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SCHMOLZ + BICKENBACH announces Q1 2019 results

Steel News - Published on Thu, 16 May 2019

Image Source: SteelGuru
SCHMOLZ + BICKENBACH has reported 1.1% higher sales volumes of 551 kilotons compared with 545 kilotons in the first quarter of 2018. Revenue increased by 6.7% to EUR 884 million from EUR 829 million due to higher sales volumes resulting from the integration of Ascometal and higher sales prices. Adjusted EBITDA decreased by –40% to EUR 42.2 million from EUR 70.3 million in the same quarter one year ago. EBITDA of EUR 38.8 million was –62.4% lower than in the first quarter of 2018 (EUR 103.1 million). However, the previous year's result was positively influenced by the contribution of badwill of EUR 46.0 million from the acquisition of Ascometal.


Sales volume increased slightly to 551 kilotons from 545 kilotons in Q1 2018; additional volumes from Ascometal level out reduced demand

Average sales price per ton increased to EUR 1,605, from EUR 1,521 in Q1 2018 and EUR 1,597 in Q4 2018

Adjusted EBITDA of EUR 42.2 million lower than in Q1 2018 at EUR 70.3 million
Free Cash Flow at EUR –23.7 million better compared to Q1 2018 with EUR –102.7 million due to inventory reduction

Outlook for 2019: SCHMOLZ + BICKENBACH expects adjusted EBITDA between EUR 190 million and EUR 230 million

CEO Clemens Iller said “As expected, the start to the 2019 financial year was restrained. After a significant decline in business activities towards the end of last year, the dip in growth in our sales markets continued in the first three months. There are no clear signs of a rapid recovery in the current low demand, particularly from the European automotive industry. In view of the latent trade conflicts and political uncertainties in Europe, it is currently difficult to estimate when new impulses will lead to a sustained improvement in the economic situation in our core market Europe. From today's perspective, we expect demand to gradually normalize in the first half of 2019, with a continued recovery in the second half of the year.”

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Posted By : Rabi Wangkhem on Thu, 16 May 2019
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