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Klöckner & Co SE

EANS-News: Klöckner & Co SE: Sales volume, sales, and earnings significantly lower than previous year´s figures - however a return to a positive operating result seen over the last two quarters; external growth initiated

Duisburg (euro adhoc) -

•	Sales volume with -31% and sales with -43% heavily decreased in 
2009
 •	EBITDA with -€68 million and net income with -€186 million 
clearly negative 
 •	Due to the consistent response to the crisis net
debt completely eliminated, financing secured and expanded, costs 
significantly reduced
 •	Resumption of growth strategy through 
acquisitions and organic growth
 •	Sales growth of more than 20% 
incl. acquisitions and clearly positive operating result (EBITDA) are
expected for 2010, although the market conditions are still 
challenging
  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
annual report
Subtitle: •	Sales volume with -31% and sales with -43% heavily 
decreased in 2009 •	EBITDA with -€68 million and net income with 
-€186 million clearly negative •	Due to the consistent response to 
the crisis net debt completely eliminated, financing secured and 
expanded, costs significantly reduced •	Resumption of growth strategy
through acquisitions and organic growth •	Sales growth of more than 
20% incl. acquisitions and clearly positive operating result (EBITDA)
are expected for 2010, although the market conditions are still 
challenging
Duisburg, March 9, 2010 - The global
financial and economic crisis has also severely impacted sales 
volume, sales and earnings of Klöckner & Co. At the same time, the 
Company´s quick and appropriate response to the crisis enabled it to 
secure financing early on, reduce costs by approximately EUR130 
million, completely eliminate net debt as well as successfully place 
a convertible bond and a rights issue. "As a result of our fast 
implemented crisis measures we created ourselves the necessary 
manoeuvring room and early resumed our acquisition strategy with the 
takeover of the Becker Stahl-Service Group in Germany and the 
acquisition of Bläsi AG in Switzerland", said Gisbert Rühl, CEO of 
Klöckner & Co SE.
Significant decline in sales volume, sales, and earnings The sales 
volume for the full year of 2009 dropped by -31.0% to 4.1 million 
tons (in 2008: 6.0 million tons). This was primarily the result of 
the weak economy. Sales declined by -42.8% to EUR3.9 billion (in 
2008: EUR6.7 billion) due to substantially lower prices in addition 
to a declining sales volume. The EBITDA (earnings before interest, 
taxes, depreciation and amortization) amounted to -EUR68 million in 
2009 compared to +EUR601 million in the previous year. After a 
clearly negative EBITDA in the first two quarters of 2009, positive 
operating results were once again achieved in the second half of 2009
with +EUR11 million in the third quarter and +EUR6 million in the 
fourth quarter. The positive results can primarily be attributed to 
the higher price level as well as to the implemented cost cutting 
measures.
In terms of EBITDA changes, the EBIT (earnings before interest and 
taxes) amounted to -EUR178 million at the end of 2009 (in 2008: 
+EUR533 million) and the Company´s pre-tax earnings were -EUR240 
million (in 2008: +EUR463 million). Consolidated net income was also 
negatively impacted by EUR42 million from impairment charges. Taking 
into consideration a positive tax effect, Klöckner & Co ended 2009 
with a consolidated net loss of -EUR186 million (in 2008: a 
consolidated net profit of +EUR384 million).
Corporate and financial structures optimized With its quick response 
to the crisis, Klöckner & Co was able to turn the net financial debt 
of EUR571 million at the end of 2008 into a net cash position of 
EUR150 million. This was achieved by the significant reduction of 
working capital as well as by the placement of a growth oriented 
rights issue in September 2009. The funds released from the reduction
in working capital also substantially improved cash flow from 
operating activities to EUR565 million compared to EUR187 million for
the same period last year. At the same time, the annual cost 
reduction target of EUR100 million for operating and personnel 
expenses was significantly exceeded with savings amounting to 
approximately EUR130 million. Furthermore, the Company restructured 
its financing early on to be crisis-resistant and increased it's 
equity ratio to 41% with the rights issue. This created a solid 
foundation for the Company´s future growth strategy.
External and organic growth The Company´s growth strategy resumed 
with the acquisition of Becker Stahl-Service in Germany and Bläsi AG 
in Switzerland is accelerating again. "We are still looking for 
attractive companies in our core markets of Europe and North America 
which meet our demanding acquisition criteria", says Gisbert Rühl. In
addition to external growth, Klöckner & Co initiated measures to 
generate organic growth. "In doing so, we especially want to make use
of competitors´ liquidity problems to expand our market share 
systematically", explains Gisbert Rühl.
Only slight increase in real demand For 2010, Klöckner & Co expects 
in a still challenging environment only a slight increase in real 
demand. The expected increase of the sales volume of 10% without 
acquisitions will be primarily driven by inventory build-up along the
value chain. Including the impact of the two acquisitions the Company
is expecting sales growth of more than 20%. Based upon these 
expectations, Klöckner & Co is anticipating a clearly positive 
operating result (EBITDA) for 2010. Yet the result will not be 
sufficient to meet the Company´s target of achieving an operating 
margin of at least 6%.
"Even if the crisis persists, our quick response based on solid 
funding and improved efficiency will enable us to look ahead and 
consistently pursue our growth strategy, while the market continues 
to wait for a recovery", says Gisbert Rühl.
end of announcement                               euro adhoc

Further inquiry note:

Dr. Thilo Theilen - Head of Investor Relations & Corporate Communications
Phone: +49 (0) 203-307-2050
E-Mail: thilo.theilen@kloeckner.de

Claudia Uhlendorf - Spokesperson
Phone: +49 (0) 203-307-2289
E-mail: claudia.uhlendorf@kloeckner.de

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

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