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Mar.28.2024 1USD=7.0948RMB
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Thyssenkrupp Publishes Half-year Report 2018/2019

https://en.steelhome.com [SteelHome] 2019-05-15 10:58:02

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Overview of key figures for the 1st half of 2018/2019

• Sales increased by 2 percent to € 20.4 billion. In terms of sales, all businesses except Materials Services and Steel Europe contributed to the increase in the 1st half. The main growth driver was the elevator business in the USA and Europe.

• Order intake improved by 4 percent to €20.5 billion. Elevator Technology again achieved record orders of €4.1 billion resulting from several major projects. Plant construction was able to book orders primarily in chemical plant construction and mining, while Components Technology recorded growth primarily in industrial components. The Marine business was slightly below the prior-year level, Materials Services at the prior-year level and Steel Europe above the prior-year level.

Adjusted EBIT fell from €943 million to €685 million

The economic downturn had a particularly negative impact on the operating results of Components Technology. Earnings at Elevator Technology were lower than previous year due to higher material costs. Industrial Solutions recorded lower margins on projects that are currently being implemented. Marine Systems remained stable at break-even, while Materials Services was unable to maintain its prior-year earnings level, mainly due to declining prices. In the steel sector, the historic low tide of the river Rhine, lower demand from the automotive industry and the new collective agreement had a negative impact on earnings.

Net income for the period amounted to € 59 million (previous year € 343 million). In addition to the operating performance, an increase in the provision formed at the end of the last financial year for risks from cartel proceedings to the amount of the expected fine of slightly more than € 100 million had an impact there. After deduction of minority interests, net income amounted to € 36 million (previous year € 320 million); earnings per share amounted to € 0.06 (previous year € 0.51).

Free cash flow before M&A was clearly negative at € -2.5 billion (previous year € -1.4 billion).

The main reason for the cash outflow was a seasonal increase in net working capital in the 1st quarter, particularly at Materials Services and Steel Europe. In the 2nd quarter, thyssenkrupp generated a positive cash inflow of €23 million, significantly higher than the previous quarter (€-2.5 billion).

Forecast financial year 2018/2019

The Group anticipates an adjusted EBIT of € 1.1 to 1.2 billion. The comparable prior-year figure was €1.4 billion.

Free cash flow before M&A is expected to remain overall at a negative high level 3-digit million euro range (previous year: -134 million €). This will reflect the effects of the economic slowdown, the impact on net working capital of the materials businesses and the increased net working capital in the components businesses due to the ramp-up of the new plants. The development will also depend on the order intake and payment profiles of individual major projects at Marine Systems. An additional burden could result from the payment of the expected cartel fine.

Thyssenkrupp expects the net income to be negative. This includes restructuring expenses for future performance improvements, the provision for the near-term, final and mutually agreed conclusion of the cartel proceedings for heavy plate with the Federal Cartel Office (Bundeskartellamt) as well as expenses for the preparation of the IPO of the elevator business.

Thyssenkrupp in figures – overview of key performance indicators

 

 

Full Group

Group–continuing operations

 

1st half ended March 31, 2018

1st half ended March 31, 2019

Change

Change %

1st half ended March 31, 2018

1st half ended March 31, 2019

Change

Change %

Order intake

million €

19,617

20,471

854

4

15,847

16,494

647

4

Net sales

million €

19,984

20,374

390

2

16,169

16,596

428

3

EBIT3)

million €

854

442

-412

-48

462

316

-146

-32

EBIT margin

%

4.3

2.2

-2.1

-49

2.9

1.9

-1

-33

Adjusted EBIT3)

million €

943

685

-257

-27

549

380

-169

-31

Adjusted EBIT margin

%

4.7

3.4

-1.4

-29

3.4

2.3

-1.1

-33

Income/(loss) before tax

million €

655

273

-382

-58

302

180

-121

-40

Net income (loss) or income (loss) net of tax

million €

343

59

-284

-83

102

46

-56

-55

attributable to thyssenkrupp AG's shareholders

million €

320

36

-284

-89

80

28

-52

-65

Earnings per share (EPS)

0.51

0.06

-0.46

-89

0.13

0.04

-0.09

-69

Operating cash flows

million €

-857

-1,927

-1,070

--

-854

-1,214

-360

-42

Cash flow for investments

million €

-561

-580

-19

-3

-386

-371

15

4

Cash flow from divestments

million €

44

52

8

19

32

40

8

23

Free cash flow4)

million €

-1,375

-2,455

-1,080

-79

-1,208

-1,545

-337

-28

Free cash flow before M & A4)

million €

-1,381

-2,454

-1,073

-78

-1,215

-1,544

-329

-27

Net financial debt (March 31)

million €

3,546

4,834

1,288

36

 

 

 

 

Total equity (March 31)

million €

3,333

3,106

-227

-7

 

 

 

 

Gearing (March 31)

%

106.4

155.7

49.3

46

 

 

 

 

Employees (March 31)

 

159,693

161,153

1,460

1

 

 

 

 

 

 

 

Full Group

Group–continuing operations

 

2nd quarter ended March 31, 2018

2nd quarter ended March 31, 2019

Change

Change %

2nd quarter ended March 31, 2018

2nd quarter ended March 31, 2019

Change

Change %

Order intake

million €

10,219

10,360

141

1

8,156

8,363

206

3

Net sales

million €

10,442

10,638

196

2

8,443

8,654

210

2

EBIT3)

million €

428

145

-283

-66

226

174

-52

-23

EBIT margin

%

4.1

1.4

-2.7

-67

2.7

2

-0.7

-25

Adjusted EBIT3)

million €

495

353

-142

-29

283

212

-72

-25

Adjusted EBIT margin

%

4.7

3.3

-1.4

-30

3.4

2.4

-0.9

-27

Income/(loss) before tax

million €

333

58

-275

-82

150

103

-47

-31

Net income (loss) or income (loss) net of tax

million €

250

-86

-335

--

125

-12

-137

--

attributable to thyssenkrupp AG's shareholders

million €

240

-99

-339

--

117

-23

-140

--

Earnings per share (EPS)

0.38

-0.16

-0.54

--

0.19

-0.04

-0.23

--

Operating cash flows

million €

419

319

-101

-24

48

271

224

470

Cash flow for investments

million €

-272

-323

-52

-19

-187

-201

-14

-7

Cash flow from divestments

million €

13

27

13

100

14

26

12

80

Free cash flow4)

million €

161

22

-139

-86

-125

96

221

++

Free cash flow before M & A4)

million €

168

23

-145

-86

-118

97

215

++

Net financial debt (March 31)

million €

3,546

4,834

1,288

36

 

 

 

 

Total equity (March 31)

million €

3,333

3,106

-227

-7

 

 

 

 

Gearing (March 31)

%

106.4

155.7

49.3

46

 

 

 

 

Employees (March 31)

 

159,693

161,153

1,460

1

 

 

 

 

 

 

Order intake million €

Net sales million €

EBIT million €

Adjusted EBIT million €

Employees

 

1st half ended March 31, 2018

1st half ended March 31, 2019

1st half ended March 31, 2018

1st half ended March 31, 2019

1st half ended March 31, 2018

1st half ended March 31, 2019

1st half ended March 31, 2018

1st half ended March 31, 2019

31-Mar-18

31-Mar-19

Components Technology

3,243

3,435

3,210

3,306

162

104

167

118

33,768

34,780

Elevator Technology

3,833

4,137

3,599

3,793

388

368

424

402

52,779

52,915

Industrial Solutions

1,458

1,680

1,791

1,790

-23

-60

-1

-57

15,916

15,661

Marine Systems

312

240

547

795

-11

0

-10

0

5,820

5,859

Materials Services

7,139

7,191

7,177

7,084

139

72

151

75

20,107

20,302

Steel Europe

4,555

4,792

4,569

4,481

359

-84

359

76

27,255

27,882

Corporate

169

88

171

134

-168

-175

-156

-149

4,048

3,754

Consolidation

-1,093

-1,093

-1,080

-1,009

8

217

8

220

0

0

Full Group

19,617

20,471

19,984

20,374

854

442

943

685

159,693

161,153

Discontinued steel operations

3,770

3,977

3,816

3,778

391

125

394

306

28,913

29,638

Group continuing operations

15,847

16,494

16,169

16,596

462

316

549

380

130,780

131,515

 

 

Order intake million €

Net sales million €

EBIT million €

Adjusted EBIT million €

 

2nd quarter ended March 31, 2018

2nd quarter ended March 31, 2019

2nd quarter ended March 31, 2018

2nd quarter ended March 31, 2019

2nd quarter ended March 31, 2018

2nd quarter ended March 31, 2019

2nd quarter ended March 31, 2018

2nd quarter ended March 31, 2019

Components Technology

1,665

1,781

1,646

1,726

86

59

90

69

Elevator Technology

1,873

1,995

1,754

1,869

186

169

204

198

Industrial Solutions

670

740

956

950

-33

-30

-14

-33

Marine Systems

255

133

291

497

-11

0

-9

0

Materials Services

3,776

3,821

3,890

3,696

90

51

100

53

Steel Europe

2,484

2,451

2,388

2,350

196

-118

197

37

Corporate

78

37

78

70

-97

-84

-81

-72

Consolidation

-583

-598

-562

-521

9

97

9

100

Full Group

10,219

10,360

10,442

10,638

428

145

495

353

Discontinued steel operations

2,062

1,998

1,998

1,984

202

-29

211

141

Group continuing operations

8,156

8,363

8,443

8,654

226

174

283

212

 

Source from Thyssenkrupp

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