EQS-News: SURTECO GROUP SE / Key word(s): 9 Month figures
SURTECO GROUP SE: Sales continue to outperform previous year, but strong fall in demand during third quarter
Buttenwiesen, 26 October 2022 – SURTECO GROUP SE, holding company for leading national and international brands of surface technology, was impacted by a drastic slowdown in demand during the third quarter of 2022. As a consequence of the increasingly difficult framework conditions particularly in the European market, quarterly sales remained 6 % below the year-earlier value. Owing to the fact that the ongoing high prices of raw materials were passed on, and the positive development in the first half of the year, consolidated sales for the first three quarters at € 593.0 million were still 5 % above the year-earlier value of € 566.1 million. However, the big drop in demand and the high cost of raw materials exerted downward pressure on the profit margin. Hence, earnings before financial result and income tax (EBIT) for the third quarter were 62 % below the year-earlier value. In the period from January to September, EBIT at € 41.1 million in 2022 was reduced by 30 % compared with the year-earlier value (€ 59.1 million).
At segment level, Decoratives increased sales in the first three quarters from € 410.8 million in the previous year to € 426.9 million, while EBIT fell back from € 50.7 million to € 37.4 million. Technicals succeeded in slightly increasing sales from € 52.8 million to € 53.6 million. EBIT came down from € 4.7 million in the previous year to € 0.4 million. Conversely, the Segment Profiles posted a positive development. Sales went up from € 102.6 million in the previous year to € 112.5 million, and EBIT rose from € 10.4 million to € 12.3 million.
“Over the course of the third quarter of 2022, demand became subject to increasing deterioration. Countermeasures can no longer compensate the effects arising from the lacklustre utilization of capacity and the ongoing high purchase prices. As a consequence, we now expect sales within the forecast corridor from € 730 to € 750 million for the business year 2022. However, a corridor from € 37 to € 42 million instead of the previously expected € 55 million is projected for EBIT,” according to Wolfgang Moyses, Chairman of the Management Board of SURTECO GROUP SE.
You will find the report for the first nine months of 2022 and other information about SURTECO GROUP SE on the Internet at www.surteco.com.
Important indicators of SURTECO GROUP SE (in € million)
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 757 million in fiscal year 2021. 25 % of these sales are generated in Germany, 47 % in European countries outside Germany and a further 28 % 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.
26.10.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - 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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