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Metal Engineering Division |
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In millions of euros |
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1 Q |
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2 Q |
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1 H |
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2013/141 |
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2014/15 |
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2013/141 |
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2014/15 |
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2013/141 |
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2014/15 |
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Change in % |
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04/01– |
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04/01– |
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07/01– |
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07/01– |
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04/01– |
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04/01– |
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Revenue |
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723.3 |
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679.3 |
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688.7 |
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650.5 |
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1,412.0 |
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1,329.8 |
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–5.8 |
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EBITDA |
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107.9 |
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106.7 |
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109.8 |
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97.0 |
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217.7 |
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203.7 |
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–6.4 |
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EBITDA margin |
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14.9% |
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15.7% |
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15.9% |
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14.9% |
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15.4% |
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15.3% |
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EBIT |
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80.0 |
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79.6 |
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81.6 |
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69.4 |
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161.6 |
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149.0 |
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–7.8 |
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EBIT margin |
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11.1% |
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11.7% |
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11.8% |
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10.7% |
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11.4% |
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11.2% |
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Employees (full-time equivalent) |
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10,952 |
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11,250 |
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11,216 |
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11,351 |
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11,216 |
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11,351 |
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1.2 |
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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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The key figures of the Metal Engineering Division in the first half of 2014/15 were again at a very good level, although they were slightly down compared to the same period of the previous year. Revenue dropped by 5.8% from EUR 1,412.0 million in the first half of 2013/14 to EUR 1,329.8 million in the first half of 2014/15, primarily due to a lower volume of deliveries of rails as a result of the closure of standard rail production in Duisburg as of the end of the 2013 calendar year. Revenue in the division’s other business segments, however, rose slightly. The picture is similar as far as earnings are concerned. The operating result (EBITDA) went up by 6.4% from EUR 217.7 million to EUR 203.7 million; at 15.3%, the EBITDA margin remained high due to the lower revenue basis and was practically the same as last year’s figure of 15.4%. The decline in EBITDA is due to a higher cost basis resulting from the planned interim repair of a blast furnace and because several lucrative individual projects in the Rail business segment were completed. EBIT fell by 7.8% from EUR 161.6 million (margin: 11.4%) to EUR 149.0 million (margin: 11.2%).
A direct comparison of the second quarter of 2014/15 with the first quarter of 2014/15 shows a similar picture. Revenue decreased by 4.2% from EUR 679.3 million to EUR 650.5 million; the decline affected all business segments about equally, with the exception of the Turnout Systems business segment, which experienced a slight rise in revenue. EBITDA fell by 9.1% from EUR 106.7 million to EUR 97.0 million, which corresponds to an EBITDA margin of 14.9% (immediately preceding quarter: 15.7%). EBIT decreased by 12.8% from EUR 79.6 million (margin: 11.7%) to EUR 69.4 million (margin: 10.7%).
As of the end of the second quarter of 2014/15, the number of employees (FTE) in the Metal Engineering Division was 11,351 or 1.2% higher than last year’s figure. Compared to the figure at the end of the last business year (11,217 FTE), headcount rose by 1.2%.