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MarketScreener Homepage  >  Equities  >  Xetra  >  Steico SE    ST5   DE000A0LR936

STEICO SE

(ST5)
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STEICO : CN EN 2019 05 01 Annual Report Q1.pdf

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05/01/2019 | 03:23am EDT

STEICO SE: Sustainable growth with high profitability

Preliminary figures confirmed by final financial statements 2018

The supervisory board proposes a dividend of 0.25 Euro per share for the financial year 2018

Positive first quarter with significant jump in sales and earnings

Corporate News

01. May 2019

Feldkirchen near Munich, 01. May 2019 - Today the STEICO group (ISIN DE000A0LR936) released its annual report for the financial year 2018 and its interim report for the first quarter 2019.

Business Development 2018

KPI

2018

2017

Revenue

252.0

€m

230.3

€m

Total operating revenue (TOR)

254.1

€m

232.2

€m

EBITDA

44.4

€m

37.9

€m

EBITDA-Margin in % TOR

17.5 %

16.3 %

EBIT

24.6

€m

22.0

€m

EBIT-Margin in % TOR

9.7%

9.5 %

Consolidated net income

16.2

€m

15.3

€m

Earnings per share

1.15 €

1.08 €

Equity ratio in %

(as of 31.12.)

53.7%

53.9 %

With revenue up 9.4% to € 252.0 million in 2018, STEICO was able to continue its growth story and once again reports the most successful year in the company's history. Earnings even increased at an above average rate to new record levels. EBITDA improved by 17.1% to € 44.4 million and EBIT lifted by 11.6% to € 24.6 million.

2

In particular, wood fibre insulating materials (+10.6%) and laminated veneer lumber (LVL) (+46.3%) were the driving forces behind the positive growth. Even stronger growth would have been possible for LVL. However, technical aspects had a dampening effect on the output volume of the second LVL production line in the first months of the start-up phase. We expect to be able to fully exploit these capacities in 2019.

Earnings per share amounted to 1.15 € (previous year: 1.08 €).

Dividend proposal

Based on the positive business development the board of administration proposes to annual general meeting at June 27 2019 to appropriate the net retained profits in 2018 to pay a dividend of

0.25€ per share (dividend 2017: 0.21 € per share). The volume of the dividend distribution would amount to 3,520,866.25 € in total.

Positive first quarter with significant jump in sales and earnings

The STEICO Group once again recorded new records for its revenues and earnings in the first quarter of 2019.

Revenue improved by 19.8% to € 70.9 million. The increase in revenues was primarily driven by environmentally friendly insulation materials and laminated veneer lumber.

Earnings increased at an above-average rate in the first quarter. EBITDA improved by 37.8% to € 13.0 million and EBIT lifted by 37.5% to € 6.6 million.

The very pleasing growth, however, contrasts with a relatively weak first quarter of 2018. In addition, due to a price increase effective from 1 March 2019, it is to be expected that the first two months of the past quarter will also be marked by pull-forward effects.

KPI

Q1 2019

Q1 2018

Revenue

70.9 €m

59.2

€m

Total operating revenue (TOR)

70.8 €m

58.1

€m

EBITDA

13.0 €m

9.5

€m

EBITDA-Margin in % TOR

18.4 %

16.3 %

3

EBIT

6.6 €m

4.8 €m

EBIT-Margin in % TOR

9.4%

8.3 %

Profit of the period

4.6 €m

3.2 €m

The company's management believes that this growth will continue dynamically in the coming quarters.

Forecast

The management is very positive about 2019 as a whole. Both Germany and the other core markets are characterised by stable construction activity and a dynamic timber construction sector. On the other hand there is still uncertainty concerning the further development of the "Brexit", which is being closely monitored by STEICO's management.

Thanks to new capacities for wood fiber insulating materials and capacity reserves for laminated veneer lumber, the STEICO Group is excellently positioned to continue its growth. The Board of Directors therefore confirms the outlook for 2019 with revenue growth above 10% and an EBIT ratio of between 9% and 10% (in terms of total operating revenue).

The complete financial reports can be downloaded at www.steico.com/ir

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Company Profile

STEICO develops, produces and markets ecological construction products made of renewable raw materials. STEICO is the European market leader in the wood-fibre insulation materials segment.

STEICO is positioned as a system provider for ecological residential construction and is the only manufacturer in the industry to offer an integrated wooden construction system in which insulation material and construction components supplement each other. These include flexible and stable wood fiber insulation panels, composite thermal insulation systems, insulation panels with a reinforcing effect, as well as cavity wall insulation made of wood fibers and cellulose. The construction elements comprise I-joists and Laminated Veneer Lumber (LVL). In addition, the STEICO group also produces fiberboard and operates in the wood trade.

The Munich-based company's products are used in new construction and when renovating roofs, walls, ceilings, floors and facades. STEICO's products allow the construction of future-proof, healthy buildings with a particularly high quality of living and a healthy atmosphere. STEICO's products offer reliable protection against cold, heat and also noise, and they permanently improve the building's energy efficiency

Contact Andreas Schulze

STEICO SE Otto-Lilienthal-Ring 30 85622 Feldkirchen

Fon: +49-(0)89-99 15 51-548

Fax: +49-(0)89-99 15 51-704

E-Mail: a.schulze@steico.com www.steico.com

Disclaimer

Steico SE published this content on 01 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 01 May 2019 07:22:04 UTC

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Financials (EUR)
Sales 2019 287 M
EBIT 2019 29,3 M
Net income 2019 21,0 M
Debt 2019 63,2 M
Yield 2019 1,26%
P/E ratio 2019 15,9x
P/E ratio 2020 14,5x
EV / Sales2019 1,39x
EV / Sales2020 1,27x
Capitalization 337 M
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Mean consensus BUY
Number of Analysts 3
Average target price 30,10  €
Last Close Price 23,90  €
Spread / Highest target 26,8%
Spread / Average Target 25,9%
Spread / Lowest Target 25,5%
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NameTitle
Udo Detlev Schramek Chairman-Supervisory Board, CEO & MD-Auditing
David Meyer MD-Finance, Accounting & Controlling
Holger Jödecke MD-Legal, Personnel & Information Technology
Uto Baader Deputy Chairman-Supervisory Board
Jürgen Klass Member-Supervisory Board
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