Financial year-q1-2012-13

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  • 1. Financial Year 2012/13 Q1 Investor Relations August 2012voestalpine AGwww.voestalpine.com
  • 2. voestalpine GroupBusiness concept First choice for high tech steel solutionsn Steel is – and will always be - the base of voestalpine Groupn Our downstream strategy is strongly driving evolution from a steel maker to a processing and technology groupn We offer custom made solutions based on most advanced products and perfect servicen We focus on strategic markets with utmost technological and quality requirements, such as energy and mobility (automotive, railway and aircraft industry)n Long term relationships with customers, suppliers and R&D- institutions are key drivers for innovation and progression Number 3 in Europe by size – market capvoestalpine AG2 | August 2012 | Investor Relations
  • 3. voestalpine GroupActualities not expected from a “steel company”Amongst others we deliver parts, components and complete solutions for n Space programs n Starter housing for Ariane Spaceship / Europe n Special sections for Space Shuttle / USA n Aircraft industry n Different parts of special steel for airplanes n Aluminium stringers of airplane bodies n Titanium seat tracks of Boeing Dreamliner n Special engineering n Turn-key high speed turnout systems n Hot box detectors for high speed trains Steel is the base, demanding customized solutions are our businessvoestalpine AG3 | August 2012 | Investor Relations
  • 4. voestalpine GroupGlobal footprint Business Year 2011/12 Revenue by regions 30% Germany 4% Rest of world 10% Austria 8% North America 5% Benelux 6% Italy 8% Asia 5% France 4% Brazil 20% Other Europe Revenue by industries 30% Automotive 13% Civil & mechanical 12% Railway engineering infrastructure 2% Aviation 15% Energy industry 13% Other 6% White goods/ 9% Building & con- consumer goods struction subsuppliers No significant exposure to ailing countries and industriesvoestalpine AG4 | August 2012 | Investor Relations
  • 5. voestalpine GroupLeading position in core segments voestalpine Konzern 33% 23% 24% 20%Steel Special Steel Metal Engineering Metal FormingDivision Division Division DivisionTop European player Global leadership Global leadership Global leadershipTop three European Worldwide leader in European market leader for Leading worldwide provider ofsupplier of high quality tool steel. rails and processed wire, world high-quality metal processingsheet and global top Leading position in market leader for turnouts and solutions, in particular specialposition in heavy plate high-speed steel and complete railway systems; sections and precision steel coilfor the most demanding forgings. leading position in welding as well as special componentsapplications. consumables and seamless for the automobile industry tubes.voestalpine AG5 | August 2012 | Investor Relations
  • 6. voestalpine GroupCurrent situation €m Q1 2011/12 Q2 2011/12 Q3 2011/12 Q4 2011/12 Q1 2012/13 01.04. – 30.06.2011 01.07. – 30.09.2011 01.10. – 31.12.2011 01.01. – 31.03.2012 01.04. – 30.06.2012 Sales 3,052 2,926 2,899 3,181 3,051 EBIT 318 214 145 28* 231 EBIT-margin 10.4 % 7.3 % 5.0 % 0.9 % 7.6 %n Exacerbated economic conditions globally in Q1 2012/13 n Economic slowdown in Northern and Western Europe, Southern Europe unchanged weak n US economy losing momentum since early summer n Reduction of expected growth rates in emerging countriesn Business performance of voestalpine Group holding up well n Full utilization of capacities in all four divisions n Stable operational profit (EBIT) of 231 €m in consecutive quarterly comparison (“clean” EBIT in Q4 2011/12: 233 €m) n Free cash-flow clearly positive n Gearing ratio below 50 % for the first time after Böhler-Uddeholm acquisitionvoestalpine AG *) including -205 m€ one offs6 | August 2012 | Investor Relations (provision in Metal Engineering Division)
  • 7. Steel DivisionBusiness development €m Q1 2011/12 Q2 2011/12 Q3 2011/12 Q4 2011/12 Q1 2012/13 01.04. – 30.06.2011 01.07. – 30.09.2011 01.10. – 31.12.2011 01.01. – 31.03.2012 01.04. – 30.06.2012 Sales 1,038 978 995 1,119 1,000 EBIT 101 60 10 56 52 EBIT-margin 9.8 % 6.1 % 1.0 % 5.0 % 5.2 %n Unfavourable demand/supply-situation in European steel industry n Limited pricing power due to structural overcapacities and weakening demand n No major impulse from short-term capacity adjustments so farn voestalpine Steel Division doing comparatively well in this environment n Long term partnerships with core customers as stabilizing factor n Full utilization of capacities in Q1 2012/13n Raw material prices prolonging downswingvoestalpine AG7 | August 2012 | Investor Relations
  • 8. Special Steel DivisionBusiness development €m Q1 2011/12 Q2 2011/12 Q3 2011/12 Q4 2011/12 Q1 2012/13 01.04. – 30.06.2011 01.07. – 30.09.2011 01.10. – 31.12.2011 01.01. – 31.03.2012 01.04. – 30.06.2012 Sales 751 713 702 Special Steel Division 779 736 in figures(past ppa) EBIT 83 59 55 76 69 EBIT-margin 11.0 % 8.3 % 7.8 % 9.8 % 9.3 %n Overall business activities holding up well n Robust development in oil & gas exploration, mechanical engineering, consumer goods and aviation industries n Slowdown in automotive industry, commercial vehicle segment mitigated n No recovery in energy equipment so farn Ambivalent situation in core regions of Special Steel Division n Stable development in the US, Asia and Brazil n Solid situation in Europe north the Alps, cautious order behaviour in Southern and Eastern Europen Selected capacity adjustments in the course of FY 2012/13 likelyvoestalpine AG8 | August 2012 | Investor Relations
  • 9. Metal Engineering DivisionBusiness development €m Q1 2011/12 Q2 2011/12 Q3 2011/12 Q4 2011/12 Q1 2012/13 01.04. – 30.06.2011 01.07. – 30.09.2011 01.10. – 31.12.2011 01.01. – 31.03.2012 01.04. – 30.06.2012 Sales 753 752 724 727 806 EBIT 92 80 63 -138 84 EBIT-margin 12.2 % 10.6 % 8.7 % -19.0 % 10.4 %n Diversified product portfolio stabilizing development of Metal Engineering Division n Strong demand in premium rails from BRIC-countries n Production of standard rails in Duisburg at two-shift level, prices under pressure n Sustained momentum in North America, Brazil, South Africa, Australia and upturn in China offsetting weaker demand in Europe in turnout technology segment n Seamless tubes benefit from on-going high investments in oil & gas exploration n Wire and welding consumables on solid demand levelvoestalpine AG9 | August 2012 | Investor Relations
  • 10. Metal Forming DivisionBusiness development €m Q1 2011/12 Q2 2011/12 Q3 2011/12 Q4 2011/12 Q1 2012/13 01.04. – 30.06.2011 01.07. – 30.09.2011 01.10. – 31.12.2011 01.01. – 31.03.2012 01.04. – 30.06.2012 Sales 622 594 597 662 611 EBIT 60 34 40 51 46 EBIT-margin 9.6 % 5.8 % 6.7 % 7.7 % 7.5 %n Merger of former Profilform and Automotive Divisions to Metal Forming Division effective as of April 1st, 2012n Stable demand in tubes & sections business segment n Agricultural machinery, bus and commercial vehicle sectors n Aviation industry overall doing welln Full capacity utilization in automotive body parts segment n First indications of easing demand in parts of premium segment n Slowdown in European mass producer segment n Investment projects in China, South Africa and US well on trackn Precision strip segment doing well on solid levelsvoestalpine AG10 | August 2012 | Investor Relations
  • 11. Financial overviewvoestalpine AGwww.voestalpine.com
  • 12. voestalpine GroupConsolidated overview FY Q1 2011/12 Q1 2012/13 Delta in 2011/12 01.04. - 30.06.2011 01.04.- 30.06.2012 %Sales €m 12,058 3,052 3,051 0.0EBITDA €m 1,302 463 375 -19.0% of Sales % 10.8 15.2 12.3EBIT €m 704 318 231 -27.4% of Sales % 5.8 10.4 7.6EBT €m 504 272 185 -31.9Net Profit €m 413 210 145 -30.9EPS* € 1.98 1.13 0.74 -34.5Investments** €m 575 117 135 15.0Depreciation €m 598 145 144 -0.7* Based on average number of shares** Fixed assets and acquisitionsvoestalpine AG12 | August 2012 | Investor Relations
  • 13. EBIT developmentQ1 2011/12 vs. Q1 2012/13 318 €m 4 €m 29 €m -64 €m 231 m€ -25 €m -31 €m EBIT EBIT 10.4% 7.6% Q1 Price Mix/ Volume Raw D ppa. Misc. Q1 materials 2011/12 2012/13voestalpine AG13 | August 2012 | Investor Relations
  • 14. voestalpine Group Cash flow Q1 2011/12 vs. Q1 2012/13 Q1 Q1 FY 2011/12 FY 2011/12 FY 2012/13 Cash flow from result €m 994 347 297 Changes in working capital €m -137 -289 1 Cash flow from operating activities €m 857 58 298 Cash flow from investing activities €m -516 -120 -200 Free cash flow €m 341 -62 98voestalpine AG14 | August 2012 | Investor Relations
  • 15. voestalpine GroupGearing ratiovoestalpine AG15 | August 2012 | Investor Relations
  • 16. voestalpine GroupDevelopment liquidity Liquidity per 30.06.2012 Redemption – Schedule per 30.06.2012€m Financial assets Cash Comfortable liquidity position and balanced maturity profile *) Syndicated loan (forward): 400 €m, committed lines: 400 €m, closed on November 23, 2011voestalpine AG16 | August 2012 | Investor Relations
  • 17. voestalpine GroupOutlookn Perspectives of global economic environment determined by uncertainties n Development in Europe dependent on capabilities of managing the Euro- and debt crisis n Reduced growth expectations of China, India and Brazil n Optimism for the US market slowing down, increasing debt create new woes n Increasing risk of diminishing dynamics in automotive premium segment and in energy sector n Relatively stable environment in mechanical engineering and aviation industries as well as in railway infrastructure n Despite challenging situation in European steel sector, unchanged full capacity utilization in voestalpine Steel Division for coming months expected n Processing divisions Special Steel, Metal Engineering and Metal Forming as backbone for achieving last year’s EBIT level of around 900 €m in FY 2012/13voestalpine AG17 | August 2012 | Investor Relations
  • 18. IR Contact Peter Fleischer Reuters Head of Investor Relations VOES.VI E-Mail peter.fleischer@voestalpine.com Phone +43/50304/15-9949 Gerald Resch Bloomberg Investor Relations Manager VOE AV E-Mail gerald.resch@voestalpine.com Phone +43/50304/15-3152voestalpine AGwww.voestalpine.com