Despite the increasingly difficult economic environment, SGL Carbon was able to increase sales in H1 2023 from 549.8 million in the previous year to 560.5 million. Adjusted EBITDA (EBITDApre) remained almost unchanged at 88.0 million (H1 2022: 87.9 million). The expected good business performance of the Graphite Solutions business unit and the better-than-expected sales and earnings development of Process Technology and Composite Solutions compensated the drop in demand in Carbon Fibers.
In particular, the Graphite Solutions (GS) business unit contributed to the stable development of the Company with a 15.3% increase in sales to 280.6 million (H1 2022: 243.4 million) and a 20.6% improvement in adjusted EBITDA to 65.1 million (H1 2022: 54.0 million). GS benefited especially from the high demand of the semiconductor industry. The semiconductor and LED market segment now accounts for around 45% of GS revenue (H1 2022: around 35%).
With a 30.9% increase in sales to 64.4 million (H1 2022: 49.2 million) and a significant rise in adjusted EBITDA from 4.1 million to 11.9 million, the business performance of Process Technology (PT) was significantly above the original planning. Composite Solutions (CS) also reported a higher-than-forecast sales increase of 14.4% to 79.6 million in H1 2023 (H1 2022: 69.6 million) and an improvement in adjusted EBITDA of 26.8% to 12.3 million (H1 2022: 9.7 million). By contrast, the business performance of the Carbon Fibers (CF) unit was not in line with expectations, with a 28.9% decline in sales to 125.1 million (H1 2022: 176.0 million) and a 78.4% drop in earnings to 6.1 million (H1 2022: 28.2 million).
An important market segment for the Carbon Fibers business unit is the wind industry. Demand for carbon fibers for the wind industry has declined sharply since the beginning of the year. According to current estimates, the expected recovery in demand in H2 2023 will not materialize. SGL Carbon expects customer demand from the wind industry to pick up in 2024.
As already announced in the ad hoc release of July 24, 2023, an impairment loss of 44.7 million was recognized on the assets of Carbon Fibers as of June 30, 2023.
Results situation
SGL Carbons adjusted EBITDA (EBITDApre) remained almost stable in a half-year comparison at 88.0 million (H1 2022: 87.9 million). Due to the lack of demand from wind industry, CFs production capacity utilization decreased and idle capacity costs weighed on adjusted EBITDA. By contrast, higher margins from product mix and volume effects in the other three business units had a positive impact on adjusted EBITDA.
Non-recurring items and one-off effects not included in adjusted EBITDA totaled minus 46.9 million in the first half of 2023, of which 44.7 million resulted from an impairment loss in the CF business unit.
In addition to the above-mentioned effects and nearly unchanged depreciation and amortization of 29.1 million (H1 2022: 28.9 million), the decline in EBIT resulted in particular from the impairment loss already described ( 44.7 million). After 69.6 million in H1 2022, EBIT amounted to 12.0 million in the reporting period.
Taking into account the slightly improved financial result of minus 15.8 million (H1 2022: minus 16.6 million), consolidated net income for the first six months of the current financial year amounted to minus 10.0 million, compared to 48.8 million in the first half of the previous year.
Net financial debt and equity
To complete its refinancing, SGL Carbon issued convertible bonds with a volume of 118.7 million in June 2023 and drew an existing term loan facility of 75 million in July 2023, which was used together with cash of the Company on July 28, 2023 to repay the corporate bond (outstanding as of June 30, 2023: 237.4 million). Accordingly, cash and cash equivalents increased to 310.5 million as of June 30, 2023 ( 227.3 million as of December 31, 2022) and financial debt temporarily increased to 480.4 million ( 398.1 million as of December 31, 2022). Net financial debt remained nearly unchanged at 169.9 million as of June 30, 2023 (Dec. 31, 2022: 170.8 million).
Despite the impairment loss of 44.7 million in Carbon Fibers, shareholders equity amounted to 565.2 million as of June 30, 2023, only slightly lower than at the end of 2022 (Dec. 31, 2022: 569.3 million). This corresponds to an equity ratio of 36.1% (Dec. 31, 2022: 38.5%).
Further details on business development and outlook can be found in the Groups interim report for the 1st half of 2023.
Key figures of the first half 2023
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Despite the increasingly difficult economic environment, SGL Carbon was able to increase sales in H1 2023 from 549.8 million in the previous year to 560.5 million. Adjusted EBITDA (EBITDApre) remained almost unchanged at 88.0 million (H1 2022: 87.9 million). The expected good business performance of the Graphite Solutions business unit and the better-than-expected sales and earnings development of Process Technology and Composite Solutions compensated the drop in demand in Carbon Fibers.
