Surteco Group SE

Earnings Release • Nov 22, 2002

News Details

Ad-hoc | 22 November 2002 08:05

SURTECO AG english

Report for the First Three Quarters of SURTECO AG (01/01/2002 – 30/09/2002) Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– SURTECO IS OPERATING VERY PROFITABLY IN A WEAK ENVIRONMENT Good foreign business despite weak domestic economy Buttenwiesen-Pfaffenhofen. – SURTECO AG (securities code: WKN 517690) was created from Bausch + Linnnemann AG and the Döllken Group. The company is recognized worldwide as the leading specialist for high-quality surface technologies and is benefiting this year from its good foreign business. In the period to 30 September 2002, SURTECO achieved sales of EUR 281.9 million, with 61 % being generated abroad. By comparison with the same period for 2001, this corresponds to an increase of EUR 114.8 million (+ 68 %), with 98% of the increase being attributable to the Döllken Group, which was only partially consolidated from August to December 2001. This is the first year in which the report of SURTECO AG has been drawn up in accordance with the International Accounting Standards (IAS) and EBITDA increased during the third quarter by 33 %, totalling EUR 54.7 million (+ 79 %) at the close of the first three quarters. At the end of the third quarter, earnings before taxes (EBT) at EUR 25.3 million showed an increase of 27 % over the comparative value for the previous year. SURTECO AG has organized the activities of the companies in the Bausch and Linnemann Group within the Strategic Business Unit (SBU) Paper and the business of the Döllken Group in the SBU Plastics. The SBU Paper contributed sales amounting to EUR 136.1 (2001: EUR 134 million) million to consolidated earnings over the first nine months. Edging strips posted the lion’s share, generating 48 % of total Group sales. Foreign sales also posted a substantial increase (+ 8 %). By contrast, sales of coating materials in Germany fell back significantly (- 10 %). Although foreign sales of SBU Plastics notched up increases (+ 3 %), they were not adequate to compensate for declining domestic demand. This Strategic Business Unit of SURTECO AG remained 4 % behind the comparable figure for the previous year with sales of EUR 145.7 million. Despite ongoing economic weakness, SURTECO is expecting a rise in sales to EUR 375 million for fiscal 2002 (partially consolidated in 2002 from 8/2002: EUR 270.6 million). The company is again anticipating an improvement in earnings compared with the previous year, not least on the basis of successful rationalization and restructuring measures. 22 November 2002 end of ad-hoc-announcement (c)DGAP 22.11.2002 ——————————————————————————– WKN: 517 690; ISIN: DE0005176903; Index: Listed: Amtlicher Markt in Frankfurt (SMAX), München; Freiverkehr in Berlin, Bremen, Hamburg, Stuttgart 220805 Nov 02