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Quarterly development of the Automotive Division |
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In millions of euros |
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1st quarter 2010/11 |
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2nd quarter 2010/11 |
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3rd quarter 2010/11 |
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4th quarter 2010/11 |
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BY |
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Revenue |
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242.6 |
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234.1 |
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265.8 |
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297.6 |
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1,040.1 |
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26.4 |
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26.6 |
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30.2 |
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37.9 |
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121.1 | |
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10.9% |
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11.4% |
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11.4% |
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12.7% |
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11.6% | |
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12.8 |
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12.1 |
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16.6 |
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22.5 |
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64.0 | |
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5.3% |
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5.2% |
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6.2% |
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7.6% |
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6.2% | |
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Employees (excl. temporary personnel and apprentices) |
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4,555 |
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4,638 |
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4,658 |
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4,789 |
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4,789 |
Driven by the continuing positive development in global demand, the momentum of exports by European premium-class automobile manufacturers and by customers from the automotive supplier industry, the Automotive Division has been able to improve significantly compared to the previous year.
With an increase of revenue in the business year 2010/11 by 24.5% from EUR 835.4 million to EUR 1,040.1 million, the Division exceeded the revenue benchmark of EUR 1 billion for the first time since its establishment in 2001.
The improvement of the operating results strongly reflects the reorganization and efficiency improvement programs that have been consistently implemented during recent years. EBITDA rose by 64.1% from EUR 73.8 million to EUR 121.1 million, resulting in an EBITDA margin of 11.6% (previous year: 8.8%). With an increase in EBIT from EUR 18.0 million to EUR 64.0 million, representing growth of more than 250%, the improvement of the operating result is even more significant. Thus, the Automotive Division’s EBIT margin in the business year 2010/11 was 6.2% (previous year: 2.2%), placing it in the top ranks of comparable international automotive suppliers.
As of March 31, 2011, the division had 4,789 employees (excluding apprentices and temporary personnel). In comparison to the number of employees as of the end of the previous business year (4,551), this corresponds to an increase of 5.2%, which is due to the improved economy and greater capacity utilization.
Looking at the individual quarters of the business year 2010/11 shows a clearly positive trend over the course of the year, both with regard to revenue and operating result, in tune with the continually improving market environment. Compared to the immediately preceding quarter, in the fourth quarter of the business year 2010/11 the Automotive Division reported an increase in revenue of 12.0% (from EUR 265.8 million to EUR 297.6 million), an improvement of EBITDA by 25.5% (from EUR 30.2 million to EUR 37.9 million), and a rise in EBIT of 35.5% (from EUR 16.6 million to EUR 22.5 million). In the last quarter of the business year the EBITDA margins were 12.7% (third quarter: 11.4%) and EBIT margins 7.6% (third quarter: 6.2%).