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Consolidated Financial Statements 1st Half 2018 of the CRONIMET Holding Group

Karlsruhe, September 21, 2018

  • Very good start to 2018 financial year with growth in sales and tonnage

  • Increase in operating profit compared with the corresponding prior-year period

  • Forecast for the 2nd half of 2018: Business development of the Group as a whole remains in line with planning

  • Emerging challenges through enhanced trade policies

In the first half of 2018, the CRONIMET Holding Group, headquartered in Karlsruhe, was able to continue the positive development of 2017 and increase sales by approx. 8% to Euro 1.3 billion compared to the previous year. The tonnage delivered to customers increased again by approx. 2% compared to the tonnage that had already risen significantly in 2017. This led to some significant improvements in the key financial figures compared with the corresponding figures for the previous year. In particular, the operating result increased by almost 4% to Euro 30.5 million.

For the 2018 financial year as a whole, management is confident that earnings will exceed both the budgeted figures and the previous year's result. Possible challenges in the dynamic earnings development could be the current discussions about additional introduction and further increase of existing customs duties. Irrespective of this, the CRONIMET Group believes that it is excellently positioned in the economic zones of Europe and the USA, so that with the support of the existing subsidiaries in Asia the impact should remain manageable from today's perspective. CEO and shareholder Jürgen Pilarsky continues to be very satisfied with the company's current development: "We are very proud that we were able to continue the positive earnings momentum from 2017 in 2018 without restraint. This has improved and will further improve our capital strength, enabling us to increase our business volume for the benefit of our customers and suppliers even further.”

About the CRONIMET Holding Group
he CRONIMET Holding Group, based in Karlsruhe, together with the companies of the affiliate company CRONIMET Mining AG, is part of the 100% family-owned CRONIMET Group. The CRONIMET Holding Group is a worldwide specialist for stainless steel scrap, ferroalloys and primary metals. The company has been supplying raw materials for the stainless steel producing industry for nearly four decades. The focus lies on trade & sales, recycling and production & services. The CRONIMET Holding Group was founded in 1980 and today has over 60 subsidiaries worldwide with more than 1500 employees. The entire CRONIMET Group currently employs more than 5600 people globally.

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Consolidated financial statement 2017 of the CRONIMET Holding Group

Karlsruhe, 19. Juli 2018

  • Fiscal year 2017 closed with growth in sales and tonnage

  • Restructuring measures in 2015 and 2016 clearly contribute to a positive operating result in 2017

  • Forecast 2018: continued positive development of the entire group

  • New loan agreement with significantly improved conditions secures corporate fi-nancing for further 3 years

After two years of successful restructuring, the CRONIMET Holding Group noticeably improved its earnings situation in the financial year 2017 and achieved a pre-tax profit of approx. EUR 19 million. Beside a growth in sales and tonnage in nearly all divisions, this success is mainly a result of the restructuring measures of the two previous years, which firstly took effect on a total financial year in 2017. Sales increased significantly from EUR 1.65 billion in 2016 to EUR 2.1 bil-lion in 2017. At 1.425 million tonnes, Group-wide sales tonnage outperformed the previous year's level as well. The operating result improved by EUR 29.4 million to EUR 37.2 million and is thus above plan.

For the financial year 2018, the management is confident that it will outperform the plan values and also the previous year's result in terms of earnings. The financial figures for the first 6 months of 2018 confirm this development.

The positive development is rewarded by the financial markets as well. Thus, a new syndicated loan agreement with an international banking consortium was signed, covering a period of three years with approx. EUR 600 million. This loan, moreover, was significantly oversubscribed by the banks.

CEO and shareholder Juergen Pilarsky is very satisfied with the current company development: "Thanks to the great commitment of our employees and the support of our business partners, we were able to implement various measures in 2015 and 2016. The thereof resulting positive effects have already been apparent since the end of 2016 and continue to have a stabilizing effect on the company in 2017 to this day. We therefore consider ourselves as very well prepared for the future, especially with regard to the trade policy challenges. "

About the CRONIMET Holding Group
The CRONIMET Holding Group is a worldwide specialist for stainless steel scrap, ferroalloys and pri-mary metals. The company has been supplying raw materials for the stainless steel producing indus-try for nearly four decades. The focus lies on trade & sales, recycling and production & services. The CRONIMET Holding Group was founded in 1980 and today has over 60 subsidiaries worldwide with more than 1500 employees. The CRONIMET Holding Group, based in Karlsruhe, together with the companies of the affiliate company CRONIMET Mining AG, is part of the 100% family-owned CRONIMET Group. The entire CRONIMET Group currently employs more than 5600 people globally.

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CRONIMET recycles gas turbines

Karlsruhe, 31. Januar 2018

With the documented destruction of aircraft turbines in 2016, CRONIMET broke new ground in the recycling of finite resources. At the end of last year, the company further recycled its first gas turbine the second one in January.

With the documented destruction of aircraft turbines in 2016, CRONIMET broke new ground in the recycling of finite resources. At the end of last year, the company further recycled its first gas turbine the second onA resource - efficient recycling of valuable alloys is the core business of CRONIMET in Karlsruhe. Gas turbines contain finite metals and various precious alloys, which would be lost without any efficient recycling in January.

"Both the customers and the manufacturers attach great importance to the documented destruction and recycling of gas turbines. Our experience in the recycling of aircraft turbines according to air safety standards is an optimal prerequisite for meeting such high req uirements, " Gregor Zenkner ( Head of Aviation Recycling ) further elaborates . CRONIMET professionally dismantles the turbines, documents the de struction of the individual parts and eventually returns the secondary raw materials according to their alloys to the environmental cycle.

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Appointment of Ms Annette Gartner as another managing director of CRONIMET Holding GmbH

Karlsruhe, 01. Juli 2017

CRONIMET Holding GmbH shareholders have appointed Ms Annette Gartner as another managing director of CRONIMET Holding GmbH with effect from 1 July 2017. Ms Gartner has already worked for the company since 2006 and was most recently partly responsible for the successful SAP launch for the entire group. She is also a member of the regional board for European business.

Particularly in consideration of global digitalisation and lack of specialists, the CRONIMET management team has developed areas of action in the last 12 months that CRONIMET would like to give more attention to in the future and in which the appropriate investments will be made in order to maintain and expand the CRONIMET Group’s competitive position. In this respect, the decision has been made that both HR management and digitalisation will be represented in a separate managerial role in the future in the form of Ms Gartner.

“We have gained a highly competent and experienced manager for our management team with Ms Gartner and in doing so we will gain significant speed in the key areas of HR development and digitalisation”, Shareholders and CEO Jürgen Pilarsky, together with his management colleagues Bernhard Kunsmann and Oliver Kleinhempel, are pleased with the addition to the management team.

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Change of name into CRONIMET Envirotec with new appearance

Bitterfeld-Wolfen, 23. Januar 2017

Destimet Green Services GmbH changes its company name into CRONIMET Envirotec GmbH.

The technology leader of the vacuum thermal treatment of metal and oil based industrial sludges is now named CRONIMET Envirotec GmbH with immediate effect. Since 2015, CRONIMET Holding GmbH has been sole shareholder of the company, which is located in Bitterfeld-Wolfen (50 km from Leipzig). Reason for the change of name is the full identification with the brand name CRONIMET. The new website www.cronimet-envirotec.com as well as the new appearance in the corporate design of CRONIMET make the affiliation of 100% and the integration into the group additionally visible.

CRONIMET Envirotec GmbH stands for innovative and sustainable treatment of waste sludges of the metal and oil industry. The patented vacuum distillation enables an environmentally friendly and sustainable separation of substances without changing their chemistry and ensures a holistic use along the value chain.

“We are opening the network of a world market leader in the sector of secondary raw materials for our parters within the CRONIMET Group. We will keep developing individual solutions and assisting our customers as a reliable and innovative partner,” says Filipe Costa, managing director of CRONIMET Envirotec GmbH.

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Agreement for the development of a ferronickel production facility in Indonesia

Karlsruhe/Berlin, 05. April 2015

ANTAM, CRONIMET and FERROSTAAL signed a Project Development Agreement (PDA) on Monday, 18thof April 2016, in order to jointly develop a long - term ferronickel production facility in Pomalaa, Southe ast Sulawesi, Indonesia for the manufacturing of nickel pig iron (NPI) over the next few years.

Berlin, 18th of April 2016 - The Project Development Agreement (PDA) was signed at the German - Indonesian Business Forum in Berlin, which was officially opened by the Indonesian President, H.E. Joko Widodo, and the Chairman of the Asia - Pacific Committee of German Business, Mr. Hubert Lienhard. Mr. Günter Pilarsky, Shareholder and President of CRONIMET Holding GmbH, Dr. Klaus Lesker, CEO of Ferrostaal GmbH and Mr. Tedy Badrujaman, President Director of the Indonesian mine and smelter operator PT ANTAM, signed the PDA on behalf of their respective companies in order to jointly develop a long - term production facility in Pomalaa, Southeast Sulawesi, Indonesia, for the manufacturing of nickel pig iron (NPI).

A Letter of Intent (LOI) which was signed by the concerned parties in June 2014, declaring their intention regarding the joint development, will now be extended and strengthened by the Project Development Agreemen t (PDA).

The aforementioned production plant is expected to produce 130,000 tons of nickel pig iron with approximately 15% Nickel content and will consume 1.85 million wet metric tons (wmt) of nickel ore per year as feedstock. NPI is used for the product ion of stainless steel.

“Together with ANTAM and FERROSTAAL we have strong partners at our side to further intensify the NPI project. The project is part of the long - term strategy of CRONIMET in order to strengthen our positioning on the Asian markets and increase our vertical in tegration,” says Günter Pilarsky, Shareholder and President of CRONIMET Holding GmbH.

“Ferrostaal is convinced that the processing of nickel ore will be profitable in Indonesia due to the excellent conditions including its location. Furthermore, we have been working with our partners for a long time on a trusting and efficient basis – the agreement, which has now been signed demonstrates this very clearly. With this project we are pleased to successfully continue the decades of cooperation of our house w ith partners from Indonesia”, says Dr. Klaus Lesker, CEO of Ferrostaal GmbH.

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CRONIMET Holding GmbH
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