Surteco Group SE

Earnings Release • Nov 25, 2003

News Details

Ad-hoc | 25 November 2003 07:42

SURTECO AG : Report for the First Three Quarters (01/01 – 30/09/2003)

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– SURTECO AG EXPERIENCES CHANGE IN TREND – Report for the First Three Quarters (01/01 – 30/09/2003) Buttenwiesen-Pfaffenhofen, 25 November 2003. – Although SURTECO AG sales of EUR 86.8 million in the third quarter of 2003 again fell short of the figures for the comparable month in the previous year by 5 %, the Group is experiencing a slight change in trend, particularly since the fall in sales would only have been 2 % after adjustment for currency losses. EBITDA at EUR 16.0 million for the previous three months was 3 % above the value for 2002, despite lower sales. EBIT rose by 5 % to EUR 9.3 million in parallel and earnings from ordinary activities went up by 19 % to EUR 6.6 million before restructuring expenses reported at just under EUR 1.9 million. The change in earnings in the third quarter is an indication to the company that the structural measures introduced two years ago and intended to bring about a sustained increase in efficiency of all Group companies are beginning to bite. Against an ongoing difficult economic background, SURTECO AG, considered globally the leading provider of surface technologies based on plastics and technical raw papers for specialist applications, achieved consolidated sales amounting to EUR 266.7 million (2002: EUR 281.8 million) in the first nine months of this year. SURTECO AG generated sales of EUR 107.9 million in Germany during the period from January until the end of September, only 2 % below the value for the previous year. SURTECO AG continues to be optimistic for the remainder of the year and is correcting its prediction for earnings made in the middle of the year slightly upwards. Annual sales at around EUR 350 million are about 4 % below the annual sales for the previous year and they continue to be impacted negatively by the sustained weakness of the dollar. SURTECO AG is significantly export-oriented (foreign sales of 60 %) and anticipates an increase of EUR 1.0 million in earnings from ordinary activities before restructuring costs amounting to EUR 26.0 million (2002: 30.0 million). The SURTECO share is listed in the prime standard and posted its highest price since September 2001 on 12/11/2003 at EUR 20.30. This undoubtedly reflects the successful efforts of the company to reduce the relatively high liabilities associated with acquisitions from EUR 178 million to EUR 148 million. end of ad-hoc-announcement (c)DGAP 25.11.2003 ——————————————————————————– WKN: 517 690; ISIN: DE0005176903; Index: Listed: Amtlicher Markt in Frankfurt (Prime Standard) und München; Freiverkehr in Berlin-Bremen, Düsseldorf und Stuttgart 250742 Nov 03