In millions of euros |
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BY |
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1st quarter |
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2nd quarter |
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3rd quarter |
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4th quarter |
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2023/24 |
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2022/231 |
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Change |
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Revenue |
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884.0 |
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816.1 |
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790.3 |
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878.0 |
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3,368.4 |
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3,860.7 |
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–12.8 |
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EBITDA |
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76.2 |
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73.9 |
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53.7 |
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97.2 |
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301.0 |
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374.6 |
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–19.6 |
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EBITDA margin |
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8.6% |
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9.1% |
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6.8% |
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11.1% |
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8.9% |
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9.7% |
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EBIT |
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40.5 |
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36.7 |
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18.2 |
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–7.9 |
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87.5 |
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228.7 |
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–61.7 |
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EBIT margin |
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4.6% |
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4.5% |
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2.3% |
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–0.9% |
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2.6% |
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5.9% |
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Employees |
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11,782 |
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11,668 |
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11,315 |
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11,571 |
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11,571 |
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11,853 |
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–2.4 |
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The Metal Forming Division recorded declines in the key financial performance indicators in the business year 2023/24. Revenue fell by 12.8% from EUR 3,860.7 million to EUR 3,368.4 million. In principle, this development affected all four of the division’s business segments. While the Automotive Components business segment was only confronted with a slight decline, revenue in the other three business segments fell more sharply, short of the previous year’s figures. Similar to revenue, earnings also declined in all four segments in the business year 2023/24. EBITDA fell by 19.6% from EUR 374.6 million (margin of 9.7%) to EUR 301.0 million (margin of 8.9%). The strongest decline was recorded in the Precision Strip segment, which had to contend with a significant drop in demand in the reporting period. The declines in the other three business segments were at a moderate level. EBIT was impacted by one-off effects in the business year 2023/24: In response to the structural underutilization of capacity in the automotive supply industry in Germany, planning assumptions had to be adjusted in the Automotive Components segment. This resulted in impairment losses of EUR 68 million. Specifically, EBIT fell by 61.7% from EUR 228.7 million (margin of 5.9%) to EUR 87.5 million (margin of 2.6%).
Revenue and operating profit developed much more positively in a quarter-on-quarter comparison during the year. Revenue increased from EUR 790.3 million in the third quarter of 2023/24 to EUR 878.0 million in the fourth quarter of 2023/24. This is an increase of 11.1%. While Warehouse & Rack Solutions showed a stable trend, the other three business segments were able to increase due to seasonal factors. EBITDA increased by 81.0% from EUR 53.7 million (margin of 6.8%) to EUR 97.2 million (margin of 11.1%) in the same period. The Tubes & Sections and Automotive Components segments achieved a significant improvement. The Precision Strip segment recorded slight increases due to seasonal factors. The Warehouse & Rack Solutions business performed stably.
EBIT was negative at EUR –7.9 million (margin –0.9%) in the fourth quarter of 2023/24 due to the non-recurring effects of EUR 68 million described in the year-on-year comparison. In the immediately preceding quarter, the Metal Forming Division reported EBIT of EUR 18.2 million (margin of 2.3%).
The number of employees (FTE) was 11,571 as of March 31, 2024, a decrease of 2.4% compared to March 31, 2023 (11,853). The Tubes & Sections and Warehouse & Rack Solutions segments increased their headcount due to acquisition and investment projects. By contrast, the Automotive Components segment reduced the number of employees in response to the changed economic conditions for the automotive supply industry in Germany. The sale of the production site in Nagold, Germany, also resulted in a divestment in the business year 2023/24.
1 Business year 2022/23, and 1st to 3rd quarter 2023/24 retroactively adjusted.
