EBITDA
In millions of euros
EBIT
In millions of euros
In terms of its operating income (EBITDA) for the business year 2022/23, the voestalpine Group also surpassed its excellent performance in the business year 2021/22. Overall, EBITDA climbed 11.1% to EUR 2,544.6 million with a margin of 14.0% (2021/22: EUR 2,291.3 million, margin of 15.4%). Dynamic pricing across all product categories more than offset some of the significant increases in the cost of raw materials and energy. The positive EBITDA performance of the Metal Engineering Division, which benefited from favorable conditions in the oil and natural gas sector, was particularly pronounced. But the High Performance Metals Division also posted a sharp increase in EBITDA for the business year ended. This jump includes EUR 133 million in positive non-recurring effects from the sale of a property belonging to High Performance Metals Germany in Düsseldorf, Germany. In the business year 2022/23, both the Steel Division and the Metal Forming Division came close to repeating the all-time highs they reported in the business year 2021/22.
It is worth noting the following with respect to the sale of 80% of the voestalpine Group’s equity interest in voestalpine Texas to ArcelorMittal (which closed at the end of June 2022): The direct reduction plant in Texas, USA, was fully consolidated in the business year 2021/22 as well as in the first quarter of the business year 2022/23 and shown in the item, “Income from discontinued operations.” As of the second quarter of 2022/23, earnings from voestalpine’s 20% stake in the ArcelorMittal Texas HBI Group were shown in the item, “Income from entities consolidated at equity.” A total of EUR 32 million in impairment losses was taken in the reporting period’s fourth quarter on the 20% equity interest in the ArcelorMittal Texas HBI Group. At EUR 1,624.2 million with a margin of 8.9%, the voestalpine Group’s profit from operations (EBIT) for the business year 2022/23 was 11.7% higher year over year (2021/22: EUR 1,454.3 million, margin of 9.7%). Negative non-recurring effects impacted EBIT for both the business year 2021/22 and the business year 2022/23. While EBIT for the business year 2021/22 was negatively affected mainly by impairment losses of EUR 15 million at Buderus Edelstahl (Wetzlar, Germany) and of EUR 64 million at voestalpine Automotive Components Cartersville (Georgia, USA), the total of EUR 79 million was partly offset by EUR 12 million in reversals of impairment losses. A total of EUR 173 million in impairment losses for the business year 2022/23 had a negative impact on the High Performance Metals Division. Specifically, EUR 54 million in impairment losses were taken on the assets of Buderus Edelstahl ohne Schmiede (a cash generating unit (CGU) in Wetzlar, Germany) and EUR 119 million on the goodwill of HPM Production (another CGU).
