11-08-2012 9M Results: Business Areas PP and GMS develop positively - CFC impacted by non-cash write-down - Sales up 12% to 1,256 million
- PP and GMS in line with expectations, CFC impacted by delayed projects and developments leading to a non-cash write-down of long-term PoC receivables relating to Boeing 787
- Comparable EBIT up 8% to 135 million
- Solid equity ratio at 44%, gearing at 0.49 within target of approximately 0.5
- Outlook 2012: Full year 2012 Group EBIT guidance confirmed at approximately 160 million (before PoC write-down in CFC)
Wiesbaden, November 8, 2012. The operating performance of SGL Group The Carbon Company in the first nine months of 2012 shows a mixed picture: While the established Business Areas Performance Products (PP) and Graphite Materials & Systems (GMS) performed in line with expectations, the Business Area Carbon Fibers & Composites (CFC) was affected by a non-cash write-down according to IFRS rules due to repeated project delays related to the Boeing 787 program and markedly reduced production volumes compared to the original plan. Group sales increased by 12% to 1,225.9 million (9M/2011: 1,119.5 million) including a sales contribution of the recently acquired Portuguese subsidiary, Fisipe, of 55.4 million. The current period's revenue was negatively affected by the write-down of PoC receivables (percentage of completion method) within CFC in the amount of 32.5 million. This impact was partially offset by the final settlement of a long-term supply contract within PP. Like-for-like EBIT compared to the prior-year period increased by 8% to 134.9 million (adjusted for write-down effects). Reported EBIT for the first nine months of 2012 was 80.7 million (9M/2011: 128.5 million). For full year 2012, SGL Group confirms its already communicated guidance: Group sales in 2012 should increase compared to the previous year and Group EBIT is anticipated to remain at the 2011 level of approximately 160 million (before write-down of PoC receivables totaling 54.2 million).
Robert Koehler, CEO of SGL Group: Our established Business Areas PP and GMS are still developing positively and in the case of PP even slightly better than expected. This positive development in our traditional businesses, however, was not able to compensate for the losses from CFC as this business continues to be significantly impacted by delayed projects and general weak market conditions particularly in the aviation and wind industries. Nevertheless, we can confirm our 2012 guidance and continue to expect an increase in Group sales and a Group EBIT at the 2011 level of approximately 160 million (before write-down of POC receivables)."
The net financing result of minus 36.0 million slightly improved compared to the prior-year period (9M/2011: minus 39.4 million). Profit before tax of 32.3 million for the first nine months of 2012 was negatively impacted by the write-down of PoC receivables in the amount of 54.2 million. Excluding this write-down, profit before tax would have amounted to 86.5 million, an increase of 28% (9M/2011: 67.6 million, net of impairment effects). As a result of the higher nominal tax expense and the write-down of PoC receivables, net profit for the period decreased to 0.9 million (9M/2011: 56.9 million). Based on an average number of shares of 70.3 million, basic earnings per share amounted to 0.01 (9M/2011: 0.86).
Solid balance sheet structure - Gearing in line with target of approximately 0.5 Total assets as of September 30, 2012, increased by 10% to 2,502.3 million compared to December 31, 2011 ( 2,271.3 million) mainly due to the consolidation of Fisipe and the convertible bond placement in April 2012. Shareholders' equity increased by 5% to 1,090.7 million as of September 30, 2012 (December 31, 2011: 1,041.1 million). The equity ratio consequently decreased from 45.8% to 43.6%. Net financial debt increased by 57% to 539.7 million as of September 30, 2012 (December 31, 2011: 343.3 million) mainly due to the inventory build-up driven working capital increase as well as the acquisition of Fisipe and further financing for At-Equity investments. Correspondingly, gearing increased from 0.33 to 0.49 which is still in line with the Group target of approximately 0.5. Due to higher working capital requirements for operating activities and higher cash used for investing activities (mainly driven by the acquisition of Fisipe), free cash flow decreased to minus 159.4 million (9M/2011: minus 48.8 million).
Segment Reporting Performance Products (PP) on track despite growing market uncertainties In the Business Area PP, sales increased by 13% to 681.4 million (9M/2011: 601.7 million). The strong increase was primarily driven by the final settlement of a long-term supply contract. As expected, PP benefited from rising graphite electrode shipments in the third quarter compared to the first half of 2012 and continues to be supported by higher pricing compared to the previous year. The stepwise recovery in cathode volumes, which began in the middle of 2011, continued however at anticipated lower selling prices. EBIT increased by 41% to 141.3 million (9M/2011: 100.0 million) mainly due to the above mentioned settlement of a long-term supply contract, higher graphite electrode prices and increased cathode sales volumes as well as savings from the SGL Excellence initiative of approximately 7 million. Start-up costs for the commissioning of the new Malaysian production facility continued to be a burden on earnings. Return on sales improved to 20.7% (9M/2011: 16.6%).
Graphite Materials & Systems (GMS) with continued high profitability In the first nine months of 2012, sales in the Business Area GMS grew by 7% to 374.5 million (9M/2011: 351.4 million) driven by the Business Units Process Technology and New Markets. The Busine
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11-08-2012 9M Results: Business Areas PP and GMS develop positively - CFC impacted by non-cash write-down - Sales up 12% to 1,256 million
