Compared to the same period of the previous year, the Group’s revenue rose in the first quarter of 2011/12 by EUR 495.4 million (+19.4%) from EUR 2,556.1 million to EUR 3,051.5 million.
The development of the operating results reflects the improved economic environment compared to the same period of the previous year even more clearly than the revenue figures. In comparison to the first quarter of 2010/11, a revenue gain of 19.4% resulted in an increase of 31.9% in the earnings before interest, taxes, depreciation and amortization (EBITDA), which went up from EUR 350.9 million to EUR 462.9 million and a rise in the EBITDA margin from 13.7% to 15.2%. The Special Steel Division saw the largest gain in EBITDA, both in absolute and relative figures, of EUR 43.5 million, going from EUR 77.1 million to EUR 120.6 million, an increase by more than 50% compared to the previous year. The EBITDA figures in the Railway Systems Division (+32.6% from EUR 91.0 million to EUR 120.7 million) and the Profilform Division (+30.9% from EUR 39.1 million to EUR 51.2 million) also experienced a significant boost. Due to the already high level of EBITDA in the same period of the previous year and the smaller delivery volume due to ongoing investments, the increase in the Steel Division (+16.3% from EUR 134.1 million to EUR 155.9 million) was lower in comparison. The increases in the Automotive Division are at a similar level, with EBITDA surpassing the previous year’s reference figure by +17.8% (going from EUR 26.4 million to EUR 31.1 million).
In comparison to the immediately preceding quarter (fourth quarter of 2010/11), EBITDA of the voestalpine Group went down by 7.2% from EUR 498.6 million to EUR 462.9 million, which was primarily due to the previously described special investment measures in the Steel Division.
With an EBIT of EUR 317.6 million, in the first three months of 2011/12, the voestalpine Group was able to boost its operating result compared to the previous year’s figure (EUR 203.3 million) by 56.2%, pushing its EBIT margin up from 8.0% to 10.4%. Compared to the immediately preceding quarter (EUR 326.6 million), EBIT fell slightly in the first quarter of 2011/12 by 2.8%.
Due to an operating result that was up significantly in the first quarter of 2011/12 compared to the same period of the previous year, profit before tax (EBT) rose by EUR 115.3 million (+73.7%) from EUR 156.5 million to EUR 271.8 million. Taking the tax rate of 22.9% into account, profit for the period (net income) came to EUR 209.6 million (after EUR 121.1 million in the previous year). Profit before tax and profit for the period are also higher than the comparative figures of the immediately preceding quarter (EUR 266.1 million and EUR 194.3 million, respectively).
Equity went up in the first three months of 2011/12 compared to March 31, 2011, by 4.0% from EUR 4,691.1 million to EUR 4,878.3 million. The increase is due to the markedly positive profit for the period of EUR 209.6 million. Due to a temporary build-up of working capital as a result of seasonal and operational demands, net financial debt went down slightly by 2.5% compared to March 31, 2011, going from EUR 2,713.1 million to EUR 2,779.6 million. Thus, as of the end of the first quarter of 2011/12, the voestalpine Group's gearing ratio (net financial debt as a percentage of equity) was 57.0%, putting it below the March 31, 2011, figure (57.8%).
Crude steel production in the first quarter of 2011/12 came to 1.99 million tons.