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Sep.18.2019 1USD=7.073RMB
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Voestalpine AG Announced Q1 FY2019-2020 Report

http://en.steelhome.cn [SteelHome] 2019-08-21 10:39:05

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As far as the voestalpine Group is concerned, the macroeconomic environment has clouded over significantly since the start of the business year 2019/20. By and large, this is due to the fallout from the international trade conflicts and the associated, growing weakness of the global economy, which affects above all Europe’s export-oriented industries, and the slumping automotive industry in particular. Furthermore, strong increases in iron ore prices in a weakening market along with falling prices for steel products as well as rising costs for CO2 emission certificates in the EU put pressure on profit margins.

Development of revenue and earnings figures

At EUR 3.3 billion, voestalpine’s revenue for the first quarter of the business year 2019/20 was 3.8% lower than the revenue of EUR 3.5 billion for the first quarter of the previous business year. All four of the Group’s divisions were confronted with a slight decline in revenue resulting mainly from declining delivery volumes. Aside from the reductions in the sales volume stemming from economic developments as well as the increases in both iron ore prices and CO2 emission certificates, the start-up costs at the Group’s automotive plant in Cartersville, USA, also put downward pressure on earnings in the reporting period.

As a result, the EBITDA of the voestalpine Group declined by 27.7%, from EUR 513.0 million to EUR 370.9 million.

The gearing ratio (net financial debt as a percentage of equity) rose from 49.0% as of June 30, 2018 to 58.1% as of June 30, 2019. For the most part, this increase in the first quarter of the business year 2019/20 stems from changes in international financial reporting requirements (recognition of leases pursuant to IFRS 16), which raised the interest-bearing liabilities by about EUR 437 million compared with the annual reporting date.

Table: Voestalpine Group Key Figures

in millions of euros

Q1 by 2018/19
(04/01/2018 - 06/30/2018)

Q1 by 2019/20
(04/01/2019 - 06/30/2019)

Change in %

Revenue

3,469.00

3,336.10

-3.8

EBITDA

513

370.9

-27.7

EBITDA margin

14.80%

11.10%

 

EBIT

323.8

156.7

-51.6

EBIT margin

9.30%

4.70%

 

Profit before tax

294.3

124.4

-57.7

Profit afer tax

226.3

90.4

-60.1

EPS - Earnings per share (euros)

1.21

0.44

-63.6

Gearing ratio in % (06/30)

49.00%

58.10%

 

Source from voestalpine


(To contact the reporter on this story: leo.ji@steelhome.cn or 86-555-2238932)
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