Highlights 2019/20

      • Business year 2020/21 dominated by the COVID-19 pandemic.
      • Broad-based economic meltdown at the start of the reporting period, especially in Europe and North America due to the spread of the pandemic.
      • Positive after-tax result thanks to both rapid response in terms of capacity adjustments and quick implementation of efficiency improvement measures.
      • In part, unexpectedly fast and strong economic rebound during the second half of the business year 2020/21.
      • Year-over-year decrease in reporting period revenue by 11.4% to EUR 11,266.6 million (previous year: EUR 12,717.2 million).
      • Operating result (EBITDA) falls by a mere 4.0% to EUR 1,134.5 million. Previous year’s figure of EUR 1,181.5 million contained non-recurring effects of EUR 83 million.
      • Impairment losses of EUR 197 million affect EBIT for the business year 2020/21. In the business year 2019/20, EBIT was impacted by impairment losses of EUR 402 million.
      • At EUR 115.2 million (up from EUR –89.0 million the previous year), profit from operations (EBIT) is positive despite impairment losses.
      • Profit before tax: EUR 10.8 million (previous year: EUR –230.3 million).
      • Profit after tax: EUR 31.7 million (previous year: EUR –216.5 million).
      • At EUR 5,649.9 million, equity is stable year over year (previous year: EUR 5,614.9 million).
      • Reduction in net financial debt by more than EUR 1 billion to EUR 2,742.8 million (previous year: EUR 3,775.0 million) thanks to outstanding cash flow in the business year 2020/21.
      • At 48.5%, gearing ratio (net financial debt relative to equity) improves significantly over the previous year (67.2%).
      • Dividend proposal to be submitted to the Annual General Meeting: EUR 0.50 per share.
      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.
      EBIT (earnings before interest and taxes)
      Profit before the deduction of taxes, non-controlling interests, and financial result.
      EBITDA (earnings before interest, taxes, depreciation, and amortization)
      Profit before the deduction of taxes, non-controlling interests, financial result, and depreciation and amortization expenses.
      Assets made available to a corporation by the owners through deposits and/or contributions or from retained profits.
      Ratio of net financial debt to equity.
      Net financial debt
      Interest-bearing liabilities less interest-earning assets.