Group sales increased by 23 percent to 786 million euros in first nine months
Nearly half of Group sales increase driven by strong organic growth in market segments Mobility, Digitization, Chemicals and Industrial Applications
Recurring Group EBIT increased by approximately 80 percent to 59 million euros; including IFRS 15 effects of about 15 million euros
Group sales and earnings in first nine months impacted by high positive effects, particularly relating to the initial adoption of IFRS 15 and to the full consolidation of former joint ventures with BMW Group and Benteler
Successful placement of 159 million euros convertible bond; maturity profile extended until 2023
Guidance for Group sales increased; revenues of 1 billion euros expected for the first time as new SGL Carbon
Net income anticipated to increase to a mid double-digit million euros amount and therefore reach the upper end of the previous guidance range
Dr. J rgen K hler, CEO of SGL Carbon: Strong organic growth continues
In the third quarter 2018, SGL Carbon remained on its growth path. During the first nine months 2018, sales revenues and earnings rose substantially above prior year level. Nearly half of the sales growth of approximately 23 percent was driven by the strong organic sales increase in the market segments Mobility, Digitization, Chemicals and Industrial Applications. The remaining sales growth resulted from high positive effects, mainly relating to the initial adoption of IFRS 15 and the full consolidation of the former joint ventures with BMW Group and Benteler. Including IFRS 15 effects of about 15 million euros, recurring Group EBIT increased by approximately 80 percent to reach 59 million euros. Due to the increased operating profit, a significantly improved net financing result and fair value adjustments in the first quarter 2018, the consolidated net result significantly increased to 48 million euros. Furthermore, due to the successful issue of a convertible bond in the amount of 159 million euros in the third quarter the maturity profile was extended until 2023.
Thanks to the good development, SGL Carbon has increased its full year 2018 guidance for sales revenue growth to approximately 15 percent. This corresponds to a revenue target in the amount of approximately 1 billion euros for fiscal year 2018. Additionally, the company now expects the net result from continuing operations to increase to a mid double-digit million euros amount and therefore reach the upper end of the previous guidance range.
Following the good performance of our business, we have once again increased our sales guidance, says Dr. J rgen K hler, CEO of SGL Carbon. In fiscal year 2018, we expect to reach the 1 billion euros sales mark for the first time as the new SGL Carbon'. By focusing on the future topics Mobility, Energy and Digitization, we will continue our sustainable growth. We aim for sales revenues of 1.3 billion euros by 2022.
In the first nine months of 2018, SGL Carbon increased its sales revenues by 22.5 percent (currency adjusted by 25 percent) to 786.3 (previous year: 642.1) 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 rose by 79,4 percent to reach 59.2 (previous year: 33.0) million euros. This was particularly due to the improved operational performance of GMS including effects of IFRS 15 of about 14.7 million euros. The return on capital employed (ROCE) based on recurring EBIT improved from 4.8 percent to 6.1 percent. Non-recurring items totaled 20.5 million euros. In particular, these include the adjustment to the fair value of the previously proportionately consolidated joint operation with BMW Group amounting to 28.4 million euros at the date of acquisition. EBIT after non-recurring items amounted to 79.7 (previous year: 28.0) million euros. Due to the repayment of the corporate bond in October 2017 and the convertible bond 2012/2018 in January 2018, net financing result significantly improved from minus 38.6 million euros in the previous year period to minus 21.3 million euros. Consequently, pre-tax result from continuing operations rose to 58.4 (previous year: minus 10.6) million euros. The issue of the new convertible bond 2018/2023 had no material impact on the financial result due to its proximity to the reporting date. The Group's consolidated net result came to 47.7 (previous year: 5.3) million euros.
Composites Fibers & Materials (CFM): Growth in sales revenues and earnings particularly due to structural effects
Sales revenues in the business unit CFM increased by 28 percent (currency adjusted by 30 percent), to reach 323.9 (previous year: 253.9) million euros in the first nine months of 2018. 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 Automotive Carbon Fibers (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 and Automotive. Sales in the Textile Fibers segment remained on the prior year level, while sales in the Wind Energy segment declined. Recurring EBIT increased by 22 percent to 20.9 (previous year: 17.2) 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). While earnings in the Aerospace and Textile Fibers segments were at a similar level as in the previous year, the segments Wind Energy and Industrial Applications recorded significant declines. The return on capital employed (ROCE) based on recurring EBIT i
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Group sales increased by 23 percent to 786 million euros in first nine months
