SGL Group (SGLFF.PK), a German carbon and graphite products maker, on Friday registered a drop in net profit for the full year, reflecting a fall in revenue, mainly due to a reduced demand from the important wind market and an increasingly challenging economic conditions.
Torsten Derr, CEO of SGL Carbon, said: "Demand for carbon fibers for the wind industry fell dramatically at the beginning of 2023. Construction activities for offshore wind turbines, in which our carbon fibers are needed, almost came to a standstill. High raw material costs and interest rates as well as low acceptance prices and high regulatory barriers are currently making the construction of new wind parks almost unprofitable, particularly in Europe. This has also hit our business unit Carbon Fibers (CF) hard."
For the 12-month period, the company reported a net result of 41 million euros or 0.34 euro per share, lesser than 126.9 million euros or 1.02 euros per share, posted last year.
EBIT plunged to 56.6 million euros from previous year's 120.9 million euros.
EBITDA before special items was at 168.4 million euros as against 172.8 million euros in 2022.
Operating profit stood at 56.6 million euros as against 120.9 million euros a year ago.
Impairment loss was 49.5 million euros, compared with zero impairment loss in the previous year.
Sales revenue dropped to 1.089 billion euros from 1.135 billion euros last year.
Looking ahead, for the full year, excluding items the Group expects EBITDA of 160 million euros to 170 million euros, with adjusted EBIT of 100 million euros to 110 million euros.
For the full-year 2023, the company posted adjusted EBIT of 109.5 million euros.
SGL Carbon projects its annual sales revenue to be at prior year level.
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