Graphit Kropfmühl AG / Half Year Results
11.08.2010 07:02
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Kropfmühl, Germany, 11 August 2010 --- Graphit Kropfmühl AG (DEUTSCHE
BOERSE: 'GKR') clearly benefited from the
positive development of the economic environment and confirms the trend of
the 1st quarter of 2010.
The total turnover of the group increased to TEUR 38,165 in the 1st
half year. Compared to the same period of the previous year this is an
increase of 22.2 %. The second quarter of 2010 thereby again improved to
TEUR 25,018 which is an 24.6 % increase compared to the 2nd quarter
2008.
Earnings and profitability accompanies this development and the applicable
figures clearly improved. Earnings before interest and taxes (EBIT) in the
group jumped from TEUR 160 in the previous year to TEUR 934. Earnings
before tax (EBT) clearly increased compared to the same period of the
previous year and amount to TEUR 512. In 2009 this item still showed a loss
of TEUR 670.
Profit for the year attributable to shareholders of the company clearly
rose to TEUR 385 or 0.14 Euro per share, after a loss of TEUR - 581 or
- 0.20 Euro per share in the previous year.
Silicon-metal segment
The course of business in the silicon-metal segment continues to be highly
pleasing. Capacities in this segment are fully utilised as planned, and
compared to the previous year the silicon-metal sales volume increased by
13.9 % to 14,420 t. Our average prices for silicon-metal are lower than in
the previous year, but since the beginning of the year prices have shown a
slight upward trend again.
In the reporting period the profitability of this segment is additionally
burdened by higher acquisition prices for energy and raw materials. In
combination with the lower sales prices, energy prices as the main cost
factor in production have become even more important. Furthermore, we also
had to accept an increase in the price of electrodes.
Because of the remaining cost structure both the gross profit and the other
earnings ratios in this segment decreased disproportionately, and remained
behind the previous year's figures despite the increased turnover.
2010 2009 2010 2009
in TEUR Apr - June Apr - June Apr - June Apr - June Change
Turnover 15,850 14,516 30,719 27,315 12.5 %
EBITDA 731 1,110 1,339 2,133 - 37.2 %
EBIT 370 768 569 1,530 - 62.8 %
EBT 324 644 402 1,246 - 67.7 %
Graphite segment
The positive development of the graphite segment was further boosted in the
2nd quarter of 2010. The great demand is reflected in clearly improved
sales and turnover figures. In the first half year this segment realised a
turnover increase of 46.8 % to TEUR 15,925.
The production capacities are excellently utilised. In the 1st half year
production sometimes was running at capacity limits. This situation will be
relieved by a newly started micronising line at the Kropfmühl plant that
will be fully available for the first time starting from the 3rd quarter of
2010.
The graphite segment also is burdened by strongly increasing prices on the
acquisition side. As a result of the heavily increasing volume of goods
transported all over the world, the transport costs and thus our incidental
acquisition costs follow this trend, which means that our margins in this
segment now clearly can feel this pressure.
We already improved our cost structure in 2009, and we thus were able to
reach clear earnings improvements in this segment despite the decreased
margins:
2010 2009 2010 2009
in TEUR Apr - June Apr - June Apr - June Apr - June Change
Turnover 9,165 5,562 15,925 10,850 46.8 %
EBITDA 504 - 80 1,237 - 480 not stated
EBIT 199 - 572 365 - 1,370 not stated
EBT 48 - 788 110 - 1,916 not stated
The financial ratios in the group are as follows:
Group January to June 2010 2009 Change
Total Sales in TEUR 46,644 38,165 22.2 %
EBITDA1, 2 in TEUR 2,576 1,653 55.8 %
EBIT2 in TEUR 934 160 > 100.0 %
EBT in TEUR 512 - 670 not stated
Consolidated earnings for the period in TEUR 385 - 581 not stated
Cashflow from operating activities in TEUR - 461 2,203 not stated
Capital expenditure in TEUR 1,684 4,577 - 63.2 %
Balance sheet total3 in TEUR 71,494 72,340 - 1.2 %
Stockholders equity3 in TEUR 23,752 23,228 2.3 %
Equity ratio3 in % 33.2 32.1
Net debt3 in TEUR 20,947 21,729 - 3.6 %
Employees (30 June) 478 519 - 7.9 %
Profitability 2010 2009
EBITDA-margin1, 2 in % 5.5 4.3
EBIT- margin2 in % 2.0 0.4
Return on sales in % 1.1 -1.8
Return on equity in % 1.6 - 2.5
Share 2010 2009 Change
Earnings in EUR 0.14 - 0.20 not stated
Cashflow from operating activities in EUR - 0.16 0.76 not stated
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 (30 June)
Outlook for 2010
The figures of the 1st half year show that both segments can participate in
growth of world economy at an above-average share. For the total year the
group expects a total turnover of more than EUR 90 million, provided that
the development of the global economy does not unexpectedly get worse.
In the silicon-metal segment the achievable prices are lower than in the
previous year, but a further downward trend is not to be expected in the
present environment. However, electricity costs as the most important
factor in production have become even more essential, and thus the
silicon-metal segment will not reach the earnings and profitability figures
of the previous year. With the newly established micronising capacity and
with additional sales of lubricants and separating agents the graphite
segment presumably will exceed the forecast increase in turnover.
Under these prerequisites the Graphit Kropfmühl Group is expecting to
exceed the previous year's earnings and profitability ratios also in the
total year.
Financial calendar
9-months interim report 2010 10 November 2010
German Equity Forum, Frankfurt 23 November 2010
Annual General Meeting, Munich 15 June 2011 - 10.00 a.m.
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.
11.08.2010 07:02 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: Graphit Kropfmühl AG
LangheinrichstraÃe 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 Hamburg, München, Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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DGAP-News: Graphit Kropfmühl AG: Sales increased by 22.2 % to TEUR 46.644; Consolidated earnings (EBIT) in the 1st half year 2010 clearly improved
| Source: EQS Group AG