voestalpine AG

EANS-News: voestalpine AG /voestalpine significantly increased earnings in the second fiscal quarter 2016/17; Half year's figures declined in comparison to last year because of weak oil- and gas markets (with document)

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6-month report

The macroeconomic environment of the first six months of the business year 2016/
17 was characterized by the continuation of the moderate economic recovery in
Europe, which turns out to be even resistant against the BREXIT-vote as well as
the crisis in the Middle East so far. In North America on the other hand,
economic dynamics started to slow down, whereas the growth trend in China
stabilized and Brazil was able to decelerate its recession trend.
Against this backdrop the essential market segments for the voestalpine Group,
automotive and aircraft industry, continued their strong development; Railway
infrastructure as well as consumer goods remained on solid levels. By contrast
the energy segment, in particular the oil- and gas-sector, showed no trend
reversal after the slump in the previous year.
The decline in revenues of 6.5% in the annual comparison of the first six months
is stemming from the deflationary trend of raw material developments in general
but in particular from the continuing weak markets in the oil- and gas-segment.
The comparison of earnings in a 12-months perspective has only limited validity
due to significant positive one-offs in the first half of the last business
year. Clean figures, which are excluding these one-offs are describing the
operational developments, but nevertheless the comparison is showing declining
earnings.
The main reason for this development stems from the significant decline of the
oil- and gas-business, which affected the Metal Engineering Division (seamless
tubes for OCTG-goods) substantially, and to a lesser extent also the Steel
Division (heavy plate for pipelines) and the Special Steel Division (special
materials for oil- and gas-exploration).
 
While the Steel and the Metal Engineering Division were confronted with
declining revenues as well as earnings in the comparison of the half year's
figures, the Special Steel Division was able to compensate the weakness in the
oil- and gas-segment and delivered rising earnings despite declining revenues.
The Metal Forming Division on the other hand significantly increased revenues as
well as earnings due to the strong automotive business and the successful
execution of the internationalization strategy.
Looking at the first half of business year 2016/17, voestalpine Group was able
to significantly increase earnings (EBITDA: +11.1%, EBIT +20.1%) in the second
fiscal quarter in comparison to the first fiscal quarter 2016/17.
The main driver for this development was the Steel Division, which markedly
improved its earnings. The other divisions were showing a solid development on
quarterly basis including the normal seasonality - meaning the second fiscal
quarter was somewhat weaker than the first fiscal quarter because of summer
season.
For the remainder of the actual business year 2016/17 no significant changes of
the developments of the economies, being essential for the voestalpine Group,
are expected. The same accounts for the most important customer segments of the
group, where a continuation of the existing trends can largely be expected.
Against this backdrop, the actual expectations for the business year 2016/17 are
as follows: Profit from operations (EBIT) should unchanged come close to the
figures in the last business year (adjusted figure). With respect to operating
result (EBITDA) a repetition of the adjusted figure from last year should now be
possible.
 

Half year's figures of the voestalpine Group
 

 ________________________________________________________________________
|(acc._IFRS;_in_EURm)_______|H1_2015/16(1)_____|H1_2016/17________|Change|
|___________________________|04/01_-_09/30/2015|04/01_-_09/30/2016|in_%__|
|Revenue____________________|5,786.7___________|5,407.8___________|-6.5__|
|EBITDA_____________________|892.1_____________|704.9_____________|-21.0_|
|EBITDA_margin_in_%_________|15.4______________|13.0______________|______|
|EBIT_______________________|575.1_____________|368.9_____________|-35.9_|
|EBIT_margin_in_%___________|9.9_______________|6.8_______________|______|
|Profit_before_tax__________|504.6_____________|311.4_____________|-38.3_|
|Profit_after_tax_(2)_______|420.8_____________|233.7_____________|-44.5_|
|EPS_(in_EUR)_______________|2.29______________|1.28______________|-44.1_|
|Gearing_ration_in_%_(09/30)|57.1______________|60.1______________|______|


(1) H 1 2015/16 retroactively adjusted. Further details are provided under
"General information/Accounting policies."
(2) Before deduction of non-controlling interests and interest on hybrid
capital.
 
 
Quarterly figures of the voestalpine Group

 _______________________________________________________________________
|(acc._IFRS;_in_EURm)|Q1_2016/17___________|Q2_2016/17___________|Change|
|____________________|04/01/16_-_06/30/2016|07/01/16_-_09/30/2016|in_%__|
|Revenue_____________|2,772.4______________|2,635.4______________|-4.9__|
|EBITDA______________|333.9________________|371.0________________|11.1__|
|EBITDA_margin_in_%__|12.0_________________|14.1_________________|______|
|EBIT________________|167.6________________|201.3________________|20.1__|
|EBIT_margin_in_%____|6.0__________________|7.6__________________|______|
|Profit_before_tax___|138.9________________|172.5________________|24.2__|
|Profit_after_tax_(1)|105.8________________|127.9________________|20.9__|
|EPS_(in_EUR)________|0.58_________________|0.70_________________|20.7__|


(1) Before deduction of non-controlling interests and interest on hybrid
capital.


Further details on the 2nd quarter results 2016/1 are available on our homepage
www.voestalpine.com.
Attachments with Announcement:
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http://resources.euroadhoc.com/us/glqnMEZ1
http://resources.euroadhoc.com/us/ZGtD6HcL

Further inquiry note:
DI Peter Fleischer
Head of Investor Relations
Tel.: +43/50304/15-9949
Fax:  +43/50304/55-5581
mailto:peter.fleischer@voestalpine.com
http://www.voestalpine.com

end of announcement                               euro adhoc 
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Attachments with Announcement:
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http://resources.euroadhoc.com/us/glqnMEZ1
http://resources.euroadhoc.com/us/ZGtD6HcL


company:     voestalpine AG
             voestalpine-Straße  1
             A-4020 Linz
phone:       +43 50304/15-9949
FAX:         +43 50304/55-5581
mail:     IR@voestalpine.com
WWW:      www.voestalpine.com
sector:      Metal Goods & Engineering
ISIN:        AT0000937503
indexes:     WBI, ATX Prime, ATX
stockmarkets: official market: Wien 
language:   English
 



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