Stainless Steel Strip----ThyssenKrupp announces results
In the first 9 months of the 2012/2013 fiscal year (October 1, 2012 - June 30, 2013) ThyssenKrupp achieved order intake from continuing operations of EUR28.3 billion, down 8% year-on-year. There were once more significant gains at Elevator Technology and Industrial Solutions. At Components Technology new orders were down year-on-year in the first 9 months due to lower demand and disposals, but in the 3rd quarter were higher again quarter-on-quarter. Low volumes and prices weighed on business at Steel Europe and Materials Services. The order backlog from continuing operations at the end of the period was 11% higher year-on-year at around EUR 24 billion and secures a high level of capacity utilization and planning certainty in project business. Sales from continuing operations in the first 9 months 2012/2013 decreased year-on-year by 9% to EUR 27.4 billion.
Adjusted EBIT from continuing operations came to EUR 802 million in the first 9 months of the current fiscal year, compared with EUR 1,117 million in the prior-year period. The 3rd quarter contributed EUR332 million to this, significantly higher than the EUR241 million of the previous quarter and fully in line with the full-year forecast. All business areas made strong positive contributions to adjusted EBIT both over the first 9 months and in the 3rd quarter. With the exception of Industrial Solutions all business areas improved their earnings quarter-on-quarter. The share of the capital goods operations in the first 9 months was EUR1,149 million, significantly higher than the EUR261 million contributed by the materials operations. Earnings net of taxes amounted to EUR(262) million, of which EUR(298) million attributable to the shareholders of ThyssenKrupp AG.
Free cash flow, i.e. the sum of operating cash flows and cash flows from investing activities, in the continuing operations improved by around EUR1.4 billion to EUR1,126 million in the first 9 months. Even without the cash inflows from divestments, free cash flow increased by around EUR1.1 billion to a positive value of EUR97 million. The 3rd quarter contributed EUR375 million to this, a further quarter-on-quarter improvement. Free cash flow for the full Group improved by around EUR2.1 billion to EUR510 million. As a result, ThyssenKrupp also made progress with reducing its net financial debt. While remaining virtually unchanged quarter-on-quarter, net financial debt decreased year-on-year by around EUR0.5 billion to EUR5,326 million (June 30, 2012: EUR5,800 million) and was therefore also lower than at September 30, 2012 (EUR5,800 million).
Dr Heinrich Hiesinger Executive Board Chairman of ThyssenKrupp AG said "Operating income and free cash flow show a clearly positive trend. The strong gains in order intake in our capital goods businesses - with new records at Elevator Technology - prove that we are succeeding with the implementation of the Strategic Way Forward. The measures under the corporate program "impact 2015" and the processes we have initiated to change our corporate culture will further improve our performance."
Key words: acero inoxidable, stainless steel strip, ThyssenKrupp