GERMANY - In the first quarter of 2023, sales of the Surteco Group at EUR 205.7 million were 3 % below the year-earlier value of EUR 213.0 million.
Since the acquired divisions of Omnova only contributed to the business for one month in the first quarter, this was not yet able to compensate for the significant drop in demand compared with the equivalent year-earlier quarter. Owing to the trans-
action costs arising from this acquisition, a higher personnel expenses ratio and a shortfall in capacity utilization, earnings before financial result and income tax (EBIT) came down by 62 % to EUR 7.6 million (2022: EUR 20.2 million). Consolidated net profit fell by 73 % to EUR 3.6 million (2022: EUR 13.6 million).
Since the beginning of the business year 2023, the Group is managed for Europe and South America according to the segments Surfaces, Edgebands, Profiles and by the regional segments North America and Asia / Pacific. The divisions acquired from Omnova are allocated to the Segment North America.
The data for the previous year related to pro-forma values. Hence, in the first quarter of 2023, sales in Surfaces dropped by 12 % to EUR 75.1 million after EUR 85.0 million in the previous year. EBIT fell back to EUR -0.3 million (2022: EUR 6.2 million). Edgebands generated sales of EUR 39.8 million after EUR 48.4 million in the previous year and EBIT of EUR 5.3 million after EUR 6.7 million.
Sales in Profiles at EUR 39.1 million were 6 % below the previous year (EUR 41.7 million). EBIT at EUR 4.6 million eased moderately compared with the year-earlier value of EUR 5.0 million. On the basis of the first sales generated by the Omnova divisions, business transactions in the Segment North America rose by 62 % to EUR 38.9 million (2022:
EUR 24.0 million). As a result of one-off acquisition expenses, EBIT amounted to EUR 0.1 million (2022: EUR 2.1 million). In Asia / Pacific, sales fell by 9 % to EUR 12.7 million after EUR 13.9 million in the previous year, and EBIT amounted to EUR 2.1 million (2022: EUR 2.8million).
Owing to the current macroeconomic uncertainties and the high level of inflation, restrained demand is anticipated at least until the middle of the year. To this extent, the forecast from the Annual Report 2022 is confirmed. Accordingly, Group sales are projected to be in the corridor between EUR 920 million and EUR 950 million for the business year 2023 and Group EBIT is expected in the range between EUR 45 million and EUR 55 million.
