Quarterly development of the Special Steel 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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570.8 |
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560.7 |
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576.4 |
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650.5 |
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2,358.4 |
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12.2 |
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26.3 |
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37.7 |
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76.9 |
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153.1 |
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2.1% |
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4.7% |
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6.5% |
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11.8% |
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6.5% |
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–47.6 |
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–33.2 |
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–22.5 |
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23.7 |
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–79.6 |
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–8.3% |
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–5.9% |
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–3.9% |
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3.6% |
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–3.4% |
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Employees (excl. temporary personnel and apprentices) |
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14,250 |
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13,884 |
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13,777 |
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13,762 |
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13,762 |
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1 In accordance with IFRS, all figures after application of the purchase price allocation (ppa). For explanatory remarks on the ppa, please refer to the inside cover page of the Annual Report 2007/08. |
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In millions of euros |
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Sales volumes and price levels were substantially below the comparative figures of the previous year in all business segments of the Special Steel Division; this includes the alloy prices that are highly relevant for the division’s earnings, which did not begin to pick up until late in the business year 2009/10. This resulted in a revenue decline of 33.2% from EUR 3,530.6 million to EUR 2,358.4 million. EBITDA came to EUR 153.1 million and was thus 57.9% below last year’s figure (EUR 363.3 million). This corresponds to an EBITDA margin of 6.5% (previous year: 10.3%).
The Special Steel Division was also able to turn its operating result around in the course of the business year through consistent crisis management, primarily by undertaking wide-ranging cost optimization measures so that in the last quarter, the division showed positive EBIT at EUR 23.7 million, even after application of the purchase price allocation (ppa). Application of the ppa adversely affected EBIT in the business year 2009/10 with a total of EUR 116.4 million. Taking this (purely accounting) effect into consideration, EBIT for the business year 2009/10 is EUR –79.6 million (compared to EUR 55.0 million in the previous year). The EBIT margin is therefore at –3.4% (previous year: 1.6%).
As of March 31, 2010, the Special Steel Division had 13,762 employees. Compared to the previous year’s figure of 14,734 employees, this corresponds to a 6.6% reduction due to restructuring.
