Steel Division |
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In millions of euros |
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Q1–Q3 |
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Q1 2014/15 |
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Q2 2014/15 |
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Q3 2014/15 |
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2014/15 |
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2013/141 |
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Change in % |
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04/01– |
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07/01– |
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10/01– |
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04/01– |
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04/01– |
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Revenue |
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975.0 |
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928.5 |
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909.2 |
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2,812.7 |
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2,815.1 |
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–0.1 |
EBITDA |
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114.1 |
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96.9 |
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97.2 |
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308.2 |
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290.6 |
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6.1 |
EBITDA margin |
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11.7% |
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10.4% |
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10.7% |
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11.0% |
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10.3% |
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EBIT |
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56.8 |
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38.3 |
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35.5 |
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130.6 |
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118.6 |
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10.1 |
EBIT margin |
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5.8% |
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4.1% |
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3.9% |
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4.6% |
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4.2% |
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Employees (full-time equivalent) |
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11,035 |
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11,216 |
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11,148 |
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11,148 |
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10,862 |
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2.6 |
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1 Business year 2013/14 retroactively adjusted due to the application of IFRS 11 “Joint Arrangements” and due to the change in the method of disclosure for results of entities consolidated according to the equity method (formerly reported as part of financial result, from April 1, 2014 onward, reported as part of EBIT). Further details are described under “General information/Accounting policies.” |
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Despite the decline in the price level, in a year-to-year comparison, revenue has remained stable at EUR 2,812.7 million (previous year: EUR 2,815.1 million); this is mainly due to a slight increase in production and sales volumes.
As far as earnings are concerned, improvements in the product mix and lower costs enabled significant growth. EBITDA rose by 6.1% from EUR 290.6 million in the previous year to EUR 308.2 million, which corresponds to an EBITDA margin of 11.0% compared to 10.3% in the previous year.
For the same period, EBIT increased by 10.1% to EUR 130.6 million (previous year: EUR 118.6 million), resulting in an EBIT margin for the first nine months of 2014/15 of 4.6% (previous year: 4.2%).
In comparison to the immediately preceding quarter, production and sales volumes had to be reduced somewhat due to planned shutdowns for repairs during the Christmas season. That and the marginal price declines resulted in revenue of EUR 909.2 million in the third quarter that was 2.1% lower than the figure in the second quarter (EUR 928.5 million).
As far as earnings are concerned, at EUR 97.2 million, EBITDA (10.7% EBITDA margin) in the third quarter of the business year rose slightly (+0.3%) compared to the second quarter (EUR 96.9 million, 10.4% EBITDA margin).
Due to increased depreciation and amortization resulting from the commissioning of new facilities during the year (e.g., coal injection systems), EBIT fell by 7.3% in the third quarter 2014/15 to EUR 35.5 million (3.9% EBIT margin) compared to EUR 38.3 million (4.1% EBIT margin) in the second quarter.
The number of employees (FTE) in the Steel Division as of the end of the third quarter of 2014/15 was 11,148, 2.6% higher than the comparative figure in the previous year (10,862 FTE). Compared to the end of the last business year (11,192 FTE), headcount fell by 0.4%.