122 Millionen Euro Verlust für Schrotthändler Scholz

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Der Konzernumsatz fiel in den ersten drei Quartalen um 20 Prozent auf 2,97 Milliarden Euro. Im dritten Quartal betrugen die Erlöse 918,7 Millionen Euro (minus 17,8 Prozent) Hauptgrund für den Rückgang um ist die konjunkturbedingt geringere Tonnage (minus 12 Prozent auf 6,79 Millionen Tonnen in drei Quartalen). Das Konzernergebnis vor Zinsen, Steuern und Abschreibungen fiel um 40,4 Prozent auf 93,3 Millionen Euro. Das operative Ergebnis drehte von plus 43,2 auf minus 8,3 Millionen Euro (minus 5,1 Millionen Euro im dritten Quartal).

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Stifl Nicolaus (eine auf Anleihen spezialisierte amerikanische Bank) sieht die Lage im heutigen Tageskommentar auch mit Skepsis:

Scholz reported Q3/9m results yesterday that were weak as expected. There was no update with regards to the progress of the restructuring (disposals etc.) or the process of finding equity investors. Q3 sales amounted to €918.7m, a decline of -17.8% yoy. In Q2 sales stood at €1.03bn and in Q1 at 1.02bn leaving ytd sales down 20%. The EBITDA decline was even more pronounced at -48.4% for Q3 to €28.1m. For the first nine months of the year EBITDA is down 40.4% to €98.3m. Q3 EBITDA declined again after some stabilization from Q1 (€34.8m) to Q2 (€35.4m). Ytd tons sold is down 12% to 6.79mt indicating that the company also suffered from much lower prices. The company booked further restructuring charges and write-downs and these amounted to €108.4m for the first nine months of which c. €94m are related to the withdrawal from the Australasian market. In H1 the company took €75.5m in exceptional charges mainly related to write-downs associated with its involvement in Australian recycling group CMA Corp and at that time believed to have largely covered the expected negative impact. Apparently not. We continue to be cautious and remain skeptical whether the plan reiterated by Scholz in the Q3 results release can be implemented: at this stage it is unclear to us where a potentially sizeable equity injection would come from and whether sales proceeds as envisaged by the company can really be achieved. We see further downside. The fact that according to Debtwire a €42m loan piece was offered in an auction and reportedly sold in the mid-70s further supports that view. Arndt Muthreich