At EUR 8.26 billion, the revenue of the voestalpine Group remained at a stable level in a year-to-year comparison (EUR 8.27 billion). The operating result (EBITDA) improved by 8.8% from EUR 1.0 billion to EUR 1.09 billion. It should be noted that, due to divestments, figures for the second quarter include non-recurring effects amounting to EUR 67 million. Even excluding these effects, EBITDA rose by 2.1% to EUR 1.02 billion. The EBITDA margin therefore rose from 12.1% in the previous year to 13.2% (or 12.4% without non-recurring effects) in the current year. During the same period, profit from operations (EBIT) improved compared to the previous year by 10.2%, going from EUR 569 million to EUR 627 million. Adjusted by the non-recurring effect of EUR 45 million resulting from the aforementioned extraordinary income, EBIT rose by 2.3% to EUR 582 million. The adjusted EBIT margin thus increased to 7.1% compared to 6.9% in the previous year.
In a year-to-year comparison, profit before tax rose significantly by 19.4% from EUR 444 million to EUR 531 million. Even after exclusion of the non-recurring effects of EUR 45 million, profit before tax improved by 9.3% to EUR 485 million. Profit for the period even gained 26.6%, going from EUR 350 million to EUR 443 million. Adjusted by the non-recurring effects, profit for the period comes to EUR 399 million (+ 14.2% compared to the previous year). Earnings per share in the current business year are EUR 2.28, more than one third higher than the comparable figure of EUR 1.69 in the previous business year.
Equity fell by 2%, from EUR 5.12 billion as of December 31, 2013 to EUR 5.01 billion as of December 31, 2014. The decrease is due to the refinancing of hybrid bond 2007, which is recognized in equity, by corporate bond 2014, which is reported as part of borrowed capital. This measure also had an impact on net financial debt, which increased in a year-to-year comparison by 19.4% from EUR 2.58 billion (adjusted retroactively) to EUR 3.09 billion. The increase corresponds precisely to the volume of the hybrid bond 2007 of EUR 500 million. Due to these deliberately undertaken changes in the financing structure, the gearing ratio (net financial debt in percent of equity) of 46% (retroactively adjusted) went up to 61.6%. As was the case in the previous year the voestalpine Group has 46,500 employees.