The voestalpine Group’s revenue as of the third quarter of the business year 2020/21 fell by 16.8% year over year, from EUR 9.6 billion to EUR 8 billion; given the continual improvement in order levels over the reporting period, revenue for the third business quarter is but slightly lower year over year. At EUR 683 million, EBITDA for the first three quarters of the business year 2020/21 is 18.4% less than the EBITDA of EUR 837 million for the first three quarters of the business year 2019/20. Similarly to revenue, EBITDA also improved continually during the reporting period. EBIT dropped from EUR –82 million to EUR –134 million; the numbers for both the previous year and the reporting period contain significant non-recurring effects. These non-recurring effects in the amount of about EUR 200 million adversely affected EBIT for the current business year’s first three quarters (Q1–Q3 2019/20: EUR 345 million). At EUR –159 million, the profit after tax was also affected by impairment losses but remains largely stable year over year (Q1–Q3 2019/20: EUR –160.0 million).
The gearing ratio (net financial debt as a percentage of equity) improved substantially: from 80% as of December 31, 2019, to 58.4% as of December 31, 2020. While equity fell by 5% to EUR 5.4 billion as of December 31, 2020 (down from EUR 5.7 billion year over year), net financial debt dropped by 30.7%, from EUR 4.6 billion in the previous year to EUR 3.2 billion in the reporting period thanks to cuts in investment costs and reductions in working capital.
Year over year, the number of employees (FTE) in the voestalpine Group fell by 3.9% to 47,871. As of December 31, 2020, about 1,100 employees in Austria were still registered for short time work—down from 10,300 at the beginning of the COVID-19 crisis. About 700 employees in Germany and an additional 470 internationally (especially in South Africa, France, and Great Britain) were still registered for short time work or similar programs at the end of 2020.