Saving measures: SGL share loses double digits: SGL Carbon relies on group restructuring after slump in earnings | message

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“We used 2020 to clean up,” said CEO Torsten Derr on Thursday in Wiesbaden. There are still great uncertainties in the markets. After the severe economic slump in the past financial year, a slight increase in sales and a significant reduction in the deficit in the group are expected in 2021.The shares came under strong pressure and lost 14.86 percent to 5.67 euros at the end of trading. This put the stocks at the bottom of the SDAX.

Due to a significantly reduced demand in the corona pandemic, revenues fell by 15 percent to 919.4 million euros in 2020, according to CFO Thomas Dippold. The loss in earnings after taxes increased year-on-year from minus 90.0 million to minus 132.2 million euros. The reason for this are also the costs for the group restructuring and the depreciation of a business area.

In order to compensate for the loss of profit, the management wants to cut 500 jobs. In addition, according to the plan adopted last autumn, there should be extensive savings in material costs. With the entire savings program, annual savings of more than 100 million euros are targeted by 2023. In the 2020 financial year, 40 million euros of this had already been achieved.

The total cost of implementing the savings measures is expected to be around 40 million euros. At the end of the past financial year, the Wiesbaden company had 4,837 employees.

As an outlook for the current financial year, the management put a turnover between 920 million and 970 million euros. The group annual deficit should be in a range of minus 20 million euros and a balanced result. The car manufacturers BMW and Volkswagen (VW) as well as BMW major players are at SGL Carbon Susanne Klatten Involved through its subsidiary Skion.

/ glb / DP / stk

WIESBADEN (dpa-AFX)

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Image sources: 2010 SGL Group





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Saving measures SGL share loses double digits SGL Carbon relies group restructuring slump earnings message

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