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08.05.2024 10:00:29 - dpa-AFX: EQS-News: Sto SE & Co. KGaA: Consolidated turnover down by 5.9 % in the first quarter of 2024 compared to the same period of the previous year (english)
Sto SE & Co. KGaA: Consolidated turnover down by 5.9 % in the first quarter
of 2024 compared to the same period of the previous year
EQS-News: Sto SE & Co. KGaA / Key word(s): Quarterly / Interim Statement
Sto SE & Co. KGaA: Consolidated turnover down by 5.9 % in the first quarter
of 2024 compared to the same period of the previous year
08.05.2024 / 10:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
P R E S S R E L E A S E
Sto SE & Co. KGaA, Stühlingen/Germany
Sto SE & Co. KGaA: Consolidated turnover down by 5.9 % in the first quarter
of 2024 compared to the same period of the previous year
Demand in Germany and outside of Germany curbed due to weather conditions
and reluctance to invest in the building industry
Increase in seasonally typical Q1 deficit compared to 2023
Year-on-year, slight increase in number of Sto Group employees to 5,804
worldwide
Outlook for 2024 as a whole unchanged: turnover of EUR 1.79 billion and EBIT
of between EUR 113 million and EUR 138 million expected in the Group
Stühlingen/Germany, 8 May 2024 - Sto SE & Co. KGaA, a major international
manufacturer of products and systems for building coatings, saw a decrease
of 5.9 % to EUR 340.5 million in consolidated turnover in the first three
months of 2024 as compared to the previous year's value (previous year: EUR
361.8 million). In addition to unfavourable weather conditions, particularly
at the beginning of the reporting period, business development was also
adversely affected by the noticeable reluctance to invest in the building
industry. An additional effect resulted from the lower number of working
days in March 2024 compared to the same month in the previous year. Currency
translations had an overall negative impact of EUR 1.8 million on the Group
in the first quarter of 2024. Adjusted for these effects, consolidated
turnover in national currencies decreased by 5.4 % quarter-on-quarter.
In Germany, the Sto Group's turnover volume decreased by 7.0 % to EUR 136.3
million (previous year: EUR 146.6 million) and outside of Germany by 5.1 %
to EUR 204.2 million (previous year: EUR 215.2 million). In comparison to
the same period of the previous year, the share of total turnover generated
outside of Germany increased from 59.5 % to 60.0 %.
In April 2024, the turnover of the Sto Group was above the previous year's
value but still fell short of expectations, which was primarily due to the
unfavourable weather conditions in many countries where the Sto companies
are active.
Due to the distinct seasonal nature of the business activities, Sto does not
usually generate positive consolidated earnings in the first few months of a
year. In the reporting period, the deficit, which is typical for the first
quarter, was higher than in the previous year. This was mainly due to lower
turnover and the increase in personnel expenses in the Group as a result of
collective labour agreements. Procurement prices remained largely stable in
the first months of 2024, both in the energy sector and for energy-intensive
products as well as in many other areas, but remained at a high level
overall.
Group-wide investments in Property, plant and equipment, and Intangible
assets increased to EUR 6.4 million in the reporting period (previous year:
EUR 6.0 million). As planned, work began on the construction of production
facilities at the Australian subsidiary, which had moved into a new location
at the end of 2023. A new wet- and a dry-production plant will be installed
here in the course of the year. Sto also invested in modernisation and
renovation measures as part of the long-term 'Retrofit' programme, which has
been continued consistently.
The assets and liabilities situation of the Sto Group, which had 5,804
employees worldwide on 31 March 2024 (31 March 2023: 5,771), remained solid.
Changes in individual balance sheet items compared to the 2023 year-end fell
within normal expectations and largely reflected the typical business
development that can be seen in the first three months of a year.
For 2024 as a whole, Sto anticipates consolidated turnover of EUR 1.79
billion despite major challenges, particularly for the German market. A
range of EUR 113 million to EUR 138 million is forecast for both EBIT and
earnings before taxes (EBT). The return on sales should therefore be between
6.3 % and 7.8 %. Return on capital employed (ROCE) is expected to reach a
value of between 14.5 % and 17.8 %.
The forecast is based on average weather conditions and an economic
development in line with expectations in Sto's key markets as well as a
mainly stable euro exchange rate. Another key assumption is that
geopolitical tensions such as the Russia-Ukraine conflict or the Middle East
conflict will not cause any significant impairment of demand in the markets
relevant to Sto and that there will be no restrictions in the conduct of
business activities or the supply of raw materials, bought-in products and
energy.
The interim report within the first half of 2024 is available for download
at www.sto.de.
Sto SE & Co. KGaA is a major international manufacturer of products and
systems for building coatings. The company is a leader in the business field
of external wall insulation systems. Sto's core product range also includes
high-quality facade elements, as well as renders, plasters, and paints for
building exteriors and interiors alike. Another focus is placed on concrete
repair, floor coatings, acoustic systems, and rainscreen cladding systems.
Sto SE & Co. KGaA contact person:
Désirée Konrad, Chief Financial Officer of STO Management SE,
Contact via: tel.: +49 7744 57-1241, e-mail: s.zeller@sto.com
Contact to the media:
Claudia Wieland, Redaktionsbüro tik, tel.: +49 911 98817071, e-mail:
cw@tik-online.de
---------------------------------------------------------------------------
08.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1898687 08.05.2024 CET/CEST
of 2024 compared to the same period of the previous year
EQS-News: Sto SE & Co. KGaA / Key word(s): Quarterly / Interim Statement
Sto SE & Co. KGaA: Consolidated turnover down by 5.9 % in the first quarter
of 2024 compared to the same period of the previous year
08.05.2024 / 10:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
P R E S S R E L E A S E
Sto SE & Co. KGaA, Stühlingen/Germany
Sto SE & Co. KGaA: Consolidated turnover down by 5.9 % in the first quarter
of 2024 compared to the same period of the previous year
Demand in Germany and outside of Germany curbed due to weather conditions
and reluctance to invest in the building industry
Increase in seasonally typical Q1 deficit compared to 2023
Year-on-year, slight increase in number of Sto Group employees to 5,804
worldwide
Outlook for 2024 as a whole unchanged: turnover of EUR 1.79 billion and EBIT
of between EUR 113 million and EUR 138 million expected in the Group
Stühlingen/Germany, 8 May 2024 - Sto SE & Co. KGaA, a major international
manufacturer of products and systems for building coatings, saw a decrease
of 5.9 % to EUR 340.5 million in consolidated turnover in the first three
months of 2024 as compared to the previous year's value (previous year: EUR
361.8 million). In addition to unfavourable weather conditions, particularly
at the beginning of the reporting period, business development was also
adversely affected by the noticeable reluctance to invest in the building
industry. An additional effect resulted from the lower number of working
days in March 2024 compared to the same month in the previous year. Currency
translations had an overall negative impact of EUR 1.8 million on the Group
in the first quarter of 2024. Adjusted for these effects, consolidated
turnover in national currencies decreased by 5.4 % quarter-on-quarter.
In Germany, the Sto Group's turnover volume decreased by 7.0 % to EUR 136.3
million (previous year: EUR 146.6 million) and outside of Germany by 5.1 %
to EUR 204.2 million (previous year: EUR 215.2 million). In comparison to
the same period of the previous year, the share of total turnover generated
outside of Germany increased from 59.5 % to 60.0 %.
In April 2024, the turnover of the Sto Group was above the previous year's
value but still fell short of expectations, which was primarily due to the
unfavourable weather conditions in many countries where the Sto companies
are active.
Due to the distinct seasonal nature of the business activities, Sto does not
usually generate positive consolidated earnings in the first few months of a
year. In the reporting period, the deficit, which is typical for the first
quarter, was higher than in the previous year. This was mainly due to lower
turnover and the increase in personnel expenses in the Group as a result of
collective labour agreements. Procurement prices remained largely stable in
the first months of 2024, both in the energy sector and for energy-intensive
products as well as in many other areas, but remained at a high level
overall.
Group-wide investments in Property, plant and equipment, and Intangible
assets increased to EUR 6.4 million in the reporting period (previous year:
EUR 6.0 million). As planned, work began on the construction of production
facilities at the Australian subsidiary, which had moved into a new location
at the end of 2023. A new wet- and a dry-production plant will be installed
here in the course of the year. Sto also invested in modernisation and
renovation measures as part of the long-term 'Retrofit' programme, which has
been continued consistently.
The assets and liabilities situation of the Sto Group, which had 5,804
employees worldwide on 31 March 2024 (31 March 2023: 5,771), remained solid.
Changes in individual balance sheet items compared to the 2023 year-end fell
within normal expectations and largely reflected the typical business
development that can be seen in the first three months of a year.
For 2024 as a whole, Sto anticipates consolidated turnover of EUR 1.79
billion despite major challenges, particularly for the German market. A
range of EUR 113 million to EUR 138 million is forecast for both EBIT and
earnings before taxes (EBT). The return on sales should therefore be between
6.3 % and 7.8 %. Return on capital employed (ROCE) is expected to reach a
value of between 14.5 % and 17.8 %.
The forecast is based on average weather conditions and an economic
development in line with expectations in Sto's key markets as well as a
mainly stable euro exchange rate. Another key assumption is that
geopolitical tensions such as the Russia-Ukraine conflict or the Middle East
conflict will not cause any significant impairment of demand in the markets
relevant to Sto and that there will be no restrictions in the conduct of
business activities or the supply of raw materials, bought-in products and
energy.
The interim report within the first half of 2024 is available for download
at www.sto.de.
Sto SE & Co. KGaA is a major international manufacturer of products and
systems for building coatings. The company is a leader in the business field
of external wall insulation systems. Sto's core product range also includes
high-quality facade elements, as well as renders, plasters, and paints for
building exteriors and interiors alike. Another focus is placed on concrete
repair, floor coatings, acoustic systems, and rainscreen cladding systems.
Sto SE & Co. KGaA contact person:
Désirée Konrad, Chief Financial Officer of STO Management SE,
Contact via: tel.: +49 7744 57-1241, e-mail: s.zeller@sto.com
Contact to the media:
Claudia Wieland, Redaktionsbüro tik, tel.: +49 911 98817071, e-mail:
cw@tik-online.de
---------------------------------------------------------------------------
08.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
Language: English
Company: Sto SE & Co. KGaA
Ehrenbachstraße 1
79780 Stühlingen
Germany
Phone: +49 (0)7744 57-0
Fax: +49 (0)7744 57-2178
E-mail: info@sto.com
Internet: www.sto.de
ISIN: DE0007274136
WKN: 727413
Indices: SDAX
Listed: Regulated Market in Frankfurt (General Standard),
Stuttgart; Regulated Unofficial Market in Berlin,
Dusseldorf, Hamburg, Munich, Tradegate Exchange
EQS News ID: 1898687
End of News EQS News Service
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1898687 08.05.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
STO SE+CO.KGAA VZO O.N. | 727413 | Frankfurt | 168,400 | 31.05.24 08:02:21 | +1,000 | +0,60% | 0,000 | 0,000 | 168,400 | 168,400 |
