DGAP-News
SKW Stahl-Metallurgie Holding AG: SKW Metallurgie announces Extraordinary General Meeting as well as additional program to increase earnings
DGAP-News: SKW Stahl-Metallurgie Holding AG / Key word(s): Restructure of
Company/AGM/EGM
SKW Stahl-Metallurgie Holding AG: SKW Metallurgie announces Extraordinary
General Meeting as well as additional program to increase earnings
29.01.2016 / 08:34
The issuer is solely responsible for the content of this announcement.
Company/AGM/EGM
SKW Stahl-Metallurgie Holding AG: SKW Metallurgie announces Extraordinary
General Meeting as well as additional program to increase earnings
29.01.2016 / 08:34
The issuer is solely responsible for the content of this announcement.
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SKW Metallurgie announces Extraordinary General Meeting as well as
additional program to increase earnings
- Provisions for a legal case from the past result in loss of half the
registered capital in single-entity accounts (German GAAP) of SKW
Stahl-Metallurgie Holding AG
- Preliminarily operative Group performance 2015 expected to be better
than most recently guided
- Program to increase earning power by additional almost EUR 20 million
- Management optimistic for discussions with lending banks
Unterneukirchen (Germany), January 29, 2016. Specialty chemical group SKW
Metallurgie expects for 2015 in the corporate parent entity a loss in the
amount of half the registered capital, and announces an Extraordinary
General Meeting. The main reason for the expected loss is a
risk-appropriate adjustment of provisions for a legal case re antitrust
fines concerning the years 2004 to 2007. Operatively, however, the
Management assumes, according to preliminary estimates, that key figures of
the Group 2015 (IFRS) will come out slightly above the most recently
published guidance. With respect to the massive crisis on the steel market,
SKW Metallurgie is accelerating the implementation of its strategic
restructuring. Accordingly, additional potential to increase earnings was
identified in the amount of almost EUR 20 million (EBITDA), which will be
realized within the next three years. This program called ReMaKe 2.0 is a
key element of the current discussions with the lenders re loan conditions
of the syndicated loan and thus also re the future financing structure. The
Company is optimistic to reach a solution that is satisfactory for all
involved.
"The massive crisis in the steel and steel consumables markets around the
globe has increased in recent months and has offset some of our success so
far", Dr. Kay Michel, CEO of SKW Stahl-Metallurgie Holding AG and
long-standing expert for corporate restructuring, explains. "In the current
year, the market environment is expected to deteriorate further, before we
should see a modest improvement in 2017. Hence, we have enhanced our
SKW Metallurgie announces Extraordinary General Meeting as well as
additional program to increase earnings
- Provisions for a legal case from the past result in loss of half the
registered capital in single-entity accounts (German GAAP) of SKW
Stahl-Metallurgie Holding AG
- Preliminarily operative Group performance 2015 expected to be better
than most recently guided
- Program to increase earning power by additional almost EUR 20 million
- Management optimistic for discussions with lending banks
Unterneukirchen (Germany), January 29, 2016. Specialty chemical group SKW
Metallurgie expects for 2015 in the corporate parent entity a loss in the
amount of half the registered capital, and announces an Extraordinary
General Meeting. The main reason for the expected loss is a
risk-appropriate adjustment of provisions for a legal case re antitrust
fines concerning the years 2004 to 2007. Operatively, however, the
Management assumes, according to preliminary estimates, that key figures of
the Group 2015 (IFRS) will come out slightly above the most recently
published guidance. With respect to the massive crisis on the steel market,
SKW Metallurgie is accelerating the implementation of its strategic
restructuring. Accordingly, additional potential to increase earnings was
identified in the amount of almost EUR 20 million (EBITDA), which will be
realized within the next three years. This program called ReMaKe 2.0 is a
key element of the current discussions with the lenders re loan conditions
of the syndicated loan and thus also re the future financing structure. The
Company is optimistic to reach a solution that is satisfactory for all
involved.
"The massive crisis in the steel and steel consumables markets around the
globe has increased in recent months and has offset some of our success so
far", Dr. Kay Michel, CEO of SKW Stahl-Metallurgie Holding AG and
long-standing expert for corporate restructuring, explains. "In the current
year, the market environment is expected to deteriorate further, before we
should see a modest improvement in 2017. Hence, we have enhanced our
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