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Surteco Group: Divestment makes dent into revenues

27.11.2019 − 

Surteco Group faced a 3% decline in consolidated group revenues to €519.3m in the first nine months of this year. When adjusted to reflect its mid-July sale of its North American treating assets to Arclin consolidated group revenues dipped just 1%. International business was down 3% at €389.2m, a somewhat weaker performance on the whole than German revenues, which were 2% lower at €130.1m. The export rate was thus slightly weaker than last year at 75.0 %.

Earnings turned in a stronger performance than revenues and were at least slightly higher than last year in most cases. By way of explanation, Surteco pointed to lower purchasing prices for both paper and plastics. However, energy costs have increased. EBITDA improved 4% to €64.6m, boosting the EBITDA margin to 12.4 %. EBIT dipped to €31.6m. Pre-tax profits were at last year’s level, while net profits increased by 1%. The positive trend in earnings also reduced net financial liabilities by 4% to €190.5m. Conversely, equity climbed to €366.5m. With a reduced balance sheet total of €800.0m, the equity rate rose to 45.8 %. The balance sheet total was lowered mainly because of the August payback of the final €60m instalment of a US private placement (USPP) issued in the 2007 financial year.

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