DGAP-News: Graphit Kropfmühl AG: Upbeat revenue of EUR 30.1 million recorded in Q1 2012; Earnings of EUR 3.9 million slightly down on previous year mark
(firmenpresse) - DGAP-News: Graphit Kropfmühl AG / Key word(s): Quarter Results
Graphit Kropfmühl AG: Upbeat revenue of EUR 30.1 million recorded in
Q1 2012; Earnings of EUR 3.9 million slightly down on previous year
mark
15.05.2012 / 07:00
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Kropfmühl, Germany, 15 May 2012 --- Graphit Kropfmühl Group (DEUTSCHE
BOERSE: 'GKR') recorded a recovery in business development in both business
segments during the first quarter of 2012 following a weak final quarter in
2011. Consolidated revenue of EUR 30,118 thousand was posted in the first
quarter 2012, falling only slightly short of the corresponding figure in
the previous year. As expected, the Group was unable to match the excellent
profitability of 2011. Adjusted EBITDA came in at EUR 3.9 million in line
with expectations.
The caution exercised by our customers in the second half of 2011 eased
somewhat in the first quarter 2012 in both business segments. Compared to
the strong first quarter in the previous year, consolidated revenue was
down 2.5 %, totalling EUR 30,118 thousand.
As expected, earnings figures also fell short of the strong earnings posted
in the previous year. The higher energy and raw materials costs in both
business segments impacted profitability, as did one-off effects. Earnings
before interest and taxes (EBIT) was recorded at EUR 3,281 thousand. An
increased loss on currency translations resulting from the weak Euro also
impacted the EBT figure, which came in at EUR 2,703 thousand.
Group January to March 2012 2011 Change
Revenue in TEUR 30,118 30,898 - 2.5 %
Gross profit in TEUR 5,585 6,512 - 14.2
%EBITDA 1 in TEUR 3,943 4,641 - 15.0 %
EBIT in TEUR 3,281 3,862 - 15.0 %
EBT in TEUR 2,703 3,411 - 20.8 %
Consolidated profit after
minority interests in TEUR 1,900 2,448 - 22,4 %
Employees (31 March) 527 492 7.1 %
Profitability 2012 2011
EBITDA margin 1 in % 13.1 15.0
EBIT margin in % 10.9 12.5
Return on revenue in % 6.3 7.9
Return on equity in % 5.3 9.0
1 Adjusted EBITDA before restructuring measures and impairing losses,
expenses for recultivation and foreign exchange result
Silicon-metal business segment
Revenue in the Silicon-metal business segment in Q1 2012 totalled EUR
20,140 thousand, close to the level of the same period in the previous
year. A fall in RW filler sales was almost completely offset by higher
sales volumes of secondary silicon. However, prices and margins on the spot
market were markedly lower. In addition, profitability in the first quarter
of 2012 was also impacted by higher energy and raw material costs as well
as a temporary reduction in furnace performance.
All key earnings and profitability figures for the Silicon-metal business
segment are presented in the table below.
Silicon-metal business segment
January to March 2012 2011 Change
Total sales volume (in tonnes) in t 15,242 14,636 4.1 %
Revenue in TEUR 20,140 20,173 - 0.2 %
Segment contribution to overall revenue in % 66.9 65.3
EBITDA 1 in TEUR 3,425 3,664 - 6.5 %
EBIT in TEUR 2,926 3,266 -10.4 %
EBT in TEUR 2,947 3,222 -8.5 %
Employees (31 March) 109 108 0.9 %
1 Adjusted EBITDA before restructuring measures and impairing losses,
expenses for recultivation and foreign exchange result
Graphite business segment
In comparison with the first quarter of 2011, sales volumes in the Graphite
segment were substantially down by around 13 % to 5,648 tonnes. Q1 segment
revenue was down by a lesser proportion of 7.0 % to EUR 9,978 thousand.
While demand from the construction chemicals sector emerged during the
middle of the first quarter in the previous year, the sustained cold
weather up to the end of February 2012 delayed development in the period
under review. The figures from Q1 2011 also contained one-off revenue from
a change in the logistics arrangements with an important customer. The
trend towards increasing global demand for graphite products remains
intact, and not only in the construction chemicals industry. As a result,
we anticipate significantly stronger revenue in this segment in the second
quarter.
Margins in the Graphite segment were depressed by higher procurement prices
for raw materials and process materials relative to the previous year. In
addition, reduced capacity utilisation on the back of anticipated lower
sales led to a comparatively higher impact from fixed costs. The expenses
entailed in preparing to restore and recommence mining activities in
Kropfmühl were partially offset by lower sales, administration and other
expenses in this segment.
All key earnings and profitability figures for the Graphite business
segment are presented in the table below.
Graphite business segment
January to March 2012 2011 Change
Total sales volume (in tonnes) in t 5,648 6,488 -12.9 %
Revenue in TEUR 9,978 10,725 - 7.0 %
Segment contribution to overall
revenue in % 33.1 34.7
EBITDA 1 in TEUR 518 977 -47.0 %
EBIT in TEUR 355 596 -40.4 %
EBT in TEUR - 244 189 not stated
Employees (31 March) 418 384 8.9 %
1 Adjusted EBITDA before restructuring measures and impairing losses,
expenses for recultivation and foreign exchange result
Investments
Investment activities were carried out as planned in the first quarter
2012. Development was mainly driven by the higher investment volume in the
Silicon-metal business segment compared to the previous year. EUR 1,143
thousand was invested in the Silicon-metal segment (previous year: EUR 389
thousand). The bulk of this figure was attributable to the works now
commenced to increase the energy efficiency of one of the furnaces.
Constant improvements in energy efficiency are the most important means by
which to mitigate the effects of rising energy costs which are in turn a
primary cost factor in the production of silicon-metal. The central step
towards improving production efficiency in 2012 will be the conversion of a
furnace to incorporate a new electrode system. The planned electrode system
has already been installed on another furnace and has since been tried and
tested successfully. In addition to a higher yield, specific energy
consumption is also reduced by this move. Furthermore, a raw materials
storage building was completed and the crucible cleaning plant and
capacities wereimproved.
In the Graphite segment, a major project launched last year was completed
on schedule with the commissioning of new milling capacities at the start
of the year in Kropfmühl. In addition, preparatory work began on resuming
mining operations in Kropfmühl. Intensive efforts continued with regards to
exploring deposits in Mozambique and further project costs were capitalised
as intangible assets.
Outlook
If the economy develops as anticipated in the individual regions, a
substantial rise in revenue in both business segments should be recorded in
the current quarter. For the full year 2012, we are striving to match the
high revenue recorded in the previous year.
The excellent key figures from the previous year will likely not be
achieved. Higher raw materials and energy costs are impacting the margins
in both business segments. In addition, purchases made in foreign
currencies will put pressure on margins due to the strong US dollar,
although major items are already hedged using currency derivatives. The
exploration and development projects will also result in cost items which
impact earnings.
Investor relations: Tender offer from AMG affects share price development
Following the announcement of an intended voluntary public tender offer
from the AMG Group to take over outstanding shares on 29 February 2012, the
share price of Graphit Kropfmühl rose to the level of the announced
takeover price of EUR 31.75 and only fluctuated within a slender corridor
until the bidding period expired on 25 April 2012. In a press release
issued on 2 May 2012, the AMG Group announced that it had acquired a
further 5.4 % of shares via the tender offer and that its attributable
interest at this time was around 93.5 %.
Annual General Meeting: Rescheduled
The date of the ordinary Annual General Meeting 2012 has been set to 27
August 2012.
Financial calendar
H1 2012 interim report 08 August 2012
Annual General Meeting, Munich 27 August 2012
German Equity Forum, Frankfurt 12 November 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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15.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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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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169769 15.05.2012
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Datum: 15.05.2012 - 07:00 Uhr
Sprache: Deutsch
News-ID 146311
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