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SGL Carbon’s Sales Increase of 10.7% to 549.8 Million Euros in the First Half of 2022 August 08 2022

2022 Lucintel Composites Market Insights, August 08, 2022

Despite uncertain general conditions in the first six months 2022, SGL Carbon's business model is proving its resilience. After 270.9 million Euros in Q1 2022, SGL Carbon was able to increase sales to 278.9 million Euros in Q2. Accordingly, sales for the first half of 2022 amount to 549.8 million Euros, which corresponds to a sales plus of 53.1 million Euros or 10.7% compared to the same period of the previous year.
EBITDApre, as one of the Group's key performance indicators, improved by 16.2 million Euros (+22.6%) to 87.9 million Euros (H1 2021: 71.7 million Euros). Consequently, the EBITDApre margin increased from 14.4% to 16.0%.
EBITDApre does not include positive one-off effects and non-recurring items totaling 10.6 million Euros (H1 2021: minus 5.2 million Euros).
With an increase in sales of 22.2 million Euros (+10.0%) to 243.4 million Euros, the Graphite Solutions (GS) business unit made a major contribution to SGL Carbon’s sales growth. In particular, continued high demand from customers in the semiconductor sector, which represents approximately one third of the segment's sales, led to the positive business development in GS. As a result of the predominantly high-margin business, EBITDApre at GS improved by 22.7% to 54.0 million Euros.
The Carbon Fibers (CF) business unit benefited in the 1st half 2022 from final deliveries to a major automotive manufacturer whose contract expired as scheduled on June 30, 2022. Segment sales increased by 5.8% year-on-year to 176.0 million Euros. In contrast, EBITDApre at CF decreased by 4.2 million Euros to 28.2 million Euros despite the good order situation and successful price increases.
With an increase in sales of 15.6% to 69.6 million Euros, the Composite Solutions (CS) business unit continued its upward trend. The specialist for customized component solutions for the automotive industry improved its EBITDApre from 5.7 million Euros in the first half of 2021 to the current 9.7 million Euros, based in particular on price and volume effects.
Working capital rose by 11.7% to 381.1 million Euros as of June 30, 2022. This was mainly due to higher inventories (+73.9 million Euros) and an offsetting increase in trade payables (+29.0 million Euros).
SGL Carbon raised its sales and earnings guidance for fiscal year 2022. The company now expects sales of 1.1 billion Euros (previously: around 1.0 billion Euros) and EBITDApre of 130 - 150 million Euros (previously:110 - 130 million Euros). Based on the pleasing business development, realized price increases, a stringent cost management, and taking into account the currently known risks, SGL’s management expects to achieve the earnings forecast for 2022 at the upper end of the stated range.

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