Ad-hoc | 11 August 2008 07:20
SURTECO SE / Half Year Results/Quarter Results
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
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The issuer is solely responsible for the content of this announcement.
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SURTECO SE is not content with meeting the global slowdown in the
construction and furniture sector and the ongoing credit crunch with
cost-reduction and rationalization programmes. The company is an
international leader in surface materials based on plastics and papers for
technical applications, and the main focus is on product innovations that
are geared towards safeguarding the leading global position of the Group
over the long term. This holds particularly true for the plastic products
line, which continues to be the long-term 'sales driver' despite a
difficult macroeconomic environment. The surface specialist continues to
demonstrate a dynamic approach to this market with innovations such as an
edge with a finish that looks deceptively like glass and a technical frame
extrusion for flat screens.
The companies grouped in the Strategic Business Unit Plastics generated
sales amounting to € 135.5 million during the first half of 2008, not least
on the basis of a high-quality product range, and exceeded the equivalent
year-earlier figure by 11 percent. Export business retained a positive
performance: after six months, sales increased by an impressive 17 percent
to € 91.5 million. Sales in Germany maintained their position at the level
of the previous year amounting to € 44.0 million after roller-coaster
development in the first two quarters.
The Strategic Business Unit Paper has an even tougher mission than the
plastics business line, battling with significant consumer restraint in the
domestic market. Sales of decorative prints, edging tapes and flat foils
based on technical papers in the German market amounted to € 30.1 million
in the first half of the year and were 7 percent below the figures for the
first half of 2007. The North American market continues to present negative
indicators for this product group. While this market remains an important
market for SURTECO, it is beset by the pressures of currency problems, a
weak economy, and the knock-on effects of the subprime crisis for the
construction and residential real estate market. Foreign sales generated by
the SBU Paper posted a shortfall of eight percent compared with the
equivalent year-earlier figure during the half year under review. Overall,
this line of business closed with sales amounting to € 80.5 million, which
indicates a decline of 7 percent.
But thanks to the broadly based product range of sophisticated plastic
foils, SURTECO SE as a full-range provider was able to conclude the first
half year of 2008 with an increase in sales of 3 percent to € 216.0 million
(209.1), of which € 141.9 million (+ 7 percent) was generated abroad and
74.0 (- 3 percent) in the domestic market. At € 39.1 million, EBITDA was at
the level of the equivalent year-earlier period during the reporting
period. Consolidated net profit at € 16.4 million after six months is 2
percent higher than in the first half year of 2007.
Although the fraught American market is likely to continue impacting
negatively on the eurozone economy during the second half of 2008, SURTECO
SE is anticipating moderate growth for the business year 2008. Assuming
that SURTECO is not negatively impacted by further turbulence in the
foreign-exchange and raw-materials markets, the objective is to achieve the
high level of earnings recorded in the previous year. In 2007, the Group
reported sales amounting to € 414.5 (+ 3 percent). At € 55.5 million (+ 3
percent), EBIT was above the equivalent year-earlier figure for the fourth
time in succession.
11.08.2008 Financial News transmitted by DGAP
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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 Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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