FRANKFURT (Dow Jones) – After heavy Zweitquartalszahlen has raised the steel trader Kloeckner & Co ( KlöCo ) its annual forecast , but expects a slowdown of growth in the third quarter. (Photo : Klöckner)
While so far only one clearly positive operating result was announced, gave out the Duisburg on Wednesday as the 2010 earnings before interest, taxes , depreciation and amortization (EBITDA ) of at least EUR 200 million target. Thus will the Klöckner & Co SE reach a significantly positive operating net income and a "tangible dividend " pour .
A return to the previous dividend level of 0,80 EUR is this year but probably not attainable , CEO Gisbert Rühl said during a conference call. It aspires to a payout ratio of 30%. Last Klöckner & Co had paid for 2007 to shareholders 0.80 EUR per share. For 2008, the company decided not to pay a dividend , with reference to the targeted cost reduction programs and debt reduction. Last year, the group because of the economic crisis , the bottom line in a loss of EUR 186 million records .
In the first half managed Klöckner & Co and the trend values , the profit on revenue of 2.46 (previous year : 2.05 ) billion, EBITDA of EUR 129 million EUR. A year earlier , the MDAX – group had written an EBITDA loss of EUR 163 million . The bottom line of steel merchants in the first half of 2010 a profit of EUR 47 million achieved after a loss of EUR 174 million last year.
contributed significantly to the unexpectedly good performance in the second quarter in which sales increased by 47.7 % to EUR 1.42 billion and EBITDA to EUR 100 million plus of minus EUR 31 million improved . Analysts surveyed by Dow Jones Newswires for the second quarter only had a turnover of 1.4 billion EUR and an EBITDA of EUR 91 million expected . The net profit reached 46 million EUR, while the estimate was an average of 38 million EUR. Sales increased Klöckner & Co in the second quarter by 37.4 % to 1.45 million tonnes.
"While the development in the construction industry has proceeded very act , the automotive industry and, increasingly surprised by the machine and plant positive, " Ruhl said on Wednesday. From the acquisition of Becker Stahl-Service Klöckner & Co has benefited greatly . The group has been consolidated since March in the consolidated balance sheet and has contributed to the Klöckner & Co strengthened its position as supplier to the automotive industry and reduces dependence on the construction industry . Becker would have been without the increase in sales in the second quarter at 13.7 % and 31.7 % sales increase , "said Ruhl .
The unusually strong growth in the second quarter will not be according to Klöckner & Co in the current third quarter to continue . The sales will turn out weaker than seasonally from April to June . EBITDA will move in the third quarter of between EUR 29 million in weather weak first quarter and 100 million EUR in the price and absatzgetriebenen second quarter. The target for 2011 EBITDA margin of 6% was not reached this year , reiterated previous statements Rühl .
Due to the rapid start-up of production capacity since the end of the second quarter as steel prices were predicted by Klöckner & Co are under increasing pressure. According to the Duisburg will be particularly on the flat side to stabilize steel prices reached a tightening if at least the currently disused capacities can not be started up after the summer once again.
In the future , Klöckner & Co is to acquisitions. The Group are to ensure their own data more than 500 million EUR. On specific acquisition targets themselves Rühl kept covered. The sum will probably be used not only for acquisition but for several acquisitions of medium size. In addition to advanced acquisitions in the U.S. and Europe from the BRICs ( Brazil , Russia , India , China ) are more in focus, Rühl reiterated earlier statements . Acquisitions are at the Duisburg fundamental part of our growth strategy . Since going public in 2006, the Group has acquired 20 companies.
Despite the unexpectedly good figures and the raised forecast the shares of Klöckner & Co wrote in a very weak against MDAX clock 11.55 5% weaker at 16.22 EUR . Traders led to the creation of strong economic worries losses after the Fed had the economic development in the United States on Tuesday skeptical rated last.
By Hans – Seidenstücker , Dow Jones Newswires ;
+49 (0)69 29725 104, unternehmen.de @ dowjones.com
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