DGAP-News: Graphit Kropfmühl AG: Record revenue in 2011 - EUR 118.9 million (+ 22.7 %); Consolidated earnings 2011 (EBITDA) tripled to EUR 18.5 million; Most successful financial year in Company history
(firmenpresse) - DGAP-News: Graphit Kropfmühl AG / Key word(s): Final Results
Graphit Kropfmühl AG: Record revenue in 2011 - EUR 118.9 million (+
22.7 %); Consolidated earnings 2011 (EBITDA) tripled to EUR 18.5
million; Most successful financial year in Company history
14.03.2012 / 07:00
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Kropfmühl, Germany, 14 March 2012 --- Graphit Kropfmühl AG (DEUTSCHE
BOERSE: 'GKR') is publishing its financial results for 2011. The annual
financial statements are still subject to the adoption and approval of the
consolidated financial statements by the Supervisory Board of Graphit
Kropfmühl Aktiengesellschaft.
Business development
2011 was the most successful financial year in the history of Graphit
Kropfmühl AG.
This success was built on the upbeat economic situation in the Company's
sales markets and the very strong development of demand for the products of
Graphit Kropfmühl AG's customers. Graphit Kropfmühl Group was again able to
considerably improve profitability, with the Silicon-metal business segment
in particular recording outstanding development and the Graphite business
segment also improving its results substantially year on year.
In 2011, the Graphit Kropfmühl Group generated revenue of EUR 118.9 million
- up EUR 22.0 million (22.7%) on the previous year. Earnings before
interest, amortisation and depreciation (adjusted EBITDA) totalling EUR
18.5 million grew by EUR 12 million to almost triple the level of the
previous year.
The following key figures were posted at Group level:
Group 2009 2010 2011 Change
Revenue EUR millions 84.6 96.9 118.9 22.7 %
Of which from abroad in % 24.6 35.0 34.8
Gross profit EUR millions 8.7 10.2 24.8>100.0 %
EBITDA 1, 2 EUR millions 4.2 6.7 18.5>100.0 %
EBIT 2 EUR millions 1.0 2.8 14.4>100.0 %
EBT EUR millions -0.6 2.6 13.1>100.0 %
Consolidated profit/loss after
minority interests EUR millions -0.9 1.6 9.2>100.0 %
Employees (31.12) 477 482 510 5.8 %
Profitability 2009 2010 2011
EBITDA margin in % 5.0 6.9 15.6
EBIT margin in % 1.2 2.9 12.1
Return on revenue in % - 1.1 1.7 7.7
Return on equity in % - 3.9 6.4 26.7
1)Earnings figures before restructuring measures and expenses for
recultivation
2)Previous year figures adjusted for better comparability
Silicon-metal business segment
In the Silicon-metal business segment, revenue was up by around 21%
compared to 2010, coming in at EUR 77,005 thousand. Total sales volume rose
compared to the previous year by 4.7% to 57,721 tonnes on the back of
economies of scale and price increases across all product segments.
Due to the upbeat economic situation in the final quarter of 2010 and the
foreseeable high level of demand in 2011, we were able to implement
substantially better prices for our main products. Despite a slight fall in
volume development overall, considerable growth in revenue could still be
recorded.
The delayed effects of the world economic trends are also reflected in the
revenue development. While substantial gains were made in both sales and
revenue across all product areas in the first two quarters of the year, in
the final quarter there was clear apprehension to order among our main
customers, meaning growth rates slowed considerably over the course of the
year.
At EUR 15,987 thousand, gross profit almost quadrupled compared to the
previous year, while the gross profit margin rose to 20.8%.
On top of slightly decreased other operating income, earnings before
interest and taxes (EBIT) jumped from EUR 2,209 thousand to EUR 12,558
thousand. Adjusted earnings before interest, tax, depreciation and
amortisation (adjusted EBITDA) developed in line with this and came in at
EUR 14,611 thousand compared to EUR 4,059 thousand in the previous year.
Silicon-metal business segment 2009 2010 2011 Change
Revenue EUR millions 60.5 63.6 77.0 21.1 %
Segment contribution to overall
revenue in % 71.5 65.6 64.8
Gross profit EUR millions 4.8 4.1 16.0>100.0 %
EBITDA 1, 2 EUR millions 4.2 4.1 14.6>100.0 %
EBIT 2 EUR millions 2.8 2.2 12.6>100.0 %
EBT EUR millions 2.1 2.0 12.5>100.0 %
Employees (31.12) 106 108 110 1.9 %
1)Earnings figures before restructuring measures and expenses for
recultivation
2)Previous year figures adjusted for better comparability
Graphite business segment
The Graphite business segment benefited from stable positive development in
the main sales industries. Segment revenue was up 25.8% to EUR 41,867
thousand. This is a new record amount in the history of the Graphite
business segment. This resulted from a 6.5% increase in sales as well as
higher sales prices. The dramatic rise in procurement prices was later
passed on to the customers over the year through increased sales prices.
2011 saw particularly high demand from the energy efficiency field. Our
customers use our specially prepared graphite to make insulation materials
even more effective. Sales and revenue in this product area both grew by
double-digit figures.
In connection with the rise in other operating income, EBIT increased from
EUR 565 thousand to EUR 1,879 thousand. The adjusted EBITDA figure recorded
similar development, up EUR 1,284 thousand to EUR 3,913 thousand.
Graphite business segment 2009 2010 2011 Change
Revenue EUR millions 24.1 33.3 41.9 25.8 %
Segment contribution to
overall revenue in % 28.5 34.4 35.2
Gross profit EUR millions 3.9 6.1 8.9>100.0 %
EBITDA 1,2 EUR millions 0.0 2.6 3.9 50.0 %
EBIT 2 EUR millions -1.7 0.6 1.9>100.0 %
EBT EUR millions -2.7 0.5 0.7 40.0 %
Employees (31.12) 371 374 400 7.0 %
1)Earnings figures before restructuring measures and expenses for
recultivation
2)Previous year figures adjusted for better comparability
Business development 2012
In the first few weeks of 2012, customer demand has already picked up again
after the weaker sales towards the end of 2011. After the substantial rise
in revenue to EUR 118.9 million for the full year 2011, we are expecting
consolidated revenue on a par with this for the financial year 2012. The
earnings figures will likely be impacted by higher raw materials and energy
expenses. Achieving earnings on a par with the high figures posted in 2011
will depend on the extent to which the Company succeeds in offsetting the
increased expenses with improved productivity and higher prices.
Weanticipate that sales and capacity utilisation in the Silicon-metal
business segment will remain at a high level in 2012. The reluctance to
order among customers, which impacted revenue development in the final
quarter of 2011, has eased again in the first quarter of 2012. In the
medium term, our customers from the chemical and polysilicon industries
also feel well positioned. We therefore predict no significant negative
sales deviations for the Silicon-metal business segment in the medium term.
In the Graphite business segment, we will continue to benefit from the
constantly increasing worldwide demand for specialist graphite. We will
specifically aim our production capacities at modern applications in order
to offer competitive products in growing sales markets. In the short term,
we anticipate an increasing share of business from the construction
chemistry industry and stable positive development in the lubricants and
separating agent segment. Growing demand from battery applications, which
includes the electro-mobility field, is only likely to deliver substantial
additional revenue and earnings in the medium term, meaning that we can
assume constant yet moderate positive development for the Graphite segment.
As a company, Graphit Kropfmühl Aktiengesellschaft and its subsidiaries are
well-positioned for the future. The investments made in the efficiency of
our production facilities in both business segments form the basis for our
competitiveness. The new micronising capacities for specialist graphite at
the Kropfmühl site came on line as planned and a further furnace at the
Pocking site is due to be converted to a new energy-efficient electrode
system in 2012. The investment volume earmarked for this project is around
EUR 6.0 million.
One interesting project is the recommencement of graphite mining in
Kropfmühl. On the back of the high graphite prices on the world market, the
conditions are good for recommencing operations at the site. The HR,
technical and organisational decisions have been made and we are expecting
the extraction of graphite ore from the Kropfmühl mine for processing at
our production facilities to start up smoothly by mid-2012.
Abroad, we are also working hard to tap new deposits. The first project in
Cabo Delgado province, Mozambique, Africa, is already well advanced. There,
Graphit Kropfmühl is pursuing the strategic objective of diversifying its
raw material sources and substantially increasing the proportion of raw
materials procured from its own sources.
As in previous years, in 2012 we aim to strategically expand the prospects
for the success in all business areas of the Graphit Kropfmühl Group and
increase the value of the Company.
Due to the diverse and wide-ranging investments, the Management Board will
propose to the Supervisory Board to forego the payment of a dividend for
the financial year 2011 at the upcoming meeting of the Supervisory Board to
approve the annual financial statements of Graphit Kropfmühl AG and to
adopt the consolidated financial statements.
Voluntary purchase offer by AMG
On 29 February 2012, the majority shareholder of Graphit Kropfmühl AG, AMG
Invest GmbH, announced its plan to acquire the remaining shares in Graphit
Kropfmühl Aktiengesellschaft as part of a voluntary purchase offer pursuant
to§10 art. 1 of the Securities Acquisition and Takeover Act ('WpÜG'). AMG
Invest GmbH intends to offer shareholders EUR 31.75 per share. The offer
documentation is due to be published in March 2012.
Financial calendar
Annual report 2011 published 30 March 2012
Q1 2012 interim report 16 May 2012
Annual General Meeting, Munich 20 June 2012
H1 2012 interim report 8 August 2012
Q3 2012 interim report 14 November 2012
Forward-looking statements
This press release contains statements concerning future developments which
are based on the information currently available, and are subject to risks
and uncertainties which could lead to the actual results differing from the
forward-looking statements. The statements regarding future developments
should not be seen as guarantees. The future developments and results are
dependent on a range of factors; they are subject to various risks and
imponderables and are based on assumptions which may prove to be incorrect.
These include, for instance, unforeseeable changes to political, economic
and social conditions.
About the Company
Graphit Kropfmühl AG specialises in the production of silicon-metal and is
a leading global provider of refined natural graphite with sites in Europe,
Asia and Africa. The Company, which is listed in the Prime Standard (ISIN:
DE0005896005), offers its customers silicon-metal and graphite for a wide
range of different applications. Silicon-metal is employed in the
chemicals, aluminium, semi-conductor and solar cell industries. High
quality graphite is used in products such as lubricants, carbon brushes in
electrical motors and in the chemicals industries for insulation and energy
saving solutions.
End of Corporate News
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14.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Graphit Kropfmühl AG
Langheinrichstraße 1
94051 Hauzenberg
Germany
Phone: +49 (0)8586/609-197
Fax: +49 (0)8586/609-111
E-mail: ir(at)gk-graphite.com
Internet: www.gk-graphite.com
ISIN: DE0005896005
WKN: 589600
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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160399 14.03.2012
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Datum: 14.03.2012 - 07:00 Uhr
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