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    VOE   AT0000937503

VOESTALPINE AG

(VOE)
  Report
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32.46 EUR   -0.37%
09/22VOESTALPINE : Our path to a green future
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09/20VOESTALPINE : increases its research budget in the current business year to EUR 185 million
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09/15METAL FORMING DIVISION : long live the loop
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Voestalpine : Annual Report pdf | 4.68 MB

06/09/2021 | 03:39am EDT

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

  1. Number of Treasury Shares
  2. Disclosures on Capital, Share, Voting, and Control Rights as well as Associated Obligations
  3. 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

  1. Consolidated Statement of Cash Flows
  2. Consolidated Statement of Comprehensive Income
  3. Consolidated Statement of Changes in Equity

92 Notes to the Consolidated Financial Statements

204 Auditor's Report

  1. Management Board Statement
    in accordance with Section 124 (1) Austrian Stock Exchange Act 2018 (Börsegesetz 2018 - BörseG 2018)
  2. 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

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.


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Financials
Sales 2022 14 134 M 16 501 M 16 501 M
Net income 2022 890 M 1 039 M 1 039 M
Net Debt 2022 2 675 M 3 123 M 3 123 M
P/E ratio 2022 6,53x
Yield 2022 3,28%
Capitalization 5 816 M 6 806 M 6 790 M
EV / Sales 2022 0,60x
EV / Sales 2023 0,58x
Nbr of Employees 48 880
Free-Float 70,2%
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Mean consensus HOLD
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Last Close Price 32,58 €
Average target price 37,43 €
Spread / Average Target 14,9%
EPS Revisions
Managers and Directors
Herbert Eibensteiner Chairman-Executive Management Board
Robert Ottel Chief Financial Officer
Joachim Lemppenau Chairman-Supervisory Board
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