DGAP-News: Graphit Kropfmühl AG: Sales increased by 19.6 % to TEUR 21,626; EBIT 1st quarter 2010 positive again (TEUR 365)
(firmenpresse) - Graphit Kropfmühl AG / Quarter Results
12.05.2010 07:01
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Kropfmühl, Germany, 12 Mai 2010 --- Graphit Kropfmühl AG (DEUTSCHE BOERSE:
'GKR') has successfully completed the 1st quarter of 2010. After clearly
declining figures at the beginning of the year 2009, the trend reversal of
the 2nd half year 2009 has proved to be of lasting effect, and compared to
the previous year the consolidated turnover increased by 19.6 % to TEUR
21,626. It gives us confidence that this growth has been supported by both
segments and in all the regions we are operating in.
Earnings and profitability also have clearly increased, for example the
EBIT improved from TEUR - 36 in theprevious year to TEUR 365 in 2010. The
adjusted EBITDA also has significantly improved and with TEUR 1,341 has
more than doubled compared to the previous year. Since the average prices
for silicon-metal have decreased compared to the previous year, and energy
costs as an essential factor in the production of silicon-metal have thus
become even more important, we had to accept decreasing earnings in this
segment. In the graphite segment the cost reduction measures of the
previous years are showing their effects, and together with the jump in
turnover have resulted in clearly improved earningsfigures.
Silicon-metal segment
Despite the necessity to perform regular maintenance, the development of
sales in this segment was very positive compared to the previous year.
Available capacities could be fully utilised in the reporting period. The
sold quantity of silicon-metal increased by 17.6 %to 6,846 t. This
increase especially resulted from a growing demand in the aluminium-casting
industry, which in the previous year had been severely affected by the
global economic crisis.
Achieved average prices are lower than in the previous year. In the course
of the year 2009 market prices significantly decreased due to a massive
oversupply. However, we think that the bottom has been reached and do not
expect further price reductions in the future. The second product sector,
the marketing of the by-products RW filler and our Q1 quality, also
increased significantly to 5,376 t and thus reached the level of fiscal
year 2008 again.
In the cost of sales our margins are burdened by increased purchase costs
for our main raw materials. Furthermore, energy costs have become even more
important due to decreasing prices on the selling side. Due to higher
maintenance costs in the 1st quarterthe resulting earnings ratios in this
segment have clearly decreased:
2010 2009
in TEUR Jan. - March Jan. - March Change
Turnover 14,866 12,799 16.1 %
EBITDA608 1,023 - 40.6 %
EBIT 199 762 - 73.9 %
EBT 78 602 - 87.0 %
Graphite segment
In most regions and application fields the demand for our products showed a
highly positive development. Our capacity utilisation has returned to a
high level. The use of short-time work in the previous year allowed us to
respond to the revival without any delay. At the beginning of the year
short-time work therefore was stopped at all our plants. In the 2nd quarter
a new micronising line will be put into operation, allowing us to meet the
growing demand from the construction chemistry sector.
Purchasing prices for our raw materials have been increasing since the 2nd
half year of 2009. Since the global economy is noticeably recovering now,
the worldwide volume of goods also is increasing, which consequently
results in higher transport costs that additionally burden our margins.
Last year we adapted our cost structure and with a restructuring program
clearly reduced the number of employees at our mine in Sri Lanka. In Great
Britain we abandoned our direct presence at the end of the year and
centralised our marketing activities.
The jump in turnover and our cost reduction measures in the previous years
allowed us to significantly improve all the decisive earnings and
profitability ratios in this segment and to make these ratios positive
again.
2010 2009
in TEUR Jan. - March Jan. - March Change
Turnover 6,760 5,288 27.8 %
EBITDA 733 - 400 not stated
EBIT 166 - 798 not stated
EBT 62 - 1,128 not stated
The financial ratios in the group are as follows:
Group January to March 2010 2009 Change
Total Sales in TEUR 21,626 18,087 19.6 %
EBITDA 1, 2 in TEUR 1,341 623>100.0 %
EBIT 2 in TEUR 365 - 36 not stated
EBT in TEUR 140 - 526 not stated
Consolidated earnings for the in TEUR 67 - 379 not stated
period
Cashflow from operating in TEUR - 1,039 5,025 not stated
activities
Capital expenditure in TEUR 708 3,620 - 80.4 %
Balance sheet total 3 in TEUR 70,276 73,515 - 4.4 %
Stockholders equity 3 in TEUR 23,094 23,197 - 0.4 %
Equity ratio 3 in % 32.9 31.6
Net debt 3 in TEUR 20,544 18,043 13.9 %
Employees (31 March) 486 535 - 9.2 %
Profitability 2010 2009 Change
EBITDA-margin1, 2 in % 6.2 3.4
EBIT- margin2 in % 1.7 - 0.2
Return on sales in % 0.6 - 2.9
Return on equity in % 0.3 - 1.6
Share 2010 2009 Change
Earnings in EUR 0.02 - 0.13 not stated
Cashflow from operating in EUR - 0.36 1.74 not stated
activities
1) Adjusted EBITDA
2) Previous year's figures adapted to uniform group accounting principles
3) Balance sheet values each refer to the accounting date of the reporting
period (31 March)
Outlook for 2010
The figures of the last quarter demonstrate that in both segments we can
participate in the growth of the gross domestic product at a
disproportionately high rate. We think that we can reach our turnover
forecast of EUR 88 million to EUR 90 million that we made at the beginning
of the year, provided that the global economic development does not
essentially deteriorate.
In the silicon-metal segment the achievable prices are lower than in the
previous year. In the current economic environment a further downward trend
is not expected. Energy costs as the most important factor in production
have thus become even more important, and in the silicon-metal segment we
shall thus not reach the earnings and profitability ratios of the previous
year.
In the graphite segment we will start up a new micronising line in the 2nd
quarter as scheduled. This new line also represents a major part of the
investment volume planned in fiscal year 2010. With these new capacities,
and with additional turnover from lubricants and separating agents in new
markets, we believe that we can reach the forecast turnover increase to EUR
28.0 million with simultaneously improved earnings and profitability
ratios.
Securing of raw materials in the graphite segment still has top priority
The clear growth of the demand for graphite resulted in further price
increases on the procurement side, continuing a development that already
was noticeable in the second half of the year 2009. It is our expectation
that this development will continue in the future. We are always
investigating new deposits in order to reduce the effects on the graphite
segment and its dependency on external suppliers in the future. In the 1st
quarter we informed you that we had planned to enter into a joint venture
with partners in Brazil. After further detailed investigations of the
geological and infrastructural conditions at this location, GK decided to
abandon this project. We now concentrate on other deposits in South America
and Africa for which we, however, cannot yet provide any further details at
this time.
Annual General Meeting
Our Annual General Meeting 2010 will be held in the rooms of the
Hanns-Seidel Foundation in Munich on 16 June 2010. The depositary banks
will send our shareholders the invitation, agenda, and map directions. All
the documents for the Annual General Meeting and possible countermotions to
the agenda of our Annual General Meeting also can be found in the Investor
Relations area of our homepage.
Financial calendar
Annual General Meeting, Munich 16 June 2010 - 10.00 a.m.
6-months interim report 2010 11 August 2010
9-months interim report 2010 10 November 2010
German Equity Forum 22 - 24 November 2010
Forward-looking statements
This press release contains statements about future developments that are
based on currently available information and may involve risks and
uncertainties, the result of which may be that the actual results may
differ from the forward-looking statements. Statements about future
developments must not be understood as guarantees. Future developments and
events rather depend on a variety of factors, they contain various risks
and imponderabilities and are based on assumptions that might turn out to
be incorrect. For example, these include unforeseeable changes of the
general political, economic, and social conditions.
Information on the company
Graphit Kropfmühl AG is a specialist for the production of silicon-metal
and a globally leading supplier of refined natural graphite, with locations
in Europe, Asia and Africa. The company that is listed in the Prime
Standard (ISIN: DE0005896005) provides its customers with silicon-metal and
graphite solutions for the most versatile applications. Silicon-metal is
used in the chemical, aluminium, semiconductor and solar cell industries.
High-quality graphite among others is used in lubricants, carbon brushes
for electric motors, and in the chemical industry, for example for thermal
insulation and energy saving programs.
12.05.2010 07:01 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Graphit Kropfmühl AG
Langheinrichstraße 1
94051 Hauzenberg
Deutschland
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, München, Hamburg, Stuttgart
End of NewsDGAP News-Service
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Datum: 12.05.2010 - 07:01 Uhr
Sprache: Deutsch
News-ID 20715
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