German steel and metal products distributor Klöckner & Co SE (KCO.DE, KCO) posted annual net loss of 198 million euros, including 77 million euros in restructuring expenditure and 55 million euros in impairments; while it reported a 10 million euros net profit last year. Excluding special items, the net loss came to 83 million euros.
On a per share basis, basic loss amounted to 1.95 euros, compared with a 0.14 euros profit a year back.
Operating income or EBITDA before restructuring expenditure, stood at 139 million euros, down significantly from the prior year's 227 million euros, hurt by the further steep fall in demand in Europe and ongoing price pressure on steel products from the second quarter.
Turnover for the year went up 6.1% to 7.1 million tons and sales rose 4.1% to 7.4 billion euros through growth in USA, largely due to the acquisition of Macsteel Service Centers USA and strong organic growth in the USA.
For 2013, the company expects turnover and sales to remain at around the prior year's level due to additional growth in the US and despite the relinquishment of turnover volumes in Europe through the restructuring. Driven by the operating performance, the Group also anticipates to generate net income and again a positive cash flow in 2013. Further, EBITDA is expected to increase in 2013, due to contributions from restructuring to around 200 million euros.
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