Investor Presentaiton
Group outlook 2018.
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Capex to increase compared to prior year to approx. €80 million i.e. €15 million above level of
depreciation
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Level of depreciation increases to €65 million (before PPA) due to full consolidation of former joint ventures
Total free cash flow expected to reach a "black zero"
Free cash flow - continued operations expected to improve significantly but remain negative in mid double digit range
mainly due to higher capex level and cash outflow for the acquisition of the Wackersdorf site in the former joint venture
with BMW
- Free cash flow - discontinued operations expected to reach positive mid double digit range due to payment of final
instalments of purchase price for disposal of GE and CFL/CE
Net debt at end 2018 to substantially increase due to the full consolidation of former joint venture
with BMW
Balance sheet targets expected to continue to be met - equity ratio at or above 30%, gearing at or
below 0.5 and leverage ratio at or below 2.5
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