Group sales and earnings impacted by high positive one-time effects, particularly relating to the initial adoption of IFRS 15 and to the complete acquisition of former joint ventures with BMW Group and Benteler in the first quarter
Group sales increase by 22 percent to 529 million euros
Strong organic growth of approximately 10 percent driven by market segments mobility, digitization, chemicals and industrial applications
Recurring EBIT nearly doubled to reach 44 million euros (including IFRS effects of about 11 million euros)
Guidance for EBIT and net result 2018 slightly increased
Dr. J rgen K hler, CEO of SGL Carbon: The first half-year confirms that we are on track with our growth plans
Following the good first quarter 2018, SGL Carbon has continued its dynamic development during the second quarter. Augmented by high positive one-time effects, sales revenues and earnings rose substantially above prior year level. Nearly half of the sales growth of approximately 22 percent was driven by the strong organic sales increase in the market segments mobility, digitization, chemicals and industrial applications. Consequently, recurring Group EBIT nearly doubled to reach 44 million euros (including IFRS effects of about 11 million euros). Due to the increased operating profit, a significantly improved net financing result and fair value adjustments of 28.1 million euros in the first quarter, the consolidated net result significantly increased to 47.3 million euros. Due to the good development in the first half-year, SGL Carbon slightly increases its guidance for sales revenues and recurring EBIT. Additionally, the guidance for the net result from continuing operations is raised. SGL Carbon now anticipates a low to middle double-digit million euro range.
We are on target with organic growth of around 10 percent. Structural effects have additionally accelerated growth, says Dr. J rgen K hler, CEO of SGL Carbon. We continue to focus on taking advantage of the potentials offered by our markets. With our new brand identity we emphasize our aim to develop smart solutions together with our customers for trend-setting topics in mobility, energy and digitization.
In the first half of 2018, SGL Carbon increased its sales revenues by 21.6 percent, to 529.3 (previous year: 435.3) million euros. Nearly half of the sales improvement was driven by strong organic growth in the market segments mobility, digitization, chemicals and industrial applications.
Recurring Group EBIT doubled to 44.2 (previous year: 22.5) million euros including IFRS effects of about 11 million euros. This was particularly due to the earnings growth of CFM, the improved operational performance of GMS, a partially temporary effect from the initial adoption of IFRS 15 amounting to 11.1 (GMS: 10.4) million euros, as well as the proceeds of 3.9 million euros from a land sale. The return on capital employed (ROCE) based on recurring EBIT improved from 3.9 percent to 6.0 percent. Non-recurring charges totaled 26.8 million euros. In particular, these include the adjustment to the fair value of the previously proportionally consolidated joint operation with BMW Group amounting to 28.1 million euros at the date of acquisition. EBIT after non-recurring charges amounted to 71.0 (previous year: 15.7) million euros. Due to the repayment of the corporate bond in October 2017 and the convertible bond in January 2018, net financing result was halved from minus 26.2 million euros in the previous year period to minus 13.7 million euros. Consequently, pre-tax result from continuing operations rose to 57.3 (previous year: minus 10.5) million euros. The Group's consolidated net result came to 47.3 million euros.
Composites Fibers & Materials (CFM): Structural effects drive sales revenues and earnings
The business unit CFM increased its sales revenues by 27 percent (currency adjusted by 30 percent), to reach 223.7 (previous year: 176.2) million euros. Above all, main drivers were structural effects resulting from the full consolidation of the former at-equity accounted joint ventures Benteler-SGL and the former partially consolidated joint venture SGL ACF. This more than offset the sale of the former fully consolidated joint venture SGL K mpers. Operationally, sales growth was driven mainly by the market segments aerospace, automotive and industrial applications. Sales in the textile fibers segment remained on the prior year level, while sales in the wind segment declined. Recurring EBIT increased by 40 percent to 17.3 (previous year: 12.4) million euros. The highest earnings growth was recorded in the market segment automotive, primarily resulting from the full consolidation of SGL Composites (previously SGL ACF and Benteler-SGL). While earnings in the aerospace and textile fibers segments were at a similar level as in the previous year, the segments wind and industrial applications recorded declines. The return on capital employed (ROCE) based on recurring EBIT in reporting segment CFM amounted to 5.3 percent (previous year: 5.2 percent).
Graphite Materials & Systems (GMS): Organic growth in sales revenues due to nearly all market segments
Sales revenues in the business unit GMS significantly increased by 13 percent (currency adjusted by 16 percent) to reach 288.0 (previous year: 255.1) million euros in the first half of 2018. The initial adoption of IFRS 15 led to a partially temporary sales increase of approximately 17 million euros. Adjusted by this and the currency effect, sales of GMS increased by around 10 percent. Main driver was the substantial recovery of the chemical business. Double digit growth rates were also recorded in the market segments LED, semiconductors as well as automotive & transport. Sales development in the market segment industrial applications was slightly above the prior year level, while sales revenues
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Group sales and earnings impacted by high positive one-time effects, particularly relating to the initial adoption of IFRS 15 and to the complete acquisition of former joint ventures with BMW Group and Benteler in the first quarter
