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SGL Group FY'13 sales drop 10%
10
Mar '14
The fiscal year 2013 developed weaker than originally anticipated for SGL Group – The Carbon Company – but in line with the adjusted June guidance.
 
Primarily due to the unsatisfactory price development in graphite electrodes and the cyclical downturn in graphite specialties, Group sales declined by 10% to €1,477.0 million. 
 
As a result of the adverse development in all three Business Areas, Group EBIT before non-recurring charges decreased to €19.5 million (2012: €164.4 million) and EBIT margin was down to 1.3 % (2012: 10.0 %). Group-wide savings from the cost savings program SGL2015 amounted to approximately €69 million, thereby significantly exceeding the expected savings of €50 million. Approximately €27 million of savings were attributable to the SGL Excellence initiative.
 
Highlights for Fiscal Year 2013:
-Sales decreased by 10% to €1,477 million compared to previous year
-EBIT before non-recurring charges down to €19,5 million
-Non-recurring charges and restructuring expenses of €227 million
-Free cash flow improved by €104 million to €38,2 million
-Outlook for 2014 impacted by continued difficult market environment in graphite electrodes 
 
Within the context of the repositioning of the Company and the difficult economic environment, negative non-recurring charges totaling €226.9 million had to be recorded on EBIT level. These included impairments of €120.6 million and project write-offs of €22.1 million in the Business Area Carbon Fibers & Composites and SGL2015 related restructuring expenses of €84.2 million. Accordingly, Group EBIT including non-recurring charges and restructuring expenses was minus €207.4 million (2012: 110.2 million).
 
Jürgen Köhler, CEO of SGL Group: “2013 was operationally one of the most difficult years ever for our Company and developed disappointingly. As a result, we implemented the comprehensive group-wide cost savings program SGL2015 to counter the increasing challenges. Regarding the realignment of the Company, initial successes have been achieved. Now it is important to drive the restructuring process forward and return SGL Group to a sustainable profitable growth track. As a technology company, we will ensure a balance between cost savings and investments in future technologies and innovations.”
 
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SGL Group


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