Similarly to revenue, the voestalpine Group also saw a marked upturn in earnings over the reporting period’s individual quarters. For the business year 2020/21 on the whole, at 4.0% the decline in EBITDA to EUR 1,134.5 million (2019/20: EUR 1,181.5 million) is moderate, given the negative consequences of COVID-19. Aside from the non-recurring effects in the previous business year, this is due especially to the strict cost control measures in all four divisions. To the extent available and suitable, the Group also availed itself of governmental support programs such as short time work. This approach enabled numerous production units that faced foreseeable lower capacity utilization over a limited time to achieve effective flexibility of fixed costs. Structural cuts, by contrast, were implemented at those facilities that are exposed to the negative fallout from the COVID-19 pandemic in the longer term.
The voestalpine Group succeeded in generating positive EBIT during the reporting period. While the Group’s EBIT for the business year 2019/20 was EUR –89.0 million (margin of –0.7%), EBIT for the business year 2020/21 is EUR 115.2 million (margin of 1.0%). This positive outcome stems chiefly from the robust recovery in the reporting period’s second half. Its first half still saw highly negative results on account of the extremely difficult conditions at the beginning as well as the impairment losses that had an adverse effect on EBIT largely in the second quarter.