SGL Carbon Announces Fiscal Year 2002 Results
March 17, 2003
SGL Carbon Group recently announced results for its fiscal year 2002. Net debt was reduced by 100 million euros to 427 million euros, free cash flow was up by 135 million euros and sales revenue was 1112 million euros. The weakness of the global economy affected the group's sales revenue and earnings in fiscal year 2002. The economic developments led to a reluctance to invest among key customer industries, such as the chemical sector, mechanical and plant engineering, as well as the electronics and semiconductor industries. At 1.1 billion euros, SGL Carbon's consolidated sales revenue was down 10% from 1.2 billion euros last year. SGL Carbon exceeded its 2002 financial targets, which were published at the beginning of 2002 as part of its "five-point program to increase enterprise value." Net debt was reduced by 100 million euros to 427 million euros, significantly beating the original target of a reduction of at least 5% to below 500 million euros.
The complete annual report 2002 is available online at http://www.sglcarbon.com .