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: February 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
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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
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If "Yes" is marked, indicate the file number assigned to the registrant in
connection with Rule 12g3-2(b): N/A
Exhibit Index
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1. Press Release issued February 12, 2003 regarding preliminary 2002 financial
figures.
EXHIBIT 1
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SGL Carbon: Preliminary Figures for 2002
WIESBADEN, Germany--(BUSINESS WIRE)--Feb. 12, 2003--SGL Carbon:
-- Debt reduction and free cash flow well above expectations
-- Profit from operations close to break-even due to provisions
for antitrust risks, restructurings and additional inventory
reduction
The SGL Carbon Group has significantly exceeded its goals for 2002, as
announced in March 2002 under its five-point program to increase enterprise
value.
According to preliminary unaudited figures, net financial liabilities were
reduced by roughly (EUR)100 million to around (EUR)430 million by the end of
2002 - significantly beating the original target of a reduction of at least 5%
to below (EUR)500 million. The improvement in free cash flow by more than
(EUR)100 million is also significantly above the target of (EUR)60 million.
Earnings after Adjustments in Line with Earlier Guidance
The SGL Carbon Group recorded preliminary revenue for fiscal 2002 of around
(EUR)1.1 billion (2001: (EUR)1.2 billion).
The Company has increased its existing provisions for the fine imposed on
Graphite Specialties in December 2002 by (EUR)22 million. SGL Carbon believes
that the (EUR)28 million fine imposed by the European Commission is unjustified
and will file an appeal with the European Court.
In Q4/2002, the Company's focus on reducing financial debt, improving
working capital and strengthening cash flow affected profit from operations in
the period. The reductions in costs generated by restructuring and workforce
reduction measures, which exceeded forecasts significantly, additionally
required a non-cash revaluation of inventories at year-end also affecting profit
from operations. Together with the aforementioned 22 Mio. (EUR) non-cash
provision, SGL Carbon's profit from operations will be around break-even point
in 2002. Without these special non-cash effects, the Company's full year 2002
profit from operations is in line with estimates given at the nine-months
reporting. SGL Carbon will present its audited figures for 2002 at the annual
financial press conference in Frankfurt am Main on March 13, 2003.
A Confident Outlook for 2003
The restructurings and measures to boost efficiency have significantly
reduced the Company's cost base, allowing it to move forward in 2003. Therefore,
despite the continuing economic downturn the Company expects a strong
improvement in profit from operations.
Important Notice:
This press release contains forward-looking statements as defined in the US
Private Securities Litigation Reform Act of 1995. It contains forward-looking
statements and information relating to sales and earnings figures, based on
currently available information. Actual future results and trends could differ
materially from those set forth in such statements due to various factors. Such
factors include unforeseeable alterations in electric steel production, the
possibility of changing economic and competitive conditions, changes in currency
rates, technological developments, unanticipated developments relating to
recently acquired businesses and Group companies, unforeseen difficulties
relating to the investigations by the European antitrust authorities and to the
now completed investigation by the Canadian and U.S. antitrust authorities and
the civil actions related to these investigations 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.
CONTACT: SGL Carbon Group
Stefan Wortmann, +49 611 60 29 105;
Fax: +49 6 11 60 29 101;
Mobile: +49 170 540 2667; stefan.wortmann@sglcarbon.de
www.sglcarbon.com
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: February 12, 2003 By: /s/ Robert J. Kohler
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Name: Robert J. Koehler
Title: Chairman of the Board of Management
By: /s/ Dr. Bruno Toniolo
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Name: Dr. Bruno Toniolo
Title: Member of the Board of Management