Download - Financial year-q1-2012-13
www.voestalpine.comvoestalpine AG
Financial Year 2012/13Q1
Investor RelationsAugust 2012
| |voestalpine AG2 August 2012 Investor Relations
voestalpine GroupBusiness concept
n 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 service
n 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 cap
First choice for high tech steel solutions
| |voestalpine AG3 August 2012 Investor Relations
voestalpine GroupActualities not expected from a “steel company”
Amongst others we deliver parts, components and complete solutions forn Space programsn Starter housing for Ariane Spaceship / Europe
n Special sections for Space Shuttle / USA
n Aircraft industryn Different parts of special steel for airplanes
n Aluminium stringers of airplane bodies
n Titanium seat tracks of Boeing Dreamliner
n Special engineeringn Turn-key high speed turnout systems
n Hot box detectors for high speed trains
Steel is the base, demanding customized solutions are our business
| |voestalpine AG4 August 2012 Investor Relations
voestalpine GroupGlobal footprint
No significant exposure to ailing countries and industries
30% Automotive
9% Building & con-struction subsuppliers
6% White goods/consumer goods
15% Energy industry
12% Railwayinfrastructure
13% Other
13% Civil & mechanicalengineering
Revenue by industries
2% Aviation
30% Germany
6% Italy
4% Brazil
5% Benelux
10% Austria
8% Asia
4% Rest of world
Revenue by regionsBusiness Year 2011/12
5% France
8% North America
20% Other Europe
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voestalpine GroupLeading position in core segments
Steel Division
Special Steel Division
Metal Engineering Division
Metal Forming Division
Top European player Global leadership Global leadership Global leadership
Top three European supplier of high qualitysheet and global top position in heavy plate for the most demanding applications.
Worldwide leader intool steel.Leading position in high-speed steel and forgings.
European market leader for rails and processed wire, world market leader for turnouts and complete railway systems; leading position in welding consumables and seamless tubes.
Leading worldwide provider of high-quality metal processing solutions, in particular special sections and precision steel coil as well as special components for the automobile industry
5 August 2012 Investor Relations
33% 24%23% 20%
voestalpine Konzern
| |voestalpine AG6 August 2012 Investor Relations
voestalpine Group Current situation
n Exacerbated economic conditions globally in Q1 2012/13n 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 countries
n Business performance of voestalpine Group holding up welln 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 acquisition
€m Q1 2011/1201.04. – 30.06.2011
Q2 2011/1201.07. – 30.09.2011
Q3 2011/1201.10. – 31.12.2011
Q4 2011/1201.01. – 31.03.2012
Q1 2012/1301.04. – 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 %
*) including -205 m€ one offs(provision in Metal Engineering Division)
| |voestalpine AG7 August 2012 Investor Relations
Steel DivisionBusiness development
n Unfavourable demand/supply-situation in European steel industryn Limited pricing power due to structural overcapacities and weakening demand
n No major impulse from short-term capacity adjustments so far
n voestalpine Steel Division doing comparatively well in this environmentn Long term partnerships with core customers as stabilizing factor
n Full utilization of capacities in Q1 2012/13
n Raw material prices prolonging downswing
€m Q1 2011/1201.04. – 30.06.2011
Q2 2011/1201.07. – 30.09.2011
Q3 2011/1201.10. – 31.12.2011
Q4 2011/1201.01. – 31.03.2012
Q1 2012/1301.04. – 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 %
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n Overall business activities holding up welln Robust development in oil & gas exploration, mechanical engineering, consumer goods
and aviation industriesn Slowdown in automotive industry, commercial vehicle segment mitigatedn No recovery in energy equipment so far
n Ambivalent situation in core regions of Special Steel Divisionn Stable development in the US, Asia and Braziln 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 likely
8 August 2012 Investor Relations
Special Steel Division Business development
Special Steel Divisionin figures(past ppa)
€m Q1 2011/1201.04. – 30.06.2011
Q2 2011/1201.07. – 30.09.2011
Q3 2011/1201.10. – 31.12.2011
Q4 2011/1201.01. – 31.03.2012
Q1 2012/1301.04. – 30.06.2012
Sales 751 713 702 779 736
EBIT 83 59 55 76 69
EBIT-margin 11.0 % 8.3 % 7.8 % 9.8 % 9.3 %
| |voestalpine AG9 August 2012 Investor Relations
Metal Engineering DivisionBusiness development
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 level
€m Q1 2011/1201.04. – 30.06.2011
Q2 2011/1201.07. – 30.09.2011
Q3 2011/1201.10. – 31.12.2011
Q4 2011/1201.01. – 31.03.2012
Q1 2012/1301.04. – 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 %
| |voestalpine AG10 August 2012 Investor Relations
Metal Forming Division Business development
n Merger of former Profilform and Automotive Divisions to Metal Forming Division effective as of April 1st, 2012
n Stable demand in tubes & sections business segmentn Agricultural machinery, bus and commercial vehicle sectors
n Aviation industry overall doing well
n Full capacity utilization in automotive body parts segmentn 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 track
n Precision strip segment doing well on solid levels
€m Q1 2011/1201.04. – 30.06.2011
Q2 2011/1201.07. – 30.09.2011
Q3 2011/1201.10. – 31.12.2011
Q4 2011/1201.01. – 31.03.2012
Q1 2012/1301.04. – 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 %
www.voestalpine.comvoestalpine AG
Financial overview
| |voestalpine AG12 Investor RelationsAugust 2012
voestalpine GroupConsolidated overview
FY2011/12
Q1 2011/12 01.04. - 30.06.2011
Q1 2012/13 01.04.- 30.06.2012
Delta in %
Sales €m 12,058 3,052 3,051 0.0
EBITDA €m 1,302 463 375 -19.0
% of Sales % 10.8 15.2 12.3
EBIT €m 704 318 231 -27.4
% of Sales % 5.8 10.4 7.6
EBT €m 504 272 185 -31.9
Net Profit €m 413 210 145 -30.9
EPS* € 1.98 1.13 0.74 -34.5
Investments** €m 575 117 135 15.0
Depreciation €m 598 145 144 -0.7
* Based on average number of shares** Fixed assets and acquisitions
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EBIT development Q1 2011/12 vs. Q1 2012/13
13 Investor Relations
Q12011/12
Price Rawmaterials
Misc.Mix/Volume
D ppa. Q12012/13
318 €m
231 m€
EBIT10.4%
-31 €m
29 €m
-25 €m
-64 €m
4 €m
EBIT7.6%
August 2012
| |voestalpine AG14 August 2012 Investor Relations
voestalpine GroupCash flow Q1 2011/12 vs. Q1 2012/13
FY 2011/12 Q1 FY 2011/12
Q1 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 98
| |voestalpine AG15 August 2012 Investor Relations
voestalpine GroupGearing ratio
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voestalpine GroupDevelopment liquidity
Cash
Financial assets
Comfortable liquidity position and balanced maturity profile
€m
*) Syndicated loan (forward): 400 €m, committed lines: 400 €m, closed on November 23, 2011
Redemption – Schedule per 30.06.2012Liquidity per 30.06.2012
| |voestalpine AG17 August 2012 Investor Relations
voestalpine GroupOutlook
n Perspectives of global economic environment determined by uncertaintiesn 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 2012/13
www.voestalpine.comvoestalpine AG
IR Contact
Peter FleischerHead of Investor RelationsE-Mail [email protected] +43/50304/15-9949
Gerald ReschInvestor Relations ManagerE-Mail [email protected] +43/50304/15-3152
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