31.07.2023 SURTECO GROUP SE  DE0005176903

EQS-News: SURTECO GROUP SE: Sales up compared with previous year on the back of Omnova integration; Ongoing weak demand and one-off exceptional effects impact negatively on earnings


 

EQS-News: SURTECO GROUP SE / Key word(s): Half Year Report
SURTECO GROUP SE: Sales up compared with previous year on the back of Omnova integration; Ongoing weak demand and one-off exceptional effects impact negatively on earnings

31.07.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.


SURTECO GROUP SE: Sales up compared with previous year on the back of Omnova integration; Ongoing weak demand and one-off exceptional effects impact negatively on earnings

  • Group sales increase by 3 % to € 429 million
  • EBIT at € 7.6 million, adjusted EBIT at € 20.9 million

SURTECO GROUP SE, holding company for leading national and international brands of surface technology, succeeded in increasing sales by 3 % compared with the previous half year to € 428.8 million on the back of integration of sales from the acquisition of the Omnova divisions in March 2023. However, a significant reduction in demand, particularly in Europe and North America, and one-off costs in connection with the Omnova acquisition and the purchase price allocation (PPA) exerted a negative impact on the result. Earnings before financial result and income tax (EBIT) amounted to € 7.6 million and were consequently -77 % below the equivalent year-earlier value. Adjusted by all one-off expenses, adjusted EBIT amounted to € 20.9 million. Adjusted EBITDA was € 45.1 million after € 55.2 million in the previous year.

The company introduced measures in the areas of pricing, personnel, purchasing, operations and working capital in order to improve earnings. However, additional one-off restructuring expenses will be incurred in the second half year of 2023. As a consequence, reported EBIT of € 20 to 30 million (original forecast: € 45 to 55 million) is now anticipated for the business year 2023. Adjusted EBIT for the year overall is projected to be in the range of the original EBIT forecast.

All the measures are designed to achieve sustained EBIT above € 60 million and EBITDA above € 110 million before one-off effects starting from the business year 2024.

“In the original forecast, we assumed a revival of demand in the second half year of 2023. Unfortunately, the trajectory in the important markets of Europe and North America is trending in a different direction. As a consequence, we have put together a comprehensive package of measures in order to take decisive action and provide a counterweight,” commented Wolfgang Moyses, Chairman of the Management Board of SURTECO GROUP SE.

You will find the report for the first half year of 2023 and other information about SURTECO GROUP SE on the Internet at www.surteco.com.

 

Important indicators of SURTECO GROUP SE (in € million)

     Q1-2 2022    Q1-2 2023
Consolidated sales 415.1 428.8
      - of which Surfaces 164.8 142.3
      - of which Edgebands 90.4 78.8
      - of which Profiles 80.6 73.1
      - of which North America 51.5 108.9
      - of which Asia / Pacific 27.9 25.6
Foreign sales in % 75 79
EBITDA 55.2 35.3
EBITDA margin in % 13.3 8.2
EBITDA adjusted 1 55.2 45.1
EBIT 2 33.5 7.6
      - of which Surfaces 9.7 -1.7
      - of which Edgebands 10.9 9.4
      - of which Profiles 9.4 6.8
      - of which North America 4.4 -6.3
      - of which Asia / Pacific 5.6 3.8
EBIT adjusted 3 33.5 20.9
EBT 31.9 2.9
Consolidated net profit 22.5 -4.0
Earnings per share in € 4 1.45 -0.26
Cash flow from current business operations 18.8 37.2
Free cash flow -2.4 -205.2

 

     31/12/2022    30/06/2023
Balance sheet total 851.8 1,086.9
Equity 426.1 406.1
Net financial debt 152.8 381.0
Level of debt in % 5 36 94
Equity ratio in % 50.0 37.4
Number of employees 3,052 3,716
  1. One-off effects (Aquissition and integration costs, consulting fees, PPA Step-up inventories)
  2. Difference to balance of segment earnings due to internal clearing
  3. One-off effects (Aquissition and integration costs, consulting fees, PPA Step-up inventories, PPA depreciation)
  4. Based on a number of shares amounting to 15,505,731
  5. Net financial debt to Equity

 

 

Contact:

SURTECO GROUP SE  
Martin Miller
Investor Relations and Press Office
T: +49 8274 9988-508
 
 
F: +49 8274 9988-515
[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. The group manufactures its products at 26 locations on four continents worldwide and employs approximately 3,800 people. In 2022, the company achieved an annual turnover of €748 million and an EBIT of €40 million. 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.



31.07.2023 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.

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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.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: 1691183

 
End of News EQS News Service

1691183  31.07.2023 CET/CEST

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 689,65 698,98 675,27 626,99 757,06 747,70 835,09
EBITDA1,2 83,09 72,78 66,29 88,32 114,76 84,18 66,57
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 8,12
EBIT-Marge5 6,48 4,61 3,13 7,36 9,58 5,37 0,97
Jahresüberschuss1 26,33 18,93 9,76 33,77 47,81 25,23 -2,42
Netto-Marge6 3,82 2,71 1,45 5,39 6,32 3,37 -0,29
Cashflow1,7 82,90 60,70 84,04 82,66 43,75 69,14 100,58
Ergebnis je Aktie8 1,69 1,20 0,61 2,17 3,08 1,63 -0,79
Dividende8 0,80 0,55 0,00 0,80 1,00 0,70 0,80
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - 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 16,200 Halten 251,19
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
10,45 16,97 0,61 11,85
KBV KCV KUV EV/EBITDA
0,64 2,50 0,30 9,34
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 31.10.2024 24.04.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
2,29% 3,65% 0,00% -17,77%
    
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Oberflächen/Verpackung , 517690 , SUR , XETR:SUR