DGAP-News: SKW Stahl-Metallurgie Holding AG / Key word(s): Final
Results
SKW Stahl-Metallurgie Holding AG: Adjusted operating EBITDA for 2013
up year-on-year
28.03.2014 / 07:01
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SKW Metallurgie: Adjusted operating EBITDA for 2013 up year-on-year
* Adjusted operating EBITDA up year-on-year to EUR 22.1 million (previous
year: EUR 19.5 million)
* Free cash flow lifts to EUR 15.3 million, net financial debt reduced
Unterneukirchen (Germany), March 28, 2014.The global specialty chemicals
group SKW Metallurgie has succeeded in improving its operating result as
forecast, despite difficult underlying conditions. For example, adjusted
operating EBITDA was up year-on-year to EUR 22.1 million (previous year:
EUR 19.5 million). The adjusted operating EBITDA margin increased from 4.8%
to 6.4%. In view of the downturn in steel production quantities on the
relevant markets for the Group (EU, North America and Brazil) as well as
external influences relating to exchange rates and raw materials prices,
consolidated revenues fell by 14% to EUR 347.4 million (2012: EUR 404.6
million).
In view of the negative EPS in the amount of EUR -0.26 (previous year: EUR
0.64), however, the Executive and Supervisory Boards will make a proposal
to the Company's Annual General Meeting to disburse no dividend for fiscal
year 2013, and to carry the accumulated profits 2013 of the parent company
SKW Stahl-Metallurgie Holding AG forward onto new account.
Gross margin up to 31.6%
The Group's operating performance can also be seen in the further
improvement in the gross margin from 29.2% to 31.6%.
As a result of several non-operating extraordinary factors (mainly
non-realized and thus non-cash currency translation effects, which mostly
stem from the valuation of intra-Group loans), accounting EBITDA,
calculated with IFRS figures, totaled EUR 15.2 million in fiscal year 2013
(previous year: EUR 20.7 million).
Free cash flow lifts to EUR 15.3 million, net financial debt cut by EUR >10
million
The Group focused on improving its free cash flow also in 2013. It clearly
reached this goal with an improvement from EUR 8.0 million to EUR 15.3
million - thanks to the lower level of net working capital and the
significant reduction in investments as a result of the end of the
expansion and investment phase. The bulk of these funds were used, as
announced, for reducing net financial debt, which thus fell from EUR 73.9
million at the end of 2012 to EUR 63.8 million at the end of 2013. In view
of its equity ratio of 41.3% (end of 2012: 40.2%), and its gearing of 0.60
(December 31, 2012: 0.61), the SKW Metallurgie Group continues to command a
solid balance sheet structure.
Further information on the Group and the report on fiscal year 2013 can be
found online at: www.skw-steel.com.
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Contact
SKW Stahl-Metallurgie Holding AG
Christian Schunck
Head of IR and Corporate Communications
Rathausplatz 11
84579 Unterneukirchen
Germany
Fax: +49 8634 62720-15
Fax: +49 89 5998923-29
E-mail: schunck@skw-steel.com
Internet: www.skw-steel.com
About SKW Stahl-Metallurgie Holding AG
The SKW Metallurgie Group 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, Russia the Peoples'
Republic of China (2) and India (2 via joint ventures).
Shares of SKW Stahl-Metallurgie Holding AG have been listed in Frankfurt
Stock Exchange's Prime Standard since December 1, 2006 with ISIN
DE000SKWM013 (from August 15, 2011: new ISIN DE000SKWM021).
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.
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KPIs for the SKW Metallurgie Group
(in EUR million)
<pre> 2013 2012
External revenues 347.4 404.6
- thereof Cored Wire 159.0 183.8
- thereof Powder and Granules 165.7 192.7
EBITDA (adj. op.)1 22.1 19.5
- thereof Cored Wire 10.6 9.1
- thereof Powder and Granules 11.3 12.6
EBITDA 15.2 20.7
EBIT (adj. op.)1 11.1 9.0
EBIT 4.2 10.3
Earnings before taxes (adj. op.)1 6.5 4.8
Consolidated net result for the period (SKW) -1.7 4.3
Gross margin 31.6% 29.2%
EBITDA margin (adj. op.)1 6.4% 4.8%
Earnings per share in EUR2 -0.26 0.64
Cash flow from operating activities 20.4 30.4
Free cash flow 15.3 8.0
Dec. 31, 2013 Dec. 31, 2012
Total assets 255.1 299.6
Equity ratio (incl. non-controlling interests) 105.5 120.6
Net financial debt 63.8 73.9
Gearing 3 0.60 0.61
Equity ratio (incl. non-controlling interests) 41.3% 40.2%
Employees 1,010 1,011
</pre>
Taking the changes under IAS 19R into account, figures for 2012 adjusted
accordingly
(1) Adjustments: non-realized and thus non-cash currency translation
effects, which mostly stem from the valuation of intra-group loans; one-off
expenses for the income-boosting program "EPC"; effects from non-period
litigation
(2) Based on an unchanged number of 6,544,930 shares
(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
Rathausplatz 11
84579 Unterneukirchen
Germany
Phone: +49 (0)8634 62720-15
Fax: +49 (0)8634 62720-16
E-mail: info@skw-steel.com
Internet: www.skw-steel.com
ISIN: DE000SKWM021
WKN: SKWM02
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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260190 28.03.2014
DGAP-News: SKW Stahl-Metallurgie Holding AG: Adjusted operating EBITDA for 2013 up year-on-year
| Source: EQS Group AG