Q1 results in line
SABAF''s Q1 results were overall in line with our estimates. Q1 sales (ex IAS-29) increased by c.8% y/y and all regions were up, with Africa and Middle East the only exception. By business, hinges/gas were up while electronics was down. Q1 reported EBITDA (ex IAS-29) was flat y/y with c130bps lower margin (at c14%) due to cost inflation. Q1 net debt was down QoQ at cEUR71m.
Feedback from the call: confident on growth prospects
The outlook suggests Q2 sales in line with leve ....
