Half Year Results 2008
Due to international economic momentum slowing, the record figures of the previous year were not quite achieved. However, the operating subsidiaries did achieve a slight upturn in profitability.
At EUR 519.3 million, sales achieved by the Klöckner Group in the first six months of 2008 were EUR 58.9 million lower than the equivalent figure of the previous year, which was marked by the extraordinarily high order level in 2007. In the reporting period, total incoming orders declined to EUR 475.7 million (previous year: EUR 539.7 million).
EBIT in the first six months of the year at EUR 19.5 million was down EUR 3.9 million year-on-year. The decline is due entirely to the results impact at the holding companies. On the other hand, the largest operating unit, the KHS Group generated an EBIT of EUR 19.9 million, exceeding its previous-year result by 4 percent. Overall the Other Industrial Holdings segment repeated the good operating result of the previous year.
EBT for the Klöckner Group at EUR 14.0 million was EUR 5.6 million lower than in the comparable period of the previous year. Consolidated net income for the period at EUR 8 million was EUR 13.1 million lower year-on-year. The reason for this is the earnings impact from deferred taxes. Last year deferred tax assets of EUR 9.5 million were recognised on loss carryforwards of Klöckner-Werke AG. In addition, differences between IFRS and HGB resulted in deferred tax expenses of EUR 3.6 million.
