Form 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of: November 2003
SGL CARBON Aktiengesellschaft
(Name of registrant)
Rheingaustrasse 182
65203 Wiesbaden
Germany
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
Form 20-F X Form 40-F
-------
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the SEC
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes No X
----- ---
If "Yes" is marked, indicate the file number assigned to the registrant in
connection with Rule 12g3-2(b): N/A
Exhibit Index
-------------
1. Press Release issued November 5, 2003 regarding Q3 2003 Financial Results.
EXHIBIT 1
Prepared in accordance with International Financial Reporting Standards, IFRSs
(unaudited)
Report on the First Three Quarters of 2003
The report on the first three quarters of 2003 was prepared in
accordance with the International Financial Reporting Standards
(IFRSs) (unaudited). The same accounting policies were used in this
report as in the annual financial statements for 2002.
-- Q1-Q3 profit from operations up 29% year-on-year before
extraordinary items
-- Q3 burdened with additional EUR6 million charge from
write-down of bad debts and start-up expenses
-- SGL Carbon expects earnings to substantially improve in Q4
-- 2003 earnings forecast up clearly on 2002
The US dollar devaluation continued to negatively impact sales
revenue in the already seasonally weak third quarter. While sales
revenue fell by 6% to EUR773.4 million
in the first nine months, it was up 2% after adjustment for
exchange rate effects. This was primarily due to strong growth in
graphite electrode sales volumes. Continuing low demand led to a
decline in sales volumes in the other businesses.
Profit from operations in Q1-Q3 before increase in provisions for
antitrust proceedings and restructuring expenses was up 29%
year-on-year at EUR24.7 million. This figure contains non-recurring
expenses in Q3 of EUR6 million due to write-down of bad debts in
Carbon and Graphite as well as start-up costs at SGL Technologies.
In addition, one-off effects of EUR8 million were incurred in the
period. Thereof, EUR3 million resulted from the closure of the
Graphite Specialties production in Grenoble/France.
We increased our existing provisions for antitrust risks by EUR5
million. There is still a statement of objections from the EU
Commission relating to minor business activities in Graphite
Specialties as already mentioned in the half-year report.
Profit from operations of the first nine months including the
EUR14 million one-off and extraordinary items amounted to EUR16.7
million.
Q1-Q3 net financing costs totaled EUR-39.8 million. Net financing
costs increased by EUR17.6 million year-on-year. This is mainly due to
positive non-cash effects in the prior year. Net financial liabilities
amounted to EUR459 million in total on September 30, 2003. After
adjustment for sales of receivables, this figure as of December 31,
2002 had been EUR468 million.
As a result of the EUR14 million special effects and the non-cash
items in financing costs, net loss before tax amounted to EUR-23.1
million in Q1-Q3, a decline of EUR20.1 million in comparison to the
prior year. The net loss after tax was EUR-23.7 million. The loss per
share for the nine-month period increased from EUR-0.30 to EUR-1.07 as
against the comparative period.
We are expecting a clear improvement in earnings in the fourth
quarter. Higher sales revenue of Graphite Specialties and SGL
Technologies, increases in sales volumes and prices for graphite
electrodes and further cost savings should contribute to this rise.
Therefore, from today's perspective, the full year 2003 result is
expected to be noticeably above 2002, despite the weakness of the
economy and the US dollar, which could have a double-digit impact on
profit from operations against original assumptions of a one-to-one
ratio to the Euro.
For 2004, we expect to substantially improve our results further.
The Graphite Specialties and Corrosion Protection businesses should
gain from a recovery of demand. Within SGL Technologies, we expect our
efforts to bear fruit with regard to new product developments and
applications for aerospace and defense, automotive and energy markets
and lead to higher sales and results. In Carbon and Graphite, we
anticipate the well-balanced supply and demand situation for graphite
electrodes to continue allowing for further price increases to be
established. In our efficiency programs we plan to further reduce
headcount and to attain sustained cost savings throughout our
businesses.
Financial Highlights (EUR million)
First Three Quarters First Three Quarters
------------------------------------------------------------------------------------------
(unaudited) 2003 2002
------------------------------------------------------------------------------------------
Sales revenue 773.4 821.9
------------------------------------------------------------------------------------------
EBITDA1 78.2 79.9
------------------------------------------------------------------------------------------
Profit from operations(1) 24.7 19.2
------------------------------------------------------------------------------------------
Profit from operations after
antitrust charges and
restructuring expenses 16.7 19.2
------------------------------------------------------------------------------------------
Return on sales(2) 3.2 % 2.3 %
------------------------------------------------------------------------------------------
Net loss before minority
interests - 23.7 - 6.2
------------------------------------------------------------------------------------------
Earnings per share (EUR) - 1.07 - 0.30
------------------------------------------------------------------------------------------
Operational cash flow(3) 30.9 154.3
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Sept. 30, Dec. 31,
------------------------------------------------------------------------------------------
(unaudited) 2003 2002
------------------------------------------------------------------------------------------
Total assets 1,304 1,286
------------------------------------------------------------------------------------------
Equity 149 196
------------------------------------------------------------------------------------------
Net financial liabilities(4) 459 468
------------------------------------------------------------------------------------------
Debt ratio (gearing) (4)(5) 3.1 2.4
------------------------------------------------------------------------------------------
Equity ratio(6) 11.4 % 15.2 %
------------------------------------------------------------------------------------------
(1) Before antitrust charges and restructuring expenses
(2) Ratio of profit from operations before antitrust charges and
restructuring expenses to sales revenue
(3) Adjusted for currency exchange rate effects
(4) After adjustment for sales of receivables
(5) Ratio of net financial liabilities to equity
(6) Ratio of equity to total assets
Segment reporting
Carbon and Graphite (CG)
First Three Quarters First Three Quarters
------------------------------------------------------------------------------------------
(EUR million) 2003 2002
------------------------------------------------------------------------------------------
Sales revenue 414.0 402.3
------------------------------------------------------------------------------------------
EBITDA(1) 73.2 69.2
------------------------------------------------------------------------------------------
Profit from operations(1) 47.7 42.1
------------------------------------------------------------------------------------------
Return on sales(1) 11.5 % 10.5 %
------------------------------------------------------------------------------------------
(1) Before restructuring expenses of EUR0.2 million in 2003
-- Sales revenue totaled EUR414 million, up 3% year-on-year
despite the fact that the strong growth in graphite electrode
sales volumes was largely eroded by the weak US dollar. Sales
revenue for the first nine months increased 14% after
adjustment for exchange rate effects.
-- Profit from operations rose to EUR47.7 million (Q1-Q3/2002:
EUR42.1 million) in the period under review, despite the US
dollar devaluation and write-down of bad debts totaling EUR4
million.
-- At 146,000 tons, graphite electrode shipments in the first
nine months were up 25,000 tons on the prior year. We
delivered 49,000 tons in Q3, 10% more than in Q3/2002.
Compared to Q4/2002, the average price for graphite electrodes
rose by 4% in local currencies, but fell by 2% in euros.
-- For Q4, we expect a further increase of graphite electrode
shipments against Q3. Deliveries postponed from the third
quarter will contribute to this. Our production facilities
continue to run at full capacity. The average price level will
increase further in Q4. We anticipate a higher profit from
operations in Q4 versus Q3.
-- We have already taken steps to safeguard against a further
weakening of the US dollar in 2004 by employing appropriate
currency hedges.
Graphite Specialties (GS)
First Three Quarters First Three Quarters
------------------------------------------------------------------------------------------
(EUR million) 2003 2002
------------------------------------------------------------------------------------------
Sales revenue 131.2 150.9
------------------------------------------------------------------------------------------
EBITDA(1) 18.2 17.3
------------------------------------------------------------------------------------------
Profit from operations(1) 8.5 3.6
------------------------------------------------------------------------------------------
Return on sales(1) 6.5 % 2.4 %
------------------------------------------------------------------------------------------
(1) Before restructuring expenses of EUR2.2 million in 2003
-- Assumptions of a recovery in the economy in H2/2003 in our key
markets for semiconductors, mechanical and plant engineering
and chemicals have not materialized. Sales revenue fell 13%
due to weak demand and exchange rate developments. Nearly half
(5%) of the sales reduction is attributable to the divestment
of the Electrical Contacts (EC) business in H1 as previously
announced.
-- The profit from operations increased to EUR8.5 million vs.
EUR3.6 million in 2002. This was primarily due to the
divestment of the EC business, the first-time consolidation of
the Polish company SGL Angraph, and additional cost savings.
-- We expect business to improve slightly in Q4. The increase in
the order book is signalling a positive trend. In addition, we
will generate further cost savings from restructuring
programs. We are therefore expecting a positive profit from
operations.
Corrosion Protection (CP)
First Three Quarters First Three Quarters
------------------------------------------------------------------------------------------
(EUR million) 2003 2002
------------------------------------------------------------------------------------------
Sales revenue 130.8 151.4
------------------------------------------------------------------------------------------
EBITDA(1) 1.0 6.8
------------------------------------------------------------------------------------------
Profit from operations(1) - 5.3 -
------------------------------------------------------------------------------------------
Return on sales(1) - 4.1 % -
------------------------------------------------------------------------------------------
(1) Before restructuring expenses of EUR0.6 million in 2003
-- The recovery in demand from major customer industries expected
for the second half of 2003 did not materialize. Sales revenue
declined to EUR131 million in the first nine months, down 14%
year-on-year. The investment climate and maintenance
expenditures in the plant engineering and chemical industries
remain on a low level and caused this decline.
-- The loss from operations in Q1-Q3 amounted to EUR-5.3 million.
Q3 results, however, yielded a EUR 1.1 million profit mainly
due to project-related business. The operating result in the
same quarter of 2002 had been EUR0.0 million.
-- For Q4, we are forecasting seasonally higher revenues but do
not expect yet a general recovery in demand. We aim to realize
additional cost savings. It is therefore likely that CP will
also generate a profit from operations in Q4/2003.
Established Businesses (CG, GS, CP)
First Three Quarters First Three Quarters
------------------------------------------------------------------------------------------
(EUR million) 2003 2002
------------------------------------------------------------------------------------------
Sales revenue 676.0 704.6
------------------------------------------------------------------------------------------
EBITDA(1) 92.4 93.3
------------------------------------------------------------------------------------------
Profit from operations(1) 50.9 45.7
------------------------------------------------------------------------------------------
Return on sales(1) 7.5 % 6.5 %
------------------------------------------------------------------------------------------
(1) Before restructuring expenses of EUR3 million in 2003
SGL Technologies (T)
First Three Quarters First Three Quarters
------------------------------------------------------------------------------------------
(EUR million) 2003 2002
------------------------------------------------------------------------------------------
Sales revenue 95.1 115.4
------------------------------------------------------------------------------------------
EBITDA 1.4 3.3
------------------------------------------------------------------------------------------
Loss from operations - 10.4 - 9.7
------------------------------------------------------------------------------------------
Return on sales - 10.9 % - 8.4 %
------------------------------------------------------------------------------------------
-- Sales revenue at SGL Technologies amounted to EUR95 million,
18% less than previous year. Approximately two thirds of this
decline is directly US dollar-related. SGL T generates about
60% of its sales in the US. Sales revenue was also impacted by
the postponement of deliveries and projects from the third
quarter to the fourth quarter.
-- At EUR-10.4 million in Q1-Q3, the loss from operations
increased slightly compared to the same period of the prior
year (EUR-9.7 million). Additional start-up costs for orders
from the aerospace and defense industry and qualification
costs for projects from the automotive industry impacted
earnings in Q3/2003.
-- The postponed shipment of fibers for the aerospace industry
and automobile brake discs will lead to an increase in sales
revenue in Q4. Overall, we expect to generate positive results
from operations in Q4/2003.
Corporate Costs
First Three Quarters First Three Quarters
------------------------------------------------------------------------------------------
(EUR million) 2003 2002
------------------------------------------------------------------------------------------
Sales revenue 2.3 1.9
------------------------------------------------------------------------------------------
Corporate costs(1) - 15.8 - 16.8
------------------------------------------------------------------------------------------
(1) Before antitrust charges
-- At EUR-15.8 million, costs were within budget and slightly
lower than the prior year (2002: EUR-16.8 million).
Employees
-- The number of Group employees decreased from 7,360 on December
31, 2002 to 6,966 on September 30, 2003.
Consolidated Income Statement (EUR million)
First Three Quarters First Three Quarters
------------------------------------------------------------------------------------------
(unaudited) 2003 2002
------------------------------------------------------------------------------------------
Sales revenue 773.4 821.9
------------------------------------------------------------------------------------------
Cost of sales - 593.1 - 648.0
------------------------------------------------------------------------------------------
Gross profit 180.3 173.9
------------------------------------------------------------------------------------------
Selling, administration,
research and other costs - 155.6 - 154.7
------------------------------------------------------------------------------------------
Profit from operations before
antitrust charges and
restructuring expenses 24.7 19.2
------------------------------------------------------------------------------------------
Antitrust charges - 5.0 -
------------------------------------------------------------------------------------------
Restructuring expenses - 3.0 -
------------------------------------------------------------------------------------------
Profit from operations 16.7 19.2
------------------------------------------------------------------------------------------
Interest expense on loans - 21.0 - 20.2
------------------------------------------------------------------------------------------
Interest expense on pensions - 7.6 - 7.8
------------------------------------------------------------------------------------------
Imputed interest on antitrust
liabilities (non-cash) - 4.7 1.8
------------------------------------------------------------------------------------------
Other(1) - 6.5 4.0
------------------------------------------------------------------------------------------
Net financing costs - 39.8 - 22.2
------------------------------------------------------------------------------------------
Loss before tax - 23.1 - 3.0
------------------------------------------------------------------------------------------
Income tax expense - 0.6 - 3.2
------------------------------------------------------------------------------------------
Net loss before minority
interests - 23.7 - 6.2
------------------------------------------------------------------------------------------
Earnings per share
(EUR; basic = diluted) - 1.07 - 0.30
------------------------------------------------------------------------------------------
(1) Currency adjustment of antitrust liabilities classified to other net
financing costs
-- The interest expense on loans for the first nine months
increased slightly year-on-year to EUR21 million; the average
interest rate for the period was 4.8% (first nine months of
2002: 4.4%). The slight increase in interest expense and
interest rate are due to the refinancing measures taken.
-- The non-cash imputed interest on antitrust liabilities
increased net financing costs by EUR-4.7 million. In Q1-Q3/
2002, the rescheduling of the US antitrust authorities'
payment plan had led to a one-time improvement in net
financing costs.
-- The non-cash exchange rate effects from the translation of our
US antitrust liabilities have been offset by associated
currency hedges in the year to date. In the prior year, a
positive effect on earnings of EUR3 million was disclosed.
-- Costs incurred as part of refinancing are amortized over the
lifetime of the syndicated loan. This led to a charge of
EUR4.7 million in the first nine months of 2003.
-- The tax expense in Q3 is a result of the non-tax-deductible
cost of the increase in provisions of EUR5 million relating to
antitrust proceedings. A further factor was the continued
non-recognition of deferred tax assets on current losses for
our companies in the US and in Great Britain.
-- Earnings per share are calculated on the basis of an average
of 22.1 million shares outstanding (2002: 21.8 million).
Consolidated Balance Sheet (EUR million)
Sept. 30, Dec. 31,
------------------------------------------------------------------------------------------
(unaudited) 2003 2002
------------------------------------------------------------------------------------------
Assets
------------------------------------------------------------------------------------------
Intangible assets 100 104
------------------------------------------------------------------------------------------
Property, plant and equipment 423 477
------------------------------------------------------------------------------------------
Long-term investments 34 33
------------------------------------------------------------------------------------------
Noncurrent assets 557 614
------------------------------------------------------------------------------------------
Inventories 288 288
------------------------------------------------------------------------------------------
Trade receivables 211 208
------------------------------------------------------------------------------------------
Other current assets 70 62
------------------------------------------------------------------------------------------
Cash and cash equivalents 68 21
------------------------------------------------------------------------------------------
Current assets 637 579
------------------------------------------------------------------------------------------
Deferred tax assets 110 93
------------------------------------------------------------------------------------------
Total assets 1,304 1,286
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Sept. 30, Dec. 31,
------------------------------------------------------------------------------------------
(unaudited) 2003 2002
------------------------------------------------------------------------------------------
Equity and liabilities
------------------------------------------------------------------------------------------
Equity 149 196
------------------------------------------------------------------------------------------
Minority interests 1 1
------------------------------------------------------------------------------------------
Provisions for pensions and
other employee benefits 191 191
------------------------------------------------------------------------------------------
Other provisions 155 149
------------------------------------------------------------------------------------------
Provisions 346 340
------------------------------------------------------------------------------------------
Financial liabilities 527 448
------------------------------------------------------------------------------------------
Trade payables 88 111
------------------------------------------------------------------------------------------
Other liabilities 148 151
------------------------------------------------------------------------------------------
Liabilities 763 710
------------------------------------------------------------------------------------------
Deferred tax liabilities 45 39
------------------------------------------------------------------------------------------
Total equity and liabilities 1,304 1,286
------------------------------------------------------------------------------------------
-- Total assets rose by EUR18 million compared to December 31,
2002. This increase was largely due to a EUR47 million rise in
cash and cash equivalents to EUR68 million on the balance
sheet date. In addition, the recognition of deferred tax
assets and the creation of prepaid expenses totaling EUR26
million increased total assets. In contrast, the translation
of foreign currency items into euros as against December 31,
2002 led to a reduction of total assets of EUR-49 million.
-- The decline in noncurrent assets of EUR57 million was due to
currency translation differences as well as to depreciation
and amortization levels in excess of capital expenditure.
-- Sales of receivables (December 31, 2002: EUR41 million) were
completely discontinued. Receivables were down EUR33 million
after adjustments for sales of receivables and currency
effects.
-- The equity ratio fell to 11% (December 31, 2002: 15%) as a
result of the rise in total assets, the loss in Q3 and
negative US dollar and Zloty exchange rate effects totaling
EUR24 million.
Consolidated Statement of Changes in Equity (EUR million)
First Three Quarters First Three Quarters
------------------------------------------------------------------------------------------
(unaudited) 2003 2002
------------------------------------------------------------------------------------------
Balance at January 1 196 255
------------------------------------------------------------------------------------------
Capital increase 1 1
------------------------------------------------------------------------------------------
Net result, net of minority
interests - 24 - 6
------------------------------------------------------------------------------------------
Currency exchange differences
and other - 24 - 30
------------------------------------------------------------------------------------------
Balance at September 30 149 220
------------------------------------------------------------------------------------------
Consolidated Cash Flow Statement(1) (EUR million)
First Three Quarters First Three Quarters
------------------------------------------------------------------------------------------
(unaudited) 2003 2002
------------------------------------------------------------------------------------------
Profit from operations(2) 24.7 19.2
------------------------------------------------------------------------------------------
Depreciation and amortization 53.5 60.7
------------------------------------------------------------------------------------------
EBITDA(2) 78.2 79.9
------------------------------------------------------------------------------------------
Increase/decrease in working
capital - 47.3 74.4
------------------------------------------------------------------------------------------
Operational cash flow 30.9 154.3
------------------------------------------------------------------------------------------
Payments relating to antitrust
proceedings - 11.1 - 8.3
------------------------------------------------------------------------------------------
Other operating cash uses - 42.0 - 54.5
------------------------------------------------------------------------------------------
Cash used in/provided by
operating activities - 22.2 91.5
------------------------------------------------------------------------------------------
Capital expenditures - 29.4 - 32.1
------------------------------------------------------------------------------------------
Other investing activities 9.0 10.3
------------------------------------------------------------------------------------------
Cash used in investing
activities - 20.4 - 21.8
------------------------------------------------------------------------------------------
Cash provided by/used in
financing activities 91.9 - 44.7
------------------------------------------------------------------------------------------
Effect of foreign exchange
rate changes - 2.5 - 1.7
------------------------------------------------------------------------------------------
Net increase in cash and cash
equivalents 46.8 23.3
------------------------------------------------------------------------------------------
Cash and cash equivalents at
January 1 21.5 12.1
------------------------------------------------------------------------------------------
Cash and cash equivalents at
September 30 68.3 35.4
------------------------------------------------------------------------------------------
(1) Adjusted for exchange rate effects
(2) Before antitrust charges and restructuring expenses
-- Working capital (inventories plus trade receivables minus
trade payables) increased by EUR47.3 million after adjustment
for exchange rate effects. The main reason for this is the
complete discontinuation of sales of receivables in the amount
of EUR41.2 million.
-- At EUR20.4 million, net cash used in investing activities was
EUR33.1 million less than depreciation and amortization. In
addition to investments of EUR29.4 million, cash inflows from
the disposal of noncurrent assets and from companies no longer
consolidated had a positive effect.
SGL CARBON AG
Head Office
Investor Relations
Rheingaustrasse 182
D-65203 Wiesbaden
Phone +49 (611) 60 29-0
Fax +49 (611) 60 29-101
e-mail cpc@sglcarbon.de
www.sglcarbon.com
Important note:
This document contains forward-looking statements. These
statements reflect the current belief of SGL Carbon's management as
well as assumptions made by, and information available to, the SGL
Group. Actual future results and trends could differ materially from
those set forth in these statements due to various factors. These
factors include, among others, changes in economic, political,
technical, business and competitive conditions; unforeseeable
alterations in electric steel production; changes of interest and
exchange rates; price developments; unanticipated developments
relating to recently acquired businesses and Group companies;
potential liability in connection with existing or future regulations;
unforeseen difficulties relating to the investigations by the European
antitrust authorities and to the completed investigation by the
Canadian and U.S. antitrust authorities and the civil actions related
thereto; and other risks and uncertainties, including those detailed
in the Company's filings with the U.S. Securities and Exchange
Commission. SGL Carbon does not intend to update these forward-looking
statements, and does not assume any obligation to do so.
Sales Revenue & Profit from Operations by Quarter (EUR million)
2002 2003
------------------------------------------------------------------------------------------
First Three
Sales Revenue Q1 Q2 Q3 Q4Full Year Q1 Q2 Q3 Quarters
------------------------------------------------------------------------------------------
Carbon and
Graphite 127.2 139.6 135.5 148.4 550.7 134.5 143.1 136.4 414.0
------------------------------------------------------------------------------------------
Graphite
Specialties 51.4 50.0 49.5 45.0 195.9 44.9 44.1 42.2 131.2
------------------------------------------------------------------------------------------
Corrosion
Protection 45.0 47.1 59.3 61.0 212.4 35.6 48.2 47.0 130.8
------------------------------------------------------------------------------------------
Established
Businesses 223.6 236.7 244.3 254.4 959.0 215.0 235.4 225.6 676.0
------------------------------------------------------------------------------------------
SGL
Technologies 36.4 40.2 38.8 35.0 150.4 34.9 31.9 28.3 95.1
------------------------------------------------------------------------------------------
Other 1.0 0.2 0.7 1.0 2.9 0.8 0.8 0.7 2.3
------------------------------------------------------------------------------------------
261.0 277.1 283.8 290.4 1,112.3 250.7 268.1 254.6 773.4
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
2002 2003
------------------------------------------------------------------------------------------
Profit (loss)
from First Three
Operations Q1 Q2 Q3 Q4Full Year Q1 Q2 Q3 Quarters
------------------------------------------------------------------------------------------
Carbon and
Graphite(1) 11.7 12.3 18.1 9.8 51.9 12.2 21.3 14.2 47.7
------------------------------------------------------------------------------------------
Graphite
Specialties(1) 1.8 1.1 0.7 - 1.7 1.9 4.5 2.6 1.4 8.5
------------------------------------------------------------------------------------------
Corrosion
Protection(1) - 1.9 1.9 0.0 4.8 4.8 - 5.0 - 1.4 1.1 - 5.3
------------------------------------------------------------------------------------------
Established
Businesses(1) 11.6 15.3 18.8 12.9 58.6 11.7 22.5 16.7 50.9
------------------------------------------------------------------------------------------
SGL
Technologies - 4.6 - 2.3 - 2.8 - 2.0 - 11.7 - 1.9 - 3.5 - 5.0 - 10.4
------------------------------------------------------------------------------------------
Corporate
Costs(2) - 6.0 - 5.9 - 4.9 - 1.5 - 18.3 - 4.7 - 6.1 - 5.0 - 15.8
------------------------------------------------------------------------------------------
1.0 7.1 11.1 9.4 28.6 5.1 12.9 6.7 24.7
------------------------------------------------------------------------------------------
(1) Before restructuring expenses
(2) Before antitrust charges
Consolidated Income Statements by Quarter (EUR million)
2002 2003
-----------------------------------------------------------------------------------------
First
Full Three
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Quarters
-----------------------------------------------------------------------------------------
Sales revenue 261.0 277.1 283.8 290.4 1,112.3 250.7 268.1 254.6 773.4
-----------------------------------------------------------------------------------------
Cost of sales - 210.4 - 216.4 - 221.2 - 238.5 - 886.5 - 193.7 - 204.4 - 195.0 - 593.1
-----------------------------------------------------------------------------------------
Gross profit 50.6 60.7 62.6 51.9 225.8 57.0 63.7 59.6 180.3
-----------------------------------------------------------------------------------------
Selling,
administration,
research, other - 49.6 - 53.6 - 51.5 - 42.5 - 197.2 - 51.9 - 50.8 - 52.9 - 155.6
-----------------------------------------------------------------------------------------
Profit from
operations(3) 1.0 7.1 11.1 9.4 28.6 5.1 12.9 6.7 24.7
-----------------------------------------------------------------------------------------
Antitrust
charges - - - - 22.0 - 22.0 - - - 5.0 - 5.0
-----------------------------------------------------------------------------------------
Restructuring
expenses - - - - 8.3 - 8.3 - - - 3.0 - 3.0
-----------------------------------------------------------------------------------------
Profit (loss)
from operations 1.0 7.1 11.1 - 20.9 - 1.7 5.1 12.9 - 1.3 16.7
-----------------------------------------------------------------------------------------
Net financing
costs - 6.3 - 8.5 - 7.4 - 3.3 - 25.5 - 13.6 - 12.6 - 13.6 - 39.8
-----------------------------------------------------------------------------------------
Profit (loss)
before tax - 5.3 - 1.4 3.7 - 24.2 - 27.2 - 8.5 0.3 - 14.9 - 23.1
-----------------------------------------------------------------------------------------
Tax
benefit/expense - 4.0 - 0.8 1.6 6.8 3.6 0.9 0.6 - 2.1 - 0.6
-----------------------------------------------------------------------------------------
Net profit
(loss) before
minority
interests - 9.3 - 2.2 5.3 - 17.4 - 23.6 - 7.6 0.9 - 17.0 - 23.7
-----------------------------------------------------------------------------------------
(3) Before antitrust charges and restructuring expenses
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
SGL CARBON Aktiengesellschaft
Date: November 5, 2003 By: /s/ Robert J. Kohler
------------------------------
Name: Robert J. Koehler
Title: Chairman of the Board of Management
By: /s/ Dr. Bruno Toniolo
-----------------------------
Name: Dr. Bruno Toniolo
Title: Member of the Board of Management