DPA
SGL headquarters in Meitingen (Swabia): Is the main owner Skion taking the company completely from the stock exchange?
Bad news for BMW major shareholder Susanne Klatten: The carbon specialist SGL Carbon, in which it is involved through its investment company Skion, must say goodbye to its goals by 2022. The sudden departure of Chief Executive Officer Jürgen Köhler, who is already taking his hat off at the end of August, caused additional uncertainty. SGL shares Show stock market chart collapsed on Thursday in the peak by almost a third to 3.68 euros, the lowest level in 16 years.
The news is likely to destroy investor confidence in SGL, analyst Marc Gabriel of Bankhaus Lampe said. Köhler resigned after his contract had been extended to four years before 2022.
The experts at Baader Bank advised on selling the shares. They expect that now probably the future of SGL, or at least the current structure is likely to be reviewed. “We do not rule out that the main owner Skion takes the whole company from the stock market,” commented analyst Christian Obst.
The affiliate Skion of the entrepreneur and Quandt heiress Susanne Klatten holds a stake of around 27.5 percent in SGL. Other major shareholders are BMW Show stock market chart with more than 18 percent and Volkswagen Show stock market chart with more than seven percent. A spokesman for Skion did not want to comment on what was happening at SGL.
Köhler had confirmed the goals first a week ago
CEO Köhler had just over a week ago affirmed the goals of the company. Now SGL has to say goodbye to his predictions until the year 2022.
Köhler, whose contract was extended by three years in April, leaves SGL at the end of the month. Since 2014, the 58-year-old has been at the helm of the Executive Board, which apart from him only consists of CFO Michael Majerus. The PhD in process engineering began his career at the then Hoechst AG and came in 2002 from Celanese to SGL. Who becomes his successor is open. A spokesman said that the supervisory board will deal with this and “in due course” express.
Köhler has to draw the consequences of massive planning mistakes in the composite division CFM. There, the business figures turned out unexpectedly bad in July, SGL had announced on Wednesday evening.
Planning error has led to wrong numbers
As one SGL spokesman explained, this involves supplying materials for the manufacture of rotor blades from wind turbines to a single customer. There had been a planning error in the internal value chain. Costs were not planned correctly and thus was expected to have too high a return. It is about a delivery over the second half of July to December.
In addition, the expected recovery in the Industrial Applications market segment and the planned measures to improve earnings will not support earnings to the expected extent in the second half of 2019. For this reason, SGL will slip into the red with almost ten million euros this year instead of creating a black zero as planned. Adjusted operating profit (EBIT) will be around € 55 million lower than in 2018 and around € 55 million, as planned for 2019.
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Thus, the forecasts for the next three years are obsolete. SGL is now considering restructuring measures. “The focus is on reviewing the overall cost structure and process improvement in the area, and all measures are under review,” the spokesman said.
mg / rtr