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SKW Stahl-Metallurgie Holding AG: Adjusted operating EBITDA for 2013 up year-on-year

DGAP-News: SKW Stahl-Metallurgie Holding AG / Key word(s): Final
Results
SKW Stahl-Metallurgie Holding AG: Adjusted operating EBITDA for 2013
up year-on-year

28.03.2014 / 07:01

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SKW Metallurgie: Adjusted operating EBITDA for 2013 up year-on-year
* Adjusted operating EBITDA up year-on-year to EUR 22.1 million (previous
year: EUR 19.5 million)
* Free cash flow lifts to EUR 15.3 million, net financial debt reduced

Unterneukirchen (Germany), March 28, 2014.The global specialty chemicals
group SKW Metallurgie has succeeded in improving its operating result as
forecast, despite difficult underlying conditions. For example, adjusted
operating EBITDA was up year-on-year to EUR 22.1 million (previous year:
EUR 19.5 million). The adjusted operating EBITDA margin increased from 4.8%
to 6.4%. In view of the downturn in steel production quantities on the
relevant markets for the Group (EU, North America and Brazil) as well as
external influences relating to exchange rates and raw materials prices,
consolidated revenues fell by 14% to EUR 347.4 million (2012: EUR 404.6
million).
In view of the negative EPS in the amount of EUR -0.26 (previous year: EUR
0.64), however, the Executive and Supervisory Boards will make a proposal
to the Company's Annual General Meeting to disburse no dividend for fiscal
year 2013, and to carry the accumulated profits 2013 of the parent company
SKW Stahl-Metallurgie Holding AG forward onto new account.
Gross margin up to 31.6%
The Group's operating performance can also be seen in the further
improvement in the gross margin from 29.2% to 31.6%.
As a result of several non-operating extraordinary factors (mainly
non-realized and thus non-cash currency translation effects, which mostly
stem from the valuation of intra-Group loans), accounting EBITDA,
calculated with IFRS figures, totaled EUR 15.2 million in fiscal year 2013
(previous year: EUR 20.7 million).


Free cash flow lifts to EUR 15.3 million, net financial debt cut by EUR >10
million
The Group focused on improving its free cash flow also in 2013. It clearly
reached this goal with an improvement from EUR 8.0 million to EUR 15.3
million - thanks to the lower level of net working capital and the
significant reduction in investments as a result of the end of the
expansion and investment phase. The bulk of these funds were used, as
announced, for reducing net financial debt, which thus fell from EUR 73.9
million at the end of 2012 to EUR 63.8 million at the end of 2013. In view