GERMANY – While Surteco SE succeeded in improving consolidated sales within the projected framework by 4% to € 327.2 million during the 1st half year of 2015, earnings were impacted negatively by enhanced costs incurred by relocation of decorative printing to the Buttenwiesen site.

Both Strategic Business Units (Paper and Plastics) contributed to the positive sales development. But additional construction measures related to reorganization, and a temporary surplus of personnel impacted earnings negatively.

The operating result (EBITDA) at € 34.6 million was therefore below the comparable value of € 39.6 million for the equivalent year-earlier period. The same applies to the pre-tax result, which achieved a value of € 16.8 million (1st half year 2014: € 17.8 million) after the first six months. Since higher costs are also anticipated for relocation and the increasing prices of raw materials, Surteco is accordingly adjusting its outlook for earnings in the year overall in spite of the countermeasures that have meanwhile been initiated. Surteco continues to forecast unchanged a slight increase in sales compared with the previous year (2014: € 618.5 million). Conversely, the pre-tax profit is not likely to be marginally above the year-earlier value after adjustment for restructuring expenses (€ 9.4 million) in line with expectations. Rather, it is projected to be in the range below € 30 million.