Quarterly Report • Nov 11, 2008
Quarterly Report
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for surface technologies
1 January to 30 September
| Q3 | Q1-3 | |||||
|---|---|---|---|---|---|---|
| € 000s | 1/7/-30/9/ 2007 |
1/7/-30/9/ 2008 |
Variation in % |
1/1/-30/9/ 2007 |
1/1/-30/9/ 2008 |
Variation in % |
| Sales revenues | 103,227 | 99,726 | -3 | 312,337 | 315,699 | +1 |
| of which - Germany - Foreign |
35,652 67,575 |
34,751 64,975 |
-3 -4 |
111,759 200,578 |
108,827 206,872 |
-3 +3 |
| EBITDA | 17,383 | 10,152 | -42 | 56,578 | 49,289 | -13 |
| EBITDA margin in % | 16.8 | 10.2 | 18.1 | 15.6 | ||
| EBIT | 12,711 | 4,988 | -61 | 42,627 | 33,948 | -20 |
| EBIT margin in % | 12.3 | 5.0 | 13.6 | 10.8 | ||
| EBT | 10,496 | -9,864 | -194 | 36,701 | 14,380 | -61 |
| Consolidated net profit | 7,100 | -8,230 | -216 | 23,197 | 8,162 | -65 |
| Earnings per share in € | 0.64 | -0.74 | -216 | 2.09 | 0.74 | -65 |
| Cash Earnings | 11,916 | -3,183 | -127 | 37,523 | 23,469 | -37 |
| 30/9/2007 | 30/9/2008 | Variation in % |
|
|---|---|---|---|
| Net financial debt | 149,484 | 168,486 | +13 |
| Gearing (debt ratio) in % | 84 | 93 | +11 |
| Equity ratio in % | 34.5 | 37.4 | +8 |
| Number of employees | 2,192 | 2,220 | +1 |
The experts at the International Monetary Fund (IMF) regard development of the global economy as being severely impaired by the crisis in the financial markets in their latest "World Economic Outlook" updated in November 2008. Although the IMF anticipates growth of 3.7 % in the global economy for 2008, stagnation is predicted at best for the final quarter of the year and even negative developments are forecast for many industrialized countries. The economists are assuming that a recession will happen in the eurozone and the USA. The US economy is predicted to shrink already during the second half year, following positive stimuli being recorded during the first six months fuelled by an economic package. On balance, the USA should report an increase in gross domestic product of 1.4 % in 2008. The eurozone is actually lagging behind the US with growth of 1.2 %. Italy is already in negative territory for 2008, Spain, France and Great Britain are only posting minimum growth. The strong quarter at the beginning of the year is ensuring that Germany is still reporting robust growth of 1.7 % for the year as a whole.
The indicators for the coming months demonstrate that the economy will continue to cool down with an accelerated decline in economic output until at least the middle of 2009. Total economic output in the developed economies is predicted at -0.3 % for the coming year. Ongoing strong expansion in the emerging economies will essentially remain unchanged – although economic output will ease. China's economy recorded a decline in growth to 9 % in the third quarter 2008, after more than 11 % in 2007. India, Eastern Europe led by Russia, and the Middle East are expected to continue generating above-average high growth, although forecasts here have been adjusted significantly downwards.
Uncertainties relating to these forecasts are primarily based on development in the financial markets and the associated tightening of credit for investment projects worldwide. Despite falling prices for raw materials, emerging economies in particular are subject to significant risks of inflation and some industrialized countries are additionally at risk from the burdens of above-average increases for personnel costs.
The furniture industry is the most important group of customers for SURTECO SE. The trends in the economy towards recession are exerting an increasingly negative effect on this sector. The Federation of the German Furnishing Industry (HDH/VDM) anticipates that weak consumer spending could grind to a complete halt. After a good start in the first half of 2008, a drastic reduction in incoming orders – some in the double-digit percentage range – are already indicating a significantly depressed outlook. Growth during the initial months of the year was driven almost exclusively by buoyant demand abroad. Furniture exports at the end of June were up by almost 10 %, although in the second quarter only moderate growth was being recorded. By contrast, domestic sales were not generating any momentum. The tangible downward development means that the long-running structural crisis in the furniture industry is likely to become even more acute. Despite higher costs of raw materials, wage increases and rising energy prices, price adjustments on the part of manufacturers are virtually impossible. Moreover, the sustained high level of price competition in the sector is continuing to exert pressure on suppliers.
In spite of the adverse economic environment, SURTECO SE achieved a good performance in the first half of the year. However, capacity utilization in production plants declined significantly due to the prevailing economic conditions during the months from July to September. An additional factor related to increased energy costs and rising prices for a range of different raw materials.
SURTECO reacted to this development by implementing capacity adjustments consistently and at an early stage. Existing cost-reduction programmes were also intensified. Restructuring provisions were formed during the third quarter for this purpose. The negative development of the equity markets and the unfavourable economic forecasts entailed an impairment on the package of shares in Pfleiderer AG, Neumarkt, held by SURTECO.
Despite the emerging deterioration of economic developments in the subsequent quarters, SURTECO SE is well positioned to meeting the challenges ahead. The company will react promptly and consistently to the changing framework conditions. The Board of Management is therefore confident of being able to successfully weather the consequences of the crisis in the financial markets as well as being in a position to exploit all the opportunities presented by the situation with a view to continuing expansion of the Group's market and technology leadership.
The SURTECO Group remains on a very sound financial footing. On 30 September 2008, the Group reported very healthy indicators with a equity ratio of 37.4 %, net financial liability of € 168.5 million and a gearing ratio of 93 %. Furthermore, the company disposed over liquid assets amounting to € 57.1 million following a private placement issued in August 2007. As already indicated, the company therefore intends to consistently continue the long-term profitable growth trajectory during the years to come.
Sales at the SURTECO Group declined by 3 % compared with the equivalent year-earlier value to € 99.7 million during the third quarter of 2008. Consumer restraint due to the uncertainties about future economic development intensified significantly during this period. As a consequence, furniture manufacturers had to reduce their capacities. This effect exerts a direct effect on the SURTECO Group in its role as a supplier.
Increased sales during the first half of 2008 (+3 %) enabled a slight increase of 1 % to € 315.7 million to be recorded for the first nine months overall. € 21.6 million were attributable to the sales contributed by the Swedish manufacturer of plastic foils Gislaved Folie AB. The equivalent year-earlier figure was only € 2.7 million because the company was only acquired in September 2007.
Currency effects due to the strength of the euro against the US dollar and the British pound impacted negatively during the period under review. Adjusted for exchange-rate effects, consolidated sales during the first nine months would have been higher by € 6.6 million.
Sales of the SBU Plastics stagnated during the third quarter at € 63.3 million around the level for the previous year (€ 63.1 million). However, this was achieved in particular because the contribution by Gislaved during the year under review was signifi-
cantly higher than in 2007. Without this acquisition, the SBU Plastics would have had to absorb a decline of € 2.9 million or 5 % during the third quarter. The growth in foreign business (+2 %) over this period despite a simultaneous decline in domestic volumes is also linked with the acquisition of Gislaved. Although the export ratio is very high from the perspective of the Swedish location, only a small proportion of these exports are supplied to Germany. European business increased by 9 % and formed the platform for quarterly sales, while sales in America (-13 %) and Australia (-11 %) declined. By contrast, growth increased in Asia by € 0.9 million to € 2.8 million.
Total sales for the SBU Plastics increased by 7 % to € 198.8 million overall during the three quarters of the current business year. Sales adjusted to take the Gislaved share into account would have been 3 % below the equivalent year-earlier figure at the end of three quarters.
Slight increases in the growth of plastic extrusions for technical applications including skirtings, roller-shutters and cladding systems contrast with falling business for the sales leader at the SBU Plastics – plastic edging tapes. In this segment, the fall on the back of economic and exchange-rate conditions amounted to 5 %.
Sales volumes again came down during the third quarter for all lines of business involving further processing of products manufactured by the SBU Paper. The capacity utilization in the door sector was poor due to sluggish economic conditions in the construction industry. Caravan manufacturers experienced a significant collapse during the third quarter which might even involve plant closures. The furniture industry is encountering its biggest sales problems in the lower and medium price segment which plays a particularly important role for the products of the SBU Paper.
In this problematic market environment, the segment of surface coating materials based on paper had to absorb a reduction in sales of 9 % to € 36.4 million.
The SBU Paper closed the first three quarters of 2008 with sales of € 116.9 million (-8 %). The fact that foreign sales experienced a greater fall at -9 % than domestic sales (-5 %) is ultimately due to very weak business in America. The decline compared with the first three quarters of the previous period amounts to 26 %.
The cost of materials of the SURTECO Group amounted to € 44.0 million in the third quarter (3rd quarter 2007: € 43.9 million). The proportion of cost of materials in relation to sales was 44.1 % (3rd quarter 2007: 42.8 %).
During the reporting period from January to September 2008, the cost of materials amounted to € 136.3 million and was therefore € 2.3 million above the comparative value. The proportion of cost of materials in relation to sales was 43.2 % (1st-3rd quarter 2007: 42.7 %) in the current business year.
This development in the plastics segment is primarily due to changes in the product mix which entailed higher ABS consumption. ABS prices increased again in September, while slight price reductions were achieved in the purchase of polypropylene. The raw materials market for plastics primarily reflects the significant uncertainty due to the high level of volatility for raw material prices.
The prices of papers for technical applications in the SBU Paper were maintained at a constant level during the period under review. However, chemical raw materials based on crude oil or natural gas continued to increase.
In addition to energy prices, freight costs increasingly impacted negatively on the calculation. Spiralling prices for diesel combined with a shortage of cargo space meant that unscheduled surcharges had to be paid in the form of higher freight rates and diesel surcharges.
During the third quarter, personnel expenses at € 26.2 million remained at the level of the previous year. Personnel expenses at € 79.6 million were € 3.8 million above the figure for 2007 on account of the Gislaved consolidation.
The number of employees was slightly above the headcount for the previous year at 2,220 (30/9/2007: 2,192). An increase from 19 to 44 employees at SURTECO China in Taicang was offset by the first personnel adjustment due to capacity requirements at the German plants of the SBU Paper.
Restructuring expenses amounting to € 4.0 million also impacted negatively on the result. These were as a result of the planned cut of 200 established posts as a reaction to lower utilization of capacities.
Other operating expenses effectively remained at the level for the previous year at € 16.6 million (2007: € 16.5 million) in the third quarter or € 50.1 million (2007: € 49.9 million) for the entire reporting period.
The operating result was depressed in particular by lower utilization of capacity, higher proportion of cost of materials in relation to sales, and one-off restructuring expenses. During the third quarter of 2008, EBITDA was therefore 42 % lower than 2007 at € 10.2 million. The EBITDA margin fell by 16.8 % to 10.2 %. EBITDA for the first nine months of 2008 amounted to € 49.3 million (-13 %). The margin came down by 18.1 % in the previous year to 15.6 %.
EBIT changed in a similar order of magnitude. At € 5.0 million, it was 61 % below the equivalent figure for 2007. The EBIT margin fell from 12.3 % to 5.0 %. During the first three quarters of 2008, an EBIT of € 33.9 million (2007: € 42.6 million) was generated. The equivalent year-earlier margin fell from 13.6 % to 10.8 %.
During the third quarter of 2008, the sustained negative development in equity markets and the ongoing unfavourable economic forecasts led to a correction of the investment book value for the package of shares in Pfleiderer AG, Neumarkt, held by SURTECO amounting to € 11.5 million. This meant that the EBT for the months July to September 2008 had to be reported at € -9.9 million (2007: € 10.5 million). This entails an EBT of € 14.4 million (2007: € 36.7 million) for the entire reporting period.
Consolidated net profit for the third quarter amounted to € -8.2 million and hence resulted in earnings per share (net income per share) of € -0.74 (based on: 11,075,522 no par shares). Accumulated consolidated net profit for all three quarters amounted to € 8.2 million. This results in a profit per share of € 0.74.
Comparing the balance-sheet ratios of the quarter under review with 31 December 2007 shows a reduction in liquid assets from € 97.8 million to € 57.1 million resulting essentially from the scheduled repayment of debts and the acquisition of a share package in Pfleiderer AG. The reduction in goodwill to € 109.9 million and the increase in property, plant and equipment and intangible assets is the result of the completed purchase price allocation on account of the acquisition of Gislaved Folie AB, Sweden.
By comparison with the balance sheet date of 30 June 2008, the balance sheet indicators at 30 September 2008 only underwent negligible change. The working capital was reduced from € 76.0 million to € 69.4 million on account of the restructuring measures reported in the balance sheet for the third quarter of 2008. The change in reporting of other non-current financial liabilities is due to the positive reporting of fair value for financial instruments in the balance sheet.
| Calculation of free cash flow | Q1-3 | |
|---|---|---|
| € 000s | 1/1/ - 30/9/2007 |
1/1/ - 30/9/2008 |
| Cash inflow from operating activities |
52,690 | 48,649 |
| Tax payments | -8,144 | -9,411 |
| Cash outflow from current business operations |
44,546 | 39,238 |
| Cash outflow from investment activities (without financial investments) |
-20,756 | -15,485 |
| Free cash flow | 23,790 | 23,753 |
The cash flow from operating activities lost momentum in the third quarter of 2008 compared with the first half of the year on account of the decline in sales. Investment activities were adapted to the changed framework conditions.
High-gloss finishes or striking textures represent the current trends in the furniture industry and in interior design. Accordingly, the SBU Plastics has already applied some of the popular finishes to the edge. This means that customers can always be supplied directly with appropriate edgebandings to match the latest board finishes.
The high-gloss theme is gaining an increasingly high profile in interior design. Until now, carpenters were frequently had a problem in sourcing edgebandings to match high-gloss boards in small quantities. A large selection of common colours and decorative designs was therefore included in the warehouse range. This allows craftsmen as well as industry to obtain high-gloss edgebandings through the wood trade.
The Research and Development Department of the SBU Paper has developed a significantly improved varnish finish in relation to the surface finish of pre-impregnated foils. In cooperation with a major varnish manufacturer, a highly resistant foil finish was produced using a varnish curing technology. This surface complied with the requirements for advance processing technology. The product also has another important attribute: The foil can be produced completely free of formaldehyde and is therefore very environmentally friendly. The first bulk deliveries have already been made to customers. The use of the foil has been successfully tested. The SBU Paper is assuming that the new foil quality, which is unique in this combination, will be very successful in the marketplace.
The shares of SURTECO SE lost ground to the tune of -11% during the first six months of the business year 2008 but performed significantly better than the comparable second-tier SDAX index (-20 %). The fall in share price amounted to 30 % in the reporting period July to September as a result of the accelerating general downswing on world stock markets and fears about the economy. SURTECO was also affected by the above-average weak performance of small and medium-sized securities with a smaller market. During the first three quarters of 2008, the SDAX posted a collapse in prices of 35 % but the German DAX lead index also fell back by 28 %. The SURTECO share ended the quarter at € 16.90, which is also equivalent to more than one third compared with the year-end 2007. Until the end of August, the listing had remained above the 20 euro mark. The annual high was reported at € 30.02 at the end of May.
Starting from the current market events and the forecasts for 2009, SURTECO SE expects the weak economic situation, which is impacting particularly negatively on the construction and furniture sector, to deteriorate further as a result of the crisis in the financial markets.
The corporate goals for the current year can therefore no longer be achieved. It must be assumed that sales (2007: € 414.5 million) and earnings (EBT 2007: € 46.6 million) will fall short of the record year 2007 – particularly on account of the restructuring provisions and the impairment carried out on the shareholding in Pfleiderer AG.
| Q3 | Q1-3 | |||||
|---|---|---|---|---|---|---|
| € 000s | 1/7/-30/9/ 2007 |
1/7/-30/9/ 2008 |
1/1/-30/9/ 2007 |
1/1/-30/9/ 2008 |
||
| Sales revenues | 103,227 | 99,726 | 312,337 | 315,699 | ||
| Changes in inventories | -1,120 | -155 | 488 | -997 | ||
| Own work capitalized | 512 | 223 | 1,089 | 828 | ||
| Total | 102,619 | 99,794 | 313,914 | 315,530 | ||
| Cost of materials | -43,944 | -43,992 | -133,955 | -136,250 | ||
| Personnel expenses | -26,090 | -26,168 | -75,812 | -79,621 | ||
| Restructuring expenses | 0 | -4,000 | 0 | -4,000 | ||
| Other operating expenses | -16,451 | -16,619 | -49,909 | -50,125 | ||
| Other operating income | 1,249 | 1,137 | 2,340 | 3,755 | ||
| EBITDA | 17,383 | 10,152 | 56,578 | 49,289 | ||
| Depreciation and amortization | -4,672 | -5,164 | -13,951 | -15,341 | ||
| EBIT | 12,711 | 4,988 | 42,627 | 33,948 | ||
| Financial result | -2,215 | -14,852 | -5,926 | -19,568 | ||
| EBT | 10,496 | -9,864 | 36,701 | 14,380 | ||
| Income tax | -3,396 | 1,634 | -13,504 | -6,218 | ||
| Net income (consolidated net profit) | 7,100 | -8,230 | 23,197 | 8,162 | ||
| Basic and diluted earnings per share in € | 0.64 | -0.74 | 2.09 | 0.74 | ||
| Number of shares issued | 11,075,522 | 11,075,522 | 11,075,522 | 11,075,522 | ||
| € 000s | 31/12/2007 | 30/9/2008 |
|---|---|---|
| ASSETS | ||
| Cash, cash equivalents and securities | 97,782 | 57,062 |
| Trade accounts receivable | 31,662 | 32,619 |
| Inventories | 67,659 | 65,396 |
| Income tax assets | 5,456 | 3,895 |
| Other current assets | 9,764 | 10,183 |
| Current assets | 212,323 | 169,155 |
| Property, plant and equipment | 173,976 | 177,192 |
| Intangible assets | 5,223 | 8,987 |
| Goodwill | 115,335 | 109,851 |
| Investments, accounted for using the equity method | 1,732 | 1,746 |
| Investments | 208 | 10,484 |
| Other non-current assets | 1,563 | 1,738 |
| Deferred taxes | 4,421 | 4,176 |
| Non-current assets | 302,458 | 314,174 |
| 514,781 | 483,329 |
| € 000s | 31/12/2007 | 30/9/2008 |
|---|---|---|
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Short-term financial liabilities | 26,897 | 23,266 |
| Trade accounts payable | 22,580 | 22,203 |
| Income tax liabilities | 5,891 | 1,139 |
| Short-term provisions | 1,457 | 6,423 |
| Other current liabilities | 19,825 | 17,014 |
| Current liabilities | 76,650 | 70,045 |
| Long-term financial liabilities | 220,511 | 202,282 |
| Pensions and similar obligations | 11,242 | 11,208 |
| Other non-current financial liabilities | 1,853 | 0 |
| Deferred taxes | 18,870 | 19,081 |
| Non-current liabilities | 252,476 | 232,571 |
| Capital stock | 11,076 | 11,076 |
| Reserves | 142,964 | 161,475 |
| Net profit | 31,615 | 8,162 |
| Equity | 185,655 | 180,713 |
| 514,781 | 483,329 |
| Q1-3 | |||
|---|---|---|---|
| € 000s | 1/1/-30/9/ 2007 |
1/1/-30/9/ 2008 |
|
| Earnings before income tax | 36,701 | 14,380 | |
| Reconciliation to cash flow from current business operations |
19,810 | 31,751 | |
| Internal financing | 56,511 | 46,131 | |
| Change in assets and liabilities (net) | -11,965 | -6,893 | |
| Cash flow from current business operations | 44,546 | 39,238 | |
| Cash flow from investment activities | -51,483 | -37,298 | |
| Cash flow from financial activities | 102,265 | -42,660 | |
| Change in cash, cash equivalents and securities | 95,328 | -40,720 | |
| Cash, cash equivalents and securities | |||
| 1 January | 2,233 | 97,782 | |
| Effect of changes in exchange rate on cash, cash equivalents and securities |
0 | 0 | |
| 30 September | 97,561 | 57,062 |
| Retained Earnings | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| € 000s | Capital stock |
Additional capital paid in |
Fair value measure ment for financial instruments |
Other compre hensive income |
Currency translation adjust ments |
Other retained earnings |
Consoli- dated net profit |
Minority interests |
Total |
| 31 December 2006 | 11,076 | 50,416 | 0 | -386 | -7,069 | 82,135 | 28,761 | 745 | 165,678 |
| Acquisition of minority interests |
0 | 0 | 0 | 0 | 0 | 0 | 0 | -745 | -745 |
| Dividend payout | 0 | 0 | 0 | 0 | 0 | 0 | -11,076 | 0 | -11,076 |
| Net income | 0 | 0 | 0 | 0 | 0 | 0 | 23,197 | 0 | 23,197 |
| Fair value measurement for financial instruments |
0 | 0 | 2,695 | 0 | 0 | 0 | 0 | 0 | 2,695 |
| Other changes | 0 | 0 | 0 | 0 | 0 | 15,749 | -17,685 | 0 | -1,936 |
| 30 September 2007 | 11,076 | 50,416 | 2,695 | -386 | -7,069 | 97,884 | 23,197 | 0 | 177,813 |
| 31 December 2007 | 11,076 | 50,416 | 3,436 | 45 | -10,944 | 100,011 | 31,615 | 0 | 185,655 |
| Dividend payout | 0 | 0 | 0 | 0 | 0 | 0 | -12,183 | 0 | -12,183 |
| Net income | 0 | 0 | 0 | 0 | 0 | 0 | 8,162 | 0 | 8,162 |
| Fair value measurement for financial instruments |
0 | 0 | 1,083 | 0 | 0 | 0 | 0 | 0 | 1,083 |
| Other changes | 0 | 0 | 0 | 0 | 4,757 | 12,671 | -19,432 | 0 | -2,004 |
45
4,519
50,416
11,076
30 September 2008
-6,187
112,682
8,162
0
180,713
| Sales revenues | ||
|---|---|---|
| € 000s | 1/1/-30/9/2007 | 1/1/-30/9/2008 |
| SBU Plastics | 185,274 | 198,797 |
| SBU Paper | 127,063 | 116,902 |
| 312,337 | 315,699 |
| Operating segment earnings before financial result and income taxes |
||
|---|---|---|
| € 000s | 1/1/-30/9/2007 | 1/1/-30/9/2008 |
| SBU Plastics | 28,779 | 27,565 |
| SBU Paper | 16,912 | 9,668 |
| Reconciliation | -3,064 | -3,285 |
| 42,627 | 33,948 |
| Sales revenues SURTECO Group | ||
|---|---|---|
| € 000s | 1/1/-30/9/2007 | 1/1/-30/9/2008 |
| Germany | 111,759 | 108,826 |
| Rest of Europe | 128,281 | 139,124 |
| America | 45,510 | 37,756 |
| Asia, Australia, Others | 26,787 | 29,993 |
| 312,337 | 315,699 |
| Sales revenues SBU Plastics | ||
|---|---|---|
| € 000s | 1/1/-30/9/2007 | 1/1/-30/9/2008 |
| Germany | 65,226 | 64,829 |
| Rest of Europe | 65,904 | 82,038 |
| America | 34,117 | 29,273 |
| Asia, Australia, Others | 20,027 | 22,657 |
| 185,274 | 198,797 |
| Sales revenues SBU Paper | ||
|---|---|---|
| € 000s | 1/1/-30/9/2007 | 1/1/-30/9/2008 |
| Germany | 46,533 | 43,997 |
| Rest of Europe | 62,377 | 57,086 |
| America | 11,393 | 8,483 |
| Asia, Australia, Others | 6,760 | 7,336 |
| 127,063 | 116,902 |
The consolidated financial statements of SURTECO SE for the period ending 31 December 2007 were prepared in accordance with the regulations of the International Financial Reporting Standards (IFRS), applicable on the balance-sheet date, as they were adopted by the EU. This report has been prepared in accordance with the reporting principles of the International Accounting Standard (IAS) 34 "Interim Financial Reporting". The same accounting and valuation principles as in the preparation of the consolidated financial statements for the business year 2007 are applied in drawing up the interim financial report for the quarter ended 30 September 2008.
We refer readers to the consolidated financial statements of SURTECO SE for the period ending 31 December 2007 in respect of further information on the details of the accounting and valuation methods used. The group currency is denominated in euros. All amounts are specified in thousand euros (€ 000s) unless otherwise stated.
The SURTECO interim consolidated financial statements include all domestic and foreign companies in which SURTECO holds a direct or indirect majority of the voting rights. On 1 January 2008, SURTECO DEKOR Ürünleri Sanayi ve Ticaret A.Ş., Turkey, was consolidated for the first time. The effects on the net assets, financial position and results of operations of the Group are insignificant, because the company was established in the fourth quarter of 2007.
The assets and liabilities recognized at preliminary values in connection with the acquisition of Gislaved Folie AB, Sweden, on 31/12/2007 were reported at their current values in a purchase price allocation during the reporting period. The purchase price allocation led to a reduction in goodwill of some € 6 million and to appropriate adjustments in property, plant and equipment and in intangible assets.
During the period under review, the company had no business transactions with affiliated persons that could have exerted a material influence on the net assets, financial position and results of operations of the company, nor did the company conclude any such transactions at standard commercial conditions.
| Cash earnings in € | Net income + amortization and depreciation less write-ups + change in long-term provision in the income statement |
|---|---|
| Cost of materials ratio in % | Cost of materials/Total output |
| EBIT margin in % | EBIT/Sales revenues |
| EBITDA margin in % | EBITDA/Sales revenues |
| Equity ratio in % | Equity/Balance sheet total |
| Earnings per share in € | Consolidated net profit/Number of shares |
| Gearing (debt level) in % | (Short-term and long-term debt less cash, cash equivalents and securities)/Equity |
| Market capitalization | Number of shares x Closing price on the balance sheet date |
| Net debt in € | (Short-term debt + long-term debt) less (Cash, cash equivalents and securities) |
| Personnel expense ratio in % | Personnel expenses/Total output |
| Return on sales in % | (Consolidated net profit + income tax)/Sales |
| Working capital in € | (Trade receivables + inventories) less (Trade liabilities + short-term accrued reserves) |
| » | 30 April 2009 | Annual report 2008 |
|---|---|---|
| » | 12 May 2009 | Three-month report January – March 2009 |
| » | 19 June 2009 | Annual General Meeting ArabellaSheraton, Munich |
| » | 22 July 2009 | Dividend payout |
ticker symbol: SUR isin: DE0005176903 Q3
Andreas Riedl Chief Financial Officer Phone +49 (0) 8274 9988-563
Investor Relations and Press Officer Phone +49 (0) 8274 9988-508
Fax +49 (0) 8274 9988-515 E-Mail [email protected] Internet www.surteco.com
Johan-Viktor-Bausch-Straße 2 86647 Buttenwiesen-Pfaffenhofen Germany
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