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Quarterly development of the Metal Engineering Division |
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In millions of euros |
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1st quarter |
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2nd quarter |
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3rd quarter |
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4th quarter |
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BY |
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Revenue |
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752.8 |
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751.6 |
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724.1 |
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727.1 |
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2,955.6 |
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120.7 |
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108.2 |
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91.2 |
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–109.8 |
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210.3 | |
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16.0% |
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14.4% |
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12.6% |
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–15.1% |
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7.1% | |
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92.2 |
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79.7 |
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63.3 |
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–138.3 |
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96.9 | |
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12.2% |
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10.6% |
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8.7% |
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–19.0% |
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3.3% | |
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Employees |
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11,165 |
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11,289 |
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11,080 |
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11,344 |
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11,344 |
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In the business year 2011/12, the Metal Engineering Division surpassed its already high level of sales in the past, although it was not able to match the previous year’s level of earnings due to non-recurring effects.
While revenue rose by 8.5% from EUR 2,723.3 million to EUR 2,955.6 million, profit from operations (EBIT) fell steeply compared to the business year 2010/11 by 68.6%, going from EUR 308.9 million to EUR 96.9 million as a result of non-recurring effects. However, adjusted by the non-recurring provision in the amount of EUR 205.0 million that was formed for the closure of the production site in Duisburg and for risks associated with the aforementioned antitrust proceedings, at EUR 301.9 million, the division’s profit from operations was only slightly lower than in the previous year so that this can be considered a quite satisfactory development.
The EBIT margin for the business year 2011/12 was 3.3% or 10.2% without taking the non-recurring effects into consideration (previous year: 11.3%). The overall positive development in the business segments wire, welding technology, and seamless tubes, with significantly higher delivery volumes were, however, not able to fully compensate the massive decline in volumes and prices for standard rails as far as earnings are concerned.
Compared to the immediately preceding quarter, revenue in the fourth quarter of the business year 2011/12 went up by 4.1% from EUR 724.1 million to EUR 727.1 million. The result from operating activities, i.e., without non-recurring effects, for this period was EUR 66.7 million (EBIT margin: 9.2%), thus remaining virtually constant compared to the third quarter (EUR 63.3 million, margin: 8.7%). Delivery volumes, which had risen significantly, were impacted in the fourth quarter by price declines in the rail technology and wire segments, while, at the same time, costs fell only slightly. When the non-recurring effects are taken into account, the fourth quarter of the business year showed a loss of EUR 138.3 million (this corresponds to an EBIT margin of –19.0%).
As of March 31, 2012, the Metal Engineering Division had 11,344 employees (full-time equivalents1). Compared to the previous year’s figure (11,114), this corresponds to a slight rise in staff of 2.1%.
1 See explanation in the “Employees” chapter.
