The ongoing restructuring at the Andritz subsidiary Schuler had a significant impact on the profits of the Styrian plant manufacturer in the past financial year 2019. The ongoing weakness in the international car market makes “capacitive adjustments necessary, which will be implemented in 2020 and 2021”. The result: Schuler slipped into the red with 121.9 million euros, up from 13.5 million in the previous year.
The financial result also deteriorated from minus 17.4 million to minus 57.0 million euros. Reason: increased interest expenses due to the refinancing of financial liabilities of the Xerium purchased in 2018.
All in all, this translates into a significant reduction in the dividend of the entire group. Grosso modo analysts had expected (in part) more of the numbers – and the dividend – see target / actual. Incoming orders rose by 9.6 percent to around 7.3 billion euros – a new record.
Andritz essentially confirmed the expectations for the current year: for 2020 the company expects a “slight increase in sales and an unchanged operating EBITA compared to 2019”. Possible effects of the corona virus are not included in this forecast because they cannot yet be assessed, according to the management around CEO Wolfgang Leitner.
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