World News: 08:49 GMT Wednesday 1st May 2019. [EQS Group via SPi World News]
DGAP-News: STEICO SE / Key word(s): Annual Results/Quarterly / Interim Statement
STEICO SE: Sustainable growth with high profitability
* Preliminary figures confirmed by final financial statements 2018
* The supervisory board proposes a dividend of 0.25 Euro per share for the financial year 2018
* Positive first quarter with significant jump in sales and earnings
Business Development 2018
With revenue up 9.4% to EUR 252.0 million in 2018, STEICO was able to continue its growth story and once again reports the most successful year in the company's history. Earnings even increased at an above average rate to new record levels. EBITDA improved by 17.1% to EUR 44.4 million and EBIT lifted by 11.6% to EUR 24.6 million.
In particular, wood fibre insulating materials (+10.6%) and laminated veneer lumber (LVL) (+46.3%) were the driving forces behind the positive growth. Even stronger growth would have been possible for LVL. However, technical aspects had a dampening effect on the output volume of the second LVL production line in the first months of the start-up phase. We expect to be able to fully exploit these capacities in 2019.
Earnings per share amounted to 1.15 EUR (previous year: 1.08 EUR).
Based on the positive business development the board of administration proposes to annual general meeting at June 27 2019 to appropriate the net retained profits in 2018 to pay a dividend of 0.25 EUR per share (dividend 2017: 0.21 EUR per share). The volume of the dividend distribution would amount to 3,520,866.25 EUR in total.
The STEICO Group once again recorded new records for its revenues and earnings in the first quarter of 2019.
Revenue improved by 19.8% to EUR 70.9 million. The increase in revenues was primarily driven by environmentally friendly insulation materials and laminated veneer lumber.
Earnings increased at an above-average rate in the first quarter. EBITDA improved by 37.8% to EUR 13.0 million and EBIT lifted by 37.5% to EUR 6.6 million.
The very pleasing growth, however, contrasts with a relatively weak first quarter of 2018. In addition, due to a price increase effective from 1 March 2019, it is to be expected that the first two months of the past quarter will also be marked by pull-forward effects.
The company's management believes that this growth will continue dynamically in the coming quarters.
The management is very positive about 2019 as a whole. Both Germany and the other core markets are characterised by stable construction activity and a dynamic timber construction sector. On the other hand there is still uncertainty concerning the further development of the 'Brexit', which is being closely monitored by STEICO's management.
Thanks to new capacities for wood fiber insulating materials and capacity reserves for laminated veneer lumber, the STEICO Group is excellently positioned to continue its growth. The Board of Directors therefore confirms the outlook for 2019 with revenue growth above 10% and an EBIT ratio of between 9% and 10% (in terms of total operating revenue).
The complete financial reports can be downloaded at
STEICO is positioned as a system provider for ecological residential construction and is the only manufacturer in the industry to offer an integrated wooden construction system in which insulation material and construction components supplement each other. These include flexible and stable wood fiber insulation panels, composite thermal insulation systems, insulation panels
The Munich-based company's products are used in new construction and when renovating roofs, walls, ceilings, floors and facades. STEICO's products allow the construction of future-proof, healthy buildings with a particularly high quality of living and a healthy atmosphere. STEICO's products offer reliable protection against cold, heat and also noise, and they permanently improve the building's energy efficiency
|Phone:||+49 - (0)89 - 99 15 51 - 0|
|Fax:||+49 - (0)89 - 99 15 51 - 700|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Hamburg, Munich (m:access), Stuttgart, Tradegate Exchange|
|EQS News ID:||806043|
|End of News||DGAP News Service|
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.