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24.04.2024 07:05:23 - dpa-AFX: EQS-News: SURTECO GROUP SE: Good start to the business year 2024 after a difficult year in 2023 (english)
SURTECO GROUP SE: Good start to the business year 2024 after a difficult
year in 2023
EQS-News: SURTECO GROUP SE / Key word(s): Annual Report
SURTECO GROUP SE: Good start to the business year 2024 after a difficult
year in 2023
24.04.2024 / 07:05 CET/CEST
The issuer is solely responsible for the content of this announcement.
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SURTECO GROUP SE: Good start to the business year 2024 after a difficult
year in 2023
* Good start to the business year 2024 with an increase of 44 % in EBITDA
Buttenwiesen, 24 April 2024 - The sales of the SURTECO Group at EUR 835.1
million in the business year 2023 (2022: EUR 747.7 million) were in the range
most recently expected. Owing to weak demand and one-off exceptional effects
including acquisition of the Omnova divisions, earnings before financial
result, income tax and depreciation and amortization (EBITDA) amounted to EUR
66.6 million after EUR 84.2 million in the previous year. After taking the
one-off exceptional effects into account, the Group generated adjusted
EBITDA of EUR 86.4 million (2022: EUR 84.2 million) in the business year 2023.
Earnings before financial result and income tax (EBIT) amounted to EUR 8.1
million (2023: EUR 40.2 million) and consolidated net profit fell by -149 % to
EUR -12.3 million as a result of one-off exceptional effects and finance costs
for the acquisition. The Supervisory Board and the Management Board decided
to retain the liquidity in the company for this year and to offset the net
loss for the year arising in accordance with the German Commercial Code
(HGB). A proposal for paying a dividend will therefore not be forthcoming
for submission to the Annual General Meeting.
"The year 2023 was significantly impacted by one-off exceptional effects.
However, we have thereby charted a course for the future, which is already
paying off in the first quarter of the new year," commented Wolfgang Moyses,
Chairman of the Management Board of SURTECO GROUP SE.
The weak demand is reflected in all the segments. Sales in Surfaces eased by
-4 % and EBIT fell back to EUR -2.6 million (2022: EUR 1.8 million). On the back
of a drop in sales of -7 %, the Segment Edgebands generated EBIT of EUR 14.0
million after EUR 19.7 million in the previous year. Sales in Profiles eased
by -8 % and EBIT amounted to EUR 9.5 million (2022: EUR 12.3 million). Owing to
the acquired divisions, which are also allocated to this segment for the
Thai business, sales for North America increased by 125 %. Conversely, EBIT
fell to EUR -11.8 million (2022: EUR 7.2 million) owing to the
acquisition-related one-off exceptional effects. Sales in the Segment Asia /
Pacific were also impacted with a fall of -9 %. EBIT amounted to EUR 7.2
million after EUR 10.2 million in the previous year.
Outlook for 2024
SURTECO made a good start to the business year 2024 with preliminary sales
of EUR 222.3 million (2023: EUR 205.7 million) and preliminary adjusted EBITDA
of EUR 27.6 million (2023: EUR 19.1 million). Although a recovery in demand is
not currently expected in 2024, one-off exceptional effects related to the
acquisition will no longer apply and improvements are expected to be derived
from the Performance Plus programme. As a consequence, the Group is
anticipating sales between EUR 860 and EUR 910 million for the business year
2024 and adjusted EBITDA between EUR 85 and EUR 105 million.
You will find the Annual Report for the year 2023 and other information
about SURTECO GROUP SE on the Internet at www.surteco.com.
The report for the first quarter of 2024 will be published on 30 April.
Profile of SURTECO
SURTECO GROUP SE with registered office in Buttenwiesen is a mid-sized
enterprise listed on the stock exchange with international operations. The
company combines leading national and international brands for surface
technology under one roof. Its comprehensive product portfolio includes
papers printed with decor designs, impregnated materials, release papers,
decorative flat foils and edge bandings based on specialist technical papers
and plastics. This portfolio is complemented by skirtings made of plastics,
technical extrusions (profiles) for industry, and roller shutter systems.
The Group has a workforce of more than 3,500 employees at 24 production
sites worldwide, generating annual sales of around EUR 835 million. 20 % of
these sales are in Germany, 39 % in European countries outside Germany and a
further 41 % in America, Asia and Australia. Customers of the SURTECO Group
primarily come from wood-based, flooring and furniture industries, as well
as from interior design.
More information on the company is available at: www.surteco.com
The shares in SURTECO GROUP SE are listed on the official market (Prime
Standard) of the Frankfurt and Munich Stock Exchanges under the ticker
symbol SUR and ISIN DE0005176903. They are also traded on the stock markets
in Berlin, Düsseldorf and Stuttgart.
Cautionary note regarding forward-looking statements
This press release may contain 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 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 GROUP SE (in EUR million)
2. Difference to balance of segment earnings due to internal clearing
3. Based on a number of shares amounting to 15,505,731
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24.04.2024 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
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End of News EQS News Service
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1886311 24.04.2024 CET/CEST
year in 2023
EQS-News: SURTECO GROUP SE / Key word(s): Annual Report
SURTECO GROUP SE: Good start to the business year 2024 after a difficult
year in 2023
24.04.2024 / 07:05 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
SURTECO GROUP SE: Good start to the business year 2024 after a difficult
year in 2023
* Earnings per share in 2023 amount to EUR -0.79 after EUR 1.63 in the
previous year
* Sales for 2024 are projected to be in the range EUR 860 to 910 million.
Adjusted EBITDA is expected between EUR 85 and 105 million.
* Good start to the business year 2024 with an increase of 44 % in EBITDA
Buttenwiesen, 24 April 2024 - The sales of the SURTECO Group at EUR 835.1
million in the business year 2023 (2022: EUR 747.7 million) were in the range
most recently expected. Owing to weak demand and one-off exceptional effects
including acquisition of the Omnova divisions, earnings before financial
result, income tax and depreciation and amortization (EBITDA) amounted to EUR
66.6 million after EUR 84.2 million in the previous year. After taking the
one-off exceptional effects into account, the Group generated adjusted
EBITDA of EUR 86.4 million (2022: EUR 84.2 million) in the business year 2023.
Earnings before financial result and income tax (EBIT) amounted to EUR 8.1
million (2023: EUR 40.2 million) and consolidated net profit fell by -149 % to
EUR -12.3 million as a result of one-off exceptional effects and finance costs
for the acquisition. The Supervisory Board and the Management Board decided
to retain the liquidity in the company for this year and to offset the net
loss for the year arising in accordance with the German Commercial Code
(HGB). A proposal for paying a dividend will therefore not be forthcoming
for submission to the Annual General Meeting.
"The year 2023 was significantly impacted by one-off exceptional effects.
However, we have thereby charted a course for the future, which is already
paying off in the first quarter of the new year," commented Wolfgang Moyses,
Chairman of the Management Board of SURTECO GROUP SE.
The weak demand is reflected in all the segments. Sales in Surfaces eased by
-4 % and EBIT fell back to EUR -2.6 million (2022: EUR 1.8 million). On the back
of a drop in sales of -7 %, the Segment Edgebands generated EBIT of EUR 14.0
million after EUR 19.7 million in the previous year. Sales in Profiles eased
by -8 % and EBIT amounted to EUR 9.5 million (2022: EUR 12.3 million). Owing to
the acquired divisions, which are also allocated to this segment for the
Thai business, sales for North America increased by 125 %. Conversely, EBIT
fell to EUR -11.8 million (2022: EUR 7.2 million) owing to the
acquisition-related one-off exceptional effects. Sales in the Segment Asia /
Pacific were also impacted with a fall of -9 %. EBIT amounted to EUR 7.2
million after EUR 10.2 million in the previous year.
Outlook for 2024
SURTECO made a good start to the business year 2024 with preliminary sales
of EUR 222.3 million (2023: EUR 205.7 million) and preliminary adjusted EBITDA
of EUR 27.6 million (2023: EUR 19.1 million). Although a recovery in demand is
not currently expected in 2024, one-off exceptional effects related to the
acquisition will no longer apply and improvements are expected to be derived
from the Performance Plus programme. As a consequence, the Group is
anticipating sales between EUR 860 and EUR 910 million for the business year
2024 and adjusted EBITDA between EUR 85 and EUR 105 million.
You will find the Annual Report for the year 2023 and other information
about SURTECO GROUP SE on the Internet at www.surteco.com.
The report for the first quarter of 2024 will be published on 30 April.
Profile of SURTECO
SURTECO GROUP SE with registered office in Buttenwiesen is a mid-sized
enterprise listed on the stock exchange with international operations. The
company combines leading national and international brands for surface
technology under one roof. Its comprehensive product portfolio includes
papers printed with decor designs, impregnated materials, release papers,
decorative flat foils and edge bandings based on specialist technical papers
and plastics. This portfolio is complemented by skirtings made of plastics,
technical extrusions (profiles) for industry, and roller shutter systems.
The Group has a workforce of more than 3,500 employees at 24 production
sites worldwide, generating annual sales of around EUR 835 million. 20 % of
these sales are in Germany, 39 % in European countries outside Germany and a
further 41 % in America, Asia and Australia. Customers of the SURTECO Group
primarily come from wood-based, flooring and furniture industries, as well
as from interior design.
More information on the company is available at: www.surteco.com
The shares in SURTECO GROUP SE are listed on the official market (Prime
Standard) of the Frankfurt and Munich Stock Exchanges under the ticker
symbol SUR and ISIN DE0005176903. They are also traded on the stock markets
in Berlin, Düsseldorf and Stuttgart.
Cautionary note regarding forward-looking statements
This press release may contain 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 assumes no obligation to
update any forward-looking statements contained herein or to adapt such
information to future results or developments.
Contact:
SURTECO GROUP SE
Martin Miller
Investor Relations
T: +49 8274 9988-508
F: +49 8274 9988-515
www.surteco.com
ir@surteco.com
Important indicators of SURTECO GROUP SE (in EUR million)
2022 2023 Variation
Consolidated sales 747.7 835.1 +12
- of which Surfaces 277.6 265.6 -4
- of which Edgebands 162.5 151.1 -7
- of which Profiles 148.5 137.4 -8
-of which North America 102.0 229.1 +125
-of which Asia / Pacific 57.0 51.9 -9
Foreign sales in % 76 80
EBITDA 84.2 66.6 -21
EBITDA adjusted 1 84.2 86.4 +3
EBIT 2 40.2 8.1 -80
- of which Surfaces 1.8 -2.6 -241
- of which Edgebands 19.7 14.0 -29
- of which Profiles 12.3 9.5 -23
-of which North America 7.2 -11.8 -263
-of which Asia / Pacific 10.2 7.2 -29
EBT 36.8 -7.7 -121
Consolidated net profit / loss 25.2 -12.3 -149
Earnings per share in EUR 3 1.63 -0.79 -149
Cash flow from current business operations 69.1 100.6 +46
Free cash flow 30.2 -172.6 -571
1. Less acquisition and integration costs, consultancy costs, provisions
for personnel measures and PPA step-up inventories
2. Difference to balance of segment earnings due to internal clearing
3. Based on a number of shares amounting to 15,505,731
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24.04.2024 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: SURTECO GROUP SE
Johan-Viktor-Bausch-Str. 2
86647 Buttenwiesen
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
Listed: Regulated Market in Frankfurt (Prime Standard), Munich;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover, Stuttgart, Tradegate Exchange
EQS News ID: 1886311
End of News EQS News Service
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1886311 24.04.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
SURTECO GROUP SE INH O.N. | 517690 | Xetra | 16,200 | 03.05.24 17:36:14 | -0,200 | -1,22% | 0,000 | 0,000 | 16,300 | 16,200 |
