DGAP-News: Graphit Kropfmühl AG: Clear recovery of turnover to EUR 96.9 milliom in 2010; Consolidated profit for the year 2010 (EBIT) increased to EUR 2.8 million
(firmenpresse) - DGAP-News: Graphit Kropfmühl AG / Key word(s): Final Results
Graphit Kropfmühl AG: Clear recovery of turnover to EUR 96.9 milliom
in 2010; Consolidated profit for the year 2010 (EBIT) increased to EUR
2.8 million
16.03.2011 / 07:00
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Kropfmühl, Germany, 16 March 2011 --- Today Graphit Kropfmühl AG (DEUTSCHE
BOERSE: 'GKR') announced that in its meeting on 11 March 2011 the
Supervisory Board of Graphit Kropfmühl AG approved the audited annual
financial statements of the company for the fiscal year from 1 January to
31 December 2010. The consolidated financial statements as prepared and
audited were adopted.
Course of business
Supported by the economic recovery, business development of the Graphit
Kropfmühl group in the year 2010 was highly positive, especially compared
to the previous year, but also compared to the general economic
development. In the main sales markets and application fields the demand
for our products clearly exceeded our expectations, and we surpassed our
turnover and earnings targets in both segments. Turnover in the group
increased from EUR 84.6 million to EUR 96.9 million, and as a result the
consolidated profit for the year (EBIT) also increased from EUR 1.0 million
to EUR 2.8 million.
For the group the financial ratios were as follows:
Group 2008 2009 2010 Change
Total sales euro million 90.5 84.6 96.9 14.5 %
Foreign-country share of
total sales in % 36.1 24.6 35.0
Gross profit euro million 15.2 8.7 10.2 17.2 %
EBITDA 1) euro million 9.2 4.2 6.7 59.5 %
EBIT euro million 6.5 1.0 2.8>100.0 %
EBT euro million 4.8 -0.6 2.6 not stated
Consolidated earnings for
the year euro million 3.5 -0.9 1.6 not stated
Employees (31 December) 600 477 482 1.0 %
Profitability 2008 2009 2010
EBITDA margin in % 10.2 5.0 6.9
EBIT margin in % 7.2 1.2 2.9
Return on sales in % 3.9 -1.1 1.7
Return on equity in % 14.7 -3.9 6.4
1) Earnings ratios EBITDA adapted to uniform group accounting principles.
Adjusted EBITDA before restructuring measures, foreign exchange result, and
expenses for recultivation; for comparability previous year's figures
adapted to uniform group accounting principles.
Silicon-metal segment
In fiscal year 2010 the silicon-metal segment reached a total turnover of
EUR 63.6 million, which is a turnover increase of EUR 3.1 million (about
5.1 %) compared to the previous year. The segment's share of the total
turnover was 65.6 % (previous year: 71.5 %).
Earnings in the silicon-metal segment, however, were burdened by decreasing
sales prices, and rising purchase prices for electricity again gained
increasing significance. The electricity purchase price is the main cost
factor in the production of silicon-metal. In fiscal year 2010 the segment
reached a gross profit of EUR 4.1 million after EUR 4.8 million in 2009.
The segment's adjusted EBITDA in the fiscal year amounts to EUR 4.1 million
and shows a moderate decrease by EUR 0.1 million compared to the previous
year. With almost unchanged administrative and selling expenses, higher
depreciation and amortisation, and adjusted for an improved result from
foreign currency translation, earnings before interest and taxes (EBIT)
decreased by approximately EUR 0.6 million and amount to EUR 2.2 million in
2010. Earnings before taxes slightly decreased by EUR 0.1 million from EUR
2.1 million to EUR 2.0 million.
Silicon-metal segment 2008 2009 2010 Change
Sales euro million 61.0 60.5 63.6 5.1 %
Segment share of total
sales in % 67.4 71.5 65.6
Gross profit euro million 8.3 4.8 4.1 - 14.6 %
EBITDA 1) euro million 6.8 4.2 4.1 - 2.4 %
EBIT euro million 5.8 2.8 2.2 - 21.4 %
EBT euro million 5.3 2.1 2.0 - 4.8 %
Employees (31 December) 108 106 108 1.9 %
1) Earnings ratios EBITDA adapted to uniform group accounting principles.
Adjusted EBITDA before restructuring measures, foreign exchange result, and
expenses for recultivation; for comparability previous year's figures
adapted to uniform group accounting principles.
Graphite segment
In the graphite segment a strong demand resulted in a turnover in the
amount of EUR 33.3 million, which clearly exceeded our expectations.
Compared to the previous year turnover increased by 37.6 %, which means
that we reached additional sales of EUR 9.1 million. The decline in
turnover that we had to put up with due to the effects and repercussions of
the 2009 financial crisis could thus be already fully compensated in 2010.
The segment share of total turnover was 34.4 % (previous year: 28.5%).
Gross profit altogether improved by 56.4 % to EUR 6.1 million.
The adjusted EBITDA increased by EUR 2.6 million to EUR 2.6 million.
Selling, general and administrative expenses in this segment, as well as
the other income, remained lower than in the previous year. Despite higher
depreciation and amortisation due to investments in 2010 and in previous
years, and though adjusted for a higher result from foreign currency
translation, segment earnings (EBIT) clearly increased to EUR 0.6 million
after EUR - 1.8 million in the previous year. Earnings before taxes also
clearly increased from EUR - 2.7 million to EUR 0.5 million in 2010.
Graphite segment 2008 2009 2010 Change
Sales euro million 29.5 24.2 33.3 37.6 %
Segment share of total
sales in % 32.6 28.5 34.4
Gross profit euro million 6.9 3.9 6.1 56.4 %
EBITDA 1) euro million 2.4 0.0 2.6> 100.0
%
EBIT euro million 0.7 - 1.8 0.6 not stated
EBT euro million - 0.5 - 2.7 0.5 not stated
Employees (31 December) 492 371 374 0.8 %
1) Earnings ratios EBITDA adapted to uniform group accounting principles.
Adjusted EBITDA before restructuring measures, foreign exchange result, and
expenses for recultivation; for comparability previous year's figures
adapted to uniform group accounting principles.
Course of business in 2011
In 2011 an improved price level and a continuing high demand are expected
for the silicon-metal segment. This should allow us to compensate further
increasing raw material prices and higher energy costs in 2011. Altogether
it should be possible in this segment to reach a further increase of
segment turnover with a simultaneous improvement of the earnings situation.
Since the beginning of the year 2010, the noticeable end of the financial
and economic crisis, the situation on the raw material markets has changed
very dynamically. The recovery of the markets and the strong growth in Asia
resulted in aclear increase both in demand and in the prices for important
raw materials. In 2011 the graphite segment is expected to experience
further increasing prices on the procurement side, i.e. the price trend on
the procurement market should continue to develop upwards. For the short
term the situation is not expected to become easier here. In combination
with a further growing demand for our products, necessary price adjustments
on the selling side also will result in a higher segment turnover.
After the significant rise in group turnover to EUR 96.9 million in 2010,
we again expect a clearly positive development for fiscal year 2011, so
that in the year 2011 we will exceed the EUR 100 million turnover limit -
provided that there are no unexpectedly strong market influences. For the
group we expect that a further improvement of earnings ratios also will be
possible.
For the years 2011 and 2012 we are planning investments that on the one
hand should provide further rationalisation, with a special focus on energy
saving, and on the other hand should provide additional production
capacities. In the graphite segment the application fields of energy
efficiency and lubricants / separating agents will continue to play an
important part in the future, and the securing of raw material supplies
also will be of great importance.
The strategic objective of our operations still will be to secure and
further improve our liquidity position and to increase the value of our
company.
Adaptations to financial reporting and accounting standards lead to a loss
in terms of German commercial law
The annual financial statements of Graphit Kropfmühl AG, which are the
basis for dividend distribution and are prepared according to German
commercial law principles, show a balance sheet loss for fiscal year 2010.
Due to the change to modified accounting principles (German Accounting Law
Modernisation Act) and the closing-date effect relating to the securing of
medium-term electricity supply which necessitated the formation of a
provision for contingent losses at RW silicium GmbH, the fiscal year 2010
after profit and loss transfers showed an annual loss in the amount of TEUR
4,413. Adjusted for profit brought forward from the previous year the
balance sheet for fiscal year 2010 still shows a loss of TEUR 151.
Financial calendar
Annual report 2010 31 March 2011
3-month interim report 2011 11 May 2011
Annual General Meeting, Munich 15 June 2011
6-month interim report 2011 10 August 2011
9-month interim report 2011 09 November 2011
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.
End of Corporate News
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16.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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115603 16.03.2011
Datum: 16.03.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 33472
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