Nevertheless due to fast growing economic uncertainties in recent weeks the management board cuts the earnings forecast for the full business year by EUR 100 million in comparison with the original guidance. Therefore from todays point of view the board expects for the business year 2012/13 an operating profit (EBITDA) of approximately EUR 1.4 billion and a profit from operations (EBIT) of about EUR 800 million (instead of originally EUR 1.5 billion resp. EUR 900 million).
Reasons: Further increase of the sustained negative global business environment since summer 2011 regarding almost all key industrial segments and important economic regions – so far less impacted sectors like automotive, mechanical engineering and energy industries currently under pressure on a broad scale – only few market segments like aviation industry and agricultural machine building still facing stable business conditions.
Unchanged solid earnings situation of voestalpine-group within this difficult sentiment due to technology and quality driven niche position – nearly stable revenues and only slightly declining operational earnings development from 1st to 2nd quarter, somewhat more significant decline compared to the (outstanding) 1st half of 2011/12 - EBITDA-margin continuously in the double-digit range (see chart), clearly positive Free Cash Flow resulting in a further deleveraging in the course of the 1st half of 2012/13 despite dividend payment in the summer quarter.
Details on the 1st half year 2012/13 to follow on November, 7th 2012 before opening of the Vienna stock exchange.