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Report on the financial key performance indicators of the voestalpine Group

Quarterly development of the voestalpine Group

 

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In millions of euros

 

Q1 2014/15

 

Q2 2014/15

 

Q3 2014/15

 

Q4 2014/15

 

Q1 2015/16

 

 

04/01– 06/30/2014

 

07/01–09/30/2014

 

10/01–12/31/2014

 

01/01–03/31/2015

 

04/01– 06/30/2015

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

2,826.7

 

2,734.4

 

2,693.8

 

2,934.6

 

3,001.7

EBITDA

 

363.7

 

393.2

 

330.3

 

443.0

 

526.7

EBITDA margin

 

12.9%

 

14.4%

 

12.3%

 

15.1%

 

17.5%

EBIT

 

218.4

 

226.3

 

182.7

 

258.9

 

368.5

EBIT margin

 

7.7%

 

8.3%

 

6.8%

 

8.8%

 

12.3%

Profit before tax

 

192.9

 

198.8

 

138.9

 

210.3

 

328.8

Profit for the period1

 

150.0

 

165.7

 

116.8

 

161.7

 

289.4

Employees (full-time equivalent)

 

47,463

 

47,379

 

46,461

 

47,418

 

48,653

 

 

 

 

 

 

 

 

 

 

 

1
Before deduction of non-controlling interests. In BY 2014/15, the tax effects on hybrid capital interest and on costs associated with issuing hybrid capital were recognized directly in equity in accordance with IAS 8.

In the first quarter of 2015/16, the voestalpine Group’s revenue rose by 6.2% compared to the previous year, going from EUR 2,826.7 million to EUR 3,001.7 million. The increase was due to the good results of the Steel and Special Steel Divisions on one hand, and on the other, the initial full consolidation of the revenue generated by voestalpine Tubulars GmbH & Co KG, Austria, and CNTT Chinese New Turnout Technologies., Ltd., China (both part of the Metal Engineering Division) in the consolidated annual financial statements. In the business year 2014/15, both companies were still consolidated on an equity basis. The acquisition of Italian manufacturer of special wire Trafilerie Industriali S.p.A. in the fourth quarter of 2014/15 also contributed to the increase in revenue generated by the Metal Engineering Division compared to the previous year. The divestments of the Flamco Group (second quarter of 2014/15) and the plastics companies (third quarter of 2014/15)—all with headquarters in Holland—and Rotec AB, Sweden (fourth quarter of 2014/15) undertaken by the Metal Forming Division as part of its structural reforms could not be compensated in full by the simultaneous expansion of business in the Automotive Body Parts business segment so that the division’s revenue in the first quarter of 2015/16 declined by 6% compared to the same quarter of the previous year.

The non-recurring effects that took effect as of April 1, 2015 in connection with assumption of control (full consolidation) of the Metal Engineering Division companies mentioned above are reported as part of earnings for the first quarter of 2015/16. Reassessments based on fair value less depreciation of hidden reserves positively impacted EBITDA of voestalpine AG with a total of EUR 137.6 million and EBIT with EUR 131.5 million. Therefore, the voestalpine Group achieved an operating result (EBITDA) in the first quarter of 2015/16 of EUR 526.7 million; compared to the previous year’s figure of EUR 363.7 million, this corresponds to an increase of 44.8%. Even adjusted for the non-recurring effects, there is an increase in EBITDA of 7.0% to EUR 389.1 million. The adjusted EBITDA margin in the first quarter of 2015/16 is therefore 13.0% compared to 12.9% in the previous year. All four divisions of the voestalpine Group contributed to the increase in EBITDA adjusted for non-recurring effects, with the Steel Division showing the largest boost in earnings at 17.6%. Profit from operations (EBIT) went up by 68.7% from EUR 218.4 million in the first quarter of 2014/15 to EUR 368.5 million in the quarter under review. Reduced by non-recurring earnings contributions, in the first quarter of 2015/16, EBIT amounted to EUR 237.0 million, a gain of 8.5% compared to the previous year (EUR 218.4 million). The resulting EBIT margin of 7.9% is therefore slightly above the figure for the first quarter of 2014/15 (7.7%).

Profit before tax contains special effects amounting to EUR 131.5 million. At EUR 328.8 million, this figure was 70.5% higher in the first quarter of 2015/16 than in the previous year (EUR 192.9 million); even reduced by the non-recurring effects, it is at EUR 197.3 million, still 2.3% above the previous year’s figure. Profit for the period rose in the same period by 92.9% from EUR 150.0 million to EUR 289.4 million. Due to the special tax treatment of non-recurring effects, profit for the period in the first quarter of 2015/16 contains extraordinary contributions amounting to EUR 137.7 million; thus, the adjusted profit for the period is EUR 151.7 million, which is 1.1% above the previous year’s figure of EUR 150.0 million.

Equity rose in a year-to-year comparison by 2.6%, going from EUR 5,416.9 million to EUR 5,559.3 million despite the fact that hybrid bond 2007, which is recognized in equity (volume EUR 500.0 million), was refinanced with borrowed capital. The aforementioned changes in consolidation as of April 1, 2015 (from equity consolidation to full consolidation) contributed EUR 173.2 million to the increase in equity. The capital increase of 1.45% of share capital earmarked for a further expansion of the employee shareholding scheme also had a positive impact on the value of equity in the first quarter of 2015/16 by contributing EUR 85.3 million to equity. Compared to the reporting date in the business year 2014/15, equity rose by 8.9% from EUR 5,102.5 million to EUR 5,559.3 million.

In a year-to-year comparison, net financial debt rose by 22.9% from EUR 2,422.3 million to EUR 2,978.0 million, largely as the result of a change in the financing structure due to the aforementioned refinancing of hybrid bond 2007. There was no change in comparison to the figure as of March 31, 2015 (EUR 2,978.1 million).

The gearing ratio rose in a year-over-year comparison from 44.7% as of June 30, 2014 to 53.6% as of June 30, 2015. Compared to the reporting date of March 31, 2015 (58.4%), the gearing ratio was once again reduced by just under 5%.

As of the reporting date of June 30, 2015, the voestalpine Group had 48,653 employees (FTE), an increase of 2.5% in a year-to-year comparison (previous year: 47,463). The increase was primarily due to the previously mentioned initial full consolidation of two companies in the Metal Engineering Division.

About voestalpine

The voestalpine Group is a steel-based technology and capital goods group that operates worldwide. With its top-quality products, the Group is one of the leading partners to the automotive and consumer goods industries in Europe and to the oil and gas industries worldwide.

Facts

50 Countries on all 5 continents
500 Group companies and locations
48,100 Employees worldwide

Earnings FY 2014/15

€ 11.2 Billion

Revenue

€ 1.5 Billion

EBITDA

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