DGAP-News: Graphit Kropfmühl AG: Revenue up by 4.2% to EUR 63.2 million; Earnings (adjusted EBITDA) recorded at EUR 8.5 million
(firmenpresse) - DGAP-News: Graphit Kropfmühl AG / Key word(s): Half Year Results
Graphit Kropfmühl AG: Revenue up by 4.2% to EUR 63.2 million; Earnings
(adjusted EBITDA) recorded at EUR 8.5 million
09.08.2012 / 07:00
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Kropfmühl, Germany, 9 August 2012 --- Graphit Kropfmühl Group (TICKER
SYMBOL: 'GKR') was able to increase Group revenue by 4.2% on the previous
year period to EUR 63,201 thousand. Adjusted EBITDA came in at EUR 8,500
thousand and was around 4.6% down on the previous year.
In the first half of 2012, revenue recorded highly satisfactory development
within the Graphit Kropfmühl Group. Catch-up effects from the weaker
previous quarters even led to new record revenue of EUR 42,050 thousand in
the Silicon-metal business segment. Strong revenue development in the
Asia/Pacific region supported revenue of EUR 21,151 thousand in the
Graphite business segment, which was only slightly below the excellent
level of the previous year.
The negative impact from the economic developments in the Eurozone was,
however, felt by the GK Group. The operating earnings figure was impacted
by a change in the product mix in both business segments as well as lower
capacity utilisation of production sites in the Graphit business segment
compared to the previous year. The effects of the Euro crisis and the
strong US Dollar are also reflected in the higher procurement costs for raw
materials sold in USD.
Adjusted EBITDA came in at EUR 8,500 thousand. Compared to the outstanding
figure in the previous year, this meant a fall of 4.6%. Special costs and
one-off expenses totalling EUR 787 thousand, such as restructuring costs
from the repatriation of a currency reserve due to a capital reduction at a
non-active foreign subsidiary, the costs of repairing the flood damage at
the Kropfmühl site and one-off legal costs, were removed from the adjusted
EBITDA figure.
Earnings before interest and taxes (EBIT) including special costs came in
at EUR 6,003 thousand, some 17% down on the previous year mark.
Group January to June 2012 2011 Change
Revenue in TEUR 63,201 60,671 4.2 %
Gross profit in TEUR 11,470 12,437 -7.8 %
EBITDA 1 in TEUR 8,500 8,914 -4.6 %
EBIT in TEUR 6,003 7,234 -17.0 %
EBT in TEUR 5,468 6,436 -15.0 %
Consolidated profit after
minority interests in TEUR 3,750 4,562 -17.8 %
Employees (30 June) 554 496 11.7 %
Profitability 2012 2011
EBITDA margin 1 in % 13.4 14.7
EBIT margin in % 9.5 11.9
Return on revenue in % 5.9 7.5
Return on equity in % 9.7 15.6
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 the first half of 2012 was
up by 6.5% compared to the previous year to EUR 42,050 thousand.
However, the product mix changed substantially within the business segment.
The sales volume and revenue for silicon-metal is up on the previous year,
while sales of RW filler products were slowed by the long frosty period and
the current fall in demand in applications for the construction industry.
The sale of secondary silicon was around one third higher than the previous
year in the first half of the year and supported the positive revenue
development.
The changed product mix, higher costs for the required raw materials and
technical influences led to a fall in profitability despite the increase in
total revenue. Adjusted EBITDA was down by around 3% to EUR 6,876 thousand.
All important earnings and profitability key figures from the Silicon-metal
business segment are presented in the following table.
Silicon-metal business segment January to June 2012 2011 Change
Total sales volume (in tonnes) in t 31,378 29,788 5.3 %
Revenue in TEUR 42,050 39,478 6.5 %
Segment contribution to overall revenue in % 66.5 65.1
EBITDA1 in TEUR 6,876 7,091 -3.0 %
EBIT in TEUR 5,888 6,283 -6.3 %
EBT in TEUR 5,830 6,235 -6.5 %
Employees (30 June) 110 110 0.0 %
1 Adjusted EBITDA before restructuring measures and impairing losses,
expenses for recultivation and foreign exchange result
Graphite business segment
The Graphite business segment was able to substantially increase both sales
and revenue compared to the previous year quarter, and therefore once again
offset the effects from the weak first quarter 2012. In the first half of
the year as a whole, business segment revenue was only slightly down on the
previous year at EUR 21,151 thousand. However, business development varied
considerably around the world and fell short of expectations overall.
Compared to the previous year, operating earnings were impacted by higher
raw material procurement prices. The strength of the Dollar had a
particularly strong impact on margins. The one-off expenses and costs for
recommencement and start-up of mining operations at the Kropfmühl site are
completely included in the operating result in the first half of the year
and contained within the profitability figures.
Adjusted EBITDA was recorded at EUR 1,624 thousand and therefore fell 10.9%
short of the previous year mark. One-off effects of around EUR 696 thousand
from group restructuring costs, expenses incurred on the back of the flood
damage as well as legal advisory costs due to the merger and squeeze out
proposal of the majority shareholder are all removed from the adjusted
EBITDA figure.
EBIT for the first six months came in at only EUR 115 thousand including
these one-off and special costs. The substantial fall in EBIT year-on-year
by 87.9% is due to the one-off effects and special costs listed above.
All key earnings and profitability figures for the Graphite business
segment are presented in the table below.
Graphite business segment January to June 2012 2011 Change
Total sales volume (in tonnes) in t 11,668 12,460 - 6.4 %
Revenue in TEUR 21,151 21,193 - 0.2 %
Segment contribution to overall
revenue in % 33.5 34.9
EBITDA 1 in TEUR 1,624 1,823 -10.9 %
EBIT in TEUR 115 951 -87.9 %
EBT in TEUR - 362 201 not stated
Employees (30 June) 444 386 15.0 %
1 Adjusted EBITDA before restructuring measures and impairing losses,
expenses for recultivation and foreign exchange result
Investments
The investments in the first half of 2012 totalling EUR 3,145 thousand rose
compared to the previous year. Development was driven by the Silicon-metal
business segment, which saw investment of EUR 2,004 thousand (previous
year: EUR 889 thousand) in the first half of the year. The majority of this
was used for renovating a furnace and completing a raw materials store.
In the Graphite segment, a major project begun last year was completed on
schedule at the start of the year with the commissioning of new milling
capacities in Kropfmühl.
The recommencement of graphite mining at the Bavarian site was marked with
a celebration on 21 June 2012 in front of 250 invited guests from the
worlds of politics and industry. From now on, graphite mining at the
Kropfmühl mine will contribute to covering the raw materials requirements
for producing high quality graphite for Graphit Kropfmühl AG's customers.
The largest individual measure included in the investment was around EUR
225 thousand in the conveyor belt system for connecting the mine to the
processing plants in Kropfmühl. At Graphite Týn spol. s.r.o. in the Czech
Republic, around EUR 107 thousand was invested in an on-site expandable
graphite facility in the first half of the year, which extends the value
creation depth in this important product area.
Outlook
Business development has improved significantly in the first two quarters
of 2012 compared to the final quarter of 2011. As long as the economic
conditions do not significantly worsen in the second half of the year and
the individual regions can fulfil the current economic expectations, we see
the revenue of the previous year as being achievable for the full year
2012.
In terms of earnings, we will not be able to achieve the high key figures
of last year. Higher raw materials and energy costs are impacting the
margins in both business segments. In addition, the exploration and
development projects will form significant cost items in the results.
Acquisitions calculated in foreign currencies are also exerting additional
pressure on the operating margins due to the strong US dollar. The special
expenses and one-off costs will also be reflected in the full year results.
Investor relations: Purchase offer from AMG affects share price development
On 1 June 2012, Munich-based AMG Mining AG, an indirect subsidiary of AMG
Advanced Metallurigical Group N.V., Amsterdam, Netherlands, informed the
Management Board of Graphit Kropfmühl AG that it now held a total of around
93.59% of the capital stock of Graphit Kropfmühl AG.
AMG Mining AG informed the Management Board of Graphit Kropfmühl AG on 1
June 2012 that the majority shareholder of Graphit Kropfmühl AG intended to
open negotiations regarding the conclusion of a merger agreement which
would see Graphit Kropfmühl AG merge with AMG Mining AG. Since this time,
AMG Mining AG has confirmed and underlined its desire to exclude the
minority shareholders. With its correspondence dated 10 July 2012, the
company communicated to the Management Board of Graphit Kropfmühl AG its
desire to have the Annual General Meeting of Graphit Kropfmühl AG resolve
on the transfer of shares held by minority shareholders to AMG Mining AG in
return for cash compensation totalling EUR 31.92 per individual share
certificate in Graphit Kropfmühl AG in connection with a merger of Graphit
Kropfmühl AG with AMG Mining AG.
In the merger agreement, it stated that in connection with the merger, the
remaining shareholders of Graphit Kropfmühl AG are to be excluded pursuant
to Sec. 62 Para. 5 Sentence 1 of the German Transformation Act in
conjunction with Secs. 327a et seq. of the German Stock Corporation Act
(so-called squeeze-out merger).
The Annual General Meeting of Graphit Kropfmühl AG is taking place on
Monday 27 August 2012 at Munich Conference Centre - Hanns Seidel Stiftung,
Lazarettstraße 33, 80636 Munich, Germany.
All documents on the merger as well as all information on the Annual
General Meeting including possible additional motions and countermotions
are available in the Investor Relations area of our website at
www.gk-graphite.com.
Financial calendar
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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09.08.2012 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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181035 09.08.2012
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Datum: 09.08.2012 - 07:00 Uhr
Sprache: Deutsch
News-ID 173046
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