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SKW Stahl Metallurgie Holding AG Announces Comprehensive Efficiency Program for FY 2014; Comments on FY 2013 Guidance; Issues FY 2013 H2 EBITDA Guidance


Wednesday, 25 Sep 2013 03:37pm EDT 

SKW Stahl Metallurgie Holding AG announced that the Executive Board presented to the Supervisory Board the details of the already announced comprehensive efficiency program. The majority of the expected earnings improvements of about EUR 8 million per year (EBITDA) is to be realized as of fiscal year 2014. The one-off costs expected in this context should be below EUR 1 million. The measures, which have in part already been initiated, are expected to lead to sales increases as well as cost reductions. By implementing the efficiency program until the end of fiscal year 2014, the Executive Board intends to return of the quo-ante earnings levels of 2010 and 2011 with EBITDA margins above 7%, subject to a stable economic development. This should also allow for the generation of significantly increasing, positive free cash flows. For fiscal year 2013, the Company had announced in mid-August that sales and EBITDA levels of the previous year might not be reached again due to the slow pace of steel production. For fiscal year 2013 Operative EBITDA of H2 should be above that of H1. For fiscal year 2012 the Company reported revenues of EUR 404.61 million and EBITDA of EUR 20.77 million. According to I/B/E/S Estimates, analysts on average are expecting the Company to report for fiscal year 2013 revenues of EUR 391.02 million. 

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