Klöckner & Co's sales in the first quarter of 2023 were €2.1 billion (Q1 2022: €2.4 billion) due to the overall lower price level. At €69 million, operating earnings (EBITDA) adjusted for major nonrecurring items were significantly higher than in the previous quarter (Q4 2022: €-22 million). Earnings in the comparable prior-year period (Q1 2022: €201 million) had benefited from significant positive price effects.
Including significant negative special effects of €21 million, mainly resulting from the introduction of a hub structure in France to support further growth, EBITDA amounted to €48 million (Q1 2022: €254 million). As a result of the significant special effects, net profit was negative at €-8 million (Q1 2022: €172 million). Earnings per share accordingly amounted to €-0.08 (Q1 2022: €1.68).
In the first quarter of 2023, proactive net working capital management resulted in a clearly positive cash flow from operating activities of €64 million (Q1 2022: €-261 million). Net working capital commitments decreased from €2.3 billion to €1.7 billion compared with March 31, 2022. After capital expenditure payments of €8 million, free cash flow amounted to €56 million in the first three months of the fiscal year, following negative free cash flow of €222 million in the first quarter of 2022.
"We have made a very good start to the new year despite the continuing challenging environment and have made steady progress in implementing our Group strategy in the first months of the current year. With the introduction of the Nexigen® PCF Algorithm, we can determine the carbon footprint for almost all our products. This enables us to substantially support our customers in achieving their decarbonization goals," says Guido Kerkhoff, Chairman of the Management Board of Klöckner & Co SE.
