The negative mood that has been affecting the macroeconomic environment since the summer of 2011 continued unchanged in the first quarter of 2012/13. And the economic framework conditions did not provide any signs for a trend reversal toward the positive end of the spectrum.
The voestalpine Group’s consistent downstream strategy combined with its concentration on those segments that demand top quality and technology is demonstrating a significant stabilizing effect in this challenging market environment not only with regard to capacity utilization but revenue and profits as well, especially when compared to the competition. Compared to the immediately preceding quarter, the operating results remained largely stable (Q4 2011/12 adjusted for non-recurring effects: EBITDA EUR 388.9 million; EBIT EUR 232.8 million).
Compared to the very strong first quarter of the previous year, however, although revenue remained stable, the operating results declined.
Nevertheless, due to the positive cash flow, the gearing ratio (net financial debt as a percentage of equity) was reduced to currently 49.9%.
Provided that the economic environment does not experience additional turbulence, from today’s perspective, it should be possible to match last year’s adjusted EBIT of around EUR 900 million in the business year 2012/13.