Voestalpine : Annual Report pdf | 4.68 MB

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.

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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).

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