Brief: Surteco FY Consolidated Net Profit At EUR 9.4 Mln

Surteco SE

30/04/2020 06:19

April 30 (Reuters) - SURTECO GROUP SE  SURG.DE :
    * POSTS A GOOD FIRST QUARTER FOR 2020. EBIT INCREASES BY 15
%
COMPARED WITH THE PREVIOUS YEAR.
    * SIGNIFICANT SALES AND EARNINGS DEFICITS EXPECTED IN Q2 AS
A
RESULT OF CORONAVIRUS PANDEMIC
    * FY GROUP SALES OF EUR 675.3 MILLION AND IN OPERATING
RESULT
(EBIT) OF EUR 40.5 MILLION ADJUSTED BY ONE-OFF EFFECTS AMOUNTING
TO EUR 19.4 MILLION
    * GROUP SALES WITH A FALL FROM EUR 181.9 MILLION IN Q1 OF
2019 TO
EUR 171.6 MILLION
    * FY EBIT WAS EUR 21.1 MILLION (2018: EUR 32.2 MILLION),
CONSOLIDATED NET PROFIT AT EUR 9.4 MILLION (2018: EUR 18.6
MILLION)
    * Q1 WITH RISE IN EARNINGS, PLANNED SIGNIFICANT SALES AND
EARNINGS
GROWTH NO LONGER ACHIEVABLE IN BUSINESS YEAR 2020 OWING TO
CORONAVIRUS CRISIS
    * IMPROVEMENT IN EBIT FROM EUR 11.6 MILLION TO EUR 13.4
MILLION IN
Q1 OF 2020.
    * AGREED TO SUBMIT A PROPOSAL FOR APPROPRIATION OF NET
PROFIT OF
SURTECO GROUP SE LATER IN YEAR
    * IMPACTS OF CORONAVIRUS PANDEMIC WILL EXERT A SIGNIFICANTLY
NEGATIVE IMPACT PARTICULARLY IN Q2
    * OUTLOOK 2020: ANTICIPATE SALES THAT ARE SUBSTANTIALLY
BELOW
FORECAST OF BETWEEN EUR 675 MILLION AND EUR 700 MILLION MADE IN
ABSENCE OF EFFECTS OF CRISIS
    * OUTLOOK 2020: CONSOLIDATED RESULT (EBIT) TO SIGNIFICANTLY
BELOW
ORIGINAL FORECAST OF EUR 40 MILLION TO EUR 45 MILLION IS HIGHLY
LIKELY

Source text for Eikon:  ID:nEQ7Pj8F9a 
Further company coverage:  SURG.DE 

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