Graphit Kropfmühl AG / Quarter Results
13.05.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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As stated in the 4th quarter of 2008, Graphit Kropfmühl Aktiengesellschaft
had to manage decreasing sales and earnings figures during the 1st quarter
of 2009. Sales in the 1st quarter of 2009 declined by 19.3 % to TEUR
18,087.
The cost of sales, which in addition to the production costs also include
direct selling expenses, was reduced by 10.3 %. Despite the decrease is in
costs, due to the more rapid decrease in sales, gross profit decreased by
57.4 % to TEUR 1,818. The gross profit margin also decreased accordingly,
to 10.1 %, from 19.1 % in 1st quarter 2008.
Earnings before interest and taxes (EBIT) amount to TEUR 21 in the first
quarter 2009. In same period in the prior year, EBIT totaled TEUR 2,236.
The EBITDA, the earnings before interest, taxes, depreciation and
amortization was TEUR 735 for the first quarter 2009. Compared to the same
period in the prior year, this is a decline of approximately 75 %.
For the group the financial ratios are as follows:
Group January to March 2009 2008 Change
Total sales in TEUR 18,087 22,402 - 19.3 %
EBITDA in TEUR 735 2,874 - 74.4 %
EBIT in TEUR 21 2,236 - 99.1 %
EBT in TEUR - 526 1,824 not stated
Consolidated earnings for the period in TEUR - 379 1,359 not stated
Cashflow from ordinary business in TEUR 5,025 1,801 > 100.0 %
activities
Investments in TEUR 3,620 1,810 100.0 %
Balance sheet total 1 in TEUR 73,515 63,688 15.4 %
Stockholders equity 1 in TEUR 23,197 22,314 4.0 %
Equity ratio 1 in % 31.6 35.0
Net debt 1 in TEUR 18,043 17,075 5.7 %
Employees (31 March) 535 710 - 24.6 %
Profitability 2009 2008
EBITDA margin in % 4.1 12.8
EBIT margin in % 0.1 10.0
Return on sales in % - 2.9 8.1
Return on equity in % - 1.6 6.1
Share 2009 2008 Change
Earnings in EUR - 0.13 0.47 not stated
Cashflow from ordinary business in EUR 1.74 0.63 > 100.0 %
activities
1) Balance sheet values each refer to the accounting date of the reporting
period (31 March)
Silicon-metal segment
The silicon-metal segment achieved sales of TEUR 12,799 in the 1st quarter.
This is a decrease of 11.4 % compared to the same period in the prior
year(from what time period?) and affected all the product lines, . Bi.e.
both silicon-metal and RW filler quantities remained behind the same period
in the prior year.
During the same period in 2008, we still sold 6,830 (mt?) of silicon-metal.
IN In 2009 we sold 5,821 mt. 4,776 mt to were sold to the chemical
industry, and 1,045 mt to the aluminium industry, which is especially
affected by the severe drop in the demand for automobiles because the
aluminium die-cast industry produces pre-products for automobile
manufacturers. In the same period in 2008 RW filler quantity sold decreased
from 5,084 mt to in the same period in the prior year to 4,444 mt in the
first quarter 2009.
Due to the cost structure the earnings ratios decreased disproportionately:
January to March 2009 2008 Change
Sales in TEUR 12,799 14,440 - 11.4 %
EBITDA in TEUR 1,085 1,492 - 27.3 %
EBIT in TEUR 818 1,264 - 35.3 %
EBT in TEUR 602 1,079 - 44.2 %
Graphite segment
Despite a diversified customer structure the graphite segment clearly was
more affected, which also is reflected in the 33.6 % drop in sales. While
in the previous year sales still amounted to TEUR 7,962, we experienced a
decline to TEUR 5,288 in the 1st quarter of 2009. This development affected
sales in all regions. In our primary market of Germany/Austria/Switzerland
(D/A/CH) sales dropped by 27.1 % to TEUR 3,150. In other European countries
and in the Asia/Pacific region, the business volume decreased by
approximately 34 %. The region that was affected most was America, where
sales dropped by more than 90 % to TEUR 33.
This development especially affected applications related to the automotive
sector and other dependent industrial activities. In Germany, the building
materials chemistry sector did not reach the intended performance due to
the long winter period, because such materials can only be processed when
certain minimum requirements concerning the outside temperature are met.
The second economic stimulus package in Germany may create additional sales
opportunities in this field during the the 2nd half of the year.
The resulting earnings ratios correspondingly are clearly lower than in the
previous year.
January to March 2009 2008 Change
Sales in TEUR 5,288 7,962 - 33.6 %
EBITDA in TEUR - 350 1,382 not stated
EBIT in TEUR - 797 972 not stated
EBT in TEUR - 1,128 745 not stated
Course of business 2009
Because of essential uncertainties that result from the present global
situation and its effects on our primary markets, it is difficult to
provide an outlook for 2009.
At present we continuously are in close contact with our customers, and we
have learned that at present, they only are able to provide reliable
forecasts for very short periods of time. At the moment we cannot yet see
any inclination that would indicate a recovery of the economic situation.
The Government's economic stimulus packages includes measures relating to
the renovation of public buildings. These measures may result in
opportunities for the building materials chemistry sector that could reduce
the negative effects on sales and earnings of the Graphit Kropfmühl group.
However, we only expect noticeable effects from these measures in the
course of the 2nd half year.
We therefore expect that in the year 2009, despite the already initiated
measures, sales and earnings in both segments will be clearly lower than in
the year 2008.
We already started to adapt our capacities to the demand in the fourth
quarter of 2008. In Sri Lanka the number of employees was reduced by
approximately 170 at the end of March 2009 via a severance program. In
Germany we have been using short-time work to a limited extent since last
year. In the 2nd quarter we have increased the rate of short-time work.
On 12 August 2009 we will publish the report of the 1st half year 2009.
The Board of Directors Kropfmühl, 13 May 2009
Financial Calendar
Annual General Meeting, München 10 June 2009
Interim report 1st half year 2009 12. August 2009
German Equity Forum 9 - 11 November 2009
Interim report 3rd quarter 2009 11 November 2009
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 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 various versatile applications. Silicon-metal is
used in various industries such as chemical, aluminium, semiconductors and
solar cells. Graphite is used in various highly sophisticated applications
such as carbon brushes, lubricants, and in the sinter industry and is
gaining continuously increasing importance in the chemical industry, for
example in thermal insulation panels.
DGAP 13.05.2009
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Language: English
Issuer: Graphit Kropfmühl AG
Langheinrichstraße 1
94051 Hauzenberg
Deutschland
Phone: +49 (0)8586/609-197
Fax: +49 (0)8586/609-111
E-mail: ir@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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DGAP-News: Graphit Kropfmühl AG: Decrease of sales and earnings of the 4th quarter 2008 continued in the 1st quarter 2009; Austerity program in place since the end of 2008 and shows effects in cost reductions
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