Development of the key figures
of the voestalpine Group

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

The key performance indicators (KPIs) of the voestalpine Group for the first quarter of the business year 2021/22 clearly indicate growth, given the meltdown in both revenue and earnings for the same period of the previous business year owing to the COVID-19 pandemic. Delivery volumes rose significantly in all four divisions thanks to the economic rebound in key customer segments. Higher prices in key product categories provided additional impetus to these developments. Based on these parameters, division revenue in Q1 2021/22 climbed by 45.6% year over year to EUR 3,490.0 million (Q1 2020/21: EUR 2,397.3 million). The revenue increases for the Steel Division and the Metal Forming Division—both of which were affected the most in the previous business year by the meltdown in demand from the automotive industry—were particularly pronounced.

The voestalpine Group also posted significant earnings growth for the current business year’s first quarter. In addition to the improved eco­nomic environment, this positive outcome is also rooted in the Group’s strong focus on programs aimed at raising efficiency and lowering costs. As a result, EBITDA soared in Q1 2021/22 by 242.0% to EUR 539.6 million with a margin of 15.5% (Q1 2020/21: EUR 157.8 million, margin of 6.6%). This is primarily due to the substantial increase in capacity utilization rates at the Group’s production plants as well as the marked increase in delivery volumes. While EBIT was negative (EUR –48.7 million, margin of –2.0%) in the same quarter of the previous business year, EBIT for the reporting period soared to EUR 339.6 million with a margin of 9.7%. Hence voestalpine posted a level of earnings for Q1 2021/22 that it last achieved in Q4 2017/18.

The reduction in liabilities in the previous business year is reflected as well in the development of net interest income, which fell in Q1 2021/22 to EUR –20.8 million (Q1 2020/21: EUR –25.7 million). The profit before tax thus shot up in the reporting period to EUR 318.8 million (previous year: EUR –74.4 million). Tax expenses of EUR –59.6 million (previous year: EUR 4.7 million) equate to a tax rate of 18.7% and result in a profit after tax of EUR 259.2 million (previous year: EUR –69.7 million).

Net financial debt fell as of June 30, 2021, to EUR 2,617.4 million (June 30, 2020: EUR 3,956.1 million; March 31, 2021 (annual reporting date): EUR 2,742.8 million). The Group succeeded in strengthening its equity base, both year over year and relative to the most recent annual reporting date. Equity as of June 30, 2021, rose to EUR 5,970.8 million (June 30, 2020: EUR 5,517.1 million; March 31, 2021 (annual reporting date): EUR 5,649.9 million). Accordingly, the gearing ratio (net financial debt as a percentage of equity) fell as of June 30, 2021, to 43.8% (June 30, 2020: 71.7%; March 31, 2021 (annual reporting date): 48.5%).

The number of employees (FTE, full-time equivalents) in the voestalpine Group rose by 2.1% as of June 30, 2021, to 48,880 (June 30, 2020: 47,894). This represents a minor increase of 0.5% over the figure as of the March 31, 2021, annual reporting date (48,654).

Net financial debt can be broken down as follows: