Corporate | 15 May 2015 08:00
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SURTECO SE / Key word(s): Quarter Results
Press Release
SURTECO gets off to a strong start in the business year 2015 – Group sales increase by 4 % to EUR 166.0 million in the first quarter
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EBITDA down to EUR 18.9 million – earnings before tax increase by 26 % to
– Free cash flow increases to EUR 19.7 million – Outlook for 2015 confirmed: Organic growth in both Strategic Business Units Buttenwiesen-Pfaffenhofen, 15 May 2015 – SURTECO SE – one of the world’s leading manufacturers of decorative surface materials – got off to a strong start in the business year 2015. Sales increased by 4 % to EUR 166.0 million (Q1 2014: EUR 160.1 million) in the first quarter. Both Strategic Business Units contributed to this positive development: Sales in the Strategic Business Unit Plastics increased by 8 % while sales in the Strategic Business Unit Paper grew by 1 %. Additional costs associated with integration arising from the merger of printing activities exerted a negative impact on earnings during the quarter under review. The operating result (EBITDA) at EUR 18.9 million therefore fell short of the comparable figure for the previous year of EUR 21.8 million. However, the financial result improved significantly on the back of currency gains, and earnings before tax posted an increase of 26 % at EUR 12.1 million EUR (Q1-2014: EUR 9.6 million). Earnings per share developed in a similar way with an increase of EUR 0.43 to EUR 0.54. Against the background of this development, the company is confident of achieving the defined objectives for 2015 over the course of the year. “Following the integration of Süddekor, SURTECO is extremely well positioned for the future. The concentration of decorative printing activities in Buttenwiesen is also proceeding according to plan. In view of the upbeat economic forecasts, we are therefore confident of being able to increase sales and earnings once again in 2015,” commented Chairman of the Board of Management of SURTECO SE Friedhelm Päfgen. Level of debt further reduced, gearing at 40% Free cash flow leapt from EUR 6.7 million to EUR 19.7 million during the first quarter, and cash and cash equivalents rose from EUR 43.1 million at year-end 2014 to EUR 62.0 million on 31 March 2015. Accordingly, the level of net financial debt decreased significantly to EUR 133.9 million (31/12/2014: EUR 145.8 million) and gearing (net financial debt/equity) fell from 45 % to 40 %. On the basis of these figures and an equity ratio of 49.3 % (31/12/2014: 50.4 %), SURTECO therefore has an extremely robust balance sheet structure. Outlook for 2015 confirmed: Organic growth in both segments – Adjusted earnings before tax should increase slightly Following on from the results of the first quarter, the forecast for the entire year 2015 in the current Annual Report can be confirmed. The company is anticipating a modestly positive development in the global economy. This is expected to lead to a slight increase in sales revenues in the two Strategic Business Units. The SURTECO Group expects a slight increase in the pretax result for the business year 2015, compared with the business year 2014, which has been adjusted by restructuring expenses (EUR 9.4 million). You can find the Report for the first quarter 2015 and other information about SURTECO SE on the Internet at www.surteco.com.
Important indicators of SURTECO SE
(1) Based on an number of shares amounting to 15,505,731 (2) Net debt / Equity
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:
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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 | |
| 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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| 356769 2015-05-15 |