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Voestalpine AG Announced Q3 FY2018-2019 Quarterly Report

https://en.steelhome.com [SteelHome] 2019-02-12 14:18:17

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Voestalpine boosts revenue in the 3rd quarter of 2018/19, earnings affected by non-recurring items

Revenue for first nine months rises 5.2% year over year from EUR 9.5 billion to just under EUR 10 billion

Negative non-recurring effects impact Group’s earnings categories

Operating result (EBITDA) declines by 21.4% from EUR 1.4 billion to EUR 1.1 billion

Profit from operations (EBIT) drops by 37% from EUR 835 million to EUR 526 million

Profit before tax drops by 41.6% from EUR 737 million to EUR 431 million and profit after tax by 50.4% from EUR 556 million to EUR 276 million

Equity improves from EUR 6.3 billion to EUR 6.5 billion

Gearing ratio rises from 54% to 58%

At 51,472, number of employees as of 12/31/2018 1.6% higher year over year

The first half of the business year 2018/19 had started on a solid economic footing for the voestalpine Group, but the business year’s third quarter was already affected by a dampening of economic sentiment overall. For example, by rising prices for raw materials and energy; the first palpable negative effects from the global trade conflicts; and not least the growing escalation of the conflict surrounding Great Britain’s exit from the EU. “While we succeeded in boosting revenue year over year in the first three quarters of the business year 2018/19, the weaker earnings performance reflects not just the dampening of economic sentiment but also the impact of internal negative one-time effects,” says Wolfgang Eder, Chairman of the Management Board of voestalpine AG. As a result, earnings in the second business quarter were impacted primarily by the complete overhaul of large blast furnace A in Linz and—to a lesser extent—by the fact that several weeks of planned and unplanned production stoppages occurred at the HBI facility in the United States. Add to that provisions that were set up in the third business quarter for the heavy plate segment in connection with a pending investigation by the German Federal Cartel Office (Bundeskartellamt); significant start-up cost overruns at the automotive facility in Cartersville, Georgia, USA; as well as associated provisions related to external shifts in order activity.

Official link: voestalpine

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