Quarterly Report • Nov 12, 2020
Quarterly Report
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2
Solid development in Q3/2020: sales revenues increased approx. 10% to Ŷ227 million compared to the prior quarter. Operating recurring EBIT improved substantially to Ŷ15 million compared to the prior quarter which was weakened by the pandemic.
Group sales revenues in 9M/2020 declined by approx. 18% to Ŷ684 million, driven by a pandemic-related weaker business development, expected lower business in Battery & other Energy (GMS), as well as capacity adjustments in Textile Fibers (CFM). Group operating recurring EBIT reached Ŷ25 million (9M/2019: Ŷ54 million).
Current status of new 5 year plan requires impairment charge of Ŷ80- 100 million in the business unit CFM in Q4/2020. In addition, a restructuring program with earnings improvement measures of more than Ŷ100 million until 2023 was resolved, associated with costs of Ŷ40 million, from today's perspective. A little more than 50% of the total amount will be recorded in Q4/2020 as restructuring expenses.
Outlook for Group sales and Group operating recurring EBIT for 2020 is confirmed. In contrast, outlook for Group net result reduced to minus Ŷ130 to Ŷ150 million.
Free cash flow at approx. Ŷ44 million in 9M/2020. With this, liquidity developed very positively to Ŷ167 million as of September 30, 2020, in light of the current economic environment, due to strict spend control and non-capital market related funding measures (year-end 2019: Ŷ137 million).
| Nine months | |||
|---|---|---|---|
| Ŷ million | 2020 | 2019 | Change |
| Sales revenue | ƌƎƉƋ | ƎƉƈƊ | –ƇƍƏ |
| EBITDA before non-recurring items | ƎƌƐ | ƇƐƍƈ | –ƇƏƎ |
| Operating profit (EBIT) before non-recurring items (recurring EBIT) | ƉƉƏ | ƋƊƈ | –ƉƍƋ |
| Operating EBIT before non-recurring items 1) | ƈƋƊ | ƋƊƈ | –ƋƉƇ |
| Return on sales (EBIT-margin) 2) | ƋƐ | ƌƋ | - |
| Return on capital employed (ROCE EBIT) 3) |
ƈƉ | Ɗƍ | - |
| Operating loss/profit (EBIT) | ƈƊƎ | –ƈƌƎ | - |
| Consolidated net result (attributable to shareholders of the parent company) | –ƉƏ | –ƍƊƋ | ƏƊƎ |
| Ŷ million | 30. Sep. 20 | 31. Dec. 19 | Change |
|---|---|---|---|
| Total assets | ƇƊƋƊƇ | ƇƋƐƊƎ | –ƉƊ |
| Equity attributable to the shareholders of the parent company | ƉƍƈƐ | ƊƇƎƌ | –ƇƇƇ |
| Net financial debt 4) | ƈƌƈƊ | ƈƎƎƋ | –ƏƐ |
| Leverage ratio 5) | ƈƌƌ | ƈƊƐ | - |
| Equity ratio 6) | ƈƋƌ | ƈƍƎ | - |
1) EBIT before non-recurring items and before positive one-time effects of Ŷ8.5 million in the first nine months of 2020
2) Ratio of EBIT before non-recurring items to sales revenue
3) EBIT before non-recurring items for the last twelve months to average capital employed (total of goodwill, other intangible assets, property, plant and equipment, investments accounted for At-Equity and working capital)
4) Financial liabilities (nominal amounts) less liquidity
5) Net financial debt divided by EBITDA before non-recurrring items of the last 12 months
6) Equity attributable to the shareholders of the parent company divided by total assets
| News from the Headquarters and the Businesses 4 | |
|---|---|
| Interim Group Management Report 5 | |
| Economic environment 5 | |
| Basis of preparation 5 | |
| Key events of the business development 5 | |
| Business development 6 | |
| Opportunities and Risks 11 | |
| Outlook 12 | |
| Subsequent events 13 | |
| Consolidated Financial Statements 14 | |
| Consolidated Income Statement 14 |
| Consolidated Statement of Comprehensive Income 15 | |
|---|---|
| Consolidated Balance Sheet 16 | |
| Consolidated Cash Flow Statement 18 | |
| Condensed Consolidated Statement of Changes in Equity 20 | |
| Segment information 21 | |
| Other Information 23 | |
| Financial Calendar 2021 25 | |
| Investor Relations Contact 26 |
4
The supervisory board of SGL Carbon SE appointed Dr. Torsten Derr as Chief Executive Officer of SGL Carbon SE for the duration of five years effective July 1, 2020. Fortunately, Dr. Derr was able to take up his position already on June 1, 2020. Since 2016, Dr. Derr held the position of Managing Director of SALTIGO GmbH, Leverkusen, a subsidiary of LANXESS AG. Following his master degree and attainment of his PhD in chemistry at the University of Bremen, he began his professional career at Bayer AG in 1997 and at LANXESS AG in 2003.
Due to the corona-related social distancing requirements, the Annual General Meeting on June 16, 2020 took place virtually at the company's headquarters. The board members, a notary, Ms. Klatten as chairwoman of the supervisory board and Messrs. Denoke and Jodl as deputy chairmen of the supervisory board attended in person. The supervisory board members Mrs. Klatten, Mr. Denoke and Mr. Eichler were re-elected with high approval rates. Approximately 320 shareholders participated online.
During the meeting on August 17, 2020, the Supervisory Board of SGL Carbon SE appointed Thomas Dippold (48) as CFO and Member of the Board of Management for the duration of five years effective December 1, 2020. Mr. Dippold will succeed the longstanding CFO Dr. Michael Majerus, who will resign from his office as of November 30, 2020 by mutual amicable consent. Mr. Dippold has already taken up his position as member of the Board of Management of SGL Carbon SE effective October 15, 2020.
SGL Carbon received a substantial contract from a North American automaker for the series production of the top and bottom layers for battery enclosures made of carbon and glass fiber reinforced composites.
At the beginning of this year, SGL Carbon started serial production of landing gears made from carbon fiber material, which will be installed in around 500 flight taxis worldwide over the next two years. The carbon fibers for the component are produced at the SGL Carbon plant in Muir of Ord, Scotland. The final component is being manufactured at the Innkreis site in Austria.
After prototypes for a Chinese automotive manufacturer, a major order from a North American automaker and yet another order from a European sports car manufacturer, SGL Carbon has now been nominated by BMW to serially produce a cover component for battery enclosures. This substantial multi-year order will include the production of an innovative glass-fiberbased cover plate for the battery housing. The component will be used in a future plug-in hybrid model.
The development of a new generation of thermal insulation for high temperature furnaces within the framework of the Aerofurnace consortium was the focus of a communication.
SGL Carbon has completed the modernization and expansion of its production capacities for specialty graphite automotive components at the Bonn site. Due to its durability, high strength, low friction behavior and high conductivity, the material is suitable for many different automotive applications. Examples include rotors and vanes in vacuum pumps for brake boosters, bearings for exhaust gas management, and sealing rings and bearings for seals in coolant pumps.
SGL Carbon reported on receiving the "Supplier of the Year 2019" award for excellence in quality management and contributions to strengthen the overall competitiveness of the Hyundai Motor Group related to the manufacturing and supply of fuel cell components.
The corporate magazine took a closer look at silicon carbide semiconductors and explained their highly attractive growth prospects. SGL Carbon supplies graphite components for the furnaces used to manufacture these semiconductors. These components must withstand temperatures of up to 2400 degrees Celsius and be of the highest purity.
SGL Carbon reports on a substantial order for 12 graphite based heat exchangers. The completely assembled systems will be used by the customer to expand their capacity for the production of phosphoric acid as one of the main raw materials to produce fertilizer for the agricultural sector worldwide. The delivery of the heat exchangers is planned for end of 2020.
In October 2020, the International Monetary Fund (IMF) revised the global growth forecast for the current year upwards by 0.8 percentage points to minus 4.4% mainly due to the faster than expected recovery of economic activity in the industrial nations compared to the IMF forecasts in June.
For the following year 2021, the IMF expects global growth of 5.2% and thus a significant recovery, albeit 0.2 percentage points below the last forecast from June 2020. The expected strong growth in 2021, however, is mainly the result of the low base due to the recessive quarters in 2020. Overall, the IMF continues to see considerable uncertainty regarding the forecast, the pandemic itself, its macroeconomic impact and the associated burdens on the financial and commodity markets.
For the euro area, the IMF expects economic output to decline by 8.3% in the current year, followed by a recovery of 5.2% in 2021. This means growth expectations have been increased by 1.9 percentage points for 2020 and decreased by 0.8 percentage points for 2021 compared to the IMF's June forecast. For Germany, minus 6.0% (1.8 percentage points higher than the June 2020 IMF forecast) is expected in 2020 and 4.2% (1.2 percentage points lower than the June 2020 IMF forecast) in the coming year.
The increasingly consistent outlook for the second half of the year prompted us to reinstate guidance for 2020 on July 28, 2020 under certain assumptions. Even though risks associated with a second pandemic wave and an associated further decline in demand due to a recession has recently increased, the Company confirms its guidance for Group sales revenue and Group operating recurring EBIT for the full year 2020 based on the development in the first nine months 2020. In the medium term, a weaker development is seen particularly in the automobile and aerospace businesses compared to the prior expectations.
The quarterly statement as of September 30, 2020 applies the same accounting principles and practices as those used in the 2019 annual financial statements.
The Covid-19 pandemic affects the business operations of SGL Carbon. SGL Carbon has two clear priorities. Overriding target is to implement measures to protect the health of our employees, their families and our business partners. In addition, it is our responsibility to manage our Company in the best way and as unscathed as possible through these times. The board of management together with both business units and the central functions have put together a comprehensive package of measures. The implemented work and behavioral measures have contributed to the fact, that only very few employees have so far been positively tested for the new Corona virus.
In the reporting segment GMS, the Covid-19 crisis particularly affected the market segments Industrial Applications, Chemicals and Automotive & Transport. In contrast, the market segments Battery & other Energy, LED, Solar and Semiconductor were nearly able to maintain their plan level. In the CFM reporting segment, all market segments except for Wind Energy are affected by the decline in business volume due to Covid-19.
SGL Carbon is globally active with 29 production sites. Some countries or regional authorities had implemented comprehensive restrictions such as lockdowns, which have had direct impact on our business operations. The GMS sites in China, India, Italy and Spain were temporarily affected by these restrictions, which have been lifted in the meantime and the sites have resumed operations. Due to temporary customer production stops, the CFM sites in Wackersdorf (Germany) and Austria have scaled back their production and introduced short time work. This also applied to the two production sites of the Brembo SGL joint venture. Thanks to the measures taken, the remaining sites of SGL Carbon in Germany, USA, UK, France, Portugal and Poland were able to largely maintain production and distribution of products without interruption, but at different degrees of utilization.
To counter the effects of the partially massive interruptions in the supply chain and their resulting lost work time, SGL Carbon is utilizing short time work as well as reduction of vacation and overtime at the sites and businesses, that are particularly affected. On September 30 approx. 17% of SGL Carbon employees were in short-time work or similar measures. The majority of short-time work measures are only used proportionally. Administrative employees and teams continued their activities largely from the home office.
Following the decision by the Japanese company Showa Denko (SDK) to discontinue the graphite electrode production site in Meitingen (Germany), SGL Carbon und Showa Denko have agreed in July 2020 to amend, adjust and/or terminate all existing contractual relationships by mutual consent for a settlement payment in a low double digit Ŷ million amount to be made by SDK to SGL Carbon. The amount shall be paid in two tranches, in November 2020 and February 2021. Showa Denko had acquired the graphite electrode business from SGL Carbon in the year 2017. As the site operator, SGL Carbon had entered into a number of contracts (in addition to the rental contract regarding land and buildings), including service agreements and supply relationships. A portion of Ŷ8.5 million of the agreed settlement amount, related to the early termination of rental and service contracts, was therefore recorded in sales revenue and earnings in the third quarter of 2020. Along with the compensation for rental and service level agreements, the total settlement amount also covers decommissioning, dismantling and disposal of existing technical equipment and machinery of SDK at the site in Meitingen.
| Nine months | ||||
|---|---|---|---|---|
| Ŷ million | 2020 | 2019 | Change | |
| Sales revenue | ƈƎƉƊ | ƉƈƎƌ | –ƇƉƎ | |
| EBITDA before non-recurring items 1) | ƉƈƐ | ƈƊƇ | ƉƈƎ | |
| EBIT before non-recurring items | ||||
| (recurring EBIT) 1) | ƇƐƌ | –ƇƎ | - | |
| Return on sales (EBIT-margin) 1) | Ɖƍ | –ƐƋ | - | |
| 2) Return on capital employed (ROCE EBIT) |
Ɛƍ | –ƐƉ | - | |
| Operating loss/profit (EBIT) | ƉƐ | –ƎƈƎ | - | |
1) Non-recurring items of minus Ŷ7.6 million and minus Ŷ81.0 million in the first nine months 2020 and 2019, respectively
2) EBIT before non-recurring items for the last twelve months to average capital employed (total of goodwill, other intangible assets, property, plant and equipment, investments accounted for At-Equity and working capital)
While the first quarter 2020 in the reporting segment Composites – Fibers & Materials (CFM) was still relatively unaffected by the Corona crisis, the effects were clearly visible in the second quarter 2020. Fortunately, the negative effects eased again in the third quarter, so that the development – particularly in earnings – was substantially better than expected at the half year mark. Accordingly, sales revenue in the third quarter 2020 only declined by approximately 11% yearover-year while recurring EBIT turned substantially positive (details on the quarterly development on page 23).
In the reporting period, sales revenue declined by approximately 14% (no meaningful currency effect) to Ŷ283.4 million from Ŷ328.6 million in the prior year period. The largest percentage decline was recorded in the loss-making market segment Textile Fibers. This is due to the fact that, as part of the earnings improvement measures, SGL Carbon had at the end of 2019 started to convert one acrylic fiber line to precursor and to idle two further lines. Corona-related declines were recorded in the market segments Automotive and Industrial Applications. In contrast, business with the wind energy industry increased by more than 60% and thus again developed more favorably than initially anticipated. The Aerospace business remained relatively stable compared to the prior year level.
Major investment accounted for At-Equity is the Ceramic Brake Discs business (Brembo SGL: development and production of carbon ceramic brake discs) which is allocated to the market segment Automotive and has two production sites in Meitingen (Germany) and Stezzano (Italy). Both sites had to stop production between end of March and end of April 2020, in Italy due to government regulations (lockdown) and in Germany due to production curtailments at important automotive customers. Accordingly, aggregated sales of the At-Equity accounted investments fell by approximately 20% to Ŷ152.5 million in the first nine months 2020 (9M/2019: Ŷ190.1 million, 100% values for companies). This sales revenue is not included in Group consolidated sales revenues.
Recurring EBIT improved from minus Ŷ1.8 million in the prior year period to Ŷ10.6 million in the first nine months 2020. The substantially improved results in the Wind Energy business and the positive effects from the earnings improvement measures implemented at the end of 2019 were only slightly offset by the weaker Automotive business and the approximately Ŷ4 million lower earnings contribution from At-Equity accounted investments. Accordingly, the EBIT margin improved from minus 0.5% to 3.7% in the reporting period.
After consideration of non-recurring items of minus Ŷ7.6 million, EBIT in the first nine months 2020 improved to Ŷ3.0 million (9M/2019: minus Ŷ82.8 million). Non-recurring items in the reporting period and in the prior year period mainly included the additional depreciation relating to the purchase price allocation from the acquisition of the shares in the SGL Composite companies as well as the impairment charge of Ŷ74.7 million in the prior year period.
| Nine months | ||||
|---|---|---|---|---|
| Ŷ million | 2020 | 2019 1) | Change | |
| Sales revenue | ƉƍƉƇ | ƊƎƐƇ | –ƈƈƉ | |
| EBITDA | ƋƏƇ | ƏƊƎ | –Ɖƍƍ | |
| Operating profit (EBIT) | ƉƋƊ | ƍƊƋ | –ƋƈƋ | |
| Return on sales (EBIT-margin) | ƏƋ | ƇƋƋ | - | |
| Return on capital employed (ROCE EBIT) 2) |
Ǝƍ | ƇƍƋ | - |
1) Adjusted to reflect the reclassification of the business with gas diffusuion layers from Corporate
2) EBIT before non-recurring items for the last twelve months to average capital employed (total of goodwill, other intangible assets, property, plant and equipment, investments accounted for At-Equity and working capital)
The effects from the Corona pandemic have further increased in the reporting segment Graphite Materials & Systems (GMS) in the third quarter 2020. This is mainly due to the late cyclical nature of the GMS business. Compared to the prior year quarter, sales declined by approximately 25% and EBIT by approximately 55% (details on the quarterly development on page 23).
In total, sales revenue in the reporting period declined by approximately 22% (no material currency impact) to Ŷ373.1 million from Ŷ480.1 million in the prior year period. This was driven by expected changes in the supply chain of our Liion battery business, as well as pandemic-related decrease of sales revenues in all market segments except Semiconductors, which grew by a low double-digit percentage.
Compared to the record earnings level in the prior year period (9M/2019: Ŷ74.5 million), recurring EBIT in the reporting period decreased by approximately 52% to Ŷ35.4 million. The IFRS 15 effect alone contributed Ŷ10 million to the earnings decline. The EBIT margin deteriorated to 9.5% (9M/2019: 15.5%). In line with the development in sales revenues, almost all market segments recorded an earnings decline compared to the prior year period. Only the market segments Semiconductors and Automotive & Transport remained stable and close to the prior year level.
| Nine months | |||
|---|---|---|---|
| Ŷ million | 2020 | 2019 1) | Change |
| Sales revenue | ƈƍƐ | ƈƉƍ | ƇƉƏ |
| thereof Central Innovation | ƇƇ | Ɛƍ | ƋƍƇ |
| EBITDA | –ƋƇ | –ƇƇƍ | ƋƌƊ |
| EBIT before non-recurring items | |||
| (recurring EBIT) 2) | –ƇƈƇ | –ƇƎƋ | ƉƊƌ |
| Operating EBIT before non-recurring | |||
| items 3) | –ƈƐƌ | –ƇƎƋ | –ƇƇƊ |
| Operating loss (EBIT) | –ƇƉƌ | –ƇƎƋ | ƈƌƋ |
| thereof Central Innovation | –ƍƈ | –ƍƋ | ƊƐ |
1) Adjusted to reflect the reclassification of the business with gas diffusuion layers to the reporting segment GMS
2) Non-recurring items of minus Ŷ1.5 million in the first nine months of 2020 3) Operating EBIT before non-recurring items and before positive one-time
effects of Ŷ8.5 million in the first nine months of 2020
Sales revenues in the reporting segment Corporate in the first nine months 2020 increased by approximately 14% (no currency effect) compared to the prior year level due to the agreement between SGL Carbon and SDK, which was concluded in July 2020 (see page 6 for further details). An amount of Ŷ8.5 million of the compensation was recorded as positive one-time effects in sales revenue and recurring EBIT in the third quarter 2020. Lower services provided to divested business units (former Business Unit Performance Products resp. PP) only partially offset this effect.
At minus Ŷ20.6 million, operating recurring EBIT in the reporting segment Corporate remained 11% below the prior year level (9M/2019: minus Ŷ18.5 million). Taking into consideration the positive one-time effect in the amount of Ŷ8.5 million and nonrecurring items of minus Ŷ1.5 million, EBIT improved by approximately 27% to minus Ŷ13.6 million (9M/2019: minus Ŷ18.5 million). Non-recurring items in the reporting period mainly relate to restructuring expenses for consulting services.
| Nine months | |||
|---|---|---|---|
| Ŷ million | 2020 | 2019 | Change |
| Sales revenue | ƌƎƉƋ | ƎƉƈƊ | –ƇƍƏ |
| Cost of sales | –ƋƉƉƇ | –ƌƋƊƈ | ƇƎƋ |
| Gross profit | ƇƋƐƊ | ƇƍƎƈ | –ƇƋƌ |
| Selling, administrative and R&D | |||
| expenses | –ƇƉƐƐ | –ƇƉƏƇ | ƌƋ |
| Other operating income/expenses | ƍƌ | ƊƎ | ƋƎƉ |
| Result from investments accounted | |||
| for At-Equity | ƋƏ | ƇƐƉ | –Ɗƈƍ |
| Operating profit (EBIT) before non | |||
| recurring items (recurring EBIT) | ƉƉƏ | ƋƊƈ | –ƉƍƋ |
| Impairment loss | - | –ƍƊƍ | - |
| Other non-recurring items | –ƏƇ | –ƌƉ | –ƊƊƊ |
| Operating loss/profit (EBIT) | ƈƊƎ | –ƈƌƎ | - |
| Operating EBIT Ƈ | ƈƋƊ | ƋƊƈ | –ƋƉƇ |
| EBITDA before non-recurring items | ƎƌƐ | ƇƐƍƈ | –ƇƏƎ |
1) EBIT before non-recurring items and before positive one-time effects of Ŷ8.5 million in the first nine months of 2020
Sales revenue of SGL Carbon fell significantly by almost 18% (no currency effect) to Ŷ683.5 million (9M/2019: Ŷ832.4 million). The decline in sales revenue is attributable to the developments described in the segment reporting. In contrast, the gross margin increased to 22.0% (9M/2019: 21.4%) in the reporting period mainly due to the proportional recognition of the settlement compensation from SDK, as mentioned above. In line with the reduced sales revenue, gross profit decreased to Ŷ150.4 million in the reporting period from Ŷ178.2 million in the prior year period. Selling, administrative and R&D costs were partially adjusted to the weaker business situation and decreased by 6.5% to Ŷ130.0 million (9M/2019: Ŷ139.1 million).
Accordingly, recurring EBIT in the reporting period fell by 38% to Ŷ33.9 million (9M/2019: Ŷ54.2 million). EBIT before nonrecurring items and adjusted for the one-time settlement compensation (operating recurring EBIT) amounted to Ŷ25.4 million.
Non-recurring items of minus Ŷ9.1 million in the reporting period mainly include the additional amortization of identified assets and liabilities resulting from purchase price allocation (PPA) of the SGL Composites companies amounting to minus Ŷ7.6 million, as well as restructuring expenses of Ŷ1.5 million, particularly for consulting services. In the third quarter of the last financial year, an impairment loss was recognized on other intangible assets, buildings, plant and machinery and other fixes assets at the cash generating unit CF/CM in the reporting segment CFM in the amount of Ŷ74.7 million. As a result, EBIT after non-recurring items increased from minus Ŷ26.8 million in the first nine months of 2019 to Ŷ24.8 million in the reporting period.
| Nine months | |||
|---|---|---|---|
| Ŷ million | 2020 | 2019 | Change |
| Interest income | Ɛƌ | Ƈƈ | –ƋƐƐ |
| Interest expense | –ƇƉƇ | –ƇƊƌ | ƇƐƉ |
| Imputed interest convertible bonds (non | |||
| cash) | –ƈƐ | –ƊƇ | ƋƇƈ |
| Imputed interest finance lease (non-cash) | –ƈƈ | –ƈƌ | ƇƋƊ |
| Interest expense on pensions | –ƉƐ | –Ɗƍ | Ɖƌƈ |
| Interest expense, net | –ƇƏƍ | –ƈƊƎ | ƈƐƌ |
| Amortization of refinancing costs (non | |||
| cash) | –ƇƏ | –ƈƍ | ƈƏƌ |
| Foreign currency valuation of Group loans | |||
| (non-cash) | –ƇƐ | Ɛƈ | - |
| Other financial income/expenses | –ƐƎ | –ƋƉ | ƎƊƏ |
| Other financial result | –Ɖƍ | –ƍƎ | Ƌƈƌ |
| Net financial result | –ƈƉƊ | –Ɖƈƌ | ƈƎƈ |
Interest expenses include the cash interest components for the 2019/2024 corporate bond issued in April 2019 with an interest rate of 4.625% and the 2018/2023 convertible bond with an interest rate of 3.0%. The previous year's figure also included the interest expense for the financial liabilities of SGL Composites to BMW and for the 2015/2020 convertible bond (interest rate of 3.5%). The non-cash imputed interest on the convertible bond is recognized in order to adjust the coupon on the convertible bond to comparable interest rates at the time of its issuance.
Due to the absence of interest expenses for the 2015/2020 convertible bond included in the previous year and lower interest expenses for pensions in the current year, the net interest expense for the reporting period improved significantly from minus Ŷ24.8 million in the previous year to minus Ŷ19.7 million. The other financial result also improved year-onyear to minus Ŷ3.7 million (9M/2019: minus Ŷ7.8 million). Main driver of this development was a one-time negative earnings effect from the repurchase of the convertible bond 2015/2020 amounting to Ŷ6.3 million included in the third quarter of 2019. In total, net financial result improved significantly to minus Ŷ23.4 million (9M/2019: minus Ŷ32.6 million).
| Nine months | |||
|---|---|---|---|
| Ŷ million | 2020 | 2019 | Change |
| Operating loss/profit (EBIT) | ƈƊƎ | –ƈƌƎ | - |
| Net financial result | –ƈƉƊ | –Ɖƈƌ | ƈƎƈ |
| Result from continuing operations before | |||
| income taxes | ƇƊ | –ƋƏƊ | - |
| Income tax expense | –ƊƋ | –ƇƊƍ | ƌƏƊ |
| Result from continuing operations | –ƉƇ | –ƍƊƇ | ƏƋƎ |
| Result from discontinued operations, | |||
| net of income taxes | –ƐƇ | –ƐƇ | ƐƐ |
| Net result for the period | –Ɖƈ | –ƍƊƈ | ƏƋƍ |
| Attributable to: | |||
| Non-controlling interests | Ɛƍ | ƐƉ | !ƇƐƐ |
| Consolidated net result | |||
| (attributable to shareholders of the | |||
| parent company) | –ƉƏ | –ƍƊƋ | ƏƊƎ |
| Earnings per share - basic and diluted | |||
| (in Ŷ) | –ƐƐƉ | –ƐƌƇ | ƏƋƇ |
Particularly due to the impairment loss of Ŷ74.7 million, the result from continuing operations before income taxes of the prior year period amounted to minus Ŷ59.4 million, compared to plus Ŷ1.4 million in the reporting period. Income tax expense of Ŷ4.5 million was characterized by current tax expenses on the positive earnings contributions of certain group companies. Income tax expense of the prior year period of Ŷ14.7 million was characterized by valuation allowances on deferred tax assets in the United Kingdom and in Germany in the amount of Ŷ7.4 million.
Consolidated net result for the period amounted to minus Ŷ3.9 million compared to minus Ŷ74.5 million in the prior year period (after deduction of non-controlling interests in the reporting period of Ŷ0.7 million and in the first nine months of 2019 of Ŷ0.3 million, respectively).
| ASSETS Ŷm | 30. Sep. 20 | 31. Dec. 19 | Change |
|---|---|---|---|
| Non-current assets | ƍƎƇƈ | ƎƈƐƏ | –ƊƎ |
| Current assets | ƌƍƈƏ | ƌƎƉƏ | –Ƈƌ |
| Total assets | ƇƊƋƊƇ | ƇƋƐƊƎ | –ƉƊ |
| EQUITY AND LIABILITIES Ŷm | |||
| Equity attributable to the | |||
| shareholders of the parent | |||
| company | ƉƍƈƐ | ƊƇƎƌ | –ƇƇƇ |
| Non-controlling interests | ƇƐƍ | ƇƐƉ | ƉƏ |
| Total equity | ƉƎƈƍ | ƊƈƎƏ | –ƇƐƎ |
| Non-current liabilities | ƎƇƎƏ | ƍƏƌƐ | ƈƏ |
| Current liabilities | ƈƋƈƋ | ƈƍƏƏ | –ƏƎ |
| Total equity and liabilities | ƇƊƋƊƇ | ƇƋƐƊƎ | –ƉƊ |
Total assets as of September 30, 2020 of Ŷ1,454.1 million decreased by Ŷ50.7 million or 3% compared to December 31, 2019 at Ŷ1,504.8 million. Currency effects of Ŷ25.4 million, particularly from the weaker US Dollar have contributed to the reduction.
Non-current assets declined, because capital expenditure in property, plant and equipment and intangible assets of Ŷ33.2 million in the first nine months of 2020 was well below the level of depreciation and amortization of Ŷ60.2 million (including amortization of Ŷ8.1 million from purchase price allocation). In addition, currency effects of Ŷ15.1 million also contributed to this reduction. Due to the measures taken to optimize working capital as well as due to the Corona-related lower business development, current assets also fell by Ŷ11.0 million. This is mainly the result of the reduction in inventories by Ŷ25.0 million and other receivables and other assets by Ŷ8.9 million. This resulted in an increase in liquidity by Ŷ29.7 million, which was significantly increased to Ŷ166.8 million.
The increase in non-current liabilities of Ŷ22.9 million is essentially due to the increase in pension liabilities by Ŷ19.0 million, as the current long-term interest rate expectations in Germany and the US are below the interest rate level at the end of 2019. In addition, the acquisition of a building that was previously leased and that is now financed by a long term bank loan, has also contributed to the increase. Currency effects had an opposite effect. The significant reduction in current liabilities resulted in particular from the reduction in trade payables by Ŷ18.0 million as well as the repayment of leasing liabilities of Ŷ6.7 million following the acquisition of a building already mentioned.
| Ŷ million | 30. Sep. 20 | 31. Dec. 19 | Change |
|---|---|---|---|
| Inventories | ƈƎƇƊ | ƉƐƌƊ | –Ǝƈ |
| Trade accounts receivable and | |||
| contract assets | ƈƐƈƉ | ƈƐƏƇ | –ƉƉ |
| Trade payables | –ƏƐƍ | –ƇƐƎƍ | Ƈƌƌ |
| Working Capital | ƉƏƉƐ | ƊƐƌƎ | –ƉƊ |
Working capital decreased by Ŷ13.8 million to Ŷ393.0 million as of September 30, 2020. The reduction was affected by currency effects in the amount of Ŷ6.5 million. The change in the balance sheet values results from the reduction of the reported inventories by Ŷ25.0 million as well as trade receivables and contract assets by Ŷ6.8 million. Trade payables were reduced by Ŷ18.0 million, thus partly offsetting this effect.
As of September 30, 2020, equity attributable to the shareholders of the parent company decreased significantly by Ŷ46.6 million to Ŷ372.0 million (December 31, 2019: Ŷ418.6 million). On the one hand, the decrease is attributable to the negative effects of the adjustment to the lower pension discount rate environment in Germany and the USA by Ŷ23.0 million in total. On the other hand, negative foreign currency changes of Ŷ19.7 million and the net result of minus Ŷ3.9 million have also contributed to the decrease. Overall, the equity ratio decreased to 25.6% as of September 30, 2020 (27.8% as of December 31, 2019).
| Ŷ million | 30. Sep. 20 | 31. Dec. 19 | Change |
|---|---|---|---|
| Carrying amount of current and | |||
| non-current financial liabilities | ƊƇƊƊ | ƊƐƍƌ | Ƈƍ |
| Remaining imputed interest for | |||
| the convertible bonds | Ǝƍ | ƇƐƍ | –ƇƎƍ |
| Refinancing cost | ƌƇ | ƍƉ | –ƇƌƊ |
| Total financial debt (nominal | |||
| amount) | ƊƈƏƈ | ƊƈƋƌ | ƐƎ |
| Liquidity | ƇƌƌƎ | ƇƉƍƇ | ƈƇƍ |
| Net financial debt | ƈƌƈƊ | ƈƎƎƋ | –ƏƐ |
Financial debt mainly includes the corporate bond 2019/2024 of Ŷ250.0 million, the convertible bond 2018/2023 of Ŷ159.3 million, liabilities to banks of Ŷ19.9 million (December 31, 2019: Ŷ16.3 million) and the remaining imputed interest components as well as the accrued refinancing costs.
As of September 30, 2020, net financial debt decreased by Ŷ26.1 million to Ŷ262.4 million. This development is primarily attributable to the positive free cash flow from continuing operations of Ŷ43.7 million, less the repayments for lease liabilities of Ŷ13.5 million and the payments for discontinued operations of Ŷ2.0 million.
| Nine months | ||
|---|---|---|
| Ŷ million | 2020 | 2019 |
| Cash flow from operating activities | ||
| Result from continuing operations before | ||
| income taxes | ƇƊ | –ƋƏƊ |
| Restructuring expenses | ƇƋ | –Ɛƈ |
| Impairment loss | - | ƍƊƍ |
| Depreciation/amortization expense | ƌƐƈ | ƌƇƈ |
| Changes in working capital | –ƇƊ | –ƇƌƎ |
| Miscellaneous items | ƍƇ | –ƈƏƌ |
| Cash flow from operating activities | ƌƎƎ | ƈƏƏ |
| Cash flow from investing activities | ||
| Payments to purchase intangible assets | ||
| and property, plant & equipment | –ƉƉƈ | –ƋƐƍ |
| Proceeds from the sale of intangible | ||
| assets and property, plant & equipment | ƇƎ | Ƈƍ |
| Dividend payments from investments | ||
| accounted for At-Equity | ƌƉ | ƌƏ |
| Payments received for divestitures | - | ƈƌ |
| Cash flow from investing activities - continuing | ||
| operations | –ƈƋƇ | –ƉƏƋ |
| Cash flow from investing activities - | ||
| discontinued operations | –ƈƐ | –ƏƎ |
| Cash flow from investing activities - continuing | ||
| and discontinued operations | –ƈƍƇ | –ƊƏƉ |
| Free cash flow 1) - continuing operations |
ƊƉƍ | –Əƌ |
| Free cash flow 1) - discontinued operations |
–ƈƐ | –ƏƎ |
1) Defined as cash flow from operating activities minus cash flow from investing activities
Cash flow from operating activities in the first nine months of 2020 improved significantly by Ŷ38.9 million to Ŷ68.8 million, in particular because, in contrast to previous years, there was no significant increase in working capital in the first nine months of the year. In addition, cash flow from investing activities improved from minus Ŷ39.5 million in the prior year period to minus Ŷ25.1 million in the reporting period, mainly because of lower capital expenditure in intangible assets and property, plant & equipment, which decreased significantly in the reporting period by approximately one third to Ŷ33.2 million (9M/2019: Ŷ50.7 million). The reporting period included cash inflows from dividend payments from a joint venture and an associate amounting to Ŷ6.3 million in total (prior year period: Ŷ6.9 million).
As a result of the above effects, free cash flow from continuing operations improved significantly to Ŷ43.7 million in the reporting period (9M/2019: minus Ŷ9.6 million).
Free cash flow from discontinued operations also improved significantly to minus Ŷ2.0 million in the reporting period after minus Ŷ9.8 million in the prior year period. In the reporting period, the figure primarily includes a tax payment for prior years for the former business unit PP, while the prior year figure includes a settlement payment to the acquirer of the Aerostructures business.
The following tables provide information on the headcount development according to reporting segments and to geographic regions:
| Headcount | 30. Sep. 20 | 31. Dec. 19 | Change |
|---|---|---|---|
| Composites - Fibers & Materials | ƇƌƇƊ | ƇƌƏƎ | –ƊƏ |
| Graphite Materials & Systems | ƉƐƎƎ | ƉƇƊƇ | –Ƈƍ |
| Corporate | ƈƊƌ | ƈƎƎ | –ƇƊƌ |
| Total SGL Carbon | ƊƏƊƎ | ƋƇƈƍ | –ƉƋ |
| Headcount | 30. Sep. 20 | 31. Dec. 19 | Change |
| Germany | ƈƉƐƐ | ƈƉƊƇ | –ƇƎ |
| Europe excluding Germany | ƇƉƋƏ | ƇƊƌƇ | –ƍƐ |
| USA | ƍƌƌ | ƎƈƏ | –ƍƌ |
| Asia | ƋƈƉ | ƊƏƌ | ƋƊ |
The reduction in the number of employees in the Corporate reporting segment is due to the lower level of services to the divested PP business unit. The decrease in the number of employees in Europe (excluding Germany) and the USA is primarily attributable to pandemic-driven personnel adjustments.
Regarding existing opportunities and risks, we refer to the detailed statements in the annual report for the financial year ended December 31, 2019.
In the annual report we had already referred to the risks arising from possible effects from the corona virus on the economic environment. The global economy has shrunk significantly in recent months as a result of the pandemic that has been spreading since mid-March, the accompanying lockdowns and weaker consumer spending. The effects of the current developments are reflected in the guidance. These, too, are still subject to uncertainties. The extent and duration of the effects of the increasing measures (subsequent to the balance sheet date) to tackle the pandemic on the global economy and thus on the business activities of SGL Carbon cannot be fully assessed. For the current year, we only see limited market risks within the reporting segments, provided there will be no pandemic-related shutdown of industries as during the first half year.
On the basis of the preliminary mid-term planning prepared subsequent to the balance sheet date, we adjusted our expectations, especially as we see a weaker environment in the automotive as well as the aerospace sector. As a result, a noncash impairment charge of Ŷ80-100 million in the reporting segment CFM became apparent, which will be recognized in profit and loss during the fourth quarter of 2020. With this, the respective risk materialized in the fourth quarter.
Further business risks may have a negative impact on the financial position. With liquidity of more than Ŷ160 million at the end of the third quarter, we consider ourselves well positioned in the current environment. In addition, we continue to have access to the syndicated loan facility, which is still undrawn.
On the basis of the information currently available, it is our opinion that no individual material risks exist – neither presently nor in the foreseeable future – that could jeopardize the business as a going concern. Even if the individual risks are viewed on an aggregate basis, they do not threaten SGL Carbon as a going concern.
| Ŷm | KPI | Actuals 2019 | Outlook 20201) |
|---|---|---|---|
| CFM | Sales revenue | ƊƉƇƌ | 'HFOLQH E\ DSSUR[ ƇƐ |
| Operating EBITƈ Ɖ | -ƎƉ | Slightly positive result | |
| GMS | Sales revenue | ƌƈƈƋ | 'HFOLQH E\ DSSUR[ ƈƐ |
| Operating EBITƈ Ɖ | ƎƋƋ | 'HFOLQH E\ DWOHDVW ƋƐ | |
| Corporate | Operating EBITƈ Ɖ | -ƈƎƎ | Significant decline |
1) "significant" indicates a variation of more than 10%
2) before non-recurring items
3) before positive one-time effects
In light of the uncertainties surrounding the further development, the duration as well as the impacts of the Covid-19 pandemic, on April 1, 2020, the Board of Management of SGL Carbon SE decided to suspend the guidance for the fiscal year 2020 as published in the Annual Report 2019.
While the global economic backdrop continued to remain fragile and dominated by Covid-19, a Group outlook for the fiscal year 2020 based on specific assumptions was once again presented on July 28, 2020, as the outlook for the second half of the year was becoming more and more consistent. Even though the uncertainty has recently increased regarding a second pandemic wave and an associated further decline in demand due to a recession, we are able to confirm our guidance for Group sales and Group operating recurring EBIT for the fiscal year 2020.
For the business unit CFM we continue to anticipate sales revenues to decline by approximately 10%. Declining sales in the market segment Textile Fibers, which is mainly the result of our capacity adjustments, as well as the Covid-19 related demand decline in the automotive industry, is unlikely to be compensated by the strong growth in the wind energy business. For operating recurring EBIT we now anticipate a slightly positive result, because we expect to be able to limit the negative earnings effects of the pandemic-driven lower sales revenues with personnel measures such as short-time work as well as various spending reductions and postponements. Additionally, earnings improvement measures implemented in the Textile Fibers business in the second half of 2019 as well as price increases in the wind energy business implemented early 2020 will contribute to the earnings improvement compared to the prior year.
In the business unit GMS we still expect sales revenues to decline by approximately 20% due to the reduced business volume in all market segments expect Semiconductors, which is expected to grow slightly. For the operating recurring EBIT we also continue to anticipate a decline by at least 50% based on the reduced sales revenue expectations and the resulting significantly lower capacity utilization.
In the reporting segment Corporate we continue to expect a substantial deterioration in the operating recurring EBIT, due to expected higher consulting costs in the reporting period as well as a result of the prior year benefiting from one-time gains from services provided to the buyer of the former PP-activities.
| Ŷm | Actuals 2019 | Outlook 2020 |
|---|---|---|
| Sales revenue | Ƈ,ƐƎƌ.ƍ | 'HFOLQH E\ ƇƋ to ƈƐ |
| Operating EBIT 1) 2) | ƊƎ.Ɗ | Slightly positive result |
| Consolidated net result – | ||
| continuing operations | -ƎƏ.Ə | Minus ŶƇƉƐm to ŶƇƋƐm |
| Mid double-digit Ŷm | ||
| Net financial debt | ƈƎƎ.Ƌ | increase |
1) before non-recurring items
2) before positive one-time effects
Based on the expected developments in the reporting segments as described above, we continue to expect full year 2020 Group sales revenues to decline by 15% to 20%. Group operating recurring EBIT is anticipated to record a slightly positive result.
As already communicated since the beginning of this year, we have been working on various additional funding options independent from the capital markets. These have increased Group recurring EBIT by Ŷ8.5 million in the third quarter 2020, in the form of one-time effects.
Due to restructuring provisions and impairment charges, which will be recorded in the fourth quarter 2020, Group net result from continuing operations is likely to be substantially below our prior guidance (improvement to a negative low double-digit million Ŷ amount) and below the prior year result of minus Ŷ90 million. We now expect a result in the magnitude of minus Ŷ130 to Ŷ150 million.
To take into account the reduced operating earnings expectations and in the context of a conservative free cash flow management, we had reduced capital expenditures in the current year to approx. Ŷ60 million. Investment focus in the business unit CFM is on the market segment Automotive (primarily to execute on the new battery casings orders). In addition, we have invested into the conversion of another textile acrylic fiber line to precursor to supply our carbon fiber production. At GMS, investment focus is on the market segment Battery & other Energy (fuel cell components).
Thanks to the successful execution of additional non-capital market related funding options mentioned above, the March 2020 guidance of a mid double-digit million Ŷ increase in net debt at year-end 2020 compared to year-end 2019 can be more or less confirmed despite substantially lower operating earnings expectations. The increase in net debt can largely be attributed to the payment of the purchase price for SGL Composites USA (the carbon fiber plant of our former joint venture with BMW in Moses Lake, Washington, U.S.), in the amount of 62 million U.S. Dollar, which is due at the end of this year.
Accordingly, we continue to expect a comfortable liquidity position due to the good liquidity as of September 30, 2020, further cash inflows from the measures described above and despite the purchase price payment planned in the fourth quarter 2020 as well as the upcoming cash outflows for restructuring measures. In addition, the syndicated loan in the amount of Ŷ175 million continues to remain available and undrawn.
Mr. Thomas Dippold has assumed office of his mandate as member of the Board of Management of SGL Carbon SE already effective October 15, 2020, also to prepare for the planned assumption of the CFO position. As previously reported, and effective December 1, 2020, Mr. Dippold is succeeding the longstanding CFO Dr. Michael Majerus, who is resigning from his office effective November 30, 2020 by mutual amicable consent. As planned, Dr. Stephan Bühler resigned from his office as Member of the Board of Management effective October 15, 2020.
On the basis of the preliminary status of the new 5-year plan, significant deviations became apparent compared to the last 5-year plan, particularly due to the persisting weakness in the market segments Automotive and Aerospace of the CFM reporting segment. This triggered impairment tests relating to goodwill and property, plant & equipment for each of the cash generating units that are part of CFM. As a result of the updated preliminary analyses, an impairment loss was assessed for goodwill and property, plant & equipment in the amount of Ŷ80- 100 million, which will be recognized in profit and loss during the fourth quarter of 2020.
The Board of Management of SGL Carbon also resolved the implementation of a restructuring program. Compared to the base year 2019, earnings improvement measures totaling more than Ŷ100 million until 2023 are planned, consisting of a reduction in personnel of more than 500 employees and substantial reduction in indirect spend. Costs of approx. Ŷ40 million are anticipated for the implementation of the restructuring program (incl. costs for an external consultant), of which a little more than half is expected to be recognized in profit and loss in the fourth quarter of 2020.
Wiesbaden, November 12, 2020
SGL Carbon SE
The Board of Management
Dr. Torsten Derr Thomas Dippold Dr. Michael Majerus
| 3rd Quarter | Nine months | |||||
|---|---|---|---|---|---|---|
| Ŷ million | 2020 | 2019 | Change | 2020 | 2019 | Change |
| Sales revenue | ƈƈƍƐ | ƈƍƐƏ | –Ƈƌƈ | ƌƎƉƋ | ƎƉƈƊ | –ƇƍƏ |
| Cost of sales | –ƇƍƈƎ | –ƈƇƏƉ | ƈƇƈ | –ƋƊƐƍ | –ƌƌƐƍ | ƇƎƈ |
| Gross profit | ƋƊƈ | ƋƇƌ | ƋƐ | ƇƊƈƎ | ƇƍƇƍ | –ƇƌƎ |
| Selling expenses | –ƈƐƇ | –ƈƍƊ | ƈƌƌ | –ƌƎƏ | –ƎƇƐ | ƇƊƏ |
| Research and development costs | –ƍƊ | –ƏƋ | ƈƈƇ | –ƈƋƊ | –ƈƍƐ | ƋƏ |
| General and administrative expenses | –Ƈƈƍ | –ƍƉ | –ƍƊƐ | –ƉƋƍ | –ƉƇƇ | –ƇƊƎ |
| Other operating income | ƌƍ | ƇƏ | !ƇƐƐ | ƇƉƇ | Ǝƍ | ƋƐƌ |
| Other operating expenses | –Ɖƌ | ƐƏ | - | –ƋƋ | –ƉƏ | –ƊƇƐ |
| Result from investments accounted for At-Equity | ƉƋ | ƊƐ | –ƇƈƋ | ƋƏ | ƇƐƉ | –Ɗƈƍ |
| Restructuring expenses | –ƇƋ | Ɛƈ | - | –ƇƋ | Ɛƈ | - |
| Impairment loss | - | –ƍƊƍ | - | - | –ƍƊƍ | - |
| Operating loss/profit | ƇƏƇ | –ƌƐƉ | - | ƈƊƎ | –ƈƌƎ | - |
| Interest income | Ɛƈ | ƐƇ | ƇƐƐƐ | Ɛƌ | Ƈƈ | –ƋƐƐ |
| Interest expense | –ƌƍ | –ƍƊ | ƏƋ | –ƈƐƉ | –ƈƌƐ | ƈƇƏ |
| Other financial result | –ƇƇ | –ƌƌ | ƎƉƉ | –Ɖƍ | –ƍƎ | Ƌƈƌ |
| Result from continuing operations before income taxes | ƇƇƋ | –ƍƊƈ | - | ƇƊ | –ƋƏƊ | - |
| Income tax expense | –ƇƇ | –ƇƐƊ | ƎƏƊ | –ƊƋ | –ƇƊƍ | ƌƏƊ |
| Result from continuing operations | ƇƐƊ | –ƎƊƌ | - | –ƉƇ | –ƍƊƇ | ƏƋƎ |
| Result from discontinued operations, net of income taxes | ƐƐ | ƐƐ | - | –ƐƇ | –ƐƇ | ƐƐ |
| Net result for the period | ƇƐƊ | –ƎƊƌ | - | –Ɖƈ | –ƍƊƈ | ƏƋƍ |
| Thereof attributable to: | ||||||
| Non-controlling interests | ƐƋ | ƐƐ | - | Ɛƍ | ƐƉ | >-ƇƐƐ |
| Consolidated net result (attributable to shareholders of the parent | ||||||
| company) | ƏƏ | –ƎƊƌ | - | –ƉƏ | –ƍƊƋ | ƏƊƎ |
| Earnings per share, basic and diluted, (inŶ) | ƐƐƎ | –ƐƌƏ | - | –ƐƐƉ | –ƐƌƇ | ƏƋƇ |
| 3rd Quarter | Nine months | |||
|---|---|---|---|---|
| Ŷ million | 2020 | 2019 | 2020 | 2019 |
| Net result for the period | ƇƐƊ | –ƎƊƌ | –Ɖƈ | –ƍƊƈ |
| Items that may be reclassified subsequently to profit or loss | ||||
| Cash flow hedges 1) | ƐƐ | ƐƉ | ƐƐ | Ɛƌ |
| Currency translation 2) | –ƇƋƉ | ƇƊƇ | –ƇƏƍ | ƇƌƉ |
| Items that will not be reclassified subsequently to profit or loss | ||||
| Actuarial gains/losses on pensions and similar obligations 3) | –ƈƐƋ | –ƈƇƌ | –ƈƉƐ | –ƋƏƎ |
| Other comprehensive income | –ƉƋƎ | –ƍƈ | –Ɗƈƍ | –ƊƈƏ |
| Comprehensive income | –ƈƋƊ | –ƏƇƎ | –ƊƋƏ | –ƇƇƍƇ |
| Thereof attributable to: | ||||
| Non-controlling interests | Ɛƌ | ƐƐ | Ɛƍ | Ɛƈ |
| Consolidated net result (attributable to shareholders of the parent company) | –ƈƌƐ | –ƏƇƎ | –Ɗƌƌ | –ƇƇƍƉ |
1) Includes tax effects of Ŷ0.0 million and Ŷ0.1 million in the nine months of 2020 and 2019, respectively
2) Includes tax effects of Ŷ0.0 million and Ŷ0.0 million in the nine months of 2020 and 2019, respectively
3) Includes tax effects of Ŷ0.5 million and Ŷ0.0 million in the nine months of 2020 and 2019, respectively
| ASSETS Ŷm | 30. Sep. 20 | 31. Dec. 19 | Change |
|---|---|---|---|
| Non-current assets | |||
| Goodwill | ƊƐƏ | ƊƇƍ | –ƇƏ |
| Other intangible assets | ƉƋƌ | ƊƋƐ | –ƈƐƏ |
| Property, plant and equipment | ƌƉƏƈ | ƌƌƏƌ | –ƊƋ |
| Investments accounted for At-Equity | ƋƌƇ | Ƌƌƍ | –ƇƇ |
| Other non-current assets | ƍƈ | ƍƐ | ƈƏ |
| Deferred tax assets | ƈƈ | ƐƏ | !ƇƐƐ |
| ƍƎƇƈ | ƎƈƐƏ | –ƊƎ | |
| Current assets | |||
| Inventories | ƈƎƇƊ | ƉƐƌƊ | –Ǝƈ |
| Trade receivables and contract assets | ƈƐƈƉ | ƈƐƏƇ | –ƉƉ |
| Other receivables and other assets | ƈƈƊ | ƉƇƉ | –ƈƎƊ |
| Liquidity | ƇƌƌƎ | ƇƉƍƇ | ƈƇƍ |
| Time deposits | - | ƊƐ | – |
| Cash and cash equivalents | ƇƌƌƎ | ƇƉƉƇ | ƈƋƉ |
| ƌƍƈƏ | ƌƎƉƏ | –Ƈƌ |
| Total assets | ƇƊƋƊƇ | ƇƋƐƊƎ | –ƉƊ |
|---|---|---|---|
| EQUITY AND LIABILITIES Ŷm | 30. Sep. 20 | 31. Dec. 19 | Change |
|---|---|---|---|
| Equity | |||
| Issued capital | ƉƇƉƈ | ƉƇƉƈ | ƐƐ |
| Capital reserves | ƇƐƊƇƌ | ƇƐƊƇƌ | ƐƐ |
| Accumulated losses | –ƏƎƈƎ | –ƏƉƌƈ | –ƋƐ |
| Equity attributable to the shareholders of the parent company | ƉƍƈƐ | ƊƇƎƌ | –ƇƇƇ |
| Non-controlling interests | ƇƐƍ | ƇƐƉ | ƉƏ |
| Total equity | ƉƎƈƍ | ƊƈƎƏ | –ƇƐƎ |
| Non-current liabilities | |||
| Provisions for pensions and similar employee benefits | ƉƉƍƍ | ƉƇƎƍ | ƌƐ |
| Other provisions | ƉƉƉ | ƉƇƊ | ƌƇ |
| Interest-bearing loans | ƊƇƐƍ | ƊƐƊƊ | Ƈƌ |
| Other financial liabilities | ƉƐƌ | ƉƊƈ | –ƇƐƋ |
| Other liabilities | ƊƏ | ƋƉ | –ƍƋ |
| Deferred tax liabilities | Ƈƍ | ƈƐ | –ƇƋƐ |
| ƎƇƎƏ | ƍƏƌƐ | ƈƏ | |
| Current liabilities | |||
| Other provisions | ƌƌƐ | ƌƍƇ | –Ƈƌ |
| Current portion of interest-bearing loans | Ɖƍ | Ɖƈ | ƇƋƌ |
| Trade payables | ƏƐƍ | ƇƐƎƍ | –Ƈƌƌ |
| Other financial liabilities | ƌƇƉ | ƍƉƊ | –ƇƌƋ |
| Other liabilities | ƉƐƎ | ƈƍƋ | ƇƈƐ |
| ƈƋƈƋ | ƈƍƏƏ | –ƏƎ | |
| Total equity and liabilities | ƇƊƋƊƇ | ƇƋƐƊƎ | –ƉƊ |
| Nine months | |||
|---|---|---|---|
| Ŷ million | 2020 | 2019 | |
| Cash flow from operating activities | |||
| Result from continuing operations before income taxes | ƇƊ | –ƋƏƊ | |
| Adjustments to reconcile the result to cash flow from operating activities: | |||
| Interest expense (net) | ƇƏƍ | ƈƊƎ | |
| Change in value of contract assets (IFRS 15) | ƎƎ | –ƇƉ | |
| Result from the disposal of property, plant and equipment | –ƐƋ | –ƐƉ | |
| Depreciation/amortization expense | ƌƐƈ | ƌƇƈ | |
| Impairment loss | - | ƍƊƍ | |
| Restructuring expenses | ƇƋ | –Ɛƈ | |
| Result from investments accounted for At-Equity | –ƋƏ | –ƇƐƉ | |
| Amortization of refinancing costs | ƇƏ | ƈƍ | |
| Interest received | Ɛƌ | Ƈƍ | |
| Interest paid | –ƇƎƍ | –ƇƎƍ | |
| Income taxes paid | –ƈƏ | –ƊƇ | |
| Changes in provisions, net | –ƊƎ | –ƈƊƋ | |
| Changes in working capital | |||
| Inventories | ƉƐƌ | –ƌƐ | |
| Trade receivables and contract assets | –ƇƌƐ | –ƇƋƐ | |
| Trade payables | –ƇƌƐ | Ɗƈ | |
| Changes in other operating assets/liabilities | ƎƏ | ƐƊ | |
| Cash flow from operating activities | ƌƎƎ | ƈƏƏ |
| Nine months | ||
|---|---|---|
| Ŷ million | 2020 | 2019 |
| Cash flow from investing activities | ||
| Payments to purchase intangible assets and property, plant & equipment | –ƉƉƈ | –ƋƐƍ |
| Proceeds from the sale of intangible assets and property, plant & equipment | ƇƎ | Ƈƍ |
| Dividend payments from investments accounted for At-Equity | ƌƉ | ƌƏ |
| Payments received for divestitures | - | ƈƌ |
| Cash flow from investing activities - continuing operations | –ƈƋƇ | –ƉƏƋ |
| Changes in time deposits | ƊƐ | ƋƊƇ |
| Cash flow from investing and cash management activities - continuing operations | –ƈƇƇ | ƇƊƌ |
| Cash flow from investing activities and cash management activities - discontinued operations | –ƈƐ | –ƏƎ |
| Cash flow from investing activities and cash management activities - continuing and discontinued operations | –ƈƉƇ | ƊƎ |
| Cash flow from financing activities | ||
| Proceeds from issuance of financial liabilities | ƌƍ | ƈƋƍƊ |
| Repayment of financial liabilities | –ƉƇ | –ƈƋƌƉ |
| Payments in connection with financing activities | –ƐƏ | –Ǝƍ |
| Payments for the redemption portion of lease liabilities | –ƇƉƋ | –ƍƇ |
| Other financing activities | –ƐƊ | –ƐƉ |
| Cash flow from financing activities | –ƇƇƈ | –ƇƋƐ |
| Effect of foreign exchange rate changes | –ƐƎ | ƐƋ |
| Net change in cash and cash equivalents | ƉƉƍ | ƈƐƈ |
| Cash and cash equivalents at beginning of period | ƇƉƉƇ | ƇƈƈƋ |
| Cash and cash equivalents at end of period | ƇƌƌƎ | ƇƊƈƍ |
| Time deposits at end of period | - | ƊƐ |
| Liquidity | ƇƌƌƎ | ƇƊƌƍ |
| Nine months 2020 | ||||
|---|---|---|---|---|
| Ŷ million | Equity attributable to the shareholders of the parent company |
Non-controlling interests |
Total equity | |
| %DODQFH DV RI'HFHPEHU ƉƇ | ƊƇƎƌ | ƇƐƉ | ƊƈƎƏ | |
| Dividends | ƐƐ | –ƐƉ | –ƐƉ | |
| Net result for the period | –ƉƏ | Ɛƍ | –Ɖƈ | |
| Other comprehensive income | –Ɗƈƍ | - | –Ɗƈƍ | |
| Comprehensive income | –Ɗƌƌ | Ɛƍ | –ƊƋƏ | |
| Balance at September ƉƐ | ƉƍƈƐ | ƇƐƍ | ƉƎƈƍ |
| Nine months 2019 | |||||
|---|---|---|---|---|---|
| Ŷ million | Equity attributable to the shareholders of the parent company |
Non-controlling interests |
Total equity | ||
| %DODQFH DV RI'HFHPEHU ƉƇ | ƋƉƇƌ | ƇƐƍ | ƋƊƈƉ | ||
| Cumulative adjustment on initial application of IFRS 16 | ƐƇ | - | ƐƇ | ||
| %DODQFH DV RI -DQXDU\ Ƈ | ƋƉƇƍ | ƇƐƍ | ƋƊƈƊ | ||
| Equity component of the convertible bondsƇ) | –ƋƐ | ƐƐ | –ƋƐ | ||
| Dividends | ƐƐ | –ƐƉ | –ƐƉ | ||
| Net result for the period | –ƍƊƋ | ƐƉ | –ƍƊƈ | ||
| Other comprehensive income | –ƊƈƎ | –ƐƇ | –ƊƈƏ | ||
| Comprehensive income | –ƇƇƍƉ | Ɛƈ | –ƇƇƍƇ | ||
| Other changes in equity | - | –ƐƋ | –ƐƋ | ||
| Balance at September ƉƐ | ƊƐƏƊ | ƇƐƇ | ƊƇƏƋ |
1) Effects in connection with the early redemption of the convertible bond 2015/2020
| Consolidation | |||||
|---|---|---|---|---|---|
| Ŷ million | CFM | GMS | Corporate | adjustments | SGL Carbon |
| First nine months 2020 | |||||
| Sales revenue by customer industry | |||||
| Mobility | ƇƊƊƇ | ƉƌƎ | ƍƈ | ƐƐ | ƇƎƎƇ |
| Energy | ƋƌƎ | ƌƎƎ | - | ƐƐ | ƇƈƋƌ |
| Industrial Applications | ƉƏƇ | ƇƇƈƉ | ƇƏƎ | ƐƐ | ƇƍƇƈ |
| Chemicals | - | ƎƉƏ | - | ƐƐ | ƎƉƏ |
| Digitization | - | ƍƇƉ | - | ƐƐ | ƍƇƉ |
| Textile Fibers | ƊƉƊ | - | - | ƐƐ | ƊƉƊ |
| Total sales revenue | 283.4 | 373.1 | 27.0 | 0.0 | 683.5 |
| Operating profit (EBIT) before non-recurring items (recurring EBIT) | ƇƐƌ | ƉƋƊ | –ƇƈƇ | ƐƐ | ƉƉƏ |
| Non-recurring items 1) | –ƍƌ | ƐƐ | –ƇƋ | ƐƐ | –ƏƇ |
| Operating profit/loss (EBIT) | ƉƐ | ƉƋƊ | –ƇƉƌ | ƐƐ | ƈƊƎ |
| Capital expenditures 2) | ƇƐƊ | ƇƎƎ | ƊƐ | ƐƐ | ƉƉƈ |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) before | |||||
| non-recurring items | ƉƈƐ | ƋƏƇ | –ƋƇ | ƐƐ | ƎƌƐ |
| Amortization/depreciation on intangible assets and property, plant and | |||||
| equipment before non-recurring items | ƈƇƊ | ƈƉƍ | ƍƐ | ƐƐ | ƋƈƇ |
| Working Capital 3) | ƇƌƈƉ | ƈƊƋƎ | –ƇƋƇ | ƐƐ | ƉƏƉƐ |
1) Non-recurring items comprise the carryforward of hidden reserves realized as part of the purchase price allocation of SGL Composites DE and US as well as SGL Composites AT totaling minus Ŷ7.6 million and restructuring expenses of Ŷ 1.5 million
2) Defined as total of capital expenditure in other intangible assets and property, plant and equipment
3) Defined as sum of inventories, trade receivables and contract assets less trade payables
Sales revenue with one customer of the reporting segment CFM amount to approx. Ŷ74 million of total SGL Carbon sales revenue (9M/2019: Ŷ96 million).
| Consolidation | |||||
|---|---|---|---|---|---|
| Ŷ million | CFM | GMS 4) | Corporate 4) | adjustments | SGL Carbon |
| First nine months 2019 | |||||
| Sales revenue by customer industry | |||||
| Mobility | ƇƎƐƇ | ƊƌƋ | ƌƊ | ƐƐ | ƈƉƉƐ |
| Energy | ƉƉƏ | ƇƇƎƎ | - | ƐƐ | ƇƋƈƍ |
| Industrial Applications | ƊƋƋ | ƇƊƐƎ | ƇƍƉ | ƐƐ | ƈƐƉƌ |
| Chemicals | - | ƇƐƌƊ | - | ƐƐ | ƇƐƌƊ |
| Digitization | - | ƌƍƌ | - | ƐƐ | ƌƍƌ |
| Textile Fibers | ƌƏƇ | - | - | ƐƐ | ƌƏƇ |
| Total sales revenue | 328.6 | 480.1 | 23.7 | 0.0 | 832.4 |
| Operating profit/loss (EBIT) before non-recurring items (recurring EBIT) | –ƇƎ | ƍƊƋ | –ƇƎƋ | ƐƐ | ƋƊƈ |
| Non-recurring items 1) | –ƎƇƐ | - | - | ƐƐ | –ƎƇƐ |
| Operating profit/loss (EBIT) | –ƎƈƎ | ƍƊƋ | –ƇƎƋ | ƐƐ | –ƈƌƎ |
| Capital expenditures 2) | ƇƋƋ | ƈƍƍ | ƍƋ | ƐƐ | ƋƐƍ |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) before | |||||
| non-recurring items | ƈƊƇ | ƏƊƎ | –ƇƇƍ | ƐƐ | ƇƐƍƈ |
| Amortization/depreciation on intangible assets and property, plant and | |||||
| equipment | ƈƋƏ | ƈƐƉ | ƌƎ | ƐƐ | ƋƉƐ |
| Working Capital (31.12.) 3) | ƇƋƍƐ | ƈƌƏƍ | –ƇƏƏ | ƐƐ | ƊƐƌƎ |
1) Non-recurring items comprise the impairment loss of Ŷ74.7 million as well as the carryforward of hidden reserves realized as part of the purchase price allocation of SGL Composites DE and US and SGL Composites AT totaling minus Ŷ6.5 million, and income from the release of restructuring provisions of Ŷ0.2 million
2) Defined as total of capital expenditure in other intangible assets and property, plant and equipment
3) Defined as sum of inventories, trade receivables and contract assets less trade payables
4) Adjusted to reflect the reclassification of the business with gas diffusuion layers for fuel cells from Corporate to the reporting segment GMS
| Nine months | |||||
|---|---|---|---|---|---|
| Ŷ million | 2020 | 2019 1) | Change | ||
| Sales revenue | |||||
| Composites - Fibers & Materials | ƈƎƉƊ | ƉƈƎƌ | –ƇƉƎ | ||
| Graphite Materials & Systems | ƉƍƉƇ | ƊƎƐƇ | –ƈƈƉ | ||
| Corporate | ƈƍƐ | ƈƉƍ | ƇƉƏ | ||
| SGL Carbon | ƌƎƉƋ | ƎƉƈƊ | –ƇƍƏ |
| Ŷ million | 2020 | 2019 1) | Change |
|---|---|---|---|
| EBIT before non-recurring items (recurring EBIT) 2) |
|||
| Composites - Fibers & Materials | ƇƐƌ | –ƇƎ | - |
| Graphite Materials & Systems | ƉƋƊ | ƍƊƋ | –ƋƈƋ |
| Corporate | –ƇƈƇ | –ƇƎƋ | ƉƊƌ |
| SGL Carbon | ƉƉƏ | ƋƊƈ | –ƉƍƋ |
1) Adjusted to reflect the reclassification of the business with gas diffusuion layers for fuel cells from Corporate to the reporting segment GMS
2) Non-recurring items of minus Ŷ9.1 million in the first nine months 2020 (9M/19: minus Ŷ81.0 million)
| 2019 1) | 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Ŷ million | Q1 | Q2 | Q3 | Q4 | Full Year | Q1 | Q2 | Q3 | Q1-Q3 |
| Sales revenue | |||||||||
| Composites - Fibers & Materials | ƇƇƋƐ | ƇƐƊƊ | ƇƐƏƈ | ƇƐƉƐ | ƊƉƇƌ | ƇƐƊƋ | ƎƇƈ | Əƍƍ | ƈƎƉƊ |
| Graphite Materials & Systems | ƇƌƌƊ | ƇƋƏƊ | ƇƋƊƉ | ƇƊƈƊ | ƌƈƈƋ | ƇƉƊƌ | ƇƈƉƊ | ƇƇƋƇ | ƉƍƉƇ |
| Corporate | ƍƊ | ƎƏ | ƍƊ | ƎƏ | Ɖƈƌ | ƍƍ | ƋƇ | ƇƊƈ | ƈƍƐ |
| SGL Carbon | ƈƎƎƎ | ƈƍƈƍ | ƈƍƐƏ | ƈƋƊƉ | ƇƐƎƌƍ | ƈƊƌƎ | ƈƐƏƍ | ƈƈƍƐ | ƌƎƉƋ |
| 2019 1) | 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Ŷ million | Q1 | Q2 | Q3 | Q4 | Full Year | Q1 | Q2 | Q3 | Q1-Q3 |
| EBIT before non-recurring items (recurring EBIT) 2) |
|||||||||
| Composites - Fibers & Materials | ƐƊ | ƈƊ | –Ɗƌ | –ƌƋ | –ƎƉ | Ɖƍ | –ƇƏ | ƎƎ | ƇƐƌ |
| Graphite Materials & Systems | ƈƌƋ | ƈƉƋ | ƈƊƋ | ƇƇƐ | ƎƋƋ | ƇƇƏ | ƇƈƊ | ƇƇƇ | ƉƋƊ |
| Corporate | –Ǝƈ | –ƌƎ | –ƉƋ | –ƇƐƉ | –ƈƎƎ | –ƌƌ | –Ǝƍ | Ɖƈ | –ƇƈƇ |
| SGL Carbon | ƇƎƍ | ƇƏƇ | ƇƌƊ | –ƋƎ | ƊƎƊ | ƏƐ | ƇƎ | ƈƉƇ | ƉƉƏ |
1) Adjusted to reflect the reclassification of the business with gas diffusuion layers for fuel cells from Corporate to the reporting segment GMS 2) Non-recurring items of minus Ŷ82.7 million in 2019 and minus Ŷ9.1 million in the first nine months of 2020
| 2019 | 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Ŷ million | Q1 | Q2 | Q3 | Q4 | Full Year | Q1 | Q2 | Q3 | Q1-Q3 |
| Sales revenue | ƈƎƎƎ | ƈƍƈƍ | ƈƍƐƏ | ƈƋƊƉ | ƇƐƎƌƍ | ƈƊƌƎ | ƈƐƏƍ | ƈƈƍƐ | ƌƎƉƋ |
| Cost of sales | –ƈƈƌƋ | –ƈƇƐƌ | –ƈƇƍƇ | –ƈƇƌƐ | –ƎƍƐƈ | –ƇƏƋƎ | –ƇƌƍƐ | –ƇƍƐƉ | –ƋƉƉƇ |
| Gross profit | ƌƈƉ | ƌƈƇ | ƋƉƎ | ƉƎƉ | ƈƇƌƋ | ƋƇƐ | Ɗƈƍ | Ƌƌƍ | ƇƋƐƊ |
| Selling, administrative, R&D and other operating income/expense |
|||||||||
| –Ɗƍƈ | –ƊƋƍ | –ƊƇƊ | –ƊƏƈ | –ƇƎƉƋ | –ƊƈƎ | –ƊƈƋ | –ƉƍƇ | –ƇƈƈƊ | |
| Result from investments accounted for At-Equity |
Ɖƌ | ƈƍ | ƊƐ | ƋƇ | ƇƋƊ | ƐƎ | Ƈƌ | ƉƋ | ƋƏ |
| Operating profit (EBIT) before non | |||||||||
| recurring items (recurring EBIT) | ƇƎƍ | ƇƏƇ | ƇƌƊ | –ƋƎ | ƊƎƊ | ƏƐ | ƇƎ | ƈƉƇ | ƉƉƏ |
| Impairment loss/Effects from | |||||||||
| purchase price allocations | –ƈƌ | –Ƈƍ | –ƍƌƏ | –ƈƈ | –ƎƉƊ | –ƈƌ | –ƈƋ | –ƈƋ | –ƍƌ |
| Restructuring expenses | Ɛƈ | –Ɛƈ | Ɛƈ | ƐƋ | Ɛƍ | ƐƐ | ƐƐ | –ƇƋ | –ƇƋ |
| Operating profit/loss (EBIT) | ƇƌƉ | Ƈƍƈ | –ƌƐƉ | –ƍƋ | –ƉƊƉ | ƌƊ | –Ɛƍ | ƇƏƇ | ƈƊƎ |
| Net financial result | –ƌƈ | –ƇƈƋ | –ƇƉƏ | –ƌƉ | –ƉƎƏ | –ƏƊ | –ƌƊ | –ƍƌ | –ƈƉƊ |
| Result from continuing operations before | |||||||||
| income taxes | ƇƐƇ | Ɗƍ | –ƍƊƈ | –ƇƉƎ | –ƍƉƈ | –ƉƐ | –ƍƇ | ƇƇƋ | ƇƊ |
| Income tax expense | –ƇƇ | –Ɖƈ | –ƇƐƊ | –ƇƋ | –Ƈƌƈ | –Ƈƈ | –ƈƈ | –ƇƇ | –ƊƋ |
| Result from continuing operations | ƏƐ | ƇƋ | –ƎƊƌ | –ƇƋƉ | –ƎƏƊ | –Ɗƈ | –ƏƉ | ƇƐƊ | –ƉƇ |
| Result from discontinued operations, | |||||||||
| net of income taxes | ƐƐ | –ƐƇ | ƐƐ | ƐƐ | –ƐƇ | ƐƐ | –ƐƇ | ƐƐ | –ƐƇ |
| Net result for the period | ƏƐ | ƇƊ | –ƎƊƌ | –ƇƋƉ | –ƎƏƋ | –Ɗƈ | –ƏƊ | ƇƐƊ | –Ɖƈ |
| Thereof attributable to: | |||||||||
| Non-controlling interests | ƐƇ | Ɛƈ | ƐƐ | Ɛƈ | ƐƋ | ƐƇ | ƐƇ | ƐƋ | Ɛƍ |
| Consolidated net result (attributable to shareholders of the parent |
|||||||||
| company) | ƎƏ | Ƈƈ | –ƎƊƌ | –ƇƋƋ | –ƏƐƐ | –ƊƉ | –ƏƋ | ƏƏ | –ƉƏ |
Annual General Meeting
SGL CARBON SE Head Office | Investor Relations Söhnleinstrasse 8 65201 Wiesbaden (Germany) Telephone: 49 611 6029-103 Telefax: 49 611 6029-101 E-Mail: [email protected] www.sglcarbon.com Produced inhouse with firesys
This interim report contains statements relating to certain projections and business trends that are forward-looking, including statements with respect to SGL Carbon's outlook and business development, including developments in SGL Carbon's Composites - Fibers & Materials and Graphite Materials & Systems businesses, expected customer demand, expected industry trends and expected trends in the business environment, statements related to SGL Carbon's cost savings programs. You can generally identify these statements by the use of words like "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "plan", "estimate", "forecast", "potential", "intend", "continue" and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about SGL Carbon's businesses and future financial results, and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve risks and uncertainties. These risks and uncertainties include, without limitation, changes in political, economic, legal and business conditions, particularly relating to SGL Carbon's main customer industries, competitive products and pricing, the ability to achieve sustained growth and profitability in SGL Carbon's Composites - Fibers & Materials and Graphite Materials & Systems businesses, the impact of any manufacturing efficiencies and capacity constraints, widespread adoption of carbon fiber products and components in key end-markets of the SGL Carbon, including the automotive and aviation industries, the inability to execute additional cost savings or restructuring measures, availability of raw materials and critical manufacturing equipment, trade environment, changes in interest rates, exchange rates, tax rates, and regulation, available cash and liquidity, SGL Carbon's ability to refinance its indebtedness, development of the SGL Carbon's pension obligations, share price fluctuation may have on SGL Carbon's financial condition and results of operations and other risks identified in SGL Carbon's financial reports. These forward-looking statements are made only as of the date of this document. SGL Carbon does not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Head Office | Investor Relations Söhnleinstrasse 8 65201 Wiesbaden/Germany Phone +49 611 6029-103 Fax +49 611 6029-101 [email protected] www.sglcarbon.com
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