Surteco Group SE

Earnings Release • Mar 14, 2003

News Details

Ad-hoc | 14 March 2003 07:39

SURTECO AG english

Annual Financial Statements 2002 SURTECO AG Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Annual Financial Statements 2002 SURTECO AG DESPITE SUSTAINED ECONOMIC SLOWDOWN SURTECO HAS INCREASED SALES AND EARNINGS Buttenwiesen-Pfaffenhofen, 14 March 2003 – SURTECO AG finished fiscal 2003 with sales up by 36 % to Euro 367.6 million. However, in comparison with the previous year it should be taken into account that the Döllken Group – now fully consolidated – was only consolidated for five months in fiscal 2001. The domestic market was particularly weak ( – 8 %*). It was only possible in part to reverse this development in export markets (+ 2 %*). SURTECO AG generated 60 % of sales in 2002 from export activity. SURTECO draws up its financial statements in conformity with IFRS and achieved an improvement in the operating result (EBIT) of 40 %, which meant an increase to Euro 42.8 million. Earnings before taxes exceeded the amount of Euro 30.0 million for the previous year by 13 %. Consolidated net income of Euro 17.6 million was 33 % above the amount for the previous year. Within the foreseeable future, SURTECO AG is planning to increase its equity capital by profit retention in order to improve the group’s capital structure. Shareholders may nevertheless anticipate a dividend payment of Euro 0.65 (2001: 1.10). Objectives for the current fiscal year include additional internal structural measures and rapid expansion of the foreign profile. The companies from the Bausch und Linnemann Group are organized within the Strategic Business Unit (SBU) Paper and the aim here is to exploit further potential for optimization in manufacturing, sales and administration. The SBU Plastics will have concluded realignment of the key North American business and rationalization of activities related to the range sold in DIY markets by the close of the year. Attention is particularly focused on the foreign profile being promoted by SURTECO AG through the expansion of production in Indonesia, startup of a new facility in Sydney/Australia, and construction of a dedicated production plant in Taicang/China. A large number of political uncertainties continue to exert an influence on the situation. The company is therefore not anticipating a tangible upswing in economic conditions in 2003. * by comparison with the entire year 2001 end of ad-hoc-announcement (c)DGAP 14.03.2003 ——————————————————————————– WKN: 517 690; ISIN: DE0005176903; Index: Listed: Amtlicher Markt in Frankfurt (Prime Standard) und München; Freiverkehr in Bremen, Düsseldorf, Stuttgart 140739 Mär 03