DGAP-News: SKW Stahl-Metallurgie Holding AG: SKW Metallurgie realizes record-breaking earnings in 2010
(firmenpresse) - DGAP-News: SKW Stahl-Metallurgie Holding AG / Key word(s): Final
Results
SKW Stahl-Metallurgie Holding AG: SKW Metallurgie realizes
record-breaking earnings in 2010
24.03.2011 / 07:14
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Press release
SKW Metallurgie realizes record-breaking earnings in 2010
* Group realizes EBITDA of EUR 28.8 million in 2010
* Earnings target (EBITDA) for 2011 confirmed at EUR 32 million
* Executive and Supervisory Boards resolve dividend of EUR 0.50 per share
* Global expansion to ensure further growth in 2012
Unterneukirchen (Germany), March 24, 2011. The specialty chemicals group
SKW Metallurgie, which is listed in the SDAX, closed business year 2010
successfully with record-breaking EBITDA of EUR 28.8 million. This was
inter alia due to the substantial increase in global steel production -
which plays a central role in SKW Metallurgie's sales - and to the
first-time consolidation for a full business year of the Brazilian
subsidiary Tecnosulfur. Hence, record-breaking revenues of EUR 380.8
million were reached in 2010; that means growth by 73%. EBITDA totaled EUR
28.8 million (previous year: EUR -0.5 million) and not only broke the
former record of EUR 26.0 million recorded in 2008, but also the capital
market guidance, which was already increased twice during the course of the
year. Given this background, the Executive and Supervisory Boards intend to
propose to the General Meeting, scheduled to take place on June 8, 2011,
the disbursement of a dividend of EUR 0.50 per entitled share. The
Executive Board believes that the positive growth will continue in 2011 and
2012, and has confirmed a further improvement in EBITDA to EUR 32 million
for the current business year 2011.
'The excellent economic environment and the fact that our global expansion
is increasingly bearing fruit mean that the SKW Metallurgie Group's
earnings broke all records in 2010. Our group is also right on track for
healthy, sustainably profitable growth in 2011 and 2012,' commented the SKW
Metallurgie Group's CEO Ines Kolmsee on the group's current situation.
Earnings per share improve significantly to EUR 1.15
Year on year, the group succeeded in increasing the gross margin from 21.5%
to 27.2%. EBIT lifted to a positive EUR 17.3 million, after a loss of EUR
-7.0 million as a result of the crisis. The SKW Metallurgie Group's pre-tax
earnings totaled EUR 15.0 million, up EUR 24.5 million year-on-year (EUR
-9.5 million). After taxes and minority interests, profits remaining for
the shareholders of SKW Stahl-Metallurgie Holding AG totaled EUR 7.5
million after a loss of EUR -5.0 million in 2009. Based on an unchanged
number of 6,544,930 shares in 2010, this results in earnings per share of
EUR 1.15 for business year 2010 (2009: EUR -1.10 based on the weighted
average number of shares for 2009).
Healthy assets as foundations for further growth
The excellent operating growth led to a substantial increase in gross cash
flow to EUR 14.9 million (previous year: EUR 1.5 million). At the same
time, the operating working capital increased by only 9.3%, while revenues
increased by 72.6%. This means that it was possible to finance a
substantial proportion of the growth investments from the cash flow from
operating activities. The SKW Metallurgie Group's capital expenditure
totaled EUR 24.7 million in 2010 (2009: EUR 28.2 million). Despite the high
investments, the balance sheet structure continues to be very solid with
net financial debt of EUR 47.3 million (previous year: EUR 32.8 million)
and an equity ratio of 44.3% (previous year: 47.1%), thus offering a
healthy basis for the anticipated continued profitable growth of the SKW
Metallurgie Group.
Growth also expected to continue in 2011 and 2012
Subject to, notably, a continued upswing in the global economy in general
and in steel production in particular, the Executive Board is forecasting
continued operative growth trend for the SKW Metallurgie Group in the
current business year 2011. The new production facilities are expected to
provide additional impetus: During 2011 to date, a calcium carbide plant in
Sweden has been acquired, and the calcium silicon furnace in Bhutan has
been inaugurated. The new production facility for cored wire in Russia and
the additions to the plants in Brazil and the USA are expected to go live
in the remainder of 2011.
In total, the Executive Board is forecasting for 2011 EBITDA of EUR 32
million with a continued increase in revenues. The new plants are expected
to make full positive contributions to earnings next year. Hence, depending
mainly on the overall economic development, a further continuation of the
profitable growth track of the SKW Metallurgie Group may be expected also
in 2012.
Further information on SKW Stahl-Metallurgie Holding AG and the SKW
Metallurgie Group as well as the annual report for 2010 may be found online
at:
www.skw-steel.com
Contact
SKW Stahl-Metallurgie Holding AG
Christian Schunck
Head of IR and Group Communication
Fabrikstraße 6
84579 Unterneukirchen
Germany
Tel: +49 8634-62720-0
Direct line IR/Press: +49 89 5998923-22
Fax: +49 8634-62720-16
E-mail: schunck(at)skw-steel.com
Internet: www.skw-steel.com
About SKW Stahl-Metallurgie Holding AG
SKW Metallurgie is the global market leader for chemical additives for hot
metal desulphurization, and for cored wire used in secondary metallurgy.
The Group's products enable steel-makers to efficiently manufacture
high-quality steel products. Clients include the world's leading companies
in the steel industry. The SKW Metallurgie Group has more than 50 years of
metallurgical know how, and currently operates in more than 40 countries.
What is more, the Group is a leading supplier of Quab specialty chemicals,
which are mainly used in the global production of industrial starch for the
paper industry. The company's operating business is broken down into the
two core segments 'Cored Wire and 'Powder and Granules', and the 'Other'
segment. The SKW Metallurgie Group is headquartered in Germany with
production facilities in France, the US (6), Canada, Mexico, Brazil, South
Korea, Sweden, Bhutan, the Peoples' Republic of China (2) and India (2 via
joint ventures).. On addition, the plants in the USA and Brazil are being
expanded and a plant is being built in Russia.
Shares of SKW Stahl-Metallurgie Holding AG have been listed in Frankfurt
Stock Exchange's Prime Standard since December 1, 2006 with ISIN
DE000SKWM013, and have been included in the SDAX index from June 23, 2008.
DISCLAIMER
This press release contains statements on future developments that are
based on currently available information and involve risks and
uncertainties that could cause the actual results to differ from these
forward-looking statements. These risks and uncertainties include, for
example, unpredictable changes in political and economic conditions,
particularly in the steel and paper industry, the competitive situation,
interest and currency risks, technological development as well as other
risks and unexpected circumstances. SKW Stahl-Metallurgie Holding AG and
its Group companies accept no obligation to update such forward-looking
statements.
KPIs for SKW Stahl-Metallurgie Holding AG
(in EUR million)
2010 2009(1) 2010: Based on 6,544,930 shares; 2009: Based on weighted average number
Consolidated revenues 380.8 220.6
- thereof Cored Wire 183.0 92.6
- thereof Powder and Granules 175.1 112.3
Gross margin 27.2% 21.5%
EBITDA 28.8 -0.5
- thereof Cored Wire 11.9 -3.0
- thereof Powder and Granules 21.7 3.6
EBITDA margin 7.6% -0.2%
EBIT 17.3 -7.0
Earnings before taxes 15.0 -9.5
Consolidated earnings (incl. non-controlling interests) 9.1 -5.1
Consolidated earnings (excl. non-controlling interests) 7.5 -5.0
Earnings per share in EUR 1 1.15 -1.10
Dividend per share in EUR 2 0.50 0.00
Gross cash flow 14.9 1.5
Dec. 31, 2010 Dec. 31, 2009
Total assets 275.8 231.7
Equity (incl. non-controlling interests) 122.3 109.0
Net financial debt 47.3 32.8
Gearing³0.39 0.30
Equity ratio (incl. non-controlling interests) 44.3% 47.0%
Number of employees (balance sheet date) 790 715
of shares (IFRS)
(2) 2010: Intended dividend proposed to the general meeting
(3) Net financial debt to equity (incl. non-controlling interests)
End of Corporate News
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Language: English
Company: SKW Stahl-Metallurgie Holding AG
Fabrikstrasse 6
84579 Unterneukirchen
Deutschland
Phone: +49 (0)8634 62720-15
Fax: +49 (0)8634 62720-16
E-mail: info(at)skw-steel.com
Internet: www.skw-steel.com
ISIN: DE000SKWM013
WKN: SKWM01
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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Datum: 24.03.2011 - 07:14 Uhr
Sprache: Deutsch
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