In millions of euros |
|
|
|
|
|
|
|
|
|
BY |
|
|
||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
1st quarter |
|
2nd quarter |
|
3rd quarter |
|
4th quarter |
|
2023/24 |
|
2022/23 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
934.4 |
|
853.3 |
|
827.1 |
|
926.9 |
|
3,541.7 |
|
3,789.6 |
|
–6.5 |
EBITDA |
|
96.4 |
|
46.8 |
|
56.2 |
|
–14.1 |
|
185.3 |
|
561.5 |
|
–67.0 |
EBITDA margin |
|
10.3% |
|
5.5% |
|
6.8% |
|
–1.5% |
|
5.2% |
|
14.8% |
|
|
EBIT |
|
55.1 |
|
3.9 |
|
13.6 |
|
–320.8 |
|
–248.2 |
|
239.2 |
|
|
EBIT margin |
|
5.9% |
|
0.5% |
|
1.6% |
|
–34.6% |
|
–7.0% |
|
6.3% |
|
|
Employees |
|
13,560 |
|
13,492 |
|
13,308 |
|
13,308 |
|
13,308 |
|
13,654 |
|
–2.5 |
Lower shipment volumes meant that revenue in the High Performance Metals Division fell by 6.5% from EUR 3,789.6 million to EUR 3,541.7 million in the business year 2023/24. Average sales prices were even higher in the reporting period, but the price level gradually weakened over the course of the year due to lower alloy prices.
Earnings in the business year 2023/24 were impacted by one-off effects in the fourth quarter. Impairment losses due to the initiated sales process at Buderus Edelstahl (EUR 181 million) had a negative impact, as did goodwill impairments at the High Performance Metals Production cash-generating unit (EUR 179 million). Of the negative one-off effects of EUR 360 million in the current reporting period, EUR 92 million are also reflected in EBITDA. In the business year 2022/23, EBITDA included positive one-off effects of EUR 133 million from a sale of real property. In the previous year, EBIT also included negative one-off effects of EUR 173 million due to impairment losses.
Against this backdrop, EBITDA fell by 67.0% from EUR 561.5 million (margin of 14.8%) in the business year 2022/23 to EUR 185.3 million (margin of 5.2%) in the business year 2023/24. In addition to the non-recurring effects, the challenging conditions for tool steel were also reflected in a significant decline in operating results.
EBIT turned negative in the business year 2023/24 due to the aforementioned one-off effects: from EUR 239.2 million (margin of 6.3%) to EUR –248.2 million (margin of –7.0%).
In a quarter-on-quarter comparison from Q3 to Q4 2023/24, revenue in the High Performance Metals Division increased by 12.1% from EUR 827.1 million to EUR 926.9 million. This was due to the significant increase in shipment volumes. Sales prices, on the other hand, declined due to falling alloy costs. The operating result (EBITDA) developed negatively due to the negative one-off effects in Q4 2023/24 and fell from EUR 56.2 million (margin 6.8%) to EUR –14.1 million (margin –1.5%). However, excluding the non-recurring effects of EUR 92 million mentioned in the year-on-year comparison, EBITDA improved. EBIT fell from EUR 13.6 million (margin of 1.6%) to EUR –320.8 million (margin of –34.6%) due to the impairment losses recognized in Q4 2023/24. EBIT also developed positively in a quarter-on-quarter comparison excluding non-recurring effects.
The number of employees (FTE) fell by 2.5% in the business year 2023/24, from 13,654 as of March 31, 2023 to 13,308 as of March 31, 2024. The decrease in the number of employees is due to the adjustment to the lower production and sales volume of the High Performance Metals Division in the business year 2023/24.
