6-K 1 a5104772.txt SGL CARBON AKTIENGESELLSCHAFT 6-K 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: March 2006 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 ------- 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 ----- --- If "Yes" is marked, indicate the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A Exhibit Index ------------- 1. March 16, 2006 German Press Release - SGL Plans Capital Increase 2. March 17, 2006 German Press Release - SGL Completes Capital Increase Exhibit 1 Ad hoc notification pursuant to ss. 15 of the German Securities Trading Act (Wertpapierhandelsgesetz) SGL Carbon Plans Capital Increase o Placement of up to 10% of the registered capital o Optimization of the Group's finances - strengthening of balance sheet and capital base Wiesbaden, 16 March 2006. SGL Carbon Group plans to place up to 5,583,529 shares from a capital increase out of authorized capital. The Board of Management and the Supervisory Board of SGL Carbon have decided to increase the registered capital of the Company against contribution in cash excluding preemptive rights. The shares will be placed through an accelerated bookbuilding process to German and international institutional investors. Dresdner Kleinwort Wasserstein is acting as sole bookrunner for the transaction. The issue price and the placement volume of the shares will be published in a separate ad-hoc announcement. The proceeds out of this transaction will optimize the Group's finances and strengthen the balance sheet and the capital base and thus lead to an increased financial flexibility of the Company. SGL Carbon recently gave guidance for the 2006 financial result of approx. -(euro)55 million. The capital increase will lead to a further improvement of the financial result of about (euro)5 million on an annualized basis and therefore from today's point of view not dilute the earnings per share for the fiscal year. The further reduction of debt through the proceeds of this transaction should also have a positive influence on the ratings of the Company and its bond. This increases the probability that SGL Carbon will be able to further optimize the Group's finances by calling the outstanding high yield bond with a volume of (euro)270 million and a coupon of 8.5% from 2008 onwards. This announcement is not an offer of securities for sale in the USA. Securities may not be offered or sold in the United States without registration with the U.S. Securities and Exchange Commission if no exemption from registration has been issued. The issuer does not plan to register the securities for sale to the public in the United States. SGL CARBON AG Corporate Communications, Media Relations Rheingaustrasse 182, D-65203 Wiesbaden Tel.: +49 (6 11) 60 29-100, Fax: +49 (6 11) 60 29-101 E-Mail: cpc@sglcarbon.de, Internet: www.sglcarbon.de Important Notice: This document contains statements on future developments that are based on currently available information and that involve risks and uncertainties that could lead to actual results deviating from these forward-looking statements. These risks and uncertainties include, for example, unforeseeable changes in political, economic and business conditions, particularly in the area of electrosteel production, the competitive situation, interest rate and currency developments, technological developments and other risks and unanticipated circumstances. We see other risks in price developments, unexpected developments relating to acquired and consolidated companies, ongoing restructuring measures and unforeseeable occurrences in conjunction with the reviews to be performed by the European antitrust authorities. SGL Carbon does not intend to update these forward-looking statements. Your contact: ------------- SGL Carbon AG / Media Relations / Stefan Wortmann Tel. : +49 611 60 29 105 / Fax : +49 611 60 29 101 / Mobil : +49 170 540 2667 e-mail : stefan.wortmann@sglcarbon.de / Internet : www.sglcarbon.de 2 Exhibit 2 Ad hoc notification pursuant to ss. 15 of the German Securities Trading Act (Wertpapierhandelsgesetz) SGL Carbon has successfully completed the capital increase o 5,583,529 Shares placed for 15 (euro) Wiesbaden, March 17, 2006. Further to the ad-hoc announcement issued March 16 on the intended capital increase, SGL Carbon announces that all 5,583,529 shares have been successfully placed in an accelerated bookbuilding. The shares have been placed at a price of (euro)15 per share resulting in gross proceeds totalling (euro)83,7 million. The shares were placed with German and international institutional investors. Dresdner Kleinwort Wasserstein was sole bookrunner for this transaction. This announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States without registration with the U.S. Securities and Exchange Commission if no exemption from registration has been issued. The issuer does not plan to register the securities for sale to the public in the USA. Important Notice: This document contains statements on future developments that are based on currently available information and that involve risks and uncertainties that could lead to actual results deviating from these forward-looking statements. These risks and uncertainties include, for example, unforeseeable changes in political, economic and business conditions, particularly in the area of electrosteel production, the competitive situation, interest rate and currency developments, technological developments and other risks and unanticipated circumstances. We see other risks in price developments, unexpected developments relating to acquired and consolidated companies, ongoing restructuring measures and unforeseeable occurrences in conjunction with the reviews to be performed by the European antitrust authorities. SGL Carbon does not intend to update these forward-looking statements. Your contact: ------------- Corporate Communications / Media Relations / Stefan Wortmann Tel. : +49 611 60 29 105 / Fax : +49 611 60 29 101 / Mobil : +49 170 540 2667 e-mail : stefan.wortmann@sglcarbon.de / Internet : www.sglcarbon.de SGL CARBON AG Corporate Communications, Media Relations Rheingaustrasse 182, D-65203 Wiesbaden Tel.: +49 (6 11) 60 29-100, Fax: +49 (6 11) 60 29-101 E-Mail: cpc@sglcarbon.de, Internet: www.sglcarbon.de 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: March 17, 2006 By: /s/ Robert J. Kohler ------------------------------ Name: Robert J. Koehler Title: Chairman of the Board of Management By: /s/ Sten Daugaard ------------------------------ Name: Mr. Sten Daugaard Title: Member of the Board of Management

Financial Highlights (unaudited) ---------------------------------------------------------------------------------------------------------------- First Nine Months (EUR million) 2005 2004 ---------------------------------------------------------------------------------------------------------------- Sales revenue 778.1 688.0 ---------------------------------------------------------------------------------------------------------------- Gross profit 229.8 199.4 ---------------------------------------------------------------------------------------------------------------- EBITDA 137.2 106.8 ---------------------------------------------------------------------------------------------------------------- EBIT 86.4 60.4 ---------------------------------------------------------------------------------------------------------------- Return on sales(1) 11.1% 8.8% ---------------------------------------------------------------------------------------------------------------- Net profit from continuing operations 23.6 7.5 ---------------------------------------------------------------------------------------------------------------- Net loss from discontinued operations - - 8.7 ---------------------------------------------------------------------------------------------------------------- Net profit before minority interests 23.6 - 1.2 ---------------------------------------------------------------------------------------------------------------- Earnings per share (in EUR) 0.42 - 0.02 ---------------------------------------------------------------------------------------------------------------- Operational cash flow from continuing operations(2) 92.8 75.6 ---------------------------------------------------------------------------------------------------------------- Sept. 30, Dec. 31, (EUR million) 2005 2004 ---------------------------------------------------------------------------------------------------------------- Total assets 1,156 1,315 ---------------------------------------------------------------------------------------------------------------- Equity 326 282 ---------------------------------------------------------------------------------------------------------------- Net debt 300 321 ---------------------------------------------------------------------------------------------------------------- Debt ratio (gearing)(3) 0.9 1.1 ---------------------------------------------------------------------------------------------------------------- Equity ratio(4) 28.2% 21.4% ---------------------------------------------------------------------------------------------------------------- (1) EBIT divided by sales revenue (2) Without currency exchange rate effects (3) Net debt divided by shareholders' equity (4) Equity divided by total assets

Consolidated Income Statement (unaudited) ---------------------------------------------------------------------------------------------------------------- First Nine Months (EUR million) 2005 2004 ---------------------------------------------------------------------------------------------------------------- Sales revenue 778.1 688.0 ---------------------------------------------------------------------------------------------------------------- Gross profit 229.8 199.4 ---------------------------------------------------------------------------------------------------------------- Selling, administrative, research and other income/expense - 143.4 - 139.0 ---------------------------------------------------------------------------------------------------------------- Profit from operations (EBIT) 86.4 60.4(1) ---------------------------------------------------------------------------------------------------------------- Net financing costs - 45.4 - 45.4 ---------------------------------------------------------------------------------------------------------------- Profit (loss) before tax 41.0 15.0 ---------------------------------------------------------------------------------------------------------------- Income taxes - 17.4 - 7.5 ---------------------------------------------------------------------------------------------------------------- Net profit (loss) from continuing operations 23.6 7.5 ---------------------------------------------------------------------------------------------------------------- Net profit (loss) from discontinued operations - - 8.7 ---------------------------------------------------------------------------------------------------------------- Net profit (loss) before minority interests 23.6 - 1.2 ---------------------------------------------------------------------------------------------------------------- Earnings per share (in EUR, basic) 0.42(2) - 0.02 ---------------------------------------------------------------------------------------------------------------- (1) Comparable EBIT for 9M/2004 is calculated as follows: reported EBIT after restructuring expenses amounted to EUR39.4 million in 9M/2004. Taking into consideration the EUR12.6 million operating loss from the divested Surface Protection business, the discontinuation of the EUR4.7 million scheduled goodwill amortization in accordance with IFRS 3,and the reclassification of the interest on the North American pension provisions of EUR3.7 million, which are now unified and shown in the net financing costs, the comparable EBIT of EUR60.4 million results. (2) In 9M/2005, approximately 56.4 million shares were outstanding on average.

Details of Net Financing Costs ---------------------------------------------------------------------------------------------------------------- First Nine Months (EUR million) 2005 2004 ---------------------------------------------------------------------------------------------------------------- Interest expense (net) - 21.9 - 22.2 ---------------------------------------------------------------------------------------------------------------- Interest expense on pensions - 10.1 - 10.0 ---------------------------------------------------------------------------------------------------------------- Interest expense on antitrust (non-cash) - 5.0 - 5.3 ---------------------------------------------------------------------------------------------------------------- Total interest expense, net - 37.0 - 37.5 ---------------------------------------------------------------------------------------------------------------- Currency and hedging valuation adjustments of antitrust liabilities (non-cash) - 0.9 - 2.0 ---------------------------------------------------------------------------------------------------------------- Amortization of refinancing costs (non-cash) - 4.4 - 2.8 ---------------------------------------------------------------------------------------------------------------- Other - 3.1 - 3.1 ---------------------------------------------------------------------------------------------------------------- Total other financing expenses - 8.4 - 7.9 ---------------------------------------------------------------------------------------------------------------- Net financing costs - 45.4 - 45.4 ----------------------------------------------------------------------------------------------------------------

Consolidated Balance Sheet (unaudited) ---------------------------------------------------------------------------------------------------------------- (EUR million) Sept. 30, Dec. 31, 2005 2004 ---------------------------------------------------------------------------------------------------------------- Assets ---------------------------------------------------------------------------------------------------------------- Intangible assets 84 85 ---------------------------------------------------------------------------------------------------------------- Property, plant and equipment 336 345 ---------------------------------------------------------------------------------------------------------------- Long-term investments 31 30 ---------------------------------------------------------------------------------------------------------------- Deferred tax assets 137 130 ---------------------------------------------------------------------------------------------------------------- Non-current assets 588 590 ---------------------------------------------------------------------------------------------------------------- Inventories 270 248 ---------------------------------------------------------------------------------------------------------------- Trade receivables 204 184 ---------------------------------------------------------------------------------------------------------------- Other current assets 34 36 ---------------------------------------------------------------------------------------------------------------- Cash and cash equivalents 60 65 ---------------------------------------------------------------------------------------------------------------- Restricted cash for repayment of convertible bond - 51 ---------------------------------------------------------------------------------------------------------------- Restricted cash for antitrust payments - 77 ---------------------------------------------------------------------------------------------------------------- Current assets 568 661 ---------------------------------------------------------------------------------------------------------------- Assets held for sale - 64 ---------------------------------------------------------------------------------------------------------------- Total assets 1,156 1,315 ---------------------------------------------------------------------------------------------------------------- (EUR million) Sept. 30, Dec. 31, 2005 2004 ---------------------------------------------------------------------------------------------------------------- Equity and liabilities ---------------------------------------------------------------------------------------------------------------- Equity including minority interests 326 282 ---------------------------------------------------------------------------------------------------------------- Non-current financial liabilities 335 353 ---------------------------------------------------------------------------------------------------------------- Provisions for pensions and other employee benefits 158 156 ---------------------------------------------------------------------------------------------------------------- Deferred tax liabilities 44 45 ---------------------------------------------------------------------------------------------------------------- Other non-current liabilities 2 37 ---------------------------------------------------------------------------------------------------------------- Other non-current provisions 22 19 ---------------------------------------------------------------------------------------------------------------- Non-current liabilities 561 610 ---------------------------------------------------------------------------------------------------------------- Financial liabilities 8 63 ---------------------------------------------------------------------------------------------------------------- Trade payables 75 91 ---------------------------------------------------------------------------------------------------------------- Other liabilities 55 79 ---------------------------------------------------------------------------------------------------------------- Other provisions 131 126 ---------------------------------------------------------------------------------------------------------------- Current liabilities 269 359 ---------------------------------------------------------------------------------------------------------------- Liabilities held for sale - 64 ---------------------------------------------------------------------------------------------------------------- Total equity and liabilities 1,156 1,315 ----------------------------------------------------------------------------------------------------------------

Working Capital (unaudited) ---------------------------------------------------------------------------------------------------------------- (EUR million) Sept. 30, Dec. 31, 2005 2004 ---------------------------------------------------------------------------------------------------------------- Inventories 270 248 ---------------------------------------------------------------------------------------------------------------- Trade receivables 204 184 ---------------------------------------------------------------------------------------------------------------- Less trade payables - 75 - 91 ---------------------------------------------------------------------------------------------------------------- Working Capital 399 341 ----------------------------------------------------------------------------------------------------------------

Statement of Changes in Consolidated Equity (unaudited) ---------------------------------------------------------------------------------------------------------------- (EUR million) First Nine Months Equity Ratio 2005 ---------------------------------------------------------------------------------------------------------------- Balance at January 1 282 21.4% ---------------------------------------------------------------------------------------------------------------- Capital increase 2 ---------------------------------------------------------------------------------------------------------------- Net profit from continuing operations 24 ---------------------------------------------------------------------------------------------------------------- Currency exchange rate differences and other 18 ---------------------------------------------------------------------------------------------------------------- Balance at September 30 326 28.2% ----------------------------------------------------------------------------------------------------------------

Net Debt (unaudited) ---------------------------------------------------------------------------------------------------------------- (EUR million) Sept. 30, Dec. 31, 2005 2004 ---------------------------------------------------------------------------------------------------------------- Financial debt (including convertible bonds as of Dec. 31, 2004) 343 416 ---------------------------------------------------------------------------------------------------------------- Refinancing costs 17 21 ---------------------------------------------------------------------------------------------------------------- Restricted cash for convertible bonds - - 51 ---------------------------------------------------------------------------------------------------------------- Unrestricted cash and cash equivalents - 60 - 65 ---------------------------------------------------------------------------------------------------------------- Net debt 300 321 ----------------------------------------------------------------------------------------------------------------

Consolidated Cash Flow Statement (unaudited) ---------------------------------------------------------------------------------------------------------------- (EUR million) First Nine Months 2005 2004 ---------------------------------------------------------------------------------------------------------------- Profit from operations (EBIT) 86.4 60.4 ---------------------------------------------------------------------------------------------------------------- Depreciation 50.8 46.4 ---------------------------------------------------------------------------------------------------------------- EBITDA 137.2 106.8 ---------------------------------------------------------------------------------------------------------------- Decrease (increase) in working capital - 44.4 - 31.2 ---------------------------------------------------------------------------------------------------------------- Operational cash flow 92.8 75.6 ---------------------------------------------------------------------------------------------------------------- Other operating cash sources (uses) - 55.3 - 39.6 ---------------------------------------------------------------------------------------------------------------- Cash provided by operating activities before antitrust payments 37.5 36.0 ---------------------------------------------------------------------------------------------------------------- Payments relating to antitrust proceedings(1) - 69.4 - 42.6 ---------------------------------------------------------------------------------------------------------------- Cash used by operating activities - 31.9 - 6.6 ---------------------------------------------------------------------------------------------------------------- Capital expenditures - 27.5 - 25.9 ---------------------------------------------------------------------------------------------------------------- Other investing activities 10.8 - 2.4 ---------------------------------------------------------------------------------------------------------------- Cash used in investing activities - 16.7 - 28.3 ---------------------------------------------------------------------------------------------------------------- Free Cash Flow(2) 20.8 7.7 ---------------------------------------------------------------------------------------------------------------- Net change in financial liabilities - 86.7 - 44.9 ---------------------------------------------------------------------------------------------------------------- Payments in connection with refinancing - 0.8 - 23.9 ---------------------------------------------------------------------------------------------------------------- Net proceeds from capital increase 1.9 245.3 ---------------------------------------------------------------------------------------------------------------- Cash provided by (used in) financing activities - 85.6 176.5 ---------------------------------------------------------------------------------------------------------------- Cash used in discontinued operations - - 8.6 ---------------------------------------------------------------------------------------------------------------- Effect of foreign exchange rate changes 1.5 0.3 ---------------------------------------------------------------------------------------------------------------- Net increase (decrease) in cash and cash equivalents - 132.7(3) 133.3 ---------------------------------------------------------------------------------------------------------------- Cash and cash equivalents at beginning of the year 192.7 46.1 ---------------------------------------------------------------------------------------------------------------- Cash and cash equivalents at end of nine months 60.0 179.4 ---------------------------------------------------------------------------------------------------------------- (1) From restricted cash account for antitrust payments (2) Cash provided by operating activities before antitrust payments less cash used in investing activities (3) Net decrease in cash of EUR132.7 million results from the payment of the remaining North American antitrust liabilities, the redemption of the convertible bond, and the reduction of the US-Dollar credit facilities

Details of other operating cash sources (uses)(1) (unaudited) ---------------------------------------------------------------------------------------------------------------- (EUR million) First Nine Months 2005 2004 ---------------------------------------------------------------------------------------------------------------- Interest payments (net) - 27.1 - 21.2 ---------------------------------------------------------------------------------------------------------------- Cash interest expense for pensions - 5.7 - 9.5 ---------------------------------------------------------------------------------------------------------------- Other cash components of financial result (net) - 2.9 - 2.3 ---------------------------------------------------------------------------------------------------------------- Cash restructuring expense - 3.1 - 6.3 ---------------------------------------------------------------------------------------------------------------- Tax payments - 12.1 - 8.3 ---------------------------------------------------------------------------------------------------------------- Bonus payments/accruals 2.8 6.5 ---------------------------------------------------------------------------------------------------------------- Other cash payments - 7.2 1.5 ---------------------------------------------------------------------------------------------------------------- Other operating cash sources (uses) - 55.3 - 39.6 ---------------------------------------------------------------------------------------------------------------- (1) adjusted by currency effects

Carbon and Graphite [CG] ---------------------------------------------------------------------------------------------------------------- (EUR million) First Nine Months 2005 2004 ---------------------------------------------------------------------------------------------------------------- Sales revenue 468.0 412.6 ---------------------------------------------------------------------------------------------------------------- EBITDA 121.4 93.7 ---------------------------------------------------------------------------------------------------------------- Profit from operations (EBIT) 90.0 70.9 ---------------------------------------------------------------------------------------------------------------- Return on sales 19.2% 17.2% ----------------------------------------------------------------------------------------------------------------

Specialties [S] ---------------------------------------------------------------------------------------------------------------- (EUR million) First Nine Months 2005 2004 ---------------------------------------------------------------------------------------------------------------- Sales revenue 188.1 176.1 ---------------------------------------------------------------------------------------------------------------- EBITDA 23.8 25.8 ---------------------------------------------------------------------------------------------------------------- Profit from operations (EBIT) 13.9 14.4 ---------------------------------------------------------------------------------------------------------------- Return on sales 7.4% 8.2% ----------------------------------------------------------------------------------------------------------------

SGL Technologies [T] ---------------------------------------------------------------------------------------------------------------- (EUR million) First Nine Months 2005 2004 ---------------------------------------------------------------------------------------------------------------- Sales revenue 120.2 97.9 ---------------------------------------------------------------------------------------------------------------- EBITDA 12.6 3.9 ---------------------------------------------------------------------------------------------------------------- Profit from operations (EBIT) 3.1 - 6.0 ---------------------------------------------------------------------------------------------------------------- Return on sales 2.6% - 6.1% ----------------------------------------------------------------------------------------------------------------

Corporate Costs ---------------------------------------------------------------------------------------------------------------- (EUR million) First Nine Months 2005 2004 ---------------------------------------------------------------------------------------------------------------- Other revenue 1.8 1.4 ---------------------------------------------------------------------------------------------------------------- Corporate costs - 20.6 - 18.9 ----------------------------------------------------------------------------------------------------------------

Quarterly Sales Revenue & Profit from Operations (EBIT) by Segment (unaudited) ------------------------------------------------------------------------------------------------------------------- 2004 2005 ------------------------------------------------------------------------------------------------------------------- EUR million Q1 Q2 Q3 Q4 Full Q1 Q2 Q3 9M Year ------------------------------------------------------------------------------------------------------------------- Sales revenue ------------------------------------------------------------------------------------------------------------------- Carbon and Graphite 122.6 149.5 140.5 142.9 555.5 142.9 168.2 156.9 468.0 ------------------------------------------------------------------------------------------------------------------- Specialties 58.1 57.2 60.8 59.7 235.8 57.3 66.3 64.5 188.1 ------------------------------------------------------------------------------------------------------------------- SGL Technologies 29.8 34.7 33.4 35.3 133.2 37.5 43.0 39.7 120.2 ------------------------------------------------------------------------------------------------------------------- Other 0.5 0.6 0.3 0.3 1.7 0.6 0.6 0.6 1.8 ------------------------------------------------------------------------------------------------------------------- 211.0 242.0 235.0 238.2 926.2 238.3 278.1 261.7 778.1 ------------------------------------------------------------------------------------------------------------------- 2004 2005 ------------------------------------------------------------------------------------------------------------------- EUR million Q1 Q2 Q3 Q4 Full Q1 Q2 Q3 9M Year ------------------------------------------------------------------------------------------------------------------- Profit (loss) from operations (EBIT) ------------------------------------------------------------------------------------------------------------------- Carbon and Graphite 17.9 27.5 25.5 18.8 89.7 26.7 33.6 29.7 90.0 ------------------------------------------------------------------------------------------------------------------- Specialties 5.3 4.9 4.2 0.8 15.2 1.3 6.6 6.0 13.9 ------------------------------------------------------------------------------------------------------------------- SGL Technologies - 1.8 - 2.1 - 2.1 - 4.1 - 10.1 - 0.6 0.0 3.7 3.1 ------------------------------------------------------------------------------------------------------------------- Corporate - 4.7 - 5.2 - 9.0 - 10.4 - 29.3 - 6.5 - 7.3 - 6.8 - 20.6 ------------------------------------------------------------------------------------------------------------------- 16.7 25.1 18.6 5.1 65.5 20.9 32.9 32.6 86.4 ------------------------------------------------------------------------------------------------------------------- Quarterly Consolidated Income Statement (unaudited) ------------------------------------------------------------------------------------------------------------------- 2004 2005 ------------------------------------------------------------------------------------------------------------------- EUR million Q1 Q2 Q3 Q4 Full Q1 Q2 Q3 9M Year ------------------------------------------------------------------------------------------------------------------- Sales revenue 211.0 242.0 235.0 238.2 926.2 238.3 278.1 261.7 778.1 ------------------------------------------------------------------------------------------------------------------- Cost of sales - 151.5 - 168.9 - 168.2 - 174.8 - 663.4 - 174.0 - 191.2 - 183.1 - 548.3 ------------------------------------------------------------------------------------------------------------------- Gross profit 59.5 73.1 66.8 63.4 262.8 64.3 86.9 78.6 229.8 ------------------------------------------------------------------------------------------------------------------- Selling/administrative /R&D/other - 42.8 - 48.0 - 48.2 - 58.3 - 197.3 - 43.4 - 54.0 - 46.0 - 143.4 ------------------------------------------------------------------------------------------------------------------- Profit (loss) from operations (EBIT) 16.7 25.1 18.6 5.1 65.5 20.9 32.9 32.6 86.4 ------------------------------------------------------------------------------------------------------------------- Net financing costs - 15.2 - 16.2 - 14.0 - 15.1 - 60.5 - 13.1 - 14.7 - 17.6 - 45.4 ------------------------------------------------------------------------------------------------------------------- Profit (loss) before tax 1.5 8.9 4.6 - 10.0 5.0 7.8 18.2 15.0 41.0 ------------------------------------------------------------------------------------------------------------------- Income taxes - 0.9 - 2.5 - 4.1 6.3 - 1.2 - 4.1 - 7.4 - 5.9 - 17.4 ------------------------------------------------------------------------------------------------------------------- Net profit (loss) from continuing operations 0.6 6.4 0.5 - 3.7 3.8 3.7 10.8 9.1 23.6 ------------------------------------------------------------------------------------------------------------------- Net loss from discontinued operations - 4.0 - 2.7 - 2.0 - 76.8 - 85.5 - - - - ------------------------------------------------------------------------------------------------------------------- Net profit (loss) before minority interests - 3.4 3.7 - 1.5 - 80.5 - 81.7 3.7 10.8 9.1 23.6 -------------------------------------------------------------------------------------------------------------------

First Nine Months ----------------- 2005 2004 --------------------------------------------------------------------------------------------------------- Sales revenue 778.1 688.0 --------------------------------------------------------------------------------------------------------- EBITDA 137.2 106.8 --------------------------------------------------------------------------------------------------------- EBIT 86.4 60.4 --------------------------------------------------------------------------------------------------------- Return on sales (1) 11.1% 8.8% --------------------------------------------------------------------------------------------------------- Net profit from continuing operations 23.6 7.5 --------------------------------------------------------------------------------------------------------- Net loss from discontinued operations - -8.7 --------------------------------------------------------------------------------------------------------- Net profit before minority interests 23.6 -1.2 --------------------------------------------------------------------------------------------------------- Earnings per share (in EUR) 0.42 -0.02 --------------------------------------------------------------------------------------------------------- Operational cash flow from continuing operations (2) 92.8 75.6 --------------------------------------------------------------------------------------------------------- (1) EBIT divided by sales revenue (2) Without currency exchange rate effects Sept. 30, Dec. 31, 2005 2004 -------------------------------------------------------------------------------------------------------- Total assets 1,156 1,315 -------------------------------------------------------------------------------------------------------- Equity 326 282 -------------------------------------------------------------------------------------------------------- Net debt 300 321 -------------------------------------------------------------------------------------------------------- Debt ratio (gearing) (3) 0.9 1.1 -------------------------------------------------------------------------------------------------------- Equity ratio (4) 28.2% 21.4% -------------------------------------------------------------------------------------------------------- (3) Net debt divided by shareholders equity (4) Equity divided by total assets

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