SGL CARBON SE 
9M 2023 Results
Dr. Torsten Derr (CEO)
Thomas Dippold (CFO)
Wiesbaden I November 2, 2023
Agenda
- Highlights
- 9M 2023 Results
- Deep dive GS/SiC
- Summary
2
9M 2023: Still solid Group numbers - despite weakness in CF
Financials
Business
Outlook
821.7 mEUR
Group sales 3.8% down Equity Ratio
- driven by decline in | at 42.5% |
Carbon Fibers other | (31.12.2022: |
BUs not able to fully | 38.5%) |
compensate |
Increasing demand from semiconductor industry - especially SiC-customers leads to significant growth in GS
Strong business development in PT and CS
After 3 quarters in 2023: confirmation of sales and EBITDApre forecast at the lower end of the given range
EBITDApre | Net financial debt |
CF burdened by
Guidance 2023:
of 130.0 | 166.6mEUR |
temporary
One third higher capex in 2023 to
Sales: previous year
mEUR despite | and stable |
strong | |
leverage ratio of | |
deterioration in BU | |
downturn in wind
industry resulting in increase production
an impairment of
level
EBITDApre: between
Carbon Fibers. | 1.0 |
44.7 mEUR
capacities in GS
160 - 180 mEUR
3
2 9M 2023 Results
"9M 2023 in line with expectations on Group level"
4
Trend in sales and EBITDApre confirm 2023 as stabilization year
Sales (in mEUR) | |
- 3.8% | |
821.7 | 853.9 |
Key developments
- Sales development: GS (+35.9 mEUR), PT (+18.7 mEUR) CS (+3.3 mEUR) and CF (-89.4 mEUR)
- Profitability deterioration in CF almost compensated by favorable product mix and volume changes in GS, PT and CS
9M 2023 | 9M 2022 | Sales split (in %) | |
GS | |||
EBITDApre (in mEUR) | 50.9% | ||
- 4.5% | (44.8%) | ||
130.0 | 136.1 | PT | |
11.6% | |||
Corporate | |||
(9.0%) | |||
1.7% | |||
(1.7%) | |||
CS | CF | ||
13.9% | |||
9M 2023 | 9M 2022 | 21.9% | |
(13.0%) | |||
(31.5%) | |||
5 |
Graphite Solutions (GS) - SiC sales drive profitability
Sales (in mEUR) | |
+9.4% | |
418.4 | 382.5 |
9M 2023 | 9M 2022 |
EBITDApre (in mEUR) | |
+18.5% | |
99.5 | 84.0 |
9M 2023 | 9M 2022 |
6 |
Key developments
Sales
- Strong rise in semiconductor sales yoy (+38.5%)
- Full capacity utilization for graphite components for semiconductor industry
- Automotive and Industrial Applications stable
- Solar, Battery materials and Chemicals decreasing
EBITDApre
- Positive effects due to high utilization and product mix benefits
- Reallocation of capacity from solar to higher-margin semiconductor business
- Further margin increase to 23.8% (9M 2022: 22.0%)
Process Technology (PT) - Margin development above sales growth
Sales (in mEUR)
+24.3%
Key developments
Sales
95.7
77.0
- Last year's order intake leads to strong sales increase
- Order book 9M 2023 remains on high level
- Growth in all three regions (Europe, Asia, America)
9M 20239M 2022
EBITDApre (in mEUR)
>100% | ||||||
17.5 | ||||||
7.5 | ||||||
9M 2023 | 9M 2022 |
EBITDApre
- Higher utilization rates and strict cost management
- Positive product mix effects
- EBITDApre margin nearly doubled to 18.3% (9M 2022: 9.7%)
7
Carbon Fibers (CF) - Wind industry demand remains insufficient
Sales (in mEUR) | |
-33.2% | |
269.0 | |
179.6 | |
9M 2023 | 9M 2022 |
EBITDApre (in mEUR) |
-78.4%
42.7
3.2
9M 2023 | 9M 2022 |
Key developments
Sales
- Scheduled expiry of i3 supply contract in June 2022 affects yoy comparison
- Demand from wind energy customers remains very low, other market segments also unsatisfactory
- High carbon fiber inventories in the wind value chain
EBITDApre
- Lower sales burden profitability
- Partial production shutdowns with nearly unchanged fixed costs also impact performance
- 14.1 mEUR at-equity result included in EBITDApre
- Impairment of 44.7 mEUR required due to temporary downturn in wind affects EBIT
8
Composite Solutions (CS) - positive business development continues
Sales (in mEUR) | |
+3.0% | |
114.3 | 111.0 |
9M 2023 | 9M 2022 |
EBITDApre (in mEUR) | |
+12.2% | |
16.6 | 14.8 |
9M 2023 | 9M 2022 |
9 |
Key developments
Sales
- Strong demand from automotive customers (large- and small-scale solutions)
- Negative effect from sale of Gardena business (USA site) in February 2023 already compensated
EBITDApre
- Strong performance with EBITDA margin increase from 13.3% to 14.5% after nine months 2023
- 9M 2022 positively affected by compensation payments from automotive customers of 3.7 mEUR
- Positive earnings performance mainly from strong growth of large series business
Corporate - One-time effects impact sales and earnings
Sales (in mEUR)
-0.7 mEUR
13.7 | 14.4 | |||
9M 2023 | 9M 2022 |
EBITDApre (in mEUR)
+6.1 mEUR
9M 2023 | 9M 2022 |
-6.8 | |
-12.9 |
Key developments
Sales
- Sale of Gardena (USA) and Pune (India) site allocated to Corporate until divestment on February 16 and April 28, 2023
- Previous year affected by one-time effects of 6.6 mEUR
EBITDApre
- Results Gardena and Pune site allocated to Corporate
- Significantly lower provisions for variable compensation
- Higher service proceeds and continued strict cost management
10
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SGL Carbon SE published this content on 23 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2024 10:23:22 UTC.
