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    SUR   DE0005176903

SURTECO GROUP SE

(SUR)
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PRESS RELEASE : SURTECO GROUP SE: Strong start to the year in the first quarter of 2021 with sales growth of 10 % and increase in earnings of 61 % compared with the previous year

04/30/2021 | 04:19am EDT
DGAP-News: SURTECO GROUP SE / Key word(s): Annual Report/Quarterly / Interim Statement 
SURTECO GROUP SE: Strong start to the year in the first quarter of 2021 with sales growth of 10 % and increase in 
earnings of 61 % compared with the previous year 
2021-04-30 / 07:00 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
SURTECO GROUP SE: Strong start to the year in the first quarter of 2021 with sales growth of 10 % and increase in 
earnings of 61 % compared with the previous year in spite of significantly increased cost of materials and procurement 
bottlenecks. 
EBITDA margin is 16.9 % and EBIT margin is 11.4 %. 
- Sales revenues for 2020 are 3 % below the year-earlier figure after adjustment for company divestment and foreign 
exchange rate effects. Earnings for 2020 are significantly above previous years. 
- Dividend payout of EUR 0.80 planned for 2020. 
- Group sales for 2021 anticipated to increase to between EUR 650 and 675 million. EBIT is anticipated in corridor 
between EUR 47 and 52 million. 
Buttenwiesen, 30 April 2021 - The sales of the SURTECO Group at EUR 627.0 million in the business year 2020 were below 
the year-earlier value of EUR 675.3 million. Adjusted by the North American impregnating business divested in 2019 and 
exchange rate effects, the fall in sales was only 3 %. In spite of the pandemic-related fall in Group sales, earnings 
before financial result and income tax (EBIT) adjusted for one-off effects in the business year 2019 improved from EUR 
40.5 million to EUR 46.1 million in the business year 2020. Key factors for this were the successful implementation of 
the first phase of restructuring, lower cost of materials and the surprisingly good development of business during the 
fourth quarter. EBIT recognized in the previous year amounted to EUR 21.1 million. Net profit increased more than 
threefold from EUR 9.4 million to EUR 33.7 million. Against this background, the Management Board and the Supervisory Board 
will submit a resolution to the Annual General Meeting of SURTECO GROUP SE being held on 23 June 2021 proposing a 
payout of EUR 0.80 per share. This corresponds to a payout rate of 37 %. In the previous year, no dividend was paid on 
account of the coronavirus pandemic. 
"Thanks to the huge efforts made by everybody in the company in 2020, SURTECO successfully overcame the massive effects 
of the coronavirus pandemic. In view of the recovering global economy, we will target significant sales growth in 2021 
and an EBIT in the corridor between EUR 47 and 52 million," was the confident prediction of Wolfgang Moyses, Chairman of 
the Management Board of SURTECO GROUP SE. 
Balance sheet quality continues to improve - free cash flow increases to EUR 52.0 million in 2020 
In 2020, SURTECO improved an already robust balance sheet quality. Against the background of an increase in balance 
sheet total from EUR 780.3 million to EUR 798.8 million, the company posted an equity ratio of 46.7 % (2019: 45.4 %) on 31 
December 2020. Net financial debt fell substantially from EUR 179.9 million to EUR 144.7 million, the gearing (level of 
debt) fell correspondingly from 51 % to 39 %. The significantly positive earnings development and focused investment 
activity ensured that the free cash flow increased from EUR 47.9 million to 52.0 million. This puts the balance sheet and 
the financial position of the Group on a very sound footing for the planned growth in future. 
Outlook for 2021: Positive development in the first quarter justifies optimism for significant increase in sales and 
good earnings development 
In the first quarter of 2021, SURTECO succeeded in continuing the good performance of the second half year in 2020. As 
a consequence, Group sales increased by 10 % to EUR 188.5 million (2020: EUR 171.6 million). In spite of significantly 
increased cost of materials and procurement bottlenecks, EBIT rose disproportionately from EUR 13.4 million to EUR 21.5 
million on the back of efficiency improvements. Consequently, EBIT in the Segment Decoratives climbed from EUR 10.2 
million to EUR 18.3 million and in the Segment Technicals from EUR 1.9 million to EUR 2.3 million. EBIT for the Segment 
Pprofiles amounted to EUR 3.1 million after EUR 3.4 million in the previous year. 
In spite of an expected easing in demand during the second half of the year and the ongoing lack of certainty in 
relation to the coronavirus situation, the company is anticipating an increase in sales to between EUR 650 and EUR 675 
million for the year overall in 2021. Group EBIT is expected in the corridor between EUR 47 and 52 million. 
You will find the Annual Report for the year 2020 and other information about SURTECO GROUP SE on the Internet at 
www.ir.surteco.com. 
Contact: 
SURTECO GROUP SE 
Martin Miller 
Investor Relations and Press Office 
T +49 8274 9988-508 
F +49 8274 9988-505 
www.ir.surteco.com 
ir@surteco.com 

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. Important indicators of SURTECO GROUP SE (in EUR million)

                           Q1-2020    Q1-2021    Variation 
Consolidated sales           171.6      188.5        +10 % 
- of which Decoratives       125.7      136.6         +9 % 
- of whic Profiles            26.6       33.0        +24 % 
- of which Technicals         19.3       18.9         -2 % 
EBIT^ 2                       13.4       21.5        +61 % 
- of which Decoratives        10.2       18.3        +79 % 
- of which Profiles            3.4        3.1         -8 % 
- of which Technicals          1.9        2.3        +21 % 
                                                2019      2020    Variation 
Consolidated sales                             675.3     627.0         -7 % 
- of which Decoratives                         495.9     451.7         -9 % 
- of whic Profiles                              92.7     106.3        +15 % 
- of which Technicals ^1                        86.7      69.1        -20 % 
Foreign sales in %                                75        73            - 
EBITDA                                          66.3      88.3        +33 % 
EBIT^ 2                                         21.1      46.1       +118 % 
- of which Decoratives                          14.3      38.9       +172 % 
- of which Profiles                              9.5      10.3         +8 % 
- of which Technicals                            2.3       5.2       +126 % 
EBIT adjusted for one-off effects               40.5      46.1        +14 % 
EBT                                             16.2      43.3       +167 % 
Consolidated net profit                          9.4      33.7       +257 % 
Earnings per share in EUR^ 3                      0.61      2.17       +257 % 
Dividend per Aktie^4                            0.00      0.80            - 
Cash flow from current business operations      84.0      82.7         -1 % 
Free cash flow                                  47.9      52.0         +9 % 

(1) Since July 2019 without Sales from sold impregnation business

(2) Difference to balance of segment earnings due to internal clearing

(3) Based on a number of shares amounting to 15,505,731

(4) Proposal of Supervisory Board and Management Board -----------------------------------------------------------------------------------------------------------------------

(MORE TO FOLLOW) Dow Jones Newswires

April 30, 2021 01:01 ET (05:01 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.20% 33945.38 Delayed Quote.10.69%
SURTECO GROUP SE 0.00% 27.6 Delayed Quote.14.52%
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Financials
Sales 2021 672 M 803 M 803 M
Net income 2021 37,3 M 44,5 M 44,5 M
Net Debt 2021 119 M 142 M 142 M
P/E ratio 2021 12,4x
Yield 2021 3,44%
Capitalization 428 M 510 M 511 M
EV / Sales 2021 0,81x
EV / Sales 2022 0,75x
Nbr of Employees 3 125
Free-Float 16,9%
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Number of Analysts 2
Last Close Price 27,60 €
Average target price 34,70 €
Spread / Average Target 25,7%
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Managers and Directors
NameTitle
Wolfgang Moyses Chairman-Management Board
Andreas Riedl Chief Financial Officer
Andreas Engelhardt Chairman-Supervisory Board
Manfred Bracher Chief Operating Officer
Thomas Stockhausen Member-Supervisory Board
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