DGAP-News: Graphit Kropfmühl AG: Record turnover in the 1st quarter EUR 30.9 million - EBITDA EUR 4.6 million
(firmenpresse) - DGAP-News: Graphit Kropfmühl AG / Key word(s): Interim Report
Graphit Kropfmühl AG: Record turnover in the 1st quarter EUR 30.9
million - EBITDA EUR 4.6 million
11.05.2011 / 07:00
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Kropfmühl, Germany, 11 May 2011 --- In the first quarter of 2011 the
Graphit Kropfmühl group (DEUTSCHE BOERSE: 'GKR') continued the successful
development of the last fiscal year and reached a disproportionately high
increase both in turnover and in earnings. In a highly dynamic economic
environment both business segments were able to clearly improve their
operative financial ratios.
In both segments the very strong demand that has been continuing since the
last year has resulted in a sustained increase of sales. In view of clearly
increased raw material prices GK also was able to achieve higher sales
prices. Compared to the same quarter of the previous year this development
altogether resulted in an 42.9 % increase in turnover to EUR 30.9 million,
which is the highest quarterly turnover in the history of the Graphit
Kropfmühl group.
The high utilisation of capacities in both segments cushioned the
development of further increased procurement prices, so that the earnings
ratios of the Graphit Kropfmühl group showed a disproportionately growth.
The adjusted EBITDA amounts to EUR 4.6 million and has more than tripled
compared to the previous year's quarter. The EBIT with EUR 3.9 million
developed correspondingly and has increased more than tenfold compared to
the low value of the previous year of EUR 0.4 million.
The financial ratios for the group are as follows:
Group January to March 2011 2010 Change
Total sales in TEUR 30,898 21,626 42.9 %
Gross profit in TEUR 6,512 2,271> 100.0
%
EBITDA 1 in TEUR 4,641 1,341> 100.0
%
EBIT in TEUR 3,862 365> 100.0
%
EBT in TEUR 3,411 140> 100.0
%
Consolidated earnings for the year in TEUR 2,448 67> 100.0
%
Employees (March 31) 492 486 1.2 %
Profitability 2011 2010
EBITDA margin 1 in % 15.0 6.2
EBIT margin in % 12.5 6.2
Return on sales in % 11.0 0.6
Return on equity in % 9.0 0.3
1) Adjusted EBITDA before restructuring measures, foreign exchange result,
and expenses for recultivation
Silicon-metal segment
Compared to the previous year, turnover of the silicon-metal segment
clearly improved by 35.7 % to TEUR 20,173.
The sales volume of silicon-metal increased by 12.4 % to 7,696 t. The
chemical industry with a sales volume increase to 5,707 t again was the
driving force for growth in this segment, whereas sales to customers in the
aluminium industry with 1,989 t decreased compared to the previous year.
Compared to the same quarter of the previous year the sales of both
standard quality and special quality (Q 1) of the RW Filler clearly
increased to 6,370 t, which compared to the previous year's quarter means
an increase of 18.5 %. With 570 tthe sales of so-called secondary silicon,
however, clearly remained behind the previous year's figure.
Driven by demand the prices for silicon-metal have clearly increased
compared to the previous year, and a higher price level also could be
realised for the special RW Filler quality Q 1. Average proceeds for the
standard RW Filler quality and for secondary silicon, however, almost
remained at the previous year's level.
Increasing material and energy costs could be more than compensated by the
price development and by the positive effects of excellent plant capacity
utilisation. Earnings and profitability ratios in this segment increased
disproportionately despite higher structural costs in production and an
increase of selling, general and administrative expenses.
Silicon-metal segment January to March 2011 2010 Change
Sales volume in t 14,635 14,094 3.8 %
Sales in TEUR 20,173 14,866 35.7 %
Segment share of total sales in % 65.3 68.7
EBITDA 1 in TEUR 3,664 608> 100.0
%
EBIT in TEUR 3,266 199> 100.0
%
EBT in TEUR 3,222 78> 100.0
%
Employees (March 31) 108 108 0.0 %
1) Adjusted EBITDA before restructuring measures, foreign exchange result,
and expenses for recultivation
Graphite segment
The graphite segment continues to benefit from an ongoing great demand for
natural graphite. Compared to the first quarter of the previous year the
segment turnover improved by 58.7 % to TEUR 10,725. The sales volume
increased by about 34 % to 6,487 t, while average sales prices grew by
approximately 19 %.
Compared to the previous year's quarter the customer sectors of dispersions
and energy efficiency again made an above-average contribution to the jump
in turnover. The field of traditional applications continued the
development of 2010 and also reached a clear growth compared to the same
quarter of the previous year. The field of customer solutions showed a
comparatively moderate increase, whereas sales in the trading customer
sector slightly remained behind the previous year's figure.
In the first quarter of 2011 the continuing rise of procurement prices
again was somewhat alleviated by achieved efficiency increases. As a result
GK was able to improve the gross profit of the graphite segment. Earnings
ratios, however, are burdened by higher personnel and project costs
relating to raw material securing projects in Mozambique and Brazil, which
resulted in a disproportionately low increase in the adjusted EBITDA.
Graphite segment January to March 2011 2010 Change
Sales volume in t 6,487 4,853 33.7 %
Sales in TEUR 10,725 6,760 58.7 %
Segment share of total sales in % 34.7 31.3
EBITDA 1 in TEUR 977 733 33.3 %
EBIT in TEUR 596 166> 100.0 %
EBT in TEUR 189 62> 100.0 %
Employees (March 31) 384 378 1.6 %
1) Adjusted EBITDA before restructuring measures, foreign exchange result,
and expenses for recultivation
Raw material securing for the graphite segment
The world's biggest producer China remains the driving force on the
graphite market. Driven by a still comparatively high domestic growth
China's own demand is strongly increasing as well as a continuing high
global demand under the aspect of a not least politically motivated
shortage of supplies have resulted in continuing raw material price
increases. The continuing upward development of raw material prices shows
that we are on the right strategic course with our raw material securing
projects we started in Mozambique and South America. In addition to our
secured deposits in Sri Lanka, Zimbabwe, and Kropfmühl we are greatly
committed to making available additional independent raw material sources
in the future. In the meantime the main focus of our activities has been
placed on the further exploration of the deposits in Mozambique, where
after the preparation of a comprehensive feasibility study a decision about
the start of mining operations should be made during the second half of the
year 2011.
Outlook
On a total year comparison the silicon-metal segment due to implemented
price increases will be able to reach clear improvements both in turnover
and in earnings in 2011. Because of the initiated modernisation work at a
silicon melting furnace the second quarter will presumably not reach the
excellent financial ratios of the first quarter.
Despite the expected great total demand for graphite globally, earnings
prospects in the graphite segment will be burdened by increasing
procurement prices. In the total year the necessary increases of sales
prices will result in an additional growth of the segment turnover. The
development of profitability, however, due to these burdens will not be
able to keep up with the development of turnover.
For the whole group we for the first time expect an annual turnover of more
than EUR 100 million, provided that in the next quarters economic risk
positions will not lead to unexpectedly strong market influences. Earnings
ratios will clearly improve compared to 2010.
Necessary investments that are intended to provide further rationalisation,
energy saving, and capacity expansions, were resolved and initiated in the
first quarter in order to guarantee the competitiveness of the Graphit
Kropfmühl group also in the future by using state-of-the-art production
technologies. In Kropfmühl GK started the construction of another
energy-efficient micronising line that is planned to be put into operation
in autumn 2011. In Pocking the modernisation of another arc furnace has
been initiated. With a total investment volume of about EUR 6 million this
measure will lead to an increase of capacity and at the same time ensure a
reduced specific energy consumption in 2012.
Financial calendar
Annual General Meeting, Munich 15 June 2011
6-month report 2011 10 August 2011
9-month report 2011 09. November 2011
German Equity Forum, Frankfurt 21 - 23 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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11.05.2011 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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123808 11.05.2011
Datum: 11.05.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 34018
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