Corporate | 30 April 2015 11:00
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SURTECO SE / Key word(s): Final Results
SURTECO is confident that sales and earnings can be increased further in 2015 – Consolidated sales achieve a new record level of EUR 618 million in 2014 – Adjusted EBITDA improves by 56% – Renewed increase in dividend to EUR 0.70 planned – Outlook for 2015: Organic growth expected in both lines of business, pre-tax profit of more than EUR 32 million projected Buttenwiesen-Pfaffenhofen, 30 April 2015 – SURTECO SE – one of the world’s leading manufacturers of decorative surface materials – achieved record sales amounting to EUR 618.5 million in the business year 2014, which was 54 % above the year-earlier figure of EUR 402.1 million. Apart from a modest organic increase in sales, full consolidation of Süddekor taken over at the end of 2013 was responsible for this rise. The operating result (EBITDA) at EUR 62.8 million posted a five-percent increase compared with the equivalent year-earlier figure of EUR 59.7 million, although it was impacted by one-off effects. In 2013, the acquisition of Süddekor made a positive contribution to earnings of EUR 13.5 million arising from the acquisition. In the reporting year 2014, a provision of EUR 9.4 million for the restructuring process in the decorative printing segment for 2015 impacted with a one-off negative effect on the result. The comparable EBITDA adjusted for these effects increased from EUR 46.2 million to EUR 72.2 million, i.e. by more than 50 %. Against the background of the positive operating development and confidence for the new business year 2015 the Board of Management and Supervisory Board of SURTECO SE will recommend to the Annual General Meeting to be held on 26 June 2015 that a payment of dividend increased from EUR 0.65 to EUR 0.70 per share should be made for the business year 2014. “SURTECO is extremely well positioned for the future following the integration of Süddekor. On the basis of a robust economic forecast, we are therefore confident of once more being able to increase sales and earnings in 2015,” commented Chairman of the Board of Management of SURTECO SE Friedhelm Päfgen. Expansion in both segments and in foreign business
The sales of the Strategic Business Unit Plastics remained stable at
The one-off effects referred to above and the significant acquisition-based increase in depreciation and amortization led to a decrease in earnings to EUR 27.6 million (2013: EUR 37.0 million) in the consolidated EBIT. In spite of a significantly improved financial result, pre-tax profit at EUR 22.3 million (2013: EUR 28.0 million) was below the equivalent year-earlier figure. Earnings per share came down from EUR 1.86 to EUR 1.19 partly as a result of the significantly increased number of shares generated by the capital increase at the end of 2013. Balance sheet quality and cash flow improved
SURTECO has a healthy balance sheet structure. Once more, the equity ratio rose slightly from 49.7 % to 50.4 %. Thanks to the decline in net financial debt to EUR 145.8 million (2013: EUR 151.2 million), gearing – defined as the ratio of net financial debt to equity capital – fell by 4 percentage points to 45 %. After the free cash flow was in negative territory at minus
Outlook for 2015: Organic growth in both segments – pre-tax profit is projected to increase to just above EUR 32 million Given the robust economic forecast and increasing synergies derived from the Süddekor takeover, SURTECO is confident of being able to continue increasing sales and earnings further for the business year 2015. The two business units are anticipating a slight increase in sales revenues and higher profits. The increasing synergies generated by the integration of Süddekor are likely to exert a positive impact. Overall, the Board of Management therefore forecasts a pre-tax profit slightly above EUR 32 million. You can find the Annual Report for 2014 and other information about SURTECO SE on the Internet at 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
(1) Based on an number of shares amounting to 15,505,731, Number of shares 2013: 11,767,363 (2) For the business year 2014: Dividend proposal to the Annual General Meeting (3) Net debt / Equity 2015-04-30 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: | Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart | |
| End of News | DGAP News-Service |
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| 350205 2015-04-30 |