DGAP-News: SURTECO SE / Key word(s): Half Year Results
SURTECO SE: Margin for half year improved
09.08.2013 / 07:14
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SURTECO SE: Margin for half year improved
- Sales fell in the difficult sector environment by 6 % to 199.2 million
euros
- Slight increase in earnings - EBITDA margin improved from 12.6 % to
13.3 %
- Outlook for 2013: Sound earnings development despite ongoing difficult
framework conditions
Buttenwiesen-Pfaffenhofen, 9 August 2013 - The first half year of 2013 for
SURTECO SE - one of the world's leading manufacturers of decorative surface
finishes - was defined by a difficult sector environment. Sales of 199.2
million euros lagged 6 % behind the comparable year-earlier period (210.9
million euros). As a result of consistent cost management and a slight
easing on the procurement side, earnings before interest, tax and
depreciation and amortization (EBITDA) nevertheless underwent a slight
increase at 26.6 million euros. The EBITDA margin increased from 12.6 % to
13.3 % and the EBIT margin went up by 0.7 percentage points to 8.0 %.
Earnings after tax rose slightly to 8.0 million euros (HY1 2012: 7.8
million euros).
'SURTECO maintained its position well in a difficult environment. We have
been able to report a stable result and improved margins for the half
year,' was the conclusion of the Chairman of the Board of Management of
SURTECO SE Friedhelm Päfgen.
Free cash flow reduced, but continuingly positive
Increased net current assets reduced the free cash flow to 6.2 million
euros (2012: 11.1 million euros). The equity ratio of 46.3 % is slightly
below the value for the year 2012 (47.8 %). Conversely, net debt was
reduced slightly to 101.2 million euros.
Outlook for 2013: No upturn expected in the second half year
The Board of Management is not expecting an upturn in business activities
for the second half year. SURTECO is therefore assuming total sales for the
year 2013 amounting to less than 400 million euros (2012: 407.7 million
euros). However, earnings before tax at the level of the previous year are
still the aim on the basis of this sales expectation.
You can find the report for the first half year of 2013 and other
information on SURTECO SE on the Internet by going to www.surteco.com.
Important indicators of SURTECO SE
(in EUR million)
<pre>
H1 2012 H1 2013
Sales revenues 210.9 199.2
- of which SBU Paper 88.7 82.0
- of which SBU Plastics 122.2 117.2
Foreign sales in % 67.7 68.8
EBITDA 26.5 26.6
EBITDA margin in % 12.6 13.3
EBIT 15.5 16.0
EBT 11.5 11.9
Consolidated net profit 7.8 8.0
Earnings per share in EUR 1 0.70 0.72
Cash flow from current business operations 20.7 13.2
Free Cashflow 11.1 6.2
</pre>
<pre>
31/12/2012 30/06/2013
Balance sheet total 467.3 481.6
Equity 223.2 223.2
Net debt 101.8 101.2
Gearing (level of debt) in 2 46 45
Equity ratio in % 47.8 46.3
Employees 1,967 1,972
</pre>
(1) Based on an unchanged number of shares amounting to 11,075,522
(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, 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,
do-it-yourself ranges and shutter and cladding systems.
The Group currently has a workforce of appr. 2,000 and manufactures at 15
sites on four continents, currently generating approximately 31 % 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
furnishing industry and the construction sector.
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.
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:
<pre>
SURTECO SE
Andreas Riedl Martin Miller
Chief Financial Officer Investor Relations and Press Office
+ 49 (0) 8274/99 88-563 + 49 (0) 8274/99 88-508
Internet www.surteco.com
Email ir@SURTECO.com
Fax + 49 (0) 8274/99 88-515
</pre>
End of Corporate News
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09.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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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: ir@surteco.com
Internet: www.surteco.com
ISIN: DE0005176903
WKN: 517 690
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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DGAP-News: SURTECO SE: Margin for half year improved
| Source: EQS Group AG