| 28.08.2009 | |
Financial and economic crisis strongly impacts the business level and earnings of our company |
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The widespread drastic effects of the economic slump were made even more severe for our company by massive inventory reductions of our customers. As a result, production and sales volumes, as well as revenue and earnings, fell sharply relative to the same period last year. Revenue totalled EUR 1,054.2 million (first half 2008: EUR 2,278.8 million). Operating profit before depreciation and amortisation (EBITDA) amounted to EUR -115.2 million (first half 2008: EUR 231.9 million), while EBIT closed at EUR -166.5 million (first half 2008: EUR 184.8 million). Net income was EUR -149.0 million (first half 2008: EUR 108.6 million). Measures to safeguard the financing have been initiated. Various projects to align the capacities to a lower level of demand are being implemented. The market is showing first signs of recovery. |
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| 01.07.2009 | |
Personnel changes in the management structure of SCHMOLZ+BICKENBACH Distributions |
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As from July 1, 2009, the present Head of SCHMOLZ+BICKENBACH Distributions GmbH
(Business Segment Distribution Germany), Peter Schwarze, takes over management of the newly
created Central Material Purchasing function as Chief Purchasing Officer Distribution (CPO). In
this function he is responsible for the strategic and operational procurement and inventory
management, total margin management, and supply logistics of SCHMOLZ+BICKENBACH
Distribution Germany, Europe and International. |
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| 24.04.2009 | |
New Board Member Elected |
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At the General Meeting of our company held on April 23, 2009, Manfred Breuer (born 1951) was elected a member of the Board of Directors of SCHMOLZ+BICKENBACH AG. |
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| 26.03.2009 | |
Noticeable impact of the financial crisis on the business progress of our company |
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After a positive development in the first half of 2008, in the second half-year order bookings and shipped volumes fell sharply. Simultaneously falling raw material and alloy costs put sales revenues under pressure. As from the fourth quarter of 2008, capacity reduction measures were unavoidable. Revenue was EUR 4'091.9 million (2007: EUR 4,247.3 million). Operating profit before depreciation and amortisation (EBITDA) amounted to EUR 233.9 million (2007: EUR 416.8 million), and EBIT to EUR 138.4 million (2007: EUR 326.0 million). Included in this amount are value adjustments on inventories of EUR 134.5 that were made in the second half-year to take account of lower prices for scrap and alloying elements. Consequently, net income was only EUR 62.8 million (2007: EUR 188.5 million). The consolidated financial statements as at December 31, 2008, will be published for the first time based on the International Financial Reporting Standards (IFRS). Given the low visibility in the markets, it is currently difficult to make any statement about the further progress of business in 2009. |
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