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Klöckner & Co SE

EANS-News: Klöckner & Co SE
Klöckner & Co SE: sales and earnings for financial year 2008 rise substantially over previous year´s results despite plunge in sales volume and earnings during the fourth quarter of 2008

Duisburg (euro adhoc) -

•	Sales climb by around 8% to more than €6.7 billion
 •	EBITDA rises 
by 62% to €600 million
 •	Net financial debt cut by nearly 50% during
the second half of the year
 •	Savings of €100 million to be achieved
in 2009 as a result of comprehensive, immediate actions
 •	Slight 
increase in demand assumed for the second half of the year
  ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
  the content of this announcement.
balance
Duisburg, March 31, 2009 - Klöckner & Co SE
can look back on a successful financial year in 2008, in spite of a 
difficult fourth quarter. Driven largely by acquisitions and price 
increases in the first nine months of the year, sales climbed by 
around 8% from EUR6.3 billion to EUR6.7 billion. EBITDA (earnings 
before interest, taxes, depreciation and amortization) increased by 
62% from EUR371 million in 2007 to EUR600 million in 2008. Adjusted 
for non-recurring items from divestments totaling EUR260 million and 
a negative effect of EUR79 million from provisions for an anti-trust 
fine in France, operating EBITDA rose by 27% to EUR420 million (2007:
EUR331 million).
EBIT climbed by 74% to EUR533 million (2007: EUR307 million), and 
consolidated net income increased to EUR384 million (2007: EUR156 
million), which correspond to earnings per share of EUR8.56. Net 
financial debt was reduced by nearly 50% from more than EUR1 billion 
at their peak at the end of the first half of 2008 to EUR571 million 
at the end of 2008.
As a result of the positive earnings trends during the financial 
year, the equity ratio rose from 28% to 35% at total assets of EUR3.1
billion.
Immediately after the crisis - triggered by the collapse of Lehman - 
reached a climax in the real and financial markets, Klöckner & Co 
responded with immediate cost-cutting measures. As part of this 
program, steps to cut net working capital and reduce the workforce 
were initiated in reaction to falling demand. At the beginning of 
October 2008, a temporary halt to the acquisition program was also 
introduced.
In response to the continued worsening of the world´s economic 
situation, a supplementary package of measures was approved at the 
beginning of March 2009. Building on the steps contained in the first
program, personnel-related actions, including shorter workweeks, were
intensified, operating expenses were reduced in all areas, and 
inventories were cut back further. In combination with the STAR 
efficiency-enhancing program, both packages of measures are designed 
to lower costs by about EUR100 million during the ongoing financial 
year as well as to continue rapidly reducing debt, which has already 
been reduced from EUR571 million to the current level of below EUR360
million.
As a result of the continued uncertainties surrounding the world´s 
economy, Klöckner & Co is refraining from issuing an outlook for 
financial year 2009. Against the backdrop of further reductions in 
inventory throughout the value chain and the continued slowdown of 
the economy, no signs of improving demand can be seen at the moment. 
A bottom for the prices of steel and metal products has not been 
reached, even though steel production has been dramatically cut back.
From today´s perspective, a slight increase in demand is assumed in 
the second half of the year. Overall, Klöckner & Co expects earnings 
to decrease significantly during the financial year of 2009 despite 
the timely introduction of the Company´s programs.
Dr. Thomas Ludwig, Chairman of the Management Board at Klöckner & Co 
SE, said: "We took advantage of the positive market situation in the 
first three quarters to successfully develop Klöckner & Co and 
achieved the best operating business results in our Company´s 
history. With our packages of measures, we responded in a timely, 
rapid manner at the start of the fourth quarter of 2008 and in the 
first quarter of 2009 to the continuing downturn in the world 
economy. We are being forced to take every available step to cut 
costs and reduce debt further. Unfortunately, these steps also 
include reducing jobs and canceling the dividend payment. Thanks to 
the Group´s reorganization in recent years, the successfully 
integrated acquisitions, the results of the efficiency-enhancing 
program and the Company´s complete refinancing, Klöckner & Co is 
optimally prepared to successfully master the ongoing crisis and 
emerge from it in a strengthened position."
About Klöckner & Co: Klöckner & Co is the largest 
producer-independent distributor of steel and metal products in the 
European and North American markets combined. The core business of 
the Klöckner & Co Group is the storage and distribution of steel and 
non-ferrous metals. About 185,000 active customers are supplied 
through more than 260 distribution locations in 15 countries in 
Europe and North America. During the financial year 2008, the Company
achieved sales of approximately EUR6.7 billion with more than 10,000 
employees. The shares of Klöckner & Co SE are admitted to trading on 
the official market segment (Amtlicher Markt) of the Frankfurt Stock 
Exchange (Frankfurter Wertpapierbörse) with simultaneous admission to
the sub-segment (Prime Standard) to the official market with further 
post-admission obligations. ISIN: DE000KC01000; WKN: KC0100; Common 
Code: 025808576. Klöckner & Co shares are listed in the MDax® Index 
of Deutsche Börse.
end of announcement                               euro adhoc

Further inquiry note:

Peter Ringsleben - Corporate Communications
Phone: +49-203-307-2800
E-mail: peter.ringsleben@kloeckner.de

Claudia Uhlendorf - Corporate Communications
Phone: +49-203-307-2289
E-mail: claudia.uhlendorf@kloeckner.de

Dr. Thilo Theilen - Investor Relations
Phone: +49-203-307-2050
E-Mail: thilo.theilen@kloeckner.de

Branche: Metal Goods & Engineering
ISIN: DE000KC01000
WKN: KC0100
Index: CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / free trade

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