ots Ad hoc-Service: SGL Carbon AG <DE0007235301> SGL CARBON AG (NYSE: SGG) benefited from the economic recovery in western industrialized nations following the Asian crisis with sales increasing in all Business Areas
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SGL CARBON AG (NYSE: SGG) benefited from the economic recovery in western industrialized nations following the Asian crisis with sales increasing in all Business Areas. Consolidated sales increased by almost 30% to Euro 1.26 billion. Without the former Keramchemie group (KCH), which was consolidated for the first time in the Corrosion Protection (CP) Business Area, sales increased by 10 %. The operating profit in the established Carbon and Graphite (CG), Specialty Graphite (SG) and Corrosion Protection (CP) Business Areas improved by 17% overall. At the same time, SGL CARBON is committed to its key expansion projects in carbon ceramic brake discs and fuel cell components in line with its long- term strategy of establishing and expanding new growth businesses. The significant investments in these projects and start-up costs for the new fiber production facilities in Scotland therefore resulted in an operating loss in the Fibers and Composites (FC) Business Area, as expected. Due to these developments, the consolidated operating profit reached Euro 96 million and remained approximately at last year's level (Euro 98 million). The income before taxes amounted to Euro 31 million versus a loss of Euro -43 million in 1999. According to German GAAP, losses incurred in some subsidiaries could not originate any reduction in the tax burden through deferred tax credits. As a consequence, the Group net income amounted to Euro 9 million (1999: Euro -38 million). The company intends to convert to International Accounting Standards (IAS) in the summer of 2001. Net retained profits reinvested The Supervisory Board of SGL CARBON AG approved the annual financial statements in its meeting yesterday. Due to the increasing financial requirements for implementing the brake disc materials and fuel cell components growth businesses, the Executive Committee and Supervisory Board propose to transfer the net retained profits of Euro 28 million of the holding company SGL CARBON AG to revenue reserves. To support and accelerate the growth strategy in the Group, the Executive Committee will also be expanded. Dr. Hariolf Kottmann was therefore appointed as deputy Executive Committee member of SGL CARBON AG, effective April 1, 2001, at the Supervisory Board meeting on March 6, 2001. Dr. Hariolf Kottmann (45) was previously Executive Vice President of Celanese Ltd. in Dallas, USA.
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