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Quarterly development of the voestalpine Group |
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In millions of euros |
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Q1 2013/141 |
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Q2 2013/141 |
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Q3 2013/141 |
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Q4 2013/141 |
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Q1 2014/15 |
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04/01–06/30/2013 |
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07/01–09/30/2013 |
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10/01–12/31/2013 |
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01/01–03/31/2014 |
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04/01–06/30/2014 |
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Revenue |
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2,895.3 |
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2,748.1 |
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2,625.4 |
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2,808.4 |
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2,826.7 |
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EBITDA |
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363.5 |
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316.9 |
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319.2 |
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374.4 |
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363.7 |
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EBITDA margin |
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12.6% |
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11.5% |
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12.2% |
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13.3% |
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12.9% |
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EBIT |
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221.6 |
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174.7 |
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173.0 |
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219.1 |
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218.4 |
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EBIT margin |
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7.7% |
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6.4% |
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6.6% |
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7.8% |
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7.7% |
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Profit before tax |
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175.0 |
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137.1 |
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132.2 |
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196.5 |
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192.9 |
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Profit for the period2 |
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137.6 |
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100.8 |
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111.3 |
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171.7 |
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154.4 |
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Employees (full-time equivalent) |
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46,548 |
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47,126 |
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46,460 |
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47,485 |
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47,463 |
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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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2 Before deduction of non-controlling interests and interest on hybrid capital. |
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At EUR 2,826.7 million, the voestalpine Group maintained the revenue in the first quarter at a practically constant level in a year-to-year comparison. The slight decline by 2.4% compared to the previous year (EUR 2,895.3 million) is due mainly to structural changes in the Metal Engineering Division, first and foremost, to the closure of standard rail production in Duisburg, which has resulted in commensurately lower revenue. The development of revenue in the other divisions was quite stable, although the Steel Division and the Special Steel Division faced slightly falling revenue due to the generally deflationary market environment (dropping raw materials costs); the Metal Forming Division, on the other hand, was able to increase revenue somewhat.
In a year-to-year comparison, the operating result (EBITDA) of the first quarter remained constant, with the previous year’s figure of EUR 363.5 million being surpassed by EUR 0.2 million. Based on this year’s figure of EUR 363.7 million, the EBITDA margin in the first quarter of 2014/15 was 12.9% (previous year: 12.6%).
Due to increased depreciation and amortization, profit from operations (EBIT) declined slightly (–1.4%) and is at EUR 218.4 million in the quarter under review (previous year: EUR 221.6 million) At 7.7%, the EBIT margin remained precisely the same as in the first quarter of the previous year.
As a result of a drop in gross debt, combined with lower financing costs and a more favorable development of invested liquidity reserves, profit before tax increased significantly to EUR 192.9 million in the first quarter of the business year 2014/15, compared to EUR 175.0 million in the first quarter of the previous year, a plus of 10.2%.
Due to a slightly lower tax rate, profit for the period grew by 12.2% to currently EUR 154.4 million (previous year: EUR 137.6 million). In a year-to-year comparison, earnings per share rose by 13.2% from EUR 0.68 to EUR 0.77.
Building on these results, equity rose as of June 30, 2014 in a year-to-year comparison by 5.0% to EUR 5,416.4 million. Compared to the closing date for the previous business year of March 31, 2014 (EUR 5,261.0 million), this still corresponds to an increase of 3.0%.
Net financial debt increased in a year-to-year comparison by 7.1% to EUR 2,422.3 million, however, it remained constant compared to the closing date for the previous business year (EUR 2,421.4 million; adjusted retroactively). Therefore, the gearing ratio (net financial debt in percent of equity) fell in the course of the first quarter of the business year from 46.0% (adjusted retroactively) as of March 31, 2014 to currently 44.7%.
As of June 30, 2014, the voestalpine Group had 47,463 employees (FTE), an increase of 2.0% compared to the previous year’s figure of 46,548 employees (FTE).