Therefore, from today’s standpoint, the Board anticipates an operating result (EBITDA) for the BY 2012/13 of roughly EUR 1.4 billion and a profit from operations (EBIT) of approximately EUR 800 million. Despite the continuously deteriorating business environment, equity, net financial debt and gearing have nonetheless shown sustained positive development.
Consolidated revenue in the first two quarters of the business year 2012/13 (April 1 to September 30, 2012) at EUR 5.9 billion was nearly identical to the sales figures for the previous year (EUR 6.0 billion). While the Metal Engineering Division was even able to expand its revenue based on outstanding demand—primarily in the railway infrastructure sector—the remaining three divisions showed minor revenue losses as a consequence of declining raw materials costs (Steel Division) and lower shipping volumes (Special Steel and Metal Forming Divisions). Viewed in terms of earnings performance, the comparison to the same period of the previous year, at the Group level, indicates an 11.5% decline in operating result (EBITDA), from EUR 824 million to EUR 730 million, and a 17.1% decline in profit from operations (EBIT), from EUR 531 million to EUR 441 million. Thus, the EBITDA margin was reduced from 13.8% in the previous year to today’s 12.3%, and the EBIT margin from 8.9% to 7.4%. All four divisions were affected by the decline in earnings in almost equal measure. In the six-month comparison to the previous year, the profit before tax (−21.5%, from EUR 443 million to EUR 348 million) was somewhat weaker, as was profit for the period, i.e., net income (−22.1%, from EUR 346 million to EUR 270 million).