Business unit Performance Products (PP) classified as discontinued operations
Sales from continuing operations nearly stable at 379.4 million euros
Positive recurring EBIT from continuing operations amounts to 9.6 million euros
Reporting segment Composites Fibers & Materials (CFM) generates highest half-year result since inception
Higher EBIT also generated by Graphite Materials & Systems (GMS), adjusted for one-time effects in previous year
Guidance for 2016 adjusted to Group's new structure: sales from continuing operations slightly below previous year's level; slight increase in Group EBIT
Dr. J rgen K hler: Sale of the business unit Performance Products targeted by the end of this year
Wiesbaden, August 11, 2016. SGL Group's future core business reflects solid development in the first half-year. Recurring EBIT from continuing operations increased to 9.6 (previous year: minus 1.9) million euros. The reporting segment Composites Fibers & Materials (CFM) made a particularly strong contribution in this regard, with recurring EBIT substantially rising to 12.2 (previous year: 3.9) million euros the best result since its inception. Adjusted for one-time effects from the previous year, EBIT of Graphite Materials & Systems (GMS) also saw an increase. Due to the legal separation and the progress in the ongoing disposal process, the business unit Performance Products (PP) has been classified as discontinued operations as of June 30, 2016. SGL Group has adjusted its guidance accordingly: the company now expects Group sales from continuing operations slightly lower than last year, accompanied by a slight increase in recurring EBIT from continuing operations.
We've intensified our review of strategic options for Performance Products (PP) since the completed legal separation early June, says Dr. J rgen K hler, CEO of SGL Group. It became apparent that a sale of the business unit is the most sustainable route, both for SGL Group and for PP. Our aim is to sell PP by the end of this year. We are now focusing on growth-driven industry segments. Our business units Composites Fibers & Materials (CFM) and Graphite Materials & Systems (GMS) enable us to drive developments in the megatrends mobility, energy supply and digitization. CFM's new Lightweight and Application Center is already in its initial phase and has attracted attention of customers and prospects alike. At GMS we will expand the capacities for coated graphite components used in the production processes of the solar, semiconductor and LED industries.
Group sales from continuing operations amounted to 379.4 (previous year: 385.3) million euros in the first half of the year 2016, nearly matching the previous half-year level. In contrast, EBIT after non-recurring charges turned positive from minus 3.3 million to 9.6 million euros. The Group's net financing result saw a slight decline from minus 23.2 million to minus 25.9 million euros. The result from continuing operations before taxes improved to minus 16.3 (previous year: minus 26.5) million euros; after taxes to minus 23.0 (previous year: minus 27.8) million euros.
Earnings of Composites Fibers & Materials continue to grow on the back of a very good first quarter
Sales in the reporting segment CFM decreased by 2.8 percent in the first half of the year 2016, to 156.5 (previous year: 161.0) million euros. While sales in the carbon fiber business recorded favorable growth, the acrylic fiber business despite higher volumes posted substantial lower sales based on lower raw material (acrylonitrile) prices, resulting from the depressed oil price. Recurring EBIT improved in the first half of the year to 12.2 (previous year: 3.9) million euros. The strong results in the first quarter turned this into an all-time high for CFM. The highest earnings increase was recorded by the joint ventures with BMW Group, SGL Automotive Carbon Fibers, which have completed the start-up phase. In addition, the Group's own carbon fiber production facilities had a high level of capacity utilization. As a result, the EBIT margin increased from 2.4 to 7.8 percent compared with last year. EBIT after non-recurring charges amounted to 12.2 (previous year: 3.8) million euros.
Graphite Materials & Systems improves earnings before one-time effects
GMS sales, at 218.9 million euros, remained on the previous year's level. In particular, customers from the solar, LED and semiconductor industries in Europe and Asia had higher demand for isostatic graphite and fiber materials. In contrast, the business in North America was negatively impacted by lower demand from energy-related industries. Demand for anode material for lithium-ion batteries developed at anticipated stable level. Recurring EBIT decreased by 18.7 percent to 13.5 (previous year: 16.6) million euros mainly due to the non-recurrence of positive one-time effects in the prior year. Excluding these one-time effects, the operating result improved by 2 million euros due to cost savings. The EBIT margin amounted to 6.2 percent (previous year: 7.6 percent). EBIT after non-recurring charges amounted to 13.1 (previous year: 16.0) million euros.
Savings at T&I and Corporate
Recurring EBIT in the reporting segment T&I and Corporate improved by 28.1 percent, to minus 16.1 (previous year: minus 22.4) million euros. The changed management incentive structure as well as cost savings made a positive impact, among other factors. EBIT after non-recurring charges amounted to minus 15.7 (previous year: minus 23.0) million euros.
Results of discontinued operations driven in particular by the graphite electrode business
Discontinued operations primarily relate to the business unit PP. Its results continue to be characterized by a significant price decline for graphite electrodes, while the delivery volumes increased slightly. Busin
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Business unit Performance Products (PP) classified as discontinued operations 
