12.08.2020 SURTECO GROUP SE  DE0005176903

DGAP-News: SURTECO GROUP SE: with positive result in the second quarter despite significant negative impacts from the Covid-19 pandemic


 

DGAP-News: SURTECO GROUP SE / Key word(s): Half Year Results
SURTECO GROUP SE: with positive result in the second quarter despite significant negative impacts from the Covid-19 pandemic

12.08.2020 / 07:30
The issuer is solely responsible for the content of this announcement.


SURTECO GROUP SE with positive result in the second quarter despite significant negative impacts from the Covid-19 pandemic

Buttenwiesen, 12 August 2020 - The lockdowns in important sales markets on account of the Covid-19 pandemic have exerted an influence on the sales performance at SURTECO GROUP SE. Sales for the half year at € 297.1 million were consequently 16 % lower than the year-earlier value (€ 352.7 million). Adjusted by currency effects and the impregnating business disposed of in July 2019, the comparable deficit was 11 %. In view of the falling costs of raw materials and a high level of cost flexibility, e.g. as a result of utilizing short-time working, the Group succeeded in achieving earnings before financial result, income tax and depreciation and amortization (EBITDA) of € 35.2 million (Q2-2020: € 11.4 million) and an operating result (EBIT) of € 14.4 million (Q2-2020: € 1.0 million). In spite of the crisis-related burdens, SURTECO posted positive free cash flow of € 8.6 million (H1 2019: € 16.4 million) at the half year. Cash flow from investment activity amounting to € -20.0 million (H1 2019: € -17.5 million) also includes acquisition of the remaining 15 % shareholding in the Nenplas Group and sale of shares in Canplast Mexico. Demand is projected to gather pace again in the second half of the year, though this is likely to be below the equivalent year-earlier level. Thanks to the high quality of the balance sheet and liquidity of more than € 100 million, the company regards itself as being in a good position.

"SURTECO successfully introduced all the measures necessary to protect its employees against the Covid-19 pandemic and to preserve a solid financial platform. This enabled us to report a further sound performance for earnings and free cash flow for the half year. We hope that business will once again gradually gather pace in the second half of the year if the situation does not begin to deteriorate once more," commented Wolfgang Moyses, Chairman of the Management Board of SURTECO GROUP SE, on the situation.

Varying development in the segments

The negative impacts caused by Covid-19 resulted in a tangible setback in sales from € 253.7 million to € 214.6 million in the Segment Decoratives. The segment EBIT fell back from € 17.3 million to € 10.4 million. Conversely, the Segment Profiles succeeded in bucking the crisis trend, with sales increasing by 5 % to € 49.6 million (H1 2019: € 47.2 million). EBIT also rose from € 5.0 million to € 5.1 million. In the Segment Technicals, sales came down from € 51.8 million to € 32.9 million. This was the result of the pandemic-related decline in demand and to the disposal of the impregnating business (year-earlier contribution to sales € 15.3 million). However, improved cost efficiency enabled segment earnings to increase from € 1.1 million to € 1.8 million.

Outlook for 2020: Upturn in demand anticipated in the second half of the year

Thanks to early implemented countermeasures, a slightly positive operating result was achieved in the second quarter despite the effects of the Covid-19 pandemic. Although a gradual upturn in demand is expected for the second half of the year, this is unlikely to achieve the level prior to the crisis. Insofar, the company continues to assume that sales and operating result for the full year will be significantly below the original targets of € 675 to 700 million and € 40 to 45 million as already announced at the end of April.

You will find the Half-Year Report for the year 2020 and other information about SURTECO GROUP SE on the Internet at www.surteco-group.com.

Contact:

SURTECO GROUP SE  
Martin Miller
Investor Relations and Press Office
T +49 8274 9988-508
F +49 8274 9988-505
 
www.surteco-group.com
[email protected]
 
 

Profile of SURTECO

SURTECO GROUP SE with registered office in Buttenwiesen is a mid-sized holding company with international operations. The company listed on the stock exchange combines leading national and international brands for surface technology under one roof. The comprehensive product portfolio includes papers printed with decor designs, impregnated materials, release papers, decorative flat foils and edgebandings 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. With more than 3,100 employees at 22 production sites worldwide, the Group generates annual sales of around EUR 675 million in 2019. 25 % of these sales are generated in Germany, 47 % in European countries outside Germany and a further 28 % in America, Asia and Australia. Customers of the SURTECO Group primarily come from the wood-based, flooring and furniture industries, as well as from interior design.

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.

 

Important indicators of SURTECO GROUP SE (in € million)

  Q1-2 2019    Q1-2 2020
Consolidated sales 352.7 297.1
- of which Decoratives 253.7 214.6
- of which Technicals 1 51.8 32.9
- of which Profiles 47.2 49.6
Foreign sales in % 75 72
EBITDA 42.3 35.2
EBITDA margin in % 12.0 11.9
EBIT 2 20.2 14.4
- of which Decoratives 17.3 10.4
- of which Technicals 1.1 1.8
- of which Profiles 5.0 5.1
EBT 17.6 14.6
Consolidated net profit 12.7 9.7
Earnings per share in € 3 0.82 0.62
Cash flow from current business operations 33.9 28.6
Free cash flow 16.4 8.6
 
  31/12/2019    30/06/2020
Balance sheet total 780.3 789.3
Equity 354.6 353.1
Net financial debt 179.9 173.0
Level of debt in % 4 51 49
Equity ratio in % 45.4 44.7
Number of employees 3,174 3,105
 

(1) Since July 2019 without Sales from sold impregnation business

(2) Difference to balance of segment earnings due to internal clearing

(3) Based on a number of shares amounting to 15,505,731

(4) Net financial debt to Equity



12.08.2020 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.
Archive at www.dgap.de


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: [email protected]
Internet: www.surteco-group.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: 1114269

 
End of News DGAP News Service

1114269  12.08.2020 

fncls.ssp?fn=show_t_gif&application_id=1114269&application_name=news&site_id=boersengefluester_html


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 689,65 698,98 675,27 626,99 757,06 747,70 870,00
EBITDA1,2 83,09 72,78 66,29 88,32 114,76 84,18 56,00
EBITDA-Marge3 12,05 10,41 9,82 14,09 15,16 11,26
EBIT1,4 44,67 32,20 21,12 46,15 72,52 40,18 11,00
EBIT-Marge5 6,48 4,61 3,13 7,36 9,58 5,37 1,26
Jahresüberschuss1 26,33 18,93 9,76 33,77 47,81 25,23 5,60
Netto-Marge6 3,82 2,71 1,45 5,39 6,32 3,37 0,64
Cashflow1,7 82,90 60,70 84,04 82,66 43,75 69,14 0,00
Ergebnis je Aktie8 1,69 1,20 0,61 2,17 3,08 1,63 0,36
Dividende8 0,80 0,55 0,00 0,80 1,00 0,70 0,80
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

INVESTOR-INFORMATIONEN
©boersengefluester.de
Surteco Group
WKN Kurs in € Einschätzung Börsenwert in Mio. €
517690 13,800 Kaufen 213,98
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
8,63 19,76 0,44 8,44
KBV KCV KUV EV/EBITDA
0,52 3,10 0,29 4,47
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,70 0,00 0,00 07.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
30.04.2024 31.07.2024 27.10.2023 24.04.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-7,97% -16,68% -14,81% -27,56%
    
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu SURTECO GROUP SE  ISIN: DE0005176903 können Sie bei EQS abrufen


Oberflächen/Verpackung , 517690 , SUR , XETR:SUR