SURTECO GROUP SE: Annual General Meeting adopts agenda items with a large majority.

SURTECO GROUP SE: Annual General Meeting adopts agenda items with a large majority. Tobias Pott and Jörg Wissemann are once again elected to the Supervisory Board. Management Board Contract of Andreas Pötz is extended

Munich, 7 June 2024 – At the ordinary Annual General Meeting, the Chairman of the Management Board of SURTECO GROUP SE reported to the shareholders on the development of the business in 2023 and outlined the current business situation. In particular, the high interest rates were the cause of a significant decline in demand over the past business year. Nevertheless, on the back of the acquired divisions of Omnova from 1 March 2023, sales rose to € 835 million (2022: € 748 million). Earnings before financial result and income tax (EBIT) adjusted by one-off exceptional effects such as transaction and integration costs, and provisions for personnel measures amounted to € 37.1 million in 2023 after € 40.2 million in the previous year.

SURTECO made a good start to the business year 2024 in the first quarter with sales of € 222.3 million (2023: € 205.7 million) and adjusted EBITDA (the new indicator for analyzing continuous operational development) of € 27.6 million (2023: € 19.1 million). In spite of ongoing low demand, the contributions to earnings provided by the acquired divisions and improved margins for expense items derived from the results of the Performance Plus program led to this positive launch to the year. 

The agenda items presented to the Annual General Meeting were passed with a large majority. Hence, Mr. Tobias Pott and Mr. Jörg Wissemann were re-elected as Members of the Supervisory Board. The Supervisory Board and the Management Board decided to retain liquidity within the company for this year and no proposal to pay out a dividend was submitted for a vote.

At the meeting of the Supervisory Board held after the Annual General Meeting, the Management Board Contract for the CFO of the Group, Mr. Andreas Pötz, was extended by a further five years.

You will find additional information on SURTECO GROUP SE and on the Annual General Meeting of the company including the voting results and a video recording on the Internet at www.ir.surteco.com/hv.

Profile of SURTECO

SURTECO GROUP SE with registered office in Buttenwiesen is a mid-sized enterprise listed on the stock exchange with international operations. The company combines leading national and international brands for surface technology under one roof. Its comprehensive product portfolio includes papers printed with decor designs, impregnated materials, release papers, decorative flat foils and edge bandings 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. The Group has a workforce of more than 3,500 employees at 24 production sites worldwide, generating annual sales of around € 835 million. 20 % of these sales are in Germany, 39 % in European countries outside Germany and a further 41 % in America, Asia and Australia. Customers of the SURTECO Group primarily come from wood-based, flooring and furniture industries, as well as from interior design.

More information on the company is available at: www.surteco.com

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.

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