mythics.azura.idevice.co.id

EQS-News: voestalpine AG: voestalpine holds its own in the first half of 2024/25 in an overall challenging economic environment

EQS-News: voestalpine AG: voestalpine holds its own in the first half of 2024/25 in an overall challenging economic environment
   EQS-News: voestalpine AG / Key word(s): Half Year Results
   voestalpine AG: voestalpine holds its own in the first half of 2024/25 in
   an overall challenging economic environment

   13.11.2024 / 07:30 CET/CEST
   The issuer is solely responsible for the content of this announcement.

   ══════════════════════════════════════════════════════════════════════════

     • Focus on high-tech products, along with broad positioning by sector
       and region, supports Group earnings
     • Revenue down slightly year-on-year to EUR 8 billion (from EUR 8.5
       billion)
     • EBITDA of EUR 718 million influenced by negative one-off effects
       (previous year: EUR 903 million)
     • Equity remains stable at EUR 7.4 billion compared to the reporting
       date (March 31, 2024), leverage at a solid level of 27.5% (March 31,
       2024: 22.0%)
     • Numerous international growth projects are in progress
     • Successful placement of the green bond—the first by a European steel
       company
     • Number of employees (FTE) increased by 1% year-on-year to 51,700
     • EBITDA outlook at around EUR 1.4 billion

   voestalpine performed well in the first half of the business year 2024/25
   (April 1 – September 30, 2024) despite a challenging economic environment,
   especially for the European steel industry. The steel and technology
   Group’s strategy of concentrating on high-tech steel products once again
   proved its strength. The railway infrastructure and aerospace sectors
   performed very well in the first half of the year. Demand remains
   particularly strong for voestalpine’s state-of-the-art high bay
   warehousing systems, made from the most advanced steel profiles. The
   energy sector recorded a decline in demand and also the construction and
   mechanical engineering industries remained at a persistently low level. In
   the automotive sector, profit warnings from renowned European car
   manufacturers indicated no imminent improvement in sales figures for the
   European automotive industry, which also impacts the demand for
   voestalpine products. In contrast, the non-European Automotive Components
   locations continued to report good capacity utilization.

   “In this extremely difficult environment for European steel companies,
   voestalpine once again demonstrates its flexibility and adaptability. In
   business segments facing structural changes, we responded immediately with
   specific measures, such as reorganizing our German Automotive Components
   locations. At the same time, we are implementing numerous international
   growth projects in railway infrastructure, storage systems, and high-tech
   special tubes and sections. Our broad positioning across industries and
   regions stabilizes the Group’s results and validates the resilience of our
   corporate strategy,” says Herbert Eibensteiner, CEO of voestalpine AG.

   Important future projects

   voestalpine has advanced numerous important future projects in the first
   half of 2024/25, including new long-term contracts with two global truck
   manufacturers for the North American market. To this end, voestalpine is
   expanding production capacity at its existing location in Indiana, USA.
   The investment for the expansion amounts to EUR 70 million (USD 78
   million) and will create 110 new jobs. In the high bay warehousing sector,
   voestalpine is currently implementing projects for the Danish retail chain
   JYSK and the South Korean tire manufacturer Nexen Tire Corporation. For
   Nexen Tire Corporation, voestalpine is building the highest high bay
   warehouse in the Group’s history, at 50 meters, in the Czech Republic by
   2025. There is also positive news from a flagship project in the railway
   infrastructure sector: voestalpine Railway Systems is supplying around 260
   high-speed turnouts, including maintenance software, for Egypt’s first
   high-speed line, the “Green Line.” The first turnouts have left the
   factory in Cairo by now.

   First green bond

   In June, voestalpine became the first European steel company to publish
   its “green financing framework.” Based on this framework and amid high
   investor interest, the Group issued its first green bond at the end of
   September, with a volume of EUR 500 million (settlement date: October 3,
   2024, and therefore not included in the 2024/25 half-year financial
   statements). The proceeds will be entirely used to finance sustainable
   voestalpine projects, such as greentec steel.

   Challenging economic environment influences key performance indicators

   Revenue declined in the first half of 2024/25, reaching EUR 8.0 billion,
   which is 5.5% below the comparative period in the first half of 2023/24
   (EUR 8.5 billion). The operating result EBITDA decreased by 20.5%
   year-on-year to EUR 718 million in the first half of 2024/25 (H1 2023/24:
   EUR 903.4 million). The operating result is also influenced by negative
   one-off effects: As reported, voestalpine has concluded negotiations for
   the sale of its German subsidiary Buderus Edelstahl with the signing of
   the contract with the German investment company Mutares SE & Co. KGaA.
   Required write-downs in the course of the sales process resulted in
   negative one-off effects totaling EUR 81 million in the first half of
   2024/25. The transaction is expected to be completed by the end of the
   fourth calendar quarter of 2024.

   Profit from operations (EBIT) fell by around a third year-on-year to
   EUR 338 million (H1 2023/24: EUR 519 million). At EUR 249 million,
   earnings before taxes were 41.9% below the previous year’s figure of
   EUR 428 million. Profit after tax fell by 43.0% to EUR 183 million (H1
   2023/24: EUR 321 million).

   Net financial debt was reduced year-on-year by 1.7%, from EUR 2.1 billion
   to EUR 2.0 billion as of September 30, 2024, while it increased by 23.9%
   compared to the reporting date (March 31, 2024: EUR 1.7 billion). At
   EUR 7.4 billion as of September 30, 2024, equity fell by 3.9% compared to
   the previous year (EUR 7.7 billion) and decreased slightly by 1.0%
   compared to the reporting date of March 31, 2024 (EUR 7.5 billion). The
   gearing ratio (net financial debt in relation to equity) increased from
   26.9% as of September 30, 2023, to 27.5% as of September 30, 2024, as well
   as compared to the reporting date (March 31, 2024: 22.0%).

   As of September 30, 2024, the voestalpine Group employed around 51,700
   people worldwide (full-time equivalent), 1% more than in the previous year
   (51,200).

   Outlook

   At the start of the 2024/25 business year, the weak performance of the
   construction, mechanical engineering, and consumer goods industries was
   partly offset by very good demand from the railway infrastructure,
   aerospace, warehouse and rack solutions, and conventional energy sectors.
   The automotive industry also performed largely stable at a solid level.

   The conventional energy sector already weakened noticeably over the course
   of the first quarter and the automotive industry also lost momentum
   significantly at the end of the second quarter following a series of
   profit warnings from renowned European OEMs. The economic mood in Europe
   changed over the course of the first half of 2024/25 after large
   corporations announced extensive plans to reduce their workforce.

   As a result, the voestalpine Group had to withdraw its earnings forecast
   in an ad hoc announcement on October 14, 2024. Based on the results of the
   first half of 2024/25, the significantly deteriorated market developments
   in Europe, the non-recurring burdens on earnings totaling more than EUR
   100 million from the sale of Buderus Edelstahl, and the reorganization of
   the Automotive Components business in Germany, the Management Board of
   voestalpine AG currently expects EBITDA for the business year 2024/25 to
   be in the region of EUR 1.4 billion.

   This earnings outlook is based on the expectation of continued good global
   development in the Railway Infrastructure, Aerospace, and Warehouse
   Technology business segments. The assessment of the performance of
   voestalpine’s non-European sites in the other business segments also
   remains positive for the second half of 2024/25. The Management Board of
   voestalpine AG is meeting the challenges in Europe, particularly in
   Germany, with active management and, where not otherwise possible, by
   reducing the Group’s presence in this region.

   From the very beginning, the voestalpine Group took into account the
   climate protection-related transformation requirements of its European
   blast furnace-based steel sites with a balanced strategy between expected
   market development, technically feasible solutions, and economic
   viability. The implementation of the greentec steel projects in the Steel
   Division and the Metal Engineering Division is proceeding according to
   plan, both in terms of time and money.

   The voestalpine Group

   voestalpine is a globally leading steel and technology group with a unique
   combination of materials and processing expertise. voestalpine, which
   operates globally, has around 500 Group companies and locations in more
   than 50 countries on all five continents. The voestalpine Group has been
   listed on the Vienna Stock Exchange since 1995. With its premium products
   and system solutions, voestalpine is a leading partner to the automotive
   and white goods industries, as well as to the aerospace and energy
   industries. The company is also the global market leader in railway
   systems, tool steel, and special sections. voestalpine is committed to the
   global climate goals and has a clear plan for transforming steel
   production with its greentec steel program. In the business year 2023/24,
   the Group generated revenue of EUR 16.7 billion, with an operating result
   (EBITDA) of EUR 1.7 billion; it has around 51,600 employees worldwide.

   Please direct your inquiries to

   voestalpine AG
   Peter Fleischer
   Head of Investor Relations

   voestalpine-Strasse 1
   4020 Linz, Austria
   T. +43/50304/15-9949
   peter.fleischer@voestalpine.com
   (1)www.voestalpine.com
    

   ══════════════════════════════════════════════════════════════════════════

   13.11.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
   www.eqs.com

   ══════════════════════════════════════════════════════════════════════════

   Language:    English
   Company:     voestalpine AG
                voestalpine-Straße 1
                4020 Linz
                Austria
   Phone:       +43 50304/15-9949
   Fax:         +43 50304/55-5581
   E-mail:      IR@voestalpine.com
   Internet:    www.voestalpine.com
   ISIN:        AT0000937503
   WKN:         897200
   Listed:      Vienna Stock Exchange (Official Market)
   EQS News ID: 2028357


    
   End of News EQS News Service


   2028357  13.11.2024 CET/CEST

References

   Visible links
   1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=e4aa18cc40b8f5ba473d7e034cd55b41&application_id=2028357&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news

data hk

keluaran hk

pengeluaran hk

link slot demo

Exit mobile version