers for technical applications and plastics. Customers of
SURTECO generally come from the furnishing industry, interior design and
the construction sector. The Group has a workforce of more than 2000
employees on four continents.
The shares of the company 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/Bremen, Düsseldorf and Stuttgart.
DGAP 31.10.2008 
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Language:     English
Issuer:       SURTECO SE
              Johan-Viktor-Bausch-Str. 2
              86647 Buttenwiesen-Pfaffenhofen
              Deutschland
Phone:        +49 (0)8274 99 88-0
Fax:          +49 (0)8274 99 88-5 05
E-mail:       g.schneller@surteco.com
Internet:     www.surteco.com
ISIN:         DE0005176903
WKN:          517 690
Listed:       Regulierter Markt in Frankfurt (Prime Standard), München;
              Freiverkehr in Düsseldorf, Berlin, Stuttgart
End of News                                     DGAP News-Service
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