Inconsistent economic trend in the first half of the business year 2013/14:
- Technically, Europe is now leaving the recession behind, but the recovery trend is still modest.
- In the fall of 2013, the USA is endangering the incipient recovery with political debates about the debt ceiling.
- Brazil stabilizes its growth at a moderate level based on domestic demand.
- China generates new growth impulses over the summer; increasing optimism in Asia (with the exception of India).
At EUR 5,723.6 million, revenue trend in the first half of 2013/14 is down slightly by 3.5% in a year-to-year comparison (previous year: EUR 5,932.8 million).
Results are slightly weaker (due in part to negative non-recurring effects amounting to EUR 10 million in the Steel Division).
- At EUR 686.9 million, current operating result (EBITDA) 5.2% lower than last year’s figure of EUR 724.5 million.
- At EUR 400.5 million, profit from operations (EBIT) in the first half of 2013/14 declines by 8.0% compared to EUR 435.4 million in the previous year.
Distribution of dividend in July 2013 (EUR 155.2 million) temporarily affects development of equity and gearing ratio.
- Equity capital currently at EUR 5,062.3 million remains largely constant compared to the reporting date March 31, 2013 (EUR 5,075.3 million); compared to September 30 of the previous year (EUR 4,885.2 million), there is an increase by 3.6%.
- Gearing ratio (net financial debt in percent of equity) rises by 2.2 percentage points to 46.7% compared to the reporting date March 31, 2013 (44.5%); however, in a year-to-year comparison, it is significantly reduced (51.0% as of September 30, 2012).