Quarterly development of the Automotive Division1 |
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1st quarter 2009/10 |
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2nd quarter 2009/10 |
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3rd quarter 2009/10 |
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4th quarter 2009/10 |
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BY |
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Revenue |
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195.1 |
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193.4 |
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213.1 |
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233.8 |
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835.4 |
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12.7 |
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12.1 |
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21.3 |
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27.7 |
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73.8 |
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6.5% |
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6.3% |
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10.0% |
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11.8% |
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8.8% |
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–2.1 |
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–0.5 |
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7.1 |
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13.5 |
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18.0 |
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–1.1% |
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–0.3% |
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3.3% |
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5.8% |
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2.2% |
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Employees (excl. temporary personnel and apprentices) |
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4,696 |
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4,591 |
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4,520 |
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4,551 |
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4,551 |
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1 Retroactive adjustment pursuant to IFRS 5—Reinclusion of the division’s plastics operations and of Amstutz Levin & Cie under continued operations. |
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In millions of euros |
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At EUR 835.4 million, revenues were 15.5% below the previous year’s figure (EUR 988.6 million). In percentages, this figure corresponds to the smallest decline in revenue of all five divisions. Following a very difficult first half of the year, a significant economic recovery in the second six months was primarily the result of the government incentive programs.
Furthermore, the Automotive Division was even able to increase its operating result for the business year 2009/10 as compared to the previous year, boosting EBITDA slightly by 2.2% from EUR 72.2 million to EUR 73.8 million, while the EBITDA margin rose from 7.3% to 8.8%. The above average increase of EBIT from EUR 0.6 million to EUR 18.0 million (at an EBIT margin that rose from 0.1% to 2.2%) is largely the result of the consistently implemented measures taken in the fall of 2008 immediately after the onset of the economic crisis to adjust the cost structure as effectively as possible to the diminished order and revenue trends.
The plastics operations of the Automotive Division and the French company Amstutz Levin & Cie are included in the revenue and operating result key figures for the business year 2009/10 and in the retroactively adjusted comparative figures of the previous year; as it was not possible to realize their divestment at reasonable terms—a step that was planned three years ago—due primarily to the crisis, as of the business year 2009/10, these segments were again included under “continued operations.” (Details in this regard can be found in the “Acquisitions and divestments” section of this Annual Report.)
The distinctly noticeable revival of demand starting in the fall of 2009, as well as the consistent continuation of crisis management measures to adjust the cost structure to the earnings structure were mirrored in how the revenue and operating result figures developed during the quarter. While the operating result for the first half of the business year 2009/10 was still slightly down, clearly positive operating results were posted starting in the second half of the year.
As of March 31, 2010, the division had 4,551 employees. This represents a decline of 6.6% compared to the previous year (4,870) due to the economic situation.
