AMG Mining AG
Graphit Kropfmühl AG: Record revenue in 2011 – EUR 118.9 million (+ 22.7 %); Consolidated earnings 2011 (EBITDA) tripled to EUR 18.5 million; Most successful financial year in Company history
Graphit Kropfmühl AG / Key word(s): Final Results Kropfmühl, Germany, 14 March 2012 — Graphit Kropfmühl AG (DEUTSCHE BOERSE: 'GKR') is publishing its financial results for 2011. The annual financial statements are still subject to the adoption and approval of the consolidated financial statements by the Supervisory Board of Graphit Kropfmühl Aktiengesellschaft.
Business development This success was built on the upbeat economic situation in the Company's sales markets and the very strong development of demand for the products of Graphit Kropfmühl AG's customers. Graphit Kropfmühl Group was again able to considerably improve profitability, with the Silicon-metal business segment in particular recording outstanding development and the Graphite business segment also improving its results substantially year on year. In 2011, the Graphit Kropfmühl Group generated revenue of EUR 118.9 million – up EUR 22.0 million (22.7%) on the previous year. Earnings before interest, amortisation and depreciation (adjusted EBITDA) totalling EUR 18.5 million grew by EUR 12 million to almost triple the level of the previous year. The following key figures were posted at Group level:
Silicon-metal business segment Due to the upbeat economic situation in the final quarter of 2010 and the foreseeable high level of demand in 2011, we were able to implement substantially better prices for our main products. Despite a slight fall in volume development overall, considerable growth in revenue could still be recorded. The delayed effects of the world economic trends are also reflected in the revenue development. While substantial gains were made in both sales and revenue across all product areas in the first two quarters of the year, in the final quarter there was clear apprehension to order among our main customers, meaning growth rates slowed considerably over the course of the year. At EUR 15,987 thousand, gross profit almost quadrupled compared to the previous year, while the gross profit margin rose to 20.8%. On top of slightly decreased other operating income, earnings before interest and taxes (EBIT) jumped from EUR 2,209 thousand to EUR 12,558 thousand. Adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) developed in line with this and came in at EUR 14,611 thousand compared to EUR 4,059 thousand in the previous year.
Graphite business segment 2011 saw particularly high demand from the energy efficiency field. Our customers use our specially prepared graphite to make insulation materials even more effective. Sales and revenue in this product area both grew by double-digit figures. In connection with the rise in other operating income, EBIT increased from EUR 565 thousand to EUR 1,879 thousand. The adjusted EBITDA figure recorded similar development, up EUR 1,284 thousand to EUR 3,913 thousand.
Business development 2012 We anticipate that sales and capacity utilisation in the Silicon-metal business segment will remain at a high level in 2012. The reluctance to order among customers, which impacted revenue development in the final quarter of 2011, has eased again in the first quarter of 2012. In the medium term, our customers from the chemical and polysilicon industries also feel well positioned. We therefore predict no significant negative sales deviations for the Silicon-metal business segment in the medium term. In the Graphite business segment, we will continue to benefit from the constantly increasing worldwide demand for specialist graphite. We will specifically aim our production capacities at modern applications in order to offer competitive products in growing sales markets. In the short term, we anticipate an increasing share of business from the construction chemistry industry and stable positive development in the lubricants and separating agent segment. Growing demand from battery applications, which includes the electro-mobility field, is only likely to deliver substantial additional revenue and earnings in the medium term, meaning that we can assume constant yet moderate positive development for the Graphite segment. As a company, Graphit Kropfmühl Aktiengesellschaft and its subsidiaries are well-positioned for the future. The investments made in the efficiency of our production facilities in both business segments form the basis for our competitiveness. The new micronising capacities for specialist graphite at the Kropfmühl site came on line as planned and a further furnace at the Pocking site is due to be converted to a new energy-efficient electrode system in 2012. The investment volume earmarked for this project is around EUR 6.0 million. One interesting project is the recommencement of graphite mining in Kropfmühl. On the back of the high graphite prices on the world market, the conditions are good for recommencing operations at the site. The HR, technical and organisational decisions have been made and we are expecting the extraction of graphite ore from the Kropfmühl mine for processing at our production facilities to start up smoothly by mid-2012. Abroad, we are also working hard to tap new deposits. The first project in Cabo Delgado province, Mozambique, Africa, is already well advanced. There, Graphit Kropfmühl is pursuing the strategic objective of diversifying its raw material sources and substantially increasing the proportion of raw materials procured from its own sources. As in previous years, in 2012 we aim to strategically expand the prospects for the success in all business areas of the Graphit Kropfmühl Group and increase the value of the Company. Due to the diverse and wide-ranging investments, the Management Board will propose to the Supervisory Board to forego the payment of a dividend for the financial year 2011 at the upcoming meeting of the Supervisory Board to approve the annual financial statements of Graphit Kropfmühl AG and to adopt the consolidated financial statements.
Voluntary purchase offer by AMG
Financial calendar
Forward-looking statements
About the Company End of Corporate News 14.03.2012 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 | ||
Germany | ||
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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