Noticeable recovery after a difficult financial year 2009.
Noticeable recovery of the markets and positive outlook based on the very good positioning of SCHMOLZ+BICKENBACH AG in the special steels segment after a difficult financial year 2009. Despite a loss situation, financial debt could be reduced.
The economic slump that was triggered by the financial crisis had a negative impact also on our company. In addition to a consumption-related fall in demand for our products, it was mainly the massive reductions in inventories that caused a sharp drop in orders received and revenue. Revenue closed at EUR 2,052.1 million (2008: EUR 4,091.9 million). The gross margin fell from EUR 1,110.8 million to EUR 517.5 million, personnel costs could be cut from EUR 548.2 million to EUR 466.2 million, and other costs were reduced from EUR 403.4 million to EUR 278.8 million. Operating profit before depreciation and amortisation (EBITDA) was EUR -181.1 million (2008: EUR 233.9 million) and EBIT was EUR -288.2 million (2008: EUR 138.4 million). Consolidated net income (EAT) was EUR -276.0 million (2008: EUR 62.8 million). Thanks to a cash flow before acquisitions of Group companies of EUR 158.3 million (2008: EUR 41.1 million), we could reduce net financial liabilities from EUR 988.0 million to EUR 917.2 million.