SKW Stahl-Metallurgie Holding AG
- WKN: SKWM02
- ISIN: DE000SKWM021
- Land: Deutschland
Nachricht vom 01.12.2017 | 13:00
SKW Stahl-Metallurgie Holding AG: Opening of insolvency proceedings under self-administration with regard to the assets fo SKW - After nine months in 2017 continuous positive trend in business performance
DGAP-News: SKW Stahl-Metallurgie Holding AG / Key word(s): Insolvency
Opening of insolvency proceedings under self-administration with regard to the assets of SKW - After nine months in 2017 continuous positive trend in business performance
- Creditors' meetings expected to vote on insolvency plan for financial restructuring of the Company at the beginning of 2018
- Despite US dollar weakness, revenue amounts in the first nine months increased to EUR 196.1 Mio., gross profit margin slightly increased
- Adjusted EBITDA amounts to EUR 10.3 Mio. and is still in line with guidance for full year 2017
München, December 1st, 2017 - As expected, the competent insolvency court has opened insolvency proceedings with regards to the assets of SKW Stahl-Metallurgie Holding AG (ISIN DE000SKWM021). Concurrently, the court has appointed Dr. jur. Christian Gerloff (Gerloff Liebler Rechtsanwälte, München) as custodian.
On September 27th, 2017, the management had filed for insolvency under self-administration. As a next step, the creditors of the Company are asked to vote on the insolvency plan submitted to the court, which is aimed at the financial restructuring of the Company, during a creditors' meeting at the beginning of 2018. In case of approval of the plan, confirmation of the plan by the insolvency court will be required.
The report for the third quarter of 2017, published on November 30th, 2017, substantiates the positive operational trend of SKW:
- Despite of US dollar's weakness, SKW group generated revenues of EUR 196.1 Mio. in the first nine months of the year which were therefore considerably higher than the revenues generated in prior period 2016 (EURO 178.9 Mio., +9.6%).
- Particularly in the raw-material intensive business of SKW, the gross profit margin (31.8%) was slightly higher than the prior-period figure of 31.6%. This positive change was achieved despite the massive pressure on prices in SKW's customers industries and successfully offsets the decrease in some high-margin product lines with efficiency gains, especially for standard products.
- The by extraordinary and non-recurring effects (e.g. restructuring costs, divestment gains) adjusted EBITDA amounted from January to September 2017 from EUR 7.8 Mio. to EUR 10.3. Thus, the operational development confirms the original full-year guidance.
- SKW finished the first nine months with earnings from continuing operations after taxes of EUR -2.7 Mio. (prior period 2016 EUR -12.4 Mio.).
- SKW group shows a negative equity before non-controlling interests of EUR 19.6 Mio. as of September 30th, 2017 (December 31st, 2016: EUR -15.8 Mio.).
Dr. Kay Michel, CEO of SKW Stahl-Metallurgie Holding AG: "The nine-month figures show that SKW group now is operationally well positioned in the market. Thus, we are confident that we can use our chances in our core-markets and can strengthen our position in the competitive environment. This operational progress will be considerably supported by the intended financial restructuring of SKW Holding."
Prospects on full-year 2017
About SKW Stahl-Metallurgie Holding AG and the SKW Metallurgie Group
This press release may include certain forward-looking statements which are based on currently available assumptions and predictions of the SKW Metallurgie Group's management as well as on other currently available information. Various identified as well as unidentified risks and uncertainties as well as other factors may result in a deviation of actual results, financial situation, development or achievement of the company compared to the assessments made herein. SKW Stahl-Metallurgie Holding AG does not intend and assumes no liability to update such forward-looking statements and to adjust them to future events and developments.
Telefon: +49 170 481 51 81
|Company:||SKW Stahl-Metallurgie Holding AG|
|Phone:||+49 (0)89 5998923-0|
|Fax:||+49 (0)89 5998923-29|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|
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