Scholz Holding GmbH
Scholz Holding GmbH: Scholz Group back on track after transitional year 2016
DGAP-News: Scholz Holding GmbH / Key word(s): Bond
London, 22 December 2017 Scholz Group back on track after transitional year 2016 – Difficult financial year 2016 with adjusted EBITDA amounting to -60.1 million Euros – Sales revenue came in at 1.6 billion Euros – Kian Guan Goh, Chief Investment Officer of Scholz Group: “2016 was a transitional year in which we paved the way for success in the near future”
The financial year 2016 was a transitional year for Scholz. The Group was affected by the overall developments in the industry, including weak and volatile markets, overcapacity and corresponding significant price pressure. The Group has also borne huge restructuring costs resulting from fees by various advisers and consultants, and management time was diverted to the restructuring instead of the operational business. Additionally, the first eight months of the year were characterised by limited liquidity due to the tense financial situation of Scholz. This heavily impacted operations, especially trading, and led to low utilization rates, decreased trading volumes of 6.1 million tonnes and a significant drop in sales revenue to only 1.6 billion Euros. In late 2016, Scholz accomplished a comprehensive restructuring which was facilitated by its new strategic owner Chiho Environmental Group (CEG) to secure the going concern of the Group. This step included debt waivers and the injection of additional capital which helped the Group to get back into business. “As we all know, Scholz came out of a critical situation which also left its mark in 2016. But all Scholz employees have been working hard and with the support of CEG, we paved the way for success in the near future”, said Kian Guan Goh, Chief Investment Officer of Scholz Group. “I am very confident that we will record better results for 2017. Not only did the market finally come out from many years of decline, Scholz was also able to better deploy its operational capabilities and increase trading volumes.” About Scholz For further information please contact:
22.12.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Scholz Holding GmbH |
Betchworth House, 57-65 Station Road | |
RH1 1DL Redhill, Surrey | |
United Kingdom | |
Phone: | 0044 20 7959 2291 |
E-mail: | infoscholz@scholz-group.co.uk |
Internet: | www.scholz-group.co.uk |
ISIN: | AT0000A0U9J2 |
WKN: | A1MLSS |
Listed: | Regulated Unofficial Market in Dusseldorf, Frankfurt, Munich, Stuttgart; Wien (Geregelter Freiverkehr / Second Regulated Market) |
End of News | DGAP News Service |