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Scholz AG reports a good start to the financial year 2014
- Operating profit (EBITDA) increased in the first quarter 32% to 45.9 million euros - significantly improved earnings quality
- Pre-tax profit of 9.8 million euros, back in positive territory
- Restructuring and cost reduction measures are effective
Scholz AG has started its operations well in 2014 and has significantly improved the first quarter earnings. The international recycling Group increased earnings before interest, tax, depreciation and amortization (EBITDA) in the first three months by about 32%, to 45.9 million euros (Q1 2013: 34.8 million euros). The EBITDA margin increased year-on-year from 3.4% to 5.3% of sales. Earnings before taxes (EBT), which had stood at -4.0 million euros in the same period last year, was improved to 9.8 million euros.
The total tonnage in the first quarter declined by 9.2% to 2.07 million tons (Q1 2013: 2.28 million tons). In addition to deconsolidation effects and the very severe winter weather in South Eastern Europe, another effect was the conscious avoidance of tonnages with insufficient margins. As a result, Group turnover for the first quarter remained below the previous year's 1.02 billion euros (-14.6%), at € 871.5 million. However, this trend was offset by cost savings and significant efficiency gains.
Based on the good start in the first quarter and stable to slightly positive price level development expected for the coming months, the Management Board also predicts a significant improvement in EBITDA for the full year of 2014.
Oliver Scholz, CEO of Scholz AG: "After a difficult 2013, we started with a slight tail wind from the markets in the current fiscal year. The positive operating development shows that the actions of our Group stemming from last year's continuing restructuring are gaining traction."
The preparations for the completion of the transaction agreed with Toyota Tsusho Corporation (TTC), Nagoya/ Japan on April 10, 2014 are running according to plan. TTC plans to participate with an equity share of 39.9% in the Scholz AG. The commitment will lead to a substantial improvement in the financial set-up of the recycling Group.
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