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voestalpine: Strong results in business year 2008/09 despite economic slump, positive results in last quarter

4 June 2009 | 

The outstanding results during the first half of the year (in the business year 2008/09) enabled the voestalpine Group to reach a revenue record of EUR 11.63 billion and to almost reach the record EBITDA and EBIT figures of the past business year. This was achieved despite the underlying economic circumstances, that deteriorated worldwide from the 3rd quarter onwards, resulting in significant declines in both sales volume and price in four of the five divisions.

Against the backdrop of the drastic economic slump since autumn 2008 any accurate forecast for the business year 2009/10 is very difficult to make.

The management of voestalpine Group can anticipate that the economic environment will continue to be challenging in the first half of the business year 2009/10, resulting in a negative-albeit manageable-operating profit; the second half of the business year can be expected to be more positive, both with regard to revenue and profit, due to an easing of the economic situation. This trend will be underpinned by an additional extensive cost optimization program, focused working capital management to pursue active management of liquidity, and a critical reexamination of investments and maintenance expenditures. From today’s perspective, the business year 2009/10 overall can be expected to report a positive operating profit.

Key figures of voestalpine Group

(acc. IFRS; in EURm)* BY 2007/08
1.4.2007 - 31.3.2008
BY 2008/09
1.4.2008 - 1.3.2009
Change
in %
Revenue 10.481,2 11.625,3 +10,9
EBITDA 1.836,5 1.724,2 -6,1
EBITDA margin in % 17,5 % 14,8 %  
EBIT 1.152,6 1.016,0 -11,9
EBIT margin in % 11,0 % 8,7 %  
Profit before tax 979,6 728,4 -25,6
Profit for the period** 751,9 611,6 -18,6
EPS (in EUR)*** 4,69 3,41 -27,3

* according to IFRS all results after Purchase Price Allocation (PPA)
** Before minority interest and hybrid capital interest
*** From continuing operations