DGAP-News: SURTECO GROUP SE / Key word(s): AGM/EGM
SURTECO GROUP SE: Annual General Meeting resolves to pay dividend of € 0.80 per share
- Jan Oberbeck elected to the Supervisory Board
- SURTECO with good performance in the current year
Munich, 23 June 2021 - At the virtual Annual General Meeting, the Chairman of the Management Board of SURTECO GROUP SE gave the shareholders a report on developments during the pandemic year 2020 and the current business situation. On the back of surprisingly good business development in the third and fourth quarters of 2020, lower cost of materials and the restructuring measures already launched in 2019, earnings before financial result and income tax (EBIT) at € 46.1 million in 2020 were above original expectations. The Group started the business year 2021 with the best quarter in the company's history. During the months of January to March 2021, sales went up by 10 % to € 188.5 million and EBIT rose by 61 % to € 21.5 million. The second quarter is now characterised by drastic increases in the cost of raw materials and inadequate availability. From the third quarter, the company is anticipating that the cost of raw materials and delivery times will stabilize and that demand will also stabilize from the fourth quarter. Consequently, sales for the business year 2021 are expected to be at the upper end of the forecast of € 650 to 675 million. Chairman of the Management Board Wolfgang Moyses also holds out the prospect of EBIT at the upper margin of the range between € 47 and 52 million.
The shareholders approved all the agenda items with a significant majority. Accordingly, the Annual General Meeting appointed the Supervisory Board Member Mr. Jan Oberbeck, previously appointed by the court, to the Supervisory Board as a shareholder representative. The compensation systems for the Management Board and the Supervisory Board were approved. The Annual General Meeting also resolved to pay out a dividend of € 0.80 per share. On the basis of the current share price, this corresponds to a dividend yield of around 2.9 %. A payout rate of around 37 % of consolidated net profit also takes into account the allowances for short-time working received from the state during the course of the pandemic.
You will find additional information on SURTECO GROUP SE and on the Annual General Meeting of the company including the voting results and a video recording on the Internet at www.ir.surteco.com/hv.
Profile of SURTECO
SURTECO GROUP SE with registered office in Buttenwiesen is a mid-sized holding company with international operations. The company listed on the stock exchange combines leading national and international brands for surface technology under one roof. The comprehensive product portfolio includes papers printed with decor designs, impregnated materials, release papers, decorative flat foils and edgebandings based on specialist technical papers and plastics. This portfolio is complemented by skirtings made of plastics, technical extrusions (profiles) for industry, and roller shutter systems. With more than 3,000 employees at 22 production sites worldwide, the Group generates annual sales of around EUR 627 million in 2020. 27 % of these sales are generated in Germany, 47 % in European countries outside Germany and a further 26 % in America, Asia and Australia. Customers of the SURTECO Group primarily come from the wood-based, flooring and furniture industries, as well as from interior design.
The shares in SURTECO GROUP SE are listed on the official market (Prime Standard) of the Frankfurt and Munich Stock Exchanges under the ticker symbol SUR and ISIN DE0005176903. They are also traded on the stock markets in Berlin, Düsseldorf and Stuttgart.
Cautionary note regarding forward-looking statements
This press release may contain statements of future forecasts or expectations and other forward-looking statements and involves known and unknown risks and uncertainties. There is therefore no guarantee for the statements and expectations expressed herein. The actual results and developments may differ substantially. The company assumes no obligation to update any forward-looking statements contained herein or to adapt such information to future results or developments.
23.06.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
SURTECO GROUP SE
+49 (0)8274 99 88-0
+49 (0)8274 99 88-5 05
Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange
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