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SCHMOLZ + BICKENBACH Cautious Optimism for 2020-The 21st China (Guangzhou)Int’l Fastener & Equipment Exhibition
3/16/2020 緊固件展-緊固件采購會(huì)-國際緊固件展-fastener expo |
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| SCHMOLZ + BICKENBACH reported 12.6% lower sales volume of 1,830 kilotons for the 2019 financial year compared to 2,093 kilotons in 2018. The decline in turnover was lower in percentage terms and fell by 10.0% to EUR 2,980.8 million. Adjusted EBITDA reached EUR 51.2 million after EUR 236.7 million in the previous year. At EUR –7.1 million, free cash flow was negative (2018: EUR –159.8 million), but improved year-on-year as net working capital was reduced by around EUR 160 million to EUR 773.1 million since the end of 2018, mainly due to disproportionate inventory reductions. CEO Clemens Iller commented: “Business development in 2019 was determined by an unusually strong and prolonged decline in demand, both in terms of its extent and duration. We were not able to fully offset the impact of the pronounced market weakness on earnings with internal measures, which meant that we did not achieve the targets we had set ourselves at the beginning of the financial year. With the refinancing of the company, which will be completed in the first quarter of 2020, we are creating the prerequisites for securing the continued existence of SCHMOLZ + BICKENBACH beyond the crisis. Building on a strengthened financial basis and supported by a stable shareholder base, we will resolutely implement the restructuring measures identified in the transformation plan in order to advance the turnaround of the company in the coming years. We expect little economic tailwind in 2020, also due to the consequences of coronavirus for the global economy, but nevertheless expect the market environment to stabilize and earnings to im
緊固件展-2020第二十一屆廣州國際緊固件及設(shè)備展覽會(huì)-巨浪展覽
-The 21st China (Guangzhou)Int’l Fastener & Equipment Exhibition
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