Ad-hoc | 25 August 2003 07:30

SURTECO AG english

Report for the half-year 2003 (01.01. – 30.06.) Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– SURTECO HAS TO LIVE WITH STRONG EURO Unfavourable currency parities negatively impacting the six-monthly figures Buttenwiesen/Pfaffenhofen, 25 August 2003. – SURTECO AG, world-leading supplier of surface technologies based on technical special papers and plastics, has – like many other heavily export-oriented German companies – to cope not only with the generally difficult economic situation, but in particular with the current particularly unfavourable currency parities. In the wake of an extremely strong euro compared to the major dealing currencies, the Group generated sales of EUR 179.9 million, EUR 106.1 (114.1) million of this abroad, in the first six months of 2003, thereby underperforming on the previous year’s figures by 5%. Adjusted for currency effects, the decline would be just 1.5%. The six-monthly sales of the Paper strategic business unit (SBU), to which the companies in the Bausch and Linnemann Groups contribute, and the Plastics SBU, in which the activities of the Döllken Group are consolidated, remained roughly on an even keel at EUR 88.8 million (- 4%) and EUR 92 million (- 6%) respectively. The negative currency effects only impacted the Plastics SBU by four percentage points. In the first six months of this financial year, SURTECO AG generated operating EBIT of EUR 20.8 million compared to EUR 25.8 in the first six months of 2002. At EUR 34.1 million, EBITDA was 13% lower than the figures for the first six months of the previous year. In the face of the continuing economic difficulties, the Group management expects sales of approximately EUR 350 million for the current financial year. This would mean a decline of around 4% compared to 2002. The company expects a decline in operating earnings from EUR 30 million to EUR 25 million for 2003. One measure SURTECO AG has taken to combat the continuing economic difficulties is a realignment of the production structure of the Paper SBU. In addition to the targeted increase in productivity, which will reduce unit costs, the main focus is on raising the already impressive quality level. end of ad-hoc-announcement (c)DGAP 25.08.2003 ——————————————————————————– WKN: 517 690; ISIN: DE0005176903; Index: Listed: Amtlicher Markt in Frankfurt (Prime Standard) und München; Freiverkehr in Berlin-Bremen, Düsseldorf und Stuttgart 250730 Aug 03