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[August 2003]
Encouraging First Half for SGL Carbon
Consolidated sales revenue of the SGL Carbon Group (Wiesbaden, Germany) fell to €518.8 million in the first half of 2003, a 4% year-on-year decline. After adjustment for exchange rate effects, sales revenue was up 6%, mainly due to continuing strong growth in graphite electrode volumes.
The profit from operations rose from €8.1 million in the first half of 2002 to €18 million in H1 2003. This included a net positive earnings contribution from non-operating activities of €4 million which primarily relates to the disposal of the group's electrical contacts business and a closed plant in the USA. However, additional expenses were incurred in relation to workforce reduction measures in Grenoble in France.
Furthermore, the Polish company Angraph was included in the consolidated financial statements for the first time as of 30 June 2003. In Q2, SGL Carbon increased its consolidated profit from operations in comparison with Q1 by €7.8 million to €12.9 million.
Despite the muted economic situation, continuing slow demand and ongoing uncertainty regarding exchange rate developments between the US dollar, the euro and the yen, SGL Carbon said it was expecting an improvement in its results for the second half of the year.
ENDS