Surteco Group SE

Quarterly Report • May 22, 2003

News Details

Ad-hoc | 22 May 2003 07:49

SURTECO AG english

Quarterly Report: 1 January – 31 March 2003 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Quarterly Report: 1 January – 31 March 2003 STRONGER EURO WEAKENS SURTECO FIGURES Unfavourable currency parities impact on consolidated sales Buttenwiesen-Pfaffenhofen, 22 May 2003.- Unfavourable currency parities represented a dominant factor impacting on sales performance at Surteco AG during the first quarter 2003. Surteco is one of the leading global manufacturers of surface technologies based on specialist technical papers and plastics. The strong euro has played a role in a 2 % sales reduction to euro 94.1 million over the comparable quarter for 2002. These effects primarily impacted on business in the USA and without this negative factor Surteco AG would even have been in a position to report a slight rise in sales revenues for the first quarter. In North America alone, the Group posted a 25 % reduction in sales for the Strategic Business Unit Plastics, which incorporates the activities of the Döllken Group. However, taking currency differences into account gives rise to a downturn of only 7 % contingent on the sluggish economic conditions prevailing. Favourable developments (+ 8 %) in the European markets (apart from Germany) ensured that the proportion of foreign sales in the Group went up to 59 percent (+ 2 percentage points) in the first quarter, although export sales at euro 55.1 million were virtually unchanged by comparison with 2002. Business in the domestic market also continues unchanged for Surteco AG, with the slack domestic economy continuing to exert a particularly adverse effect on the market. Sales of euro 39.0 million generated in the first quarter of 2003 were 5 % below the comparable value for 2002, although sales promotion activities at the Strategic Business Unit Paper succeeded in expanding sales in Germany by 5 % to euro 16.9 million. The company generated operating earnings of euro 18.9 million (2002: euro 19.4 million) before interest, income tax and depreciation and amortization (Ebitda) during the first quarter of 2003. This corresponds to a decline of 3 %, with 2 % of this decline being down to exchange rate differences. Surteco AG is not anticipating any sustained improvement in the economy for 2003 and a decline in sales of around 3 % is projected across the Group (2002: euro 367.6 million). Operating earnings are also expected to fall to approximately euro 27.0 million (2002: euro 30.0 million). end of ad-hoc-announcement (c)DGAP 22.05.2003 ——————————————————————————– WKN: 517 690; ISIN: DE0005176903; Index: Listed: Amtlicher Markt in Frankfurt (Prime Standard) und München; Freiverkehr in Berlin-Bremen, Düsseldorf und Stuttgart 220749 Mai 03