Surteco Group SE

Earnings Release • Aug 2, 2002

News Details

Ad-hoc | 2 August 2002 07:44

SURTECO AG english

SURTECO AG half-year report 2002 (01.01. – 30.06.2002) Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– SURTECO AG half-year report 2002 (01.01. – 30.06.2002) FOREIGN MARKETS RECOVER Domestic business still lacks impetus Buttenwiesen-Pfaffenhofen. – SURTECO Group (WKN 517690), a world leader in the manufacture of coating products on the basis of technical uncoated papers and plastics, increased consolidated sales to Euro 190.2 million in the first two quarters of 2002. This result includes Euro 98.2 million from the Döllken Group, 100% of which was taken over in January. The EBITDA of the Group, which has applied IAS since 2002, increased on a year-on-year basis by 108 % to Euro 39.2 million. The increase in EBT before goodwill depreciation (Euro 23.8 million) amounted to 57 %. Net income for the period reached Euro 10.2 million (-1 %). Adjusted for special effects in 2001 (dividends from the Döllken stake – Euro 2.3 million – and corporation tax credit – Euro 1.7 million) the half-year net income for 2002 would have increased by 63 %. Since the complete integration of the Döllken Group, SURTECO Group presents itself to the market as two strategic business units (SBU). SBU Paper, which produces edging strips and surface foils on a paper basis for the furniture industry and interior decoration, posted 3 % lower sales than in the first two quarters of 2001: Euro 92.0 million. Due to a further recovery in foreign markets, the export ratio increased to 68 % (65 %). The continuing weak economic situation in Germany has also hit SBU Plastic, which comprises the largely domestic oriented activities of the Döllken group. Although the share of business abroad increased from 49 % to 53 %, sales in this business unit at Euro 98.2 million decreased by 4 %. Despite the difficult overall situation and lack of impetus particularly on the German market, SURTECO AG expects a considerably better result for the 2002 financial year and predicts that company sales will increase to around Euro 380 million. Following the further expansion of its global presence, SURTECO AG (currently 2,061 employees) also intends to reinforce its strong market position by unlocking new product fields. For example, a patent for an innovative coating process was recently applied for which enables new applications in the construction of buildings and exhibition stands. August 2nd, 2002 end of ad-hoc-announcement (c)DGAP 02.08.2002 ——————————————————————————– WKN: 517 690; ISIN: DE0005176903; Index: Listed: Amtlicher Markt in Frankfurt (SMAX), München; Freiverkehr in Berlin, Bremen, Hamburg, Stuttgart 020744 Aug 02