ANNUAL REPORT 2020/21
www.voestalpine.com
DEVELOPMENT
OF THE KEY FIGURES
In millions of euros | 2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 | |||||
Income statement | ||||||||||
Revenue | 11,294.5 | 12,897.8 | 13,560.7 | 12,717.2 | 11,266.6 | |||||
EBITDA | 1,540.7 | 1,954.1 | 1,564.6 | 1,181.5 | 1,134.5 | |||||
Depreciation | 717.4 | 774.1 | 785.2 | 1,270.5 | 1,019.3 | |||||
EBIT | 823.3 | 1,180.0 | 779.4 | -89.0 | 115.2 | |||||
Profit before tax | 699.9 | 1,042.5 | 645.7 | -230.3 | 10.8 | |||||
Profit after tax1 | 527.0 | 825.4 | 458.6 | -216.5 | 31.7 | |||||
Statement of financial position | ||||||||||
Investments in tangible and | ||||||||||
intangible assets and interests | 1,011.4 | 895.2 | 1,011.8 | 776.7 | 612.1 | |||||
Equity | 6,060.3 | 6,554.3 | 6,709.8 | 5,614.9 | 5,649.9 | |||||
Net financial debt | 3,221.1 | 2,995.1 | 3,125.4 | 3,775.0 | 2,742.8 | |||||
Net financial debt in % of equity (gearing) | 53.2% | 45.7% | 46.6% | 67.2% | 48.5% | |||||
Financial key performance | ||||||||||
indicators (KPIs) | ||||||||||
EBITDA margin | 13.6% | 15.2% | 11.5% | 9.3% | 10.1% | |||||
EBIT margin | 7.3% | 9.1% | 5.7% | -0.7% | 1.0% | |||||
Return on capital employed (ROCE) | 8.1% | 11.1% | 7.0% | -0.8% | 1.1% | |||||
Cash flows from operating activities | 1,150.4 | 1,195.1 | 1,166.6 | 1,304.0 | 1,633.5 | |||||
Share information | ||||||||||
Share price, end of period (euros) | 36.90 | 42.57 | 27.07 | 18.54 | 35.33 | |||||
Dividend per share (euros) | 1.10 | 1.40 | 1.10 | 0.20 | 0.502 | |||||
Market capitalization, end of period | 6,506.2 | 7,506.0 | 4,832.6 | 3,308.9 | 6,307.1 | |||||
Number of outstanding shares | ||||||||||
as of March 31 | 176,320,566 | 176,320,566 | 178,520,566 | 178,520,566 | 178,520,616 | |||||
EPS - earnings per share (euros) | 2.84 | 4.40 | 2.31 | -1.24 | 0.24 | |||||
Personnel | ||||||||||
Employees (full time equivalent), | ||||||||||
end of period | 49,703 | 51,621 | 51,907 | 49,682 | 48,654 |
1 Before deduction of non-controlling interests and interest on hybrid capital. 2 As proposed to the Annual General Meeting.
HIGHLIGHTS 2020/21
- Business year 2020/21 dominated by the COVID-19 pandemic.
- Broad-basedeconomic meltdown at the start of the reporting period, especially in Europe and North America due to the spread of the pandemic.
- Positive after-tax result thanks to both rapid response in terms of capacity adjustments and quick implementation of efficiency improvement measures.
- In part, unexpectedly fast and strong economic rebound during the second half of the business year 2020/21.
- Year-over-yeardecrease in reporting period revenue by 11.4% to EUR 11,266.6 million (previous year: EUR 12,717.2 million).
- Operating result (EBITDA) falls by a mere 4.0% to EUR 1,134.5 million. Previous year's figure of EUR 1,181.5 million contained non-recurring effects of EUR 83 million.
- Impairment losses of EUR 197 million affect EBIT for the business year 2020/21.
In the business year 2019/20, EBIT was impacted by impairment losses of EUR 402 million. - At EUR 115.2 million (up from EUR -89.0 million the previous year), profit from operations (EBIT) is positive despite impairment losses.
- Profit before tax: EUR 10.8 million (previous year: EUR -230.3 million).
- Profit after tax: EUR 31.7 million (previous year: EUR -216.5 million).
- At EUR 5,649.9 million, equity is stable year over year (previous year: EUR 5,614.9 million).
- Reduction in net financial debt by more than EUR 1 billion to EUR 2,742.8 million (previous year: EUR 3,775.0 million) thanks to outstanding cash flow in the business year 2020/21.
- At 48.5%, gearing ratio (net financial debt relative to equity) improves significantly over the previous year (67.2%).
- Dividend proposal to be submitted to the Annual General Meeting: EUR 0.50 per share.
A N N U A L R E P O R T 2 0 2 0 / 2 1 | 3 |
CONTENTS
This report is a translation of the original German-language report, which is solely valid.
THE GROUP
3 Highlights
6 voestalpine Group - Global Presence
8 Overview of the voestalpine Group
10 Supervisory Board of voestalpine AG
12 Management Board of voestalpine AG
14 Letter of the Management Board
16 Investor Relations
20 Consolidated Corporate Governance Report 2020/21
30 Compliance
CONSOLIDATED
MANAGEMENT REPORT
32 Report on the Group's Business Performance and Economic Situation
36 Report on the Financial Key Performance Indicators of the voestalpine Group
42 Steel Division
46 High Performance Metals Division
50 Metal Engineering Division
54 Metal Forming Division
58 Investments
60 Human Resources
64 Raw Materials
66 Research and Development
69 Environment
73 Report on the Company's Risk Exposure
- Number of Treasury Shares
- Disclosures on Capital, Share, Voting, and Control Rights as well as Associated Obligations
- Outlook
4 | T H E G R O U P |
CONSOLIDATED | |||
FINANCIAL STATEMENTS | OTHER | ||
84 | Report of the Supervisory Board | 225 | Glossary |
86 | Consolidated Statement | 226 | Contact, Imprint |
of Financial Position |
- Consolidated Statement of Cash Flows
- Consolidated Statement of Comprehensive Income
- Consolidated Statement of Changes in Equity
92 Notes to the Consolidated Financial Statements
204 Auditor's Report
-
Management Board Statement
in accordance with Section 124 (1) Austrian Stock Exchange Act 2018 (Börsegesetz 2018 - BörseG 2018) - Investments
All quantities expressed as tons in this Annual Report are metric tons (= 1,000 kg/ton).
A N N U A L R E P O R T 2 0 2 0 / 2 1 | 5 |
Attachments
- Original document
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Disclaimer
voestalpine AG published this content on 07 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 June 2021 07:38:05 UTC.