Following the economic meltdown at the start of the business year 2020/21, the second half of the reporting period was defined by the upswing of the global markets. Currently, demand from almost all of voestalpine’s important customer segments is high; in fact, some areas seem to be overheating due to catch-up effects. Even the oil & natural gas industry, which was hit particularly hard by the crisis, is starting to rebound incrementally. The most that can be expected for the aerospace industry, however, is a slight improvement in the course of the business year 2021/22.

      Given positive demand, from today’s vantage point we may expect the economy on the whole to continue along its upward trajectory at least up to the end of calendar year 2021. This assessment also follows the forecasts of ­economic researchers. In addition, the trillions in EU and U.S. economic stimulus packages that aim to kickstart the economy are expected to provide important impetus for growth after the end of the COVID-19 pandemic.

      But the crisis has not yet been overcome. Despite the availability of effective vaccines against the COVID-19 virus and growing immunization coverage, it is difficult to predict how the pandemic and its economic consequences will evolve going forward. The voestalpine Group will once again and increasingly focus on value-added growth over and above its consistent measures to boost efficiency and optimize cash flow.

      Assuming that the current economic momentum will continue and that there will be no new, unexpected distortions of the market, the Management Board of voestalpine AG expects ­EBITDA for the business year 2021/22 between EUR 1,600 million and EUR 1,900 million.

      Linz, May 31, 2021

      The Management Board

      Herbert Eibensteiner

      Franz Rotter

      Franz Kainersdorfer

      Peter Schwab

      Robert Ottel

      Hubert Zajicek

      This report is a translation of the original German-language report, which is solely valid.

      Cash flow
      • From investing activities: outflow/inflow of liquid assets from investments/disinvestments;
      • From operating activities: outflow/inflow of liquid assets not affected by investment, disinvestment, or financing activities.
      • From financing activities: outflow/inflow of liquid assets from capital expenditures and capital contributions.
      EBITDA (earnings before interest, taxes, depreciation, and amortization)
      Profit before the deduction of taxes, non-controlling interests, financial result, and depreciation and amortization expenses.