Interim / Quarterly Report • Aug 11, 2009
Interim / Quarterly Report
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specialists for surface technologies
1 January to 30 June
| Q2 | Q1-2 | |||||
|---|---|---|---|---|---|---|
| € 000s | 1/4/-30/6/ 2008 |
1/4/-30/6/ 2009 |
Variation in % |
1/1/-30/6/ 2008 |
1/1/-30/6/ 2009 |
Variation in % |
| Sales revenues | 107,405 | 83,760 | -22 | 215,973 | 168,672 | -22 |
| of which - Germany - Foreign |
35,139 72,266 |
29,682 54,078 |
-15 -25 |
74,076 141,897 |
62,968 105,704 |
-15 -26 |
| EBITDA | 19,219 | 14,809 | -23 | 39,137 | 28,445 | -27 |
| EBITDA margin in % | 17.9 | 17.7 | 18.1 | 16.9 | ||
| EBIT | 14,048 | 9,744 | -31 | 28,960 | 18,354 | -37 |
| EBIT margin in % | 13.1 | 11.6 | 13.4 | 10.9 | ||
| EBT | 12,117 | 8,144 | -33 | 24,244 | 8,696 | -64 |
| Consolidated net profit | 8,210 | 5,433 | -34 | 16,392 | 4,080 | -75 |
| Earnings per share in € | 0.74 | 0.49 | -34 | 1.48 | 0.37 | -75 |
| 30/6/2008 | 30/6/2009 | Variation in % |
||
|---|---|---|---|---|
| Net financial debt | 160,685 | 141,289 | -12 | |
| Gearing (debt ratio) in % | 87 | 76 | -13 | |
| Equity ratio in % | 37.6 | 39.4 | +5 | |
| Number of employees | 2,223 | 1,996 | -10 |
According to data from the Organization for Economic Cooperation and Development (OECD), global economic development is approaching the trough. In individual regions such as the USA or emerging countries, like China, the organization slightly raised its forecasts in the study published at the end of June compared with the previous very pessimistic assessments. Key factors here are the various monetary and fiscal stimulus packages put in place by governments on the ground. However, as far as the eurozone and Germany are concerned, the OECD sees no short-term indications of recovery. During the course of 2009, the gross domestic product in all OECD countries is likely to decline by 4.1 %. In 2010, a slight increase of 0.9 % is anticipated. The US economy will have to contend with the economy shrinking by -2.8 % this year, and growth is predicted to return to positive territory in 2010 with slight growth of 0.7 %. The export-led economies in Japan (2009: -6.8 %) and Germany (-6.1 %) are experiencing significantly more pain during the crisis. During the coming year, both countries are projected to experience a slight upturn of 0.7 % and 0.2 % respectively. The entire eurozone will have to endure a decline in economic output of 4.8 % in 2009 and the OECD predicts stabilization at a low level for 2010. Once again, China is the great hope for the global economy, with growth of 7.7 % being regarded as realistic for 2009 and growth of 9.3 % for 2010. India is also likely to post above-average high growth rates. Emerging countries that are more heavily dependent on raw materials, such as Russia and Brazil, whose economies experienced a more marked dip in 2009, are expected to generate economic growth of around 4 % for the coming year.
However, according to a statement by the OECD, the slight recovery predicted for 2010 has a somewhat shaky foundation. Despite normalization of the situation, the financial sector in particular is not safe from negative surprises. Allocation of credit continues to be restricted. It is also not possible to exclude a sharp rise in unemployment in the industrialized countries.
The developments and the forecasts for the furniture industry and the wood-based sector have become increasingly negative as the year 2009 has progressed. After four months, the furniture industry has experienced a decline in sales of 14.8 % compared with the equivalent year-earlier period. In April, data from the Federation of the German Furnishing Industry (VDM) indicated that the negative dip was in fact more than 20 %. According to the VDM, the key factor for the year overall would be development during the autumn months, when sales are traditionally strong. The Association of the German Wood-based Materials Industry (VHI) issued a similar statement. According to statements made by the lobby group, 2009 will undoubtedly be a difficult year for the sector, because both domestic demand and export will decline significantly. This development has led to shutdowns in production capacities in many companies in the furniture and wood-based industry.
During the second quarter of 2009, the business trend experienced during the first three months continued. Sales and income were once again significantly below the values for the equivalent year-earlier period.
A short-term improvement in the economic situation is not in sight. Nevertheless, SURTECO is well positioned by comparison with the sector as a whole to weather the crisis. Harmonization programmes were already initiated and implemented during the third quarter of last year with the objective of safeguarding income and liquidity. These measures assisted in adjusting capacities to dramatically declining demand. Costs were reduced at all levels. Furthermore, the Group has been taking measures to ensure that it is well positioned to take advantage of the next upturn. The objective is to emerge from the crisis strengthened and to expand the leading position of the Group within the sector.
During the second quarter, the sales reductions were at the same level as at the start of the year. Sales of € 83.8 million underperformed by 22 % compared with the previous year.
The figure for the first half of the year at € 168.7 million also remained 22 % lower than in 2008. A drop in domestic business of 15 % to € 63.0 million contrasted with a 26 % fall (€ 105.7 million) in foreign business. The crisis impacted particularly strongly on the rest of Europe (-29 %). The share of foreign sales in total sales amounted to 63 %.
The second quarter of 2009 concluded with a 23 % fall in sales amounting to € 52.2 million in the segment for plastic products. While the German market fell back by 17 % to € 17.6 million, the volume of foreign business came down by € 12.4 million or 26 % to € 34.6 million. The strongest negative impacts were experienced in Europe (not including Germany) where virtually one third of the sales volume evaporated by comparison with the second quarter in the previous year. On the American continent, the SBU Plastics generated sales of € 8.2 million (-18%) in the months from April to June 2009. Australia concluded with sales 20 % below the equivalent year-earlier value, of which 8 % was due to exchange-rate effects. The sales volume generated in Asia was down by 9 %.
There was no significant difference between developments during the second quarter and the trend during the first three months of the reporting year, so that the half-year analysis presents a similar structure. Sales revenues at € 106.0 million after six months were 22 % below the level recorded in the previous year. Domestic sales amounted to € 37.7 million (-14 %). The remaining sales fell back by an average of 25 % with the sharpest falls being recorded at € 39.7 million in European markets outside Germany (-30 %). Sales revenues on the American continent fell back by 17 % after six months, in Australia by 23 %, and in Asia by 10 %.
The virtually unchanged percentage shares of the individual product groups confirm the assumption that the slowdowns in sales are virtually exclusively due to economic effects, and the cause continues to be sluggish consumption by consumers. Vinylit GmbH is a gratifying exception. The producer of environmentally friendly, ventilated cladding systems is part of the SBU Plastics. These products and their energy-saving technology are in tune with a growing trend, and this manufacturer generated sales of € 4.4 million despite the crisis. This meant that a decline of "only" 7 % had to be accommodated.
The product area of surface coating materials based on specialist technical papers also experienced more serious sales losses abroad than in Germany itself. During the second quarter of 2009, domestic sales declined by 13 % to € 12.0 million. The willingness of consumers to make investments in long-term assets like furniture and interior fittings remains at a very low level. The other markets lost ground amounting to 23 % and fell to € 19.5 million. Overall, the total drop in sales during the second quarter amounted to 20 % (1st quarter of 2009: -25 %) and generated € 31.5 million.
During the first half of 2009, sales revenues totalling € 62.7 million were generated in the paper sector (-22 %). Domestic business dropped by 16 % to € 25.3 million, foreign sales at € 37.4 million lost a total of 26 % of their volume. Europe (without Germany) had to contend with a fall of 28 % to € 29.0 million. These consumer markets represent nearly half the total sales volume of the SBU Paper and they were particularly hard-hit by the crisis in sales. Orders from these markets were virtually only booked with increasing gaps and diminished order volumes.
The lower sales volumes affected all the product groups in the SBU Paper in equal measure. A shift from post-impregnated finish foils to more cost-effective pre-impregnates was unique within flat foils.
The proportion of costs for raw materials, consumables and supplies (€ 33.6 million) in total output at 40.5 % was significantly below the ratio for the months of January to March (42.9 %) in the second quarter. This reveals a proportion of costs in relation to sales of 41.7 % for the first half-year of 2009 (cost of materials € 69.1 million),
1.1 percentage points lower than the equivalent year-earlier period.
The personnel expenses of the SURTECO Group amounted to € 20.8 million during the second quarter of the current business year. After the first six months of the current business year, expenditure on personnel totalled € 42.2 million (proportion of total output: 25.4 %).
On 30 June 2009, the SURTECO Group had a headcount of 1,996 employees. One year ago, the workforce was 2,223 strong. A reduction of 10 % has enabled the Group to implement the appropriate adjustment to match the modified capacity situation.
Other operating expenses in the first half of 2009 at € 30.1 million were € 3.4 million below the equivalent year-earlier value.
In the second quarter of 2009, the SURTECO Group generated an EBITDA of € 14.8 million. This figure is 23 % lower than the value for the previous year and has changed in proportion to sales development so that the EBITDA margin at 17.7 % only changed marginally (-0.2 percentage points). The consolidated net profit fell short of the value for 2008 by € 2.8 million or 34 % and amounted to € 5.4 million. This generates earnings per share of € 0.49 (2nd quarter of 2008: € 0.74). Analysis of the results for the first half of the year reveals an operating result of € 28.4 million (2008: € 39.1 million) and a change in EBITDA margin of 18.1 % to 16.9 %. EBIT came down by 37 % and amounts to € 18.4 million after six months. The EBIT margin fell by 2.5 percentage points to 10.9 %. The EBT reflects the impairment on the shares in Pfleiderer AG, Neumarkt, held by SURTECO amounting to € 6.0 million. This means that the pretax result at € 8.7 million is 64 % lower than the value for the previous year.
On the basis of 11,075,522 shares, the consolidated net profit amounting to € 4.1 million (-75 %) yielded earnings per share of € 0.37 (1st half-year of 2008: € 1.48).
The balance sheet total on 30 June 2009 fell by 4 % compared with 31 December 2008. The equity ratio over this period went up from 36.8 % to 39.4 %. Key factors influencing development in the first six months were the reduction in net financial debt by € 30.0 million to € 141.3 million and a further improvement in working capital of € 67.0 million to € 56.2 million. Optimized warehouse management enabled inventories to be reduced. Property, plant and equipment fell back slightly as a result of the lower investments (€ 4.7 million).
The consistent reduction in net indebtedness and the increasing equity ratio improved the gearing from 95 % to 76 %.
The positive development of free cash flow demonstrates that the measures taken by the management of SURTECO are having an effect and form the basis for rapid reduction of the level of debt. This is particularly evident for cash flow from operating activities, which have remained at the level of the previous year despite falling sales revenues.
| € 000s | 1/1/ - 30/6/2008 |
1/1/ - 30/6/2009 |
|---|---|---|
| Cash inflow from operating activities |
40,872 | 42,138 |
| Tax payments | -6,000 | -2,038 |
| Cash outflow from current business operations |
34,872 | 40,100 |
| Cash outflow from investment activities (without financial investments) |
-9,745 | -4,007 |
| Free cash flow | 25,127 | 36,093 |
Fusion edge is an innovative plastic joint. It has pioneered a positively revolutionary innovation in furniture construction. This is because the surface for side coating of materials developed by Döllken to production readiness is created entirely without any adhesive. Up to now, the profile of this joint has been too obvious, particularly in high-gloss fronts. Döllken cooperated closely with a major machinery manufacturer to develop the laser-joint procedure in order to bond the edgebanding securely and firmly to the material. The edging material used comprises an upper base layer, which is identical with conventional edgebanding qualities, and a very thin functional layer, which is identical in colour with the base layer. When the edgebanding is applied to the substrate material, a powerful laser melts this functional layer and creates a jointless bond between the surface material and board. This process yields a number of advantages for furniture manufacturers: they benefit from the high-quality visual profile of their products while simultaneously increasing their production certainty and productivity. The success of such complex new procedures is based on interdisciplinary cooperation in the form of joint ventures for development projects and development networks. The machinery manufacturer referred to above has already installed a system designed for carrying out processing operations with Döllken Fusion Edge edgebandings and two other systems are currently in production. The new procedure received the M Technology Award 2008 at the Furniture and Components Trade Fair (ZOW), as well as being nominated for the Design Prize of the Federal Republic of Germany 2009.
During the second quarter of 2009, the SURTECO share was able to regain the price losses sustained during the first quarter. From the beginning of April to the end of June, the share price climbed by nearly 32 % to a closing price of € 10.00. The SDAX comparative index for relatively small listed securities increased during the reporting period by "only" some 22 %. By comparison with the beginning of the year, the development in value of the SURTECO shares remained correspondingly unchanged. On 30 June 2009, the market capitalization was € 110.8 million. The statistics of Deutsche Börse AG ranks the company at position 118 for market capitalization (with reference to free float) on the basis of the comparatively low level of free float, and at position 121 for trading volume. In order to be in a position to achieve the company's medium-term goal of being listed in the SDAX, SURTECO would have to be ranked among the top 110 for both these categories. The upward trend of the share has also continued at the beginning of the third quarter. By the end of July, the SURTECO price was € 12.25.
| Number of shares | 11,075,522 |
|---|---|
| Free float in % | 23.7 |
| Price on 2/1/2009 in € | 10.20 |
| Price on 30/6/2009 in € | 10.00 |
| High in € | 10.49 |
| Low in € | 6.35 |
| Market capitalization as at 30/6/2009 in € 000s |
110,755 |
Since the situation in the second quarter continued to be stable at the low level of the start of the year and there were no tangible signs of a short-term improvement in the general economic situation, the assumption must be that the crisis will certainly continue through this year and will probably extend until well into the year 2010. As far as SURTECO is concerned, short-term safeguarding of liquidity and income therefore remains the focus of action for 2009, as well as providing a long-term structure for the future and safeguarding the leading position of SURTECO in the segment of surface coating materials for the international furnishing industry. Apart from the planned harmonization of personnel strength to utilization capacity, including flexible employment models, the immediate measures focus on restructuring and optimization of production sites and manufacturing systems, such as closure of the edging tape plant in Montreal/ Canada and transfer of melamine edging-tape production of the SBU Paper from the Buttenwiesen location to Sassenberg.
The long-term measures are bundled in the "PREIS" project (productive, return, efficient, innovative, speedy) which is intended to generate annual savings effects of more than € 10 million from 2010. The focuses here are on improvements in the operating areas of sales, purchasing and quality management, improvement in net working capital, and strengthening of the portfolio by strategic purchases and disposals.
| Q2 | Q1-2 | ||||
|---|---|---|---|---|---|
| € 000s | 1/4/-30/6/ 2008 |
1/4/-30/6/ 2009 |
1/1/-30/6/ 2008 |
1/1/-30/6/ 2009 |
|
| Sales revenues | 107,405 | 83,760 | 215,973 | 168,672 | |
| Changes in inventories | 328 | -956 | -842 | -3,165 | |
| Own work capitalized | 365 | 297 | 605 | 444 | |
| Total output | 108,098 | 83,101 | 215,736 | 165,951 | |
| Cost of materials | -46,434 | -33,616 | -92,258 | -69,133 | |
| Personnel expenses | -26,872 | -20,752 | -53,453 | -42,153 | |
| Other operating expenses | -16,851 | -15,546 | -33,506 | -30,060 | |
| Other operating income | 1,278 | 1,622 | 2,618 | 3,840 | |
| EBITDA | 19,219 | 14,809 | 39,137 | 28,445 | |
| Depreciation and amortization | -5,171 | -5,065 | -10,177 | -10,091 | |
| EBIT | 14,048 | 9,744 | 28,960 | 18,354 | |
| Financial result | -1,931 | -1,600 | -4,716 | -9,658 | |
| EBT | 12,117 | 8,144 | 24,244 | 8,696 | |
| Income tax | -3,907 | -2,711 | -7,852 | -4,616 | |
| Net income | 8,210 | 5,433 | 16,392 | 4,080 | |
| of which consolidated net profit | 8,210 | 5,433 | 16,392 | 4,080 | |
| of which minority interests | 0 | 0 | 0 | 0 | |
| Basic and diluted earnings per share in € |
0.74 | 0.49 | 1.48 | 0.37 | |
| Number of shares issued | 11,075,522 | 11,075,522 | 11,075,522 | 11,075,522 |
| € 000s | 31/12/2008 | 30/6/2009 |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | 60,468 | 62,949 |
| Trade accounts receivable | 34,465 | 32,147 |
| Inventories | 59,759 | 54,271 |
| Current income tax assets | 6,912 | 4,671 |
| Other current assets | 10,050 | 8,188 |
| Current assets | 171,654 | 162,226 |
| Property, plant and equipment | 175,840 | 171,167 |
| Intangible assets | 8,471 | 8,359 |
| Goodwill | 108,227 | 108,751 |
| Investments in associated enterprises | 1,683 | 1,683 |
| Financial assets | 10,804 | 8,553 |
| Non-current tax assets | 1,233 | 966 |
| Other non-current assets | 6,768 | 1,806 |
| Deferred taxes | 5,393 | 6,134 |
| Non-current assets | 318,419 | 307,419 |
| 490,073 | 469,645 |
Q2
| € 000s | 31/12/2008 | 30/6/2009 |
|---|---|---|
| LIABILITIES AND SHAREHOLDERS`EQUITY | ||
| Short-term financial liablilities | 35,239 | 20,245 |
| Trade accounts payable | 18,290 | 24,736 |
| Income tax liabilities | 3,131 | 3,224 |
| Short-term provisions | 8,933 | 5,483 |
| Other current liabilities | 14,441 | 14,683 |
| Current liabilities | 80,034 | 68,371 |
| Long-term financial liabilities | 196,512 | 183,993 |
| Pensions and similar obligations | 9,589 | 9,939 |
| Other non-current financial liabilities | 0 | 768 |
| Deferred taxes | 23,422 | 21,384 |
| Non-current liabilities | 229,523 | 216,084 |
| Capital stock | 11,076 | 11,076 |
| Reserves | 162,711 | 170,059 |
| Consolidated net profit | 6,754 | 4,080 |
| Capital attributable to shareholders | 180,541 | 185,215 |
| Minority interests | -25 | -25 |
| Equity | 180,516 | 185,190 |
| 490,073 | 469,645 |
| Q1-2 | |||
|---|---|---|---|
| € 000s | 1/1/-30/6/2008 | 1/1/-30/6/2009 | |
| Earnings before income tax and minority interests |
24,244 | 8,696 | |
| Reconciliation to cash flow from current business operations |
17,622 | 9,490 | |
| Internal financing | 41,866 | 18,186 | |
| Change in assets and liabilities (net) | -1,788 | 21,914 | |
| Cash flow from current business operations | 40,078 | 40,100 | |
| Cash flow from investment activities | -33,585 | -4,007 | |
| Cash flow from financial activities | -45,474 | -33,864 | |
| Change in cash and cash equivalents |
-38,981 | 2,229 | |
| Cash and cash equivalents | |||
| 1 January | 97,782 | 60,468 | |
| Effect of changes in exchange rate on cash and cash equivalents |
0 | 252 | |
| 30 June | 58,801 | 62,949 |
| Retained earnings | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| € 000s | Capital stock |
Additional capital paid in |
Fair value measure ment for financial instruments |
Other compre hensive income |
Currency translation adjust ments |
Other retained earnings |
Consoli- dated net profit |
Minority interests |
Total |
| 31 December 2007 | 11,076 | 50,416 | 3,436 | 45 | -10,944 | 100,011 | 31,615 | 0 | 185,655 |
| Dividend payout | 0 | 0 | 0 | 0 | 0 | 0 | -12,183 | 0 | -12,183 |
| Net income | 0 | 0 | 0 | 0 | 0 | 0 | 16,392 | 0 | 16,392 |
| Other changes | 0 | 0 | -7,383 | 0 | -503 | 21,511 | -19,432 | 0 | -5,807 |
| 30 June 2008 | 11,076 | 50,416 | -3,947 | 45 | -11,447 | 121,522 | 16,392 | 0 | 184,057 |
| 31 December 2008 | 11,076 | 50,416 | 6,431 | 650 | -18,080 | 123,294 | 6,754 | -25 | 180,516 |
| Dividend payout | 0 | 0 | 0 | 0 | 0 | 0 | -3,876 | 0 | -3,876 |
| Net income | 0 | 0 | 0 | 0 | 0 | 0 | 4,080 | 0 | 4,080 |
| Other changes | 0 | 0 | -202 | 0 | 4,672 | 2,878 | -2,878 | 0 | 4,470 |
| 30 June 2009 | 11,076 | 50,416 | 6,229 | 650 | -13,408 | 126,172 | 4,080 | -25 | 185,190 |
| Q1-2 | ||||
|---|---|---|---|---|
| € 000s | 1/1/-30/6/2008 | 1/1/-30/6/2009 | ||
| Net income | 16,392 | 4,080 | ||
| Currency changes | -503 | 4,672 | ||
| Market value of financial assets and cash flow hedges |
-7,383 | -202 | ||
| Comprehensive income | 8,506 | 8,550 | ||
| of which group share | 8,506 | 8,550 | ||
| of which minority shareholders | 0 | 0 |
| Sales revenues | ||||
|---|---|---|---|---|
| € 000s | SBU Paper |
SBU Plastics |
Recon ciliation |
SURTECO Group |
| 1/1/-30/6/2009 | ||||
| External sales | 62,704 | 105,968 | 0 | 168,672 |
| Internal sales | 525 | 170 | -695 | 0 |
| Total sales | 63,229 | 106,138 | -695 | 168,672 |
| 1/1/-30/6/2008 | ||||
| External sales | 80,540 | 135,433 | 0 | 215,973 |
| Internal sales | 679 | 226 | -905 | 0 |
| Total sales | 81,219 | 135,659 | -905 | 215,973 |
| Segment earnings (EBT) | ||
|---|---|---|
| € 000s | 1/1/-30/6/2008 | 1/1/-30/6/2009 |
| SBU Plastics | 22,845 | 13,025 |
| SBU Paper | 8,139 | 4,517 |
| Reconciliation | -2,024 | -8,846 |
| 28,960 | 8,696 |
| Sales revenues SURTECO Group | ||
|---|---|---|
| € 000s | 1/1/-30/6/2008 | 1/1/-30/6/2009 |
| Germany | 74,076 | 62,968 |
| Rest of Europe | 97,073 | 68,647 |
| America | 25,367 | 21,460 |
| Asia, Australia, Others | 19,457 | 15,597 |
| 215,973 | 168,672 |
| Sales revenues SBU Plastics | ||
|---|---|---|
| € 000s | 1/1/-30/6/2008 | 1/1/-30/6/2009 |
| Germany | 43,946 | 37,682 |
| Rest of Europe | 56,910 | 39,655 |
| America | 19,691 | 16,415 |
| Asia, Australia, Others | 14,886 | 12,216 |
| 135,433 | 105,968 |
| Sales revenues SBU Paper | ||
|---|---|---|
| € 000s | 1/1/-30/6/2008 | 1/1/-30/6/2009 |
| Germany | 30,130 | 25,286 |
| Rest of Europe | 40,163 | 28,992 |
| America | 5,676 | 5,045 |
| Asia, Australia, Others | 4,571 | 3,381 |
| 80,540 | 62,704 |
The consolidated financial statements of SURTECO SE for the period 31 December 2008 were prepared in accordance with the regulations of the International Financial Reporting Standards (IFRS), as they were adopted by the EU. This report has been prepared in accordance with the International Accounting Standard (IAS) 34 "Interim Financial Reporting. The same accounting and valuation principles as in the preparation of the consolidated financial statements for the business year 2008 are applied in drawing up the interim financial report for the quarter ended 30 June 2009. If the standards adopted by the IASB had to be applied from 1 January 2009, they were taken account of in this interim report if they exert effects on the SURTECO Group.
We refer readers to the consolidated financial statements of SURTECO SE for the period ending 31 December 2008 in respect of further information on the details of the accounting and valuation methods used. The group currency is denominated in euros. All amounts are specified in thousand euros (€ 000s).
The SURTECO Group interim consolidated financial statements include all domestic and foreign companies in which SURTECO holds a direct or indirect majority of the voting rights.
During the period under review, the company had no business transactions with affiliated persons that could have exerted a material influence on the net assets, financial position and results of operations of the company, nor did the company conclude any such transactions at standard commercial conditions.
To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the Group management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.
Buttenwiesen-Pfaffenhofen, 11 August 2009
Board of Management of Management
Friedhelm Päfgen Dr.-Ing. Herbert Müller Chairman of the Member of the Board
| Cost of materials ratio in % | Cost of materials/Total output | |
|---|---|---|
| EBIT margin in % | EBIT/Sales revenues | |
| EBITDA margin in % | EBITDA/Sales revenues | |
| Equity ratio in % | Equity/Balance sheet total | |
| Earnings per share in € | Consolidated net profit/Number of shares | |
| Gearing (debt level) in % | (Short-term and long-term debt less cash and cash equivalents)/Equity |
|
| Market capitalization | Number of shares x Closing price on the balance sheet date |
|
| Net debt in € | (Short-term debt + long-term debt) less (Cash and cash equivalents) |
|
| Personnel expense ratio in % | Personnel expenses/Total output | |
| Working capital in € | (Trade receivables + inventories) less (Trade liabilities + short-term accrued reserves) |
ticker symbol: SUR isin: DE0005176903
Andreas Riedl Chief Financial Officer Phone +49 (0) 8274 9988-563
Günter Schneller Investor Relations and Press Officer Phone +49 (0) 8274 9988-508
Fax +49 (0) 8274 9988-515 Email [email protected] Internet www.surteco.com
Johan-Viktor-Bausch-Straße 2 86647 Buttenwiesen-Pfaffenhofen Germany
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