AMG Mining AG
Graphit Kropfmühl AG: Clear recovery of turnover to EUR 96.9 milliom in 2010; Consolidated profit for the year 2010 (EBIT) increased to EUR 2.8 million
Graphit Kropfmühl AG / Key word(s): Final Results Kropfmühl, Germany, 16 March 2011 — Today Graphit Kropfmühl AG (DEUTSCHE BOERSE: 'GKR') announced that in its meeting on 11 March 2011 the Supervisory Board of Graphit Kropfmühl AG approved the audited annual financial statements of the company for the fiscal year from 1 January to 31 December 2010. The consolidated financial statements as prepared and audited were adopted.
Course of business For the group the financial ratios were as follows:
1 Earnings ratios EBITDA adapted to uniform group accounting principles. Adjusted EBITDA before restructuring measures, foreign exchange result, and expenses for recultivation; for comparability previous year's figures adapted to uniform group accounting principles.
Silicon-metal segment Earnings in the silicon-metal segment, however, were burdened by decreasing sales prices, and rising purchase prices for electricity again gained increasing significance. The electricity purchase price is the main cost factor in the production of silicon-metal. In fiscal year 2010 the segment reached a gross profit of EUR 4.1 million after EUR 4.8 million in 2009. The segment's adjusted EBITDA in the fiscal year amounts to EUR 4.1 million and shows a moderate decrease by EUR 0.1 million compared to the previous year. With almost unchanged administrative and selling expenses, higher depreciation and amortisation, and adjusted for an improved result from foreign currency translation, earnings before interest and taxes (EBIT) decreased by approximately EUR 0.6 million and amount to EUR 2.2 million in 2010. Earnings before taxes slightly decreased by EUR 0.1 million from EUR 2.1 million to EUR 2.0 million.
1 Earnings ratios EBITDA adapted to uniform group accounting principles. Adjusted EBITDA before restructuring measures, foreign exchange result, and expenses for recultivation; for comparability previous year's figures adapted to uniform group accounting principles.
Graphite segment Gross profit altogether improved by 56.4 % to EUR 6.1 million. The adjusted EBITDA increased by EUR 2.6 million to EUR 2.6 million. Selling, general and administrative expenses in this segment, as well as the other income, remained lower than in the previous year. Despite higher depreciation and amortisation due to investments in 2010 and in previous years, and though adjusted for a higher result from foreign currency translation, segment earnings (EBIT) clearly increased to EUR 0.6 million after EUR – 1.8 million in the previous year. Earnings before taxes also clearly increased from EUR – 2.7 million to EUR 0.5 million in 2010.
1 Earnings ratios EBITDA adapted to uniform group accounting principles. Adjusted EBITDA before restructuring measures, foreign exchange result, and expenses for recultivation; for comparability previous year's figures adapted to uniform group accounting principles.
Course of business in 2011 Since the beginning of the year 2010, the noticeable end of the financial and economic crisis, the situation on the raw material markets has changed very dynamically. The recovery of the markets and the strong growth in Asia resulted in a clear increase both in demand and in the prices for important raw materials. In 2011 the graphite segment is expected to experience further increasing prices on the procurement side, i.e. the price trend on the procurement market should continue to develop upwards. For the short term the situation is not expected to become easier here. In combination with a further growing demand for our products, necessary price adjustments on the selling side also will result in a higher segment turnover. After the significant rise in group turnover to EUR 96.9 million in 2010, we again expect a clearly positive development for fiscal year 2011, so that in the year 2011 we will exceed the EUR 100 million turnover limit – provided that there are no unexpectedly strong market influences. For the group we expect that a further improvement of earnings ratios also will be possible. For the years 2011 and 2012 we are planning investments that on the one hand should provide further rationalisation, with a special focus on energy saving, and on the other hand should provide additional production capacities. In the graphite segment the application fields of energy efficiency and lubricants / separating agents will continue to play an important part in the future, and the securing of raw material supplies also will be of great importance. The strategic objective of our operations still will be to secure and further improve our liquidity position and to increase the value of our company.
Adaptations to financial reporting and accounting standards lead to a loss in terms of
Forward-looking statements
Information on the company End of Corporate News 16.03.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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@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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