Although the consolidated EBITDA under IFRS showed a loss of 5.2 million euro, the restated consolidated EDITDA came positive at 2.5 million euro. According to Recyclex, this trend was predominantly attributable to a favorable base of comparison in the Lead and Zinc segment (as there was no maintanance shutdown in the first half of 2014 compared with the first half of 2013) and further efficiency gains at the Nordenham lead smelter.
The Group recorded an operating loss before non-recurring items under IFRS of 8.3 million euro in the first half of 2014 compared with an operating loss before non-recurring items of €15.2 million in the corresponding period of 2013. As a result, Recylex almost halved the size of its operating loss by comparison with the first half of 2013.
The restated operating loss before non-recurring items* came to €2.2 million in the first half of 2014, compared with a loss of €9.2 million in the same period of 2013.
The strong business performance posted by the Zinc segment did not fully offset the operating loss recorded by the Lead segment, although this narrowed considerably.
“The Lead segment’s margins remained unsatisfactory, but were again depressed by the excessively high purchasing costs. Against this backdrop, Recylex and its subsidiaries continued to unlock efficiency gains”, Yves Roche, Chairman and Chief Executive Officer of the Recylex Group, commented. “In addition, considering its stretched cash position, the Group aims to improve its working capital requirement from the second half of 2014 onwards and is negotiating the terms and conditions of one of the financing offers it has received. It aims to complete these negotiations
by the end of the third quarter of 2014.”