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Steel 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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989.8 |
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975.0 |
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938.5 |
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928.5 |
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1,928.3 |
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1,903.5 |
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–1.3 |
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EBITDA |
|
113.9 |
|
114.1 |
|
86.7 |
|
96.9 |
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200.6 |
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211.0 |
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5.2 |
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EBITDA margin |
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11.5% |
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11.7% |
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9.2% |
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10.4% |
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10.4% |
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11.1% |
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EBIT |
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57.9 |
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56.8 |
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29.6 |
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38.3 |
|
87.5 |
|
95.1 |
|
8.7 |
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EBIT margin |
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5.8% |
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5.8% |
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3.2% |
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4.1% |
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4.5% |
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5.0% |
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Employees (full-time equivalent) |
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10,805 |
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11,035 |
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11,026 |
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11,216 |
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11,026 |
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11,216 |
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1.7 |
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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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Against the backdrop of falling prices due to the downward trend in raw materials prices, revenue declined in the first six months of 2014/15 compared to the same period in the previous year by 1.3%, going from EUR 1,928.3 million to EUR 1,903.5 million. The fact that the decline was moderate is due to the slight year-to-year gain in sales volumes. The profitability of the division rose primarily as a result of an improvement of the product mix, but also due to measures to optimize costs. Thus, EBITDA improved by 5.2% from EUR 200.6 million to EUR 211.0 million, with the EBITDA margin going up from 10.4% in the previous year to 11.1% in the first half of 2014/15. In the same time period, EBIT rose by 8.7% from EUR 87.5 million to EUR 95.1 million, which corresponds to an EBIT margin of 5.0% (previous year: 4.5%).
Compared to the immediately preceding quarter, revenues declined primarily as a result of seasonal effects, but also due to prices that fell by 4.8% from EUR 975.0 million in the first quarter of 2014/15 to EUR 928.5 million in the most recent quarter. In terms of earnings, as the declining average revenue was compensated by lower raw materials costs, the drop in EBITDA and EBIT was mainly due to traditionally less favorable cost ratios in the summer quarter. Against this backdrop, EBITDA fell by 15.1% from EUR 114.1 million (margin of 11.7%) to EUR 96.9 million (margin of 10.4%). EBIT declined more dramatically by almost one third, going from EUR 56.8 million in the first quarter to EUR 38.3 million in the second quarter, resulting in a drop in the EBIT margin from 5.8% to 4.1%.
At 11,216 as of the end of the second quarter, the number of employees (FTE) in the Steel Division was 1.7% higher than the figure in the comparative quarter in the past business year and 0.2% higher than the figure as of the end of the past business year 11,192.