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Quarterly development of the Special Steel 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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613.8 |
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623.1 |
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658.2 |
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736.2 |
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2,631.3 |
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77.1 |
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78.3 |
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92.5 |
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140.2 |
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388.1 | |
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12.6% |
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12.6% |
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14.1% |
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19.0% |
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14.7% | |
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36.6 |
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38.5 |
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51.2 |
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82.2 |
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208.5 | |
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6.0% |
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6.2% |
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7.8% |
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11.2% |
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7.9% | |
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Employees (excl. temporary personnel and apprentices) |
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11,097 |
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11,135 |
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11,207 |
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11,364 |
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11,364 |
The Special Steel Division continuously improved its performance in the course of the business year 2010/11 and achieved significant increases in both revenue and operating result compared to the previous year with its challenging economic environment.
Due to rising sales volumes, higher base prices, and full utilization of production capacity that was achieved in the course of the year, revenue increased compared to the business year 2009/10 by 38.8% from EUR 1,895.4 million to EUR 2,631.3 million.
Together with consistently implemented cost optimization measures, this significant boost in sales resulted in an above-average increase in earnings.
In the business year 2010/11, EBITDA more than quadrupled, improving from EUR 93.6 million to EUR 388.1 million, while EBIT surged dramatically into positive territory at EUR 208.5 million compared to the previous year’s figure of EUR −103.2 million. These figures resulted in an EBITDA margin for the business year 2010/11 that rose from 4.9% to 14.7% and an improvement of the EBIT margin from −5.4% to 7.9%. (In the past business year, EBIT was still impacted by EUR 55.7 million in ppa effects. Therefore, prior to application of the ppa, the operating result is EUR 264.2 million, with an EBIT margin of 10.0%.)
As of March 31, 2011, the Special Steel Division had 11,364 employees (excl. apprentices and temporary personnel). Compared to the same reporting date in the preceding year (10,968 employees), this corresponds to an increase of 3.6% due to the improved economy and greater capacity utilization.
Viewed from quarter to quarter in the business year 2009/10, the Special Steel Division achieved marked increases in revenue as well as gains in the operating results. In the fourth quarter of the business year, revenue rose by another 11.9% compared to the third quarter, going from EUR 658.2 million to EUR 736.2 million, due mainly to increases in sales volumes at a slightly higher price level.
In the final quarter, EBITDA climbed by 51.6% compared to the immediately preceding quarter, going from EUR 92.5 million to EUR 140.2 million, while the EBITDA margin rose from 14.1% to 19.0%. In the same period, the Special Steel Division reported an increase of its EBIT by 60.5% from EUR 51.2 million to EUR 82.2 million, which corresponds to an EBIT margin in the fourth quarter of 11.2% (third quarter: 7.8%).