SKW Stahl-Metallurgie Holding AG
- WKN: SKWM02
- ISIN: DE000SKWM021
- Land: Deutschland
Nachricht vom 27.07.2018 | 13:00
SKW Stahl-Metallurgie Holding AG: SKW-Group continues operative upward trend during the first half-year period 2018
DGAP-News: SKW Stahl-Metallurgie Holding AG / Key word(s): Half Year Results
SKW-Group continues operative upward trend during the first half-year period 2018
- During the period from December to May, revenues rise by 2% to 139.8 million euro, during the second quarter even by almost 12%
- adjusted EBITDA despite significant price erosion and higher costs of raw materials with 6.5 million euro remain almost on the same level as during the reference period
- CEO Dr. Kay Michel: "In view of the framework conditions and the ongoing insolvency proceeding, SKW Holding has done rather well"
Munich, July 27, 2018 - During the first half-year period of the current financial year (December 2017 to November 2018), SKW Group has slightly increased its turnover and thereby continued the positive operative tendency of the previous year. The profit situation was influenced by massive price erosion in SKW's customer industries and by significantly increased raw material prices. These factors could only partially be compensated by cost cuts and efficiency enhancements under the ongoing "ReMaKe Program". Today, the Group publishes its financials for the first six months 2018.
Preliminary remarks: Because of the insolvency proceeding of SKW Holding, which was opened on December 1, 2017, the financial year 2017 ended on November 30, 2017. Thereby, a short fiscal year between January 1 and November 30, 2017 was created. The first six months of the current financial year therefore refer to the period from December 1, 2017 to May 31, 2018, the previous-year-period is in each case the period January 1 to June 30, 2017):
- During the first half-year 2018, Group Sales increased compared to the reference period of the previous year from 137.3 million euro by 1.9% to 139.8 million euros. Thereby, the regions Europe and Asia increased their turnover by segments due to the economic upswing in the steel-industry from 11.9% to 47.5 million euros, whereby revenues in the region North America dropped by 2.2% to 66.0 million euro. With 11.4 million euro during the first half-year, revenues in South-America remained 17.3% below the comparative figure of the reference period. During the second quarter, the increase in turnover of SKW Group amounted to 11.6% to 74.9 million euro.
- gross margin profits (defined as the difference between the overall performance and cost of material in relation to turnover), which is significant for SKW's business operations declined during the first half-year from 31.9% to 28.3%. The reasons for this are the massive pressure on prices in customer industries of SKW as well as significantly higher raw material prices, which can partially only be passed on to customers time-delayed.
- Group earnings before interest, tax and depreciations (EBITDA), which have not been adjusted by non-operational special effects and one-time effects (such as restructuring expenses) in the amount of 6.5 million euro after the first six months almost reached the previous year's figure of 6.8. million euro. The positive effects of the efficiency enhancement program "ReMaKe" worked contrary to the existing margin pressure.
Dr. Kay Michel, CEO of SKW Stahl-Metallurgie Holding AG: "In light of the headwinds, which we have to cope with on the cost- and price-side, SKW Group is still doing rather well and continues the positive operative tendency of the previous year. Admittedly, the current pressure on margins and also market insecurities caused by the open trade conflict of the U.S. with other big economic regions don't make it easier for us to reach our goals for the whole year. Even more important it is for us that the ongoing insolvency proceeding in self-administration of our parent company SKW Stahl-Metallurgie Holding AG can be finalized as soon as possible. We have to fully focus on our operative business once more."
The interim financial statement of SKW as of May 31, 2018 is as of today available for download under https://www.skw-steel.com/en/ir-press/2015-12-17-08-13-42.html.
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 89 99 24 96 30
|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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