Sto SE & Co. KGaA: Sto SE & Co. KGaA achieves the forecast turnover and earnings targets in the 2021 fiscal year
DGAP-News: Sto SE & Co. KGaA
/ Key word(s): Annual Results/Forecast
P R E S S R E L E A S E
Stühlingen, 28 April 2022 – In the 2021 fiscal year, Sto SE & Co. KGaA, a major international manufacturer of products and systems for building coatings, was able to exactly achieve the forecast that had been raised in December. Consolidated turnover hence grew by 11.0 % year-on-year to EUR 1,590.5 million
The lion’s share of the increase in turnover was attributable to the very strong business development in the first half of the year. In addition to the high demand in the construction sector, Sto benefited from the predominantly favourable weather conditions and catch-up effects in several markets outside of Germany that had recorded high losses due to the coronavirus pandemic in the previous year. From the middle of the year onwards, the growth momentum slowed down as expected, with considerable supply bottlenecks on the procurement markets, especially in Germany. Furthermore, fewer catch-up effects were noticeable in the autumn given the good business development that had been seen during the corresponding period of the previous year. In certain countries, restrictions were reimposed as a result of the coronavirus pandemic. In the last months of 2021, on the other hand, business development was again supported by favourable weather conditions.
In 2021, consolidated earnings improved slightly despite the fact that the dramatic price increases encountered in the course of the year in the area of procurement had a huge impact on gross profit. Earnings before interest and taxes (EBIT) increased by 3.1 % to EUR 124.5 million (previous year: EUR 120.8 million) and were therefore within the most recently forecast range of between EUR 113 million and EUR 128 million. Earnings before taxes (EBT) totalled EUR 127.9 million (adjusted forecast: between EUR 115 million and EUR 130 million; previous year: EUR 119.0 million), resulting in a return on sales of 8.0 % (adjusted forecast: between 7.2 % and 8.2 %; previous year: 8.3 %). Standing at 18.9 %, the ROCE figure (return on capital employed) was also within the expected range (adjusted forecast: between 17.3 % and 19.6 %; previous year: 19.7 %). The higher business volume was the basis for the positive development of income. In addition, the decline in the gross profit margin in the fourth quarter was lower than initially assumed, partly due to positive product-mix
Due to the development of income, the financial and asset situation of the
Through its Executive Board, the personally liable partner STO Management SE will propose an unaltered dividend payout of EUR 31,896,720.00 to the Annual General Meeting on 22 June 2022. This means that limited preference shareholders will again receive an ordinary dividend of EUR 0.31 and a bonus of EUR 4.69 per share. Limited ordinary shareholders will likewise be paid the same amounts as the previous year: an ordinary dividend of EUR 0.25 and a bonus of EUR 4.69 per share.
In the first three months of 2022, turnover saw a very positive development due to favourable weather conditions and high demand in important markets. As compared to the same period the previous year, a significant growth in turnover was achieved. The enormous pressure on Sto’s gross profit margin continued at the beginning of the 2022 fiscal year due to the rising procurement costs.
Assuming normal weather conditions and not taking into account the impact of the Russia-Ukraine conflict, Sto expects a turnover in the order of EUR 1.74 billion in the Sto Group for the year of 2022 as a whole, despite the major challenges. Consolidated earnings before interest and taxes (EBIT) are expected to fall between EUR 114 million and EUR 134 million, with earnings before taxes (EBT) of between EUR 112 million and EUR 132 million. The resulting return on sales is hence likely to be between 6.4 % and 7.6 %. Return on capital employed (ROCE) is expected to reach a value of between 15.9 % and 18.7 %. Risks relating to the future development of business arise in particular from further possible supply bottlenecks, material price increases, the unclear development of the coronavirus pandemic, and the consequences of the Russia-Ukraine conflict, which currently cannot be accurately estimated.
The 2021 Annual Report is available for download at www.sto.de in the section ‘Investor Relations’ under ‘Geschäfts- und Zwischenberichte’ (Annual and interim reports).
Sto SE & Co. KGaA is a major international manufacturer of products and systems for building coatings. The company is a leader in the business field of external wall insulation systems. Sto’s core product range also includes high-quality facade elements, as well as renders, plasters and paints for building exteriors and interiors alike. Another focus is placed on concrete repair, floor coatings, acoustics, and rainscreen cladding systems.
Contact person at Sto SE & Co. KGaA:
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|Company:||Sto SE & Co. KGaA|
|Phone:||+49 (0)7744 57-0|
|Fax:||+49 (0)7744 57-2178|
|Listed:||Regulated Market in Frankfurt (General Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Tradegate Exchange|
|EQS News ID:||1338133|
|End of News||DGAP News Service|
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