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Wiesbaden (dpa) - The carbon fiber specialist SGL Carbon is expecting the first successes of the massive corporate restructuring in the current year.
"We used 2020 to clean up," said CEO Torsten Derr on Thursday in Wiesbaden.
There are still great uncertainties in the markets.
After the severe economic slump in the past financial year, a slight increase in sales and a significant reduction in the deficit in the group are expected in 2021.
Due to a significantly reduced demand in the corona pandemic, revenues fell by 15 percent to 919.4 million euros in 2020, according to CFO Thomas Dippold.
The loss in earnings after taxes increased year-on-year from minus 90.0 million to minus 132.2 million euros.
The reason for this are also the costs for the group restructuring and impairment of a business area.
In order to compensate for the loss of profit, the management wants to cut 500 jobs, among other things.
In addition, according to the plan adopted last autumn, there should be extensive savings in material costs.
With the entire savings program, earnings improvements of over 100 million euros per year are targeted by the year 2023.
The total cost of implementing the savings measures is expected to be around 40 million euros.
At the end of the past financial year, the Wiesbaden company had 4,837 employees.
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As an outlook for the current financial year, management put sales between 920 million and 970 million euros.
The group annual deficit should be in a range of minus 20 million euros and a balanced result.
The car manufacturers BMW and VW as well as BMW major shareholder Susanne Klatten have a stake in SGL Carbon through their holding company Skion.
© dpa-infocom, dpa: 210325-99-966602 / 2
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