Most profitable year in the company’s history
Successful year for Surteco: Group sales increased by 21 percent in the financial year 2021 by 21 percent to 757.1 million euros (2020: 627.0 million euros). This also significantly exceeded the level prior to the Covid 19 pandemic. Despite continuously increased material costs, which could only be passed on in part and with a time lag and delayed, the Group generated EBIT of €72.5 million in fiscal 2021 (plus 57 percent). Consolidated net profit climbed 42 percent to an all-time high of 47.8 million euros. Against this backdrop, the Management Board and Supervisory Board will propose to the Surteco Group’s Annual General Meeting on June 7, 2022 – which will again be held as a virtual meeting – to propose a dividend of 1.00 percent per share. This corresponds to a payout ratio of consolidated net income of approximately 32 percent.
“Fiscal 2021 was the most profitable year in the company history of Surteco. In view of the severe conflict in Europe and enormous price increases in raw materials, however, it is unlikely to repeat this success in 2022,” says CEO Wolfgang Moyses. With a slightly lower balance sheet total of 795.1 million euros (previous year: 798.8 million euros) equity increased by 11 percent to 413.7 million euros (previous year: 373.3 million euros). As of December 31, 2021, Surteco reports an equity ratio of 52.0 percent (previous year: 46.7 percent). Net financial debt increased slightly to €152.6 million (previous year: €144.7 million) while the gearing ratio decreased from 38.8 percent to 36.9 percent decreased. As a result of the high cost of raw materials and the stockpiling of inventories to secure production, working capital increased from €99.6 million in the previous year to €151.8 million at year-end 2021.
According to preliminary figures, Surteco was able to significantly increase sales in the 1st quarter of 2022 significantly compared to the previous year. Consolidated sales, for example, increased by 13 percent to approximately €213 million (2021: €188.5 million). Due to the significantly higher material costs, preliminary EBIT of around €20 million is just below the previous year’s previous year’s figure of €21.5 million. Due to the dramatic conflict between Russia and Ukraine, the ability to forecast the future is considerably limited. For the full year 2022, the company currently anticipates sales of between 730 and 750 million euros. Group EBIT is expected to be in the range between 55 and 65 million euros.