Surteco Group SE

Earnings Release • Nov 29, 2001

News Details

Ad-hoc | 29 November 2001 08:10

SURTECO AG english

Despite adverse economic climate SURTECO forecasts satisfactory result Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– DESPITE ADVERSE ECONOMIC CLIMATE SURTECO FORECASTS SATISFACTORY RESULT The company combats global decline in sales with cost-reduction and restructuring measures Buttenwiesen-Pfaffenhofen. SURTECO AG (formerly BAUSCH + LINNEMANN AG) increased its holding in W. Döllken & Co. GmbH to 75% in August, making the group a leading international supplier of surface technologies, and global market leader in edging strips made of duroplast and thermoplast. The resulting strong position of the company in global markets is based on exports totalling more than 60%, although SURTECO has not been immune to the general slowdown and economic consequences of the terrorist attacks in the USA. Although group sales during the third quarter rose by 56% to EUR 72.7 as a result of first-time consolidation of the Döllken Group, sales of the former BAUSCH + LINNEMANN Group at EUR 39.3 million remained 16% behind the figures for the third quarter of 2000. The result from ordinary activities increased during the third quarter by 26% to EUR 5.7 million. This result included first-time consolidation of earnings amounting to EUR 3.7 million generated by W. Döllken & Co. GmbH (August and September). SURTECO AG introduced comprehensive cost-reduction and restructuring programmes to counter the current economic slowdown. Aside from action currently being taken at the Bausch + Linnemann Group, Döllken also introduced a package of further measures designed to adjust capacities and staffing levels to the current economic situation. Cost savings amounting to EUR 5.6 million have already been achieved since January 2001. A parallel strategy is to deploy new products including new developments for business in DIY stores to counteract the current negative economic framework conditions. Against this background SURTECO AG is anticipating total sales of around EUR 260 million for fiscal 2001 and earnings before taxes (EBT) in a band between EUR 25 and 27 million. The company currently employees a workforce of 2,082 and reported sales of EUR 193 million in fiscal 2000. end of ad-hoc-announcement (c)DGAP 29.11.2001 ——————————————————————————– WKN: 517 690; Index: SDax Listed: Amtlicher Handel in Frankfurt (SMAX), München; Freiverkehr in Berlin, Bremen, Hamburg, Stuttgart 290810 Nov 01