DUISBURG, Germany, March 6, 2013 /PRNewswire/ --
Earnings Down on Prior Year. Restructuring Program Well Advanced. Markets Still Challenging. EBITDA Increase to Approx. EUR200 Million Expected in 2013.
- Turnover up 6.1% to 7.1 million tons and sales up 4.1% to EUR7.4 billion through growth in USA
- EBITDA at EUR139 million (incl. restructuring expenditure: EUR62 million), compared with EUR227 million (incl. restructuring expenditure: EUR217 million) in prior year- Restructuring progress ahead of plan and to be completed by mid-year; activities in Eastern Europe sold - Net loss EUR83 million before restructuring and impairments (EUR- 198 million after), compared with EUR20 million net income in prior year ( EUR10 million after) - Positive free cash flow of EUR67 million; net financial debt cut from EUR471 million to EUR422 million - Earnings per share EUR- 1.95 compared with EUR0.14 in prior year - EBITDA expected to increase in 2013 due to contributions from restructuring to approx. EUR200 million with stable turnover and sales, further positive free cash flow and positive net income All figures relate to fiscal year 2012 relative to the prior year. Turnover and sales increased significantly in the fiscal year, largely due to the acquisition of Macsteel Service Centers USA and strong organic growth in the USA. Operating income (EBITDA) before restructuring expenditure, at EUR139 million, was nonetheless substantially down on the prior-year level ( EUR227 million), mainly as a result of the further steep fall in demand in Europe and ongoing price pressure on steel products from the second quarter. Gisbert Rühl, Chairman of the Management Board of Klöckner & Co SE: "We responded in a timely fashion to yet another steep drop in steel demand in Europe by significantly stepping up our restructuring program. More than two-thirds of the measures are already implemented, so we can start into the new year with a tailwind despite the ongoing challenges in the market environment." Turnover and sales increased, earnings significantly down on prior year Klöckner & Co increased turnover in fiscal 2012, largely as a result of acquisitions, to 7.1 million tons, an increase of 6.1% on the prior year (6.7 million tons).