Financial key performance indicators

In the first half of 2014/15, the operational performance of the Metal Forming Division has been stable in comparison to the same period of the previous year. Despite the deconsolidation of the Flamco Group as of the end of July 2014, revenue rose slightly from EUR 1,165.7 million to EUR 1,180.8 million. This was due primarily to the good performance of the Automotive Body Parts business segment, as the Tubes & Sections business segment experienced a decrease in sales volume. The non-recurring effects described in the previous section had a positive impact on the earnings of the Metal Forming Division. Compared to the previous year, the operating result (EBITDA) rose by 53.2% from EUR 129.8 million to EUR 198.8 million. Excluding the non-recurring effects, this means a gain of 1.9% to EUR 132.3 million, resulting in a stable EBITDA margin of 11.2% (previous year: 11.1%). At 52.9%, the increase in profit from operations (EBIT) was in a magnitude similar to the operating result; it went from EUR 85.1 million to EUR 130.1 million. Again after excluding the non-recurring effects that were recognized as profit or loss in the second quarter of 2014/15, EBIT was EUR 84.9 million for the first half of 2014/15, which is practically the identical figure as in the same period of the previous year. The resulting EBIT margin of 7.2% is also practically the same as in the past year (7.3%).

Compared to the immediately preceding quarter, the decline in revenue of the Metal Forming Division in the second quarter of 2014/15 is due primarily to the deconsolidation of the Flamco Group as of the end of July 2014 and also to the decrease in delivery volumes of tubes and sections as a result of seasonal fluctuations. Thus, revenue fell by 3.8% from EUR 601.9 million to EUR 578.9 million. The non-recurring earnings contributions in the second quarter naturally affected the comparison with the immediately preceding quarter. They rose by 88.5% going from EUR 68.9 million to EUR 129.9 million. Adjusted for non-recurring effects, EBITDA in the second quarter of 2014/15 comes to EUR 63.4 million, a decrease (mainly due to seasonal factors) of 8.0%. Therefore, the EBIT margin fell from 11.5% to 11.0%. At the same time, EBIT increased from EUR 44.8 million to EUR 85.3 million, a gain of 90.4%. Excluding the non-recurring effects, in the second quarter of the current business year, EBIT was at EUR 40.1 million, 10.5% less than the immediately preceding quarter. The EBIT margin went down from 7.4% to 6.9%.

As of September 30, 2014, the Metal Forming Division had 10,921 employees (FTE). This figure is 2.4% lower than the figure on the same date of the previous business year and 4.3% less than as of the end of the last business year (11,416). The decline in headcount is primarily due to the sale of the Flamco Group in August 2014.