Corporate | 14 August 2014 08:00
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SURTECO SE / Key word(s): Half Year Results
Press Release Further high level of dynamic growth at SURTECO for the first half of the year – Sales at the Group rose by 59 % to 315.3 million euros – EBITDA increased by 50 % to 39.6 million euros – consolidated net profit went up by 60 % to 12.8 million euros – Integration of Süddekor continues apace – Outlook for 2014 confirmed Buttenwiesen-Pfaffenhofen, 14 August 2014 – SURTECO SE – one of the world’s leading manufacturers of decorative surface materials – continued to post a high level of dynamic growth after the first six months of the business year 2014. A key factor in the 59 percent increase in sales to 315.3 million euros (first half of 2013: 198.4 million euros) was the consolidation of the Süddekor Group taken over at the end of 2013. However, modest organic growth was also generated. The Group also increased its profit. Earnings before interest, tax, and depreciation and amortization (EBITDA) climbed by 50 % from 26.4 million euros to 39.6 million euros by the end of the first half year. Consolidated net profit rose by 60 % to 12.8 million euros (1st half of 2013: 8.0 million euros). “Even after six months, we can be satisfied with the development of our indicators for 2014, even if the framework conditions have not been conducive to assisting our endeavours. The integration of Süddekor is proceeding as planned”, stated the Chairman of the Board of Management of SURTECO SE, Friedhelm Päfgen. Organic growth in both business units The increase in sales of 144 % to 200.4 million euros in the paper segment was primarily due to the Süddekor takeover, with organic growth also going up by 2.2 %. Although the Business Unit Plastics remained slightly below the level of the previous year at 114.9 million euros in the reported sales, adjusted by the divested cladding business of the Vinylit GmbH it also posted an increase of 2.4 %. Earnings in both segments similarly showed increases over the amounts for the previous year. The disproportionately lower increase in earnings per share from 0.72 euros to 0.83 euros is explained by the capital increase carried out in November 2013. Free cash flow increased by 79 % to 11.1 million euros Since Süddekor was already consolidated in the balance sheet at the close of 2013, there have been no major changes on this front. The equity ratio at 48.5 % (end of 2013: 49.7 %) continues to remain robust alongside the gearing (level of debt) at 50 % (end of 2013: 49 %). The platform for this was a stable development of net financial debt (first half of 2014: 153.8 million euros compared with 151.2 million euros at 31/12/2013). The good earnings performance is also reflected in the free cash flow, which went up by 79 % from 6.2 million euros to 11.1 million euros. Forecast for 2014 confirmed – uncertainties about the impact of the Ukraine crisis
SURTECO SE is continuing to operate in a difficult environment with the focus on customers in the furniture industry. Nevertheless, the company holds to its forecasts given in April 2014: Consolidated sales are projected to increase to 630-640 million euros (2013: 404 million euros). Potential impacts on business in Eastern Europe as a consequence of the deteriorating crisis in Ukraine cannot be predicted at present. Nevertheless, pretax earnings (EBT) are projected to increase significantly compared with the previous year. The pretax earnings of the previous year (28.1 million euros) were defined by a positive one-off effect amounting to 13.5 million euros from the purchase-price allocation of the Süddekor companies.
The integration of Süddekor is proceeding in accordance with expectations.
You can find the report for the first half-year of 2014 and other information about SURTECO SE on the Internet by going to www.surteco.com.
Profile of SURTECO
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:
Important indicators of SURTECO SE (in EUR million)
(1) Q1-2 2014: based on 15,505,731 no-par-value shares (including capital increase from December 2013), Q1-2 2013: number of shares: 11,075,522 (2) Net debt / Equity 14.08.2014 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
| 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 | |
| Indices: | SDAX | |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, Stuttgart | |
| End of News | DGAP News-Service |
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| 281852 14.08.2014 |