1. No category

Company Presentation
Debt Investor Update
October 2014
voestalpine AG
www.voestalpine.com
voestalpine Group
Overview
From a steel producer to a technology and industrial goods corporation
n
n
High-tech steel is the base of voestalpine, but 15 years of
downstream strategy have transformed the group from a steelmaker
to a technology and industrial goods corporation
Based on premium products, voestalpine is one of the leading
partners for the European automotive and white goods industry as
well as the worldwide oil and gas industry. It is global market leader in
turnout systems and rail technology, in tool steels and special
sections
Sales 11.2 €bn
|
EBITDA 1.38 €bn
(Figures Financial Year 2013/14)
2
| October 2014 | Debt Investor Relations
|
Employees 48,100
voestalpine Group
Business concept
Focus on specific market segments with claim to leadership
n
n
n
n
3
The combination of metallurgical know-how in steel making and top
processing expertise leads to innovative technical solutions and new
products
Focus on strategic markets with utmost technology and quality
standards ð mobility and energy (62 % of sales)
Long-term relationships with customers, suppliers and R&Dinstitutions as key drivers for innovation
Sustainable leading position with regards to its specific markets as
well as quality, technology and financial performance
| October 2014 | Debt Investor Relations
voestalpine Group
Global footprint
One Group – 500 sites – 50 countries – 5 continents
Revenue by regions (Financial year 2013/14)
(thereof Austria: 10 %, Germany: 30 %)
Revenue by industries (Financial year 2013/14)
MOBILITY: 47 %
ENERGY: 15 %
4
| October 2014 | Debt Investor Relations
62%
voestalpine Group
Long-term strategy, cornerstones 2020
n
Enhanced continuation of value-added growth
n
Growth focus on mobility- and energy-related industries (70% of
sales in 2020), aiming for a globally leading position in defined hightech product segments
n
Expansion focused on growth markets outside Europe; within Europe,
further strengthening of market-, quality- and technology-leadership
in core segments
n
Strong focus on downstream processing activities within portfolio ð
final transformation into a technology and industrial goods corporation
n
5
Long-term European leadership in financial performance
| October 2014 | Debt Investor Relations
voestalpine Group
Investment focus of divisions
(without acquisitions)
Steel Division
Continuous annealing line for production of
premium quality electrical strip (Q1 14/15*)
New heavy plate rolling mill for production
of ultra high-strength heavy plate (Q3 14/15*)
Metal Engineering Division
Focus
on technology, product
quality & cost
optimization
New wire rod mill at Donawitz/Austria
site, most modern plant of its kind
in Europe (CY 2016*)
Walking beam furnace for
New coal injection system on all 3 blast furnaces (Q4 14/15*)
Profitable growth
& safeguarding of
excellent
market position
rail production (scheduled*)
Direct reduction plant in Texas/USA (Q4 15/16*)
Special Steel Division
Metal Forming Division
Expansion of capacity at powder-metallurgical
steel plant in Kapfenberg/Austria (Q2 13/14*)
Cold rolling center for production of high
quality strip steel in Kematen/Austria
(Q2 13/14*)
Duo rolling mill at Böhler Bleche in
Mürzzuschlag/Austria (Q2 13/14*)
Enhanced valueadded strategy
internationalization
strategy
Overall optimization of quality and productivity in
special steel plant Wetzlar/Germany (FY 15/16*)
Progressive expansion of „phs-ultraform“,
product segment with new facilities in the US,
South Africa and China (FY 14/15*)
Expansion of processing activities globally (Asia,
Brazil) (Ongoing*)
New sections plant in China, extension in Brazil (Q1 14/15*)
*(Expected) date of start up
6
Implementation of
| October 2014 | Debt Investor Relations
voestalpine Group
Cost and efficiency improvement program
n
Efficiency improvement and cost optimization program launched in March
2014
n
Savings target of 900 €m after full implementation over a three years period
n
Effects on net profit line realistically diluted by cost inflation and fierce price
competition
n
Targets defined and controlled at group-level, structure and implementation
on divisional level individually according to different setup of divisions
n
Main areas covered:
n
Optimization of logistics, working capital and plant maintenance
n
Increase of energy efficiency and structural improvement of raw material costs
n
Implementation of global benchmark- and best-practice systems
n
New organizational structure in Steel Division and several other business units
*Gross earnings targets without effects of cost inflation,
price deflation and necessary investments
7
| October 2014 | Debt Investor Relations
voestalpine Group
Company structure and market position
voestalpine Group (Revenue in FY 2013/14)
33%
23%
24%
20%
Steel
Division
Special Steel
Division
Metal Engineering
Division
Metal Forming
Division
Worldwide quality leadership
Global leadership
Global leadership
Global leadership
Global quality leadership in
highest quality steel strip and
global market leader in heavy
plate for the most sophisticated
applications as well as casings
for large turbines.
Worldwide market leader in
Worldwide leadership in tool
turnout technology; European
steel, leading position in highspeed steel and special forgings. market leader in rails and
specially treated wire; and
leading position in seamless
tubes for special applications
and high quality welding
consumables.
8
| October 2014 | Debt Investor Relations
More information about voestalpine‘s business models and facts is available online:
http://www.voestalpine.com/group/static/sites/default/downloads/de/aktie/businessmodel-and-facts-voestalpine-group-2013-14.pdf
Leading global provider of highquality metal processing
solutions in the segments of
special sections, precision steel
strip and special components for
automotive and aviation
industries.
voestalpine Group
Management board
Wolfgang Eder
Chairman of the Board (CEO), Head of Steel Division
Joined voestalpine in 1978, member of the Board since 1995
Robert Ottel
Member of the Board, Chief Financial Officer (CFO)
Joined voestalpine in 1997, member of the Board since 2004
Franz Rotter
Member of the Board, Head of Special Steel Division
Joined voestalpine in 1981, member of the Board since 2011
Franz Kainersdorfer
Member of the Board, Head of Metal Engineering Division
Joined voestalpine in 1996, member of the Board since 2011
Herbert Eibensteiner
Member of the Board, Head of Metal Forming Division
Joined voestalpine in 1989, member of the Board since 2012
9
| October 2014 | Debt Investor Relations
All members of the
Board have longterm engagement
and experience in
voestalpine Group!
Changes to the Management Board with
effect from October 1, 2014:
DI Dr. Peter Schwab will become the Head
of the Metal Forming Division. The former
Head of this Division, DI Herbert
Eibensteiner, will become Head of the
Steel Division from October 2014. In
future, Dr. Wolfgang Eder, Chairman of the
Management Board, and Head of the Steel
Division since 1999, will be exclusively
responsible for Group activities and
increasingly focus on the Group's strategic
development.
voestalpine Group
Shareholder structure
(Figures as of April 1, 2014)
10 | October 2014 | Debt Investor Relations
voestalpine Group
Solid earnings in a cyclical business
EBIT margin (%) voestalpine AG vs. European competitors
EBIT margin (%) by divisions
30
30
20
20
10
10
0
0
Lower volatility in
earnings than SteelPeer competitors!
*
-10
-10
§
Steel Division
Metal Engineering Division
voestalpine AG
... a diversified portfolio
... a long value chain
... positioning in various market segments
... focus on innovation, service and cost efficiency
11 | October 2014 | Debt Investor Relations
Downstream-Peer-Group
1Q 14/15
4Q 13/14
3Q 13/14
2Q 13/14
1Q 13/14
4Q 12/13
3Q 12/13
2Q 12/13
1Q 12/13
4Q 11/12
3Q 11/12
2Q 11/12
Steel-Peer-Group
Solid earnings – only one quarter with negative EBIT since IPO 1995 – due to...
... partial backward integration
1Q 11/12
4Q 10/11
2Q 10/11
1Q 10/11
4Q 09/10
3Q 09/10
2Q 09/10
1Q 09/10
4Q 08/09
-30
3Q 08/09
1Q 14/15
4Q 13/14
3Q 13/14
2Q 13/14
1Q 13/14
4Q 12/13
3Q 12/13
2Q 12/13
1Q 12/13
4Q 11/12
3Q 11/12
2Q 11/12
1Q 11/12
4Q 10/11
3Q 10/11
2Q 10/11
1Q 10/11
4Q 09/10
3Q 09/10
2Q 09/10
1Q 09/10
4Q 08/09
3Q 08/09
2Q 08/09
1Q 08/09
-30
voestalpine Group
Special Steel Division
Metal Forming Division
* Excluding provisions ~205 m€ for cartel case
and closure of railproduction in Duisburg
-20
3Q 10/11
*
2Q 08/09
-20
1Q 08/09
* Provisions ~205 m€ for cartel case and
closure of railproduction in Duisburg
voestalpine Group
Business development
n
Continuation of macroeconomic trends in Q1 2014/15
n
Recovery in Europe based on sustained robust exports and
€m
Sales
Q1 *
2013/14
Q2 *
2013/14
Q3 *
2013/14
Q4 *
2013/14
Q1
2014/15
Delta
in %
2,895
2,748
2,625
2,808
2,827
- 2.3
222
175
173
219
218
- 1.4
rise in domestic demand
EBIT
n
North America with positive economic sentiment
EBIT-%
7.7%
6.4%
6.6%
7.8%
7.7%
n
Brazil still not back to growth rates of previous years
EBITDA
364
317
319
374
364
n
China with mixed start into CY 2014 but increasing
EBITDA-%
12.6%
11.5%
12.2%
13.3%
12.9%
momentum expected until end of H1 CY 2014
n
Stable results of voestalpine Group in Q1 2014/15 in annual
comparison
n
EBITDA and EBIT constant on solid levels
n
Better financial result and lower tax rate leading to significant
improvement of net profit
n
n
Gearing ratio down to 44.7% from 46.0% end of FY 2013/14
Start of construction phase of HBI project in Texas
12 | October 2014 | Debt Investor Relations
* Business year 2013/14 retroactively adjusted due to the application of IFRS 11 “Joint Arrangements”
and due to the change of accounting method concerning results of entities consolidated according to the
equity method (formerly reported as part of financial result, from April 1, 2014 onwards reported as part of EBIT).
0.1
voestalpine Group
Consolidated overview
Q1 2013/14*
Q1 2014/15
01.04. – 30.06.2013
01.04. – 30.06.2014
€m
% of Sales
€m
% of Sales
Delta
2,895
100.0
2,827
100.0
- 2.4
EBITDA
364
12.6
364
12.9
+/- 0
EBIT
222
7.7
218
7.7
- 1.4
EBT
175
6.0
193
6.8
+ 10.2
Net profit
138
4.8
154
5.4
+ 12.2
EPS**
0.68
Investments***
175
Sales
6.0
184
Equity
5,160
5,416
Net financial debt
2,263
2,422
43.8 %
44.7 %
Gearing
13 | October 2014 | Debt Investor Relations
** Based on average
number of shares
0.77
6.5
* Business year 2013/14 retroactively adjusted due to the application of IFRS 11 “Joint Arrangements”
and due to the change of accounting method concerning results of entities consolidated according to the
equity method (formerly reported as part of financial result, from April 1, 2014 onwards reported as part of EBIT).
+ 5.4
*** Fixed assets and
acquisitions
Steel Division
Business segments and products
Sheet
Heavy Plate
Steel Service Center
Pre-Processing
Foundry
European
TOP player
Global
TOP player
European
TOP player
European
TOP player (niche)
Global LEADERSHIP
Ø
Ø
Highest quality sheet for
automotive, white
goods, electrical,
construction and
mechanical engineering
industries
Processed, coated and
galvaniced sheet
Ø
Ø
High-quality heavy
plate for the energy
market (pipelines, oil &
gas platforms)
High-strength and
wear-resistant steel
grades for
steel and vehicle
engineering sectors
and chemical industries
14 | October 2014 | Debt Investor Relations
Ø
High-precision split
strips
Ø
Partner in lightweight
construction
Ø
Sheet metal
Ø
Ø
Pre-cut parts made of
high-quality fine sheet
metal
Product solutions
made of hot-rolled,
high-tensile and ultrahigh-tensile steel
Ø
3-dimensional
processing
Ø
Casting components for
the energy industry
such as turbines
Steel Division
Business development
n
Rising crude steel production in Europe in Q1 2014/15
n
n
n
€m
Q1*
2013/14
Q2*
2013/14
Q3*
2013/14
Q4*
2013/14
Q1
2014/15
Delta
in %
Improving order intake from basically all steel consuming
Sales
990
939
887
995
975
-1.5
industries above all from automotive and construction
EBIT
58
30
31
51
57
-1.9
Continuously low profitability in European steel sector
EBIT-%
5.8%
3.2%
3.5%
5.1%
5.8%
stemming from unsolved overcapacity problem
EBITDA
114
87
90
111
114
11.5%
9.2%
10.1%
11.2%
11.7%
Steel Division with solid earnings in Q1 2014/15
n
Ongoing strong demand from the automotive industry
n
Revival of energy market supporting demand for heavy
EBITDA-%
plate for pipelines
n
Consumer goods and mechanical engineering sectors
with stable sound development
n
Outstanding capacity utilization secured until end of CY
2014
15 | October 2014 | Debt Investor Relations
* Business year 2013/14 retroactively adjusted due to the application of IFRS 11 “Joint Arrangements”
and due to the change of accounting method concerning results of entities consolidated according to the
equity method (formerly reported as part of financial result, from April 1, 2014 onwards reported as part of EBIT).
0.2
Special Steel Division
Business segments and products
High Performance Metals
High Performance Metals
Tool Steel
Components
Global LEADERSHIP
Rapidly growing European/
South American TOP player
Ø
Tool steel such as high-speed
steel, valve steel, powdermetallurgical steel, high alloyed
steels etc.
Ø
Individual services for toolmakers
Ø
Provider for automotive,
mechanical engineering,
electronical, consumer goods
industries
16 | October 2014 | Debt Investor Relations
Ø
Pre-processing solutions for
various industries
Ø
Focus on sophisticated
metallurgical areas of application
in oil and gas, energy
equipment, aerospace and
automotive industries
Forging
European TOP player
Ø
Closed-die forged
components with focus on
aerospace, commercial
vehicles and energy
equipment
Special Steel Division
Business development
n
Broadly unchanged business conditions in Special Steel
Division
€m
Q1*
2013/14
Q2*
2013/14
Q3*
2013/14
Q4*
2013/14
Q1
2014/15
Delta
in %
Sales
683
643
621
681
676
-1.0
n
No improvement in European core markets
EBIT
65
45
45
70
61
-5.7
n
Restrained demand in Brazil
EBIT-%
9.5%
7.0%
7.2%
10.3%
9.1%
n
Solid performance in both North America and Asia
EBITDA
99
78
78
105
96
14.4%
12.1%
12.5%
15.4%
14.2%
n
Positive impulses from automotive industry
n
Mechanical engineering sector short of expectations and no
EBITDA-%
impulses from power plant industry
n
Deliveries to oil and gas exploration as well as to aviation
sector continuously strong
n
Value-Added Services increasingly benefiting from
investments in previous years
17 | October 2014 | Debt Investor Relations
* Business year 2013/14 retroactively adjusted due to the application of IFRS 11 “Joint Arrangements”
and due to the change of accounting method concerning results of entities consolidated according to the
equity method (formerly reported as part of financial result, from April 1, 2014 onwards reported as part of EBIT).
-2.4
Metal Engineering Division
Business segments and products
Rail
Technology
Turnout
Technology
Wire
Seamless
Tubes
Welding
Technology
European
TOP player
Global LEADERSHIP
European
TOP player
Global
TOP player
Global
TOP player
Ø
Innovative rail
manufacturer of
highest quality
products (120m headhardened rails)
Ø
“plug and play” turnout
systems for high-speed
railways, mass transit
and heavy-haul
railways
18 | October 2014 | Debt Investor Relations
Ø
Ø
High tech drawn wire
for automotive and
construction industry
Fastening and material
handling technology
Ø
High-tech seamless
tubes for oil and gas
industries
Ø
Special tubes for
various industrial
applications
Ø
Specialist for
medium- and
high-grade alloy
welding filler
materials
Metal Engineering Division
Business development
n
n
All business segments of Metal Engineering Division with
€m
Q1*
2013/14
Q2*
2013/14
Q3*
2013/14
Q4
2013/14
Q1
2014/15
Delta
in %
overall strong performance
Sales
723
689
641
620
680
-6.1
Return to railway infrastructure projects in Europe after
EBIT
80
82
77
67
80
-0.5
period of low investments
EBIT-%
11.1%
11.9%
12.0%
10.7%
11.7%
EBITDA
108
110
105
96
107
14.9%
15.9%
16.4%
15.4%
15.7%
n
High level of demand in Rail Technology business
n
Strong dynamics in Turnout System business coming
EBITDA-%
from North America, MENA and Southeast Asia
n
European automotive industry as pillar for high order intake
for special wire products
n
Business activities in Seamless Tubes business segment
holding up well
n
More moderate but still satisfactory development of Welding
Consumables business
19 | October 2014 | Debt Investor Relations
* Business year 2013/14 retroactively adjusted due to the application of IFRS 11 “Joint Arrangements”
and due to the change of accounting method concerning results of entities consolidated according to the
equity method (formerly reported as part of financial result, from April 1, 2014 onwards reported as part of EBIT).
-1.1
Metal Forming Division
Business segments and products
Tubes & Sections
Automotive
Body Parts
Precision Strip
Material Handling
Global LEADERSHIP
European
TOP player
Technology & market
LEADERSHIP
European
TOP player
Ø
Innovative and
high-quality tubes, sections,
and
precision steel
tube products
Ø
20 | October 2014 | Debt Investor Relations
Innovative
and high-quality automotive
body parts for the automobile
industry
Ø
Cold rolled stainless steel
strips with
a high degree of precision
and excellent surface quality
Ø
High-sophisticated solutions in
the areas
of high-bay warehouses and
racking systems
Metal Forming Division
Business development
n
Positive trend of last quarters prolonged in Automotive
€m
Q1*
2013/14
Q2*
2013/14
Q3*
2013/14
Q4*
2013/14
Q1
2014/15
Delta
in %
Body Parts business
Sales
598
568
574
617
602
+0.7
n
Car sales numbers in Europe increasing, export
EBIT
46
39
42
56
45
-2.8
figures of premium brands continuously strong
EBIT-%
7.7%
6.9%
7.3%
9.0%
7.4%
EBITDA
68
61
65
82
69
11.5%
10.8%
11.2%
13.3%
11.5%
n
Reduced production shutdowns of car manufacturers
EBITDA-%
over summer
n
Ambivalent development in Tubes & Sections business
with respect to regions and industries
n
Core products of Precision Strip business segment
showing largely stable performance
n
Robust demand situation in Warehouse & Rack Solutions
business
n
Sale of Flamco Group successfully completed in Q2
2014/15
21 | October 2014 | Debt Investor Relations
* Business year 2013/14 retroactively adjusted due to the application of IFRS 11 “Joint Arrangements”
and due to the change of accounting method concerning results of entities consolidated according to the
equity method (formerly reported as part of financial result, from April 1, 2014 onwards reported as part of EBIT).
+0.6
voestalpine Group
Outlook
n
Risk of conflicts in Middle East and Russia-Ukraine to economic growth rates, above all in Europe
n
Only moderate direct activities of voestalpine Group in these regions (less than 2 % of total
revenues)
n
Solid demand from core customer segments expected to proceed
n
Continuation of positive trend in automotive industry, oil and gas exploration as well as
pipeline construction
n
Slight upward trend in construction industry likely, however with regional disparities
n
Stable favorable development in aviation, railway infrastructure, and agricultural machinery
sectors expected
n
Largely full utilization of production facilities in all four divisions
n
No change in H2 CY 2014 based on today’s order backlog expected
n
Outlook for full year’s results unchanged
n
Operating result (EBITDA) and profit from operations (EBIT) slightly above FY 2013/14
22 | October 2014 | Debt Investor Relations
Key financials & credit profile
voestalpine AG
www.voestalpine.com
voestalpine key financials
Development Net Debt / EBITDA
After acquisition of Böhler-Uddeholm in
2007/08 decreasing debt to sustainable levels
with stable earnings!
*
24 | October 2014 | Debt Investor Relations
* EBITDA of the last four quarters, whereas Business year 2013/14 retroactively adjusted due to the application
of IFRS 11 “Joint Arrangements” and due to the change of accounting method concerning results of entities
consolidated according to the equity method (formerly reported as part of financial result, from April 1, 2014
onwards reported as part of EBIT).
voestalpine key financials
Development Gearing Ratio
Gearing ratio has been continuousely reduced to
levels below 50%!
25 | October 2014 | Debt Investor Relations
voestalpine key financials
Development Funds from Operations (FFO) and EBIT
Even through the years of economic crisis
sustainable earnings (EBIT) and cash
generation (FFO)!
26 | October 2014 | Debt Investor Relations
* Last four quarters, whereas Business year 2013/14 retroactively adjusted due to the application of IFRS 11
“Joint Arrangements” and due to the change of accounting method concerning results of entities consolidated
according to the equity method (formerly reported as part of financial result, from April 1, 2014 onwards reported
as part of EBIT).
voestalpine credit profile
Stable development of the secondary markets spread
Z-Spread (bps)
Secondary market spread of voestalpine senior bonds showing stronger
correlation with „Downstream“-Peers than with Steel-Peers -> less volatility!
27 | October 2014 | Debt Investor Relations
voestalpine credit profile
Financing portfolio
The financing strategy of voestalpine focuses on a
well balanced financial structure using a broad
range of financing instruments!
Instrument
Volume €m
Maturity
Schuldscheindarlehen 2008
170
2016
Schuldscheindarlehen 2012
400
2015 | 2017 | 2019
Senior Bond 2011
500
2018
Senior Bond 2012
500
2018
Syndicated Loan
400
2016
Committed credit lines (undrawn)
400
2016
Export financing facilities
608
various
Other financing facilities
804
various
Hybrid Bond 2007
500
perpetual*
Hybrid Bond 2013
500
perpetual
*Call announced, to be repayed on October 31, 2014
Figures as of June 30, 2014
voestalpine‘s financing policy is long term and
risk-averse seeking sustainable, long term
and diversified funding sources!
28 | October 2014 | Debt Investor Relations
voestalpine credit profile
Comfortable liquidity stake & balanced maturity schedule
€m
Figures as of June 30, 2014
1,347 €m
Committed
lines
Strict management of
counterparty risk!
Repayment of 500 €m
Hybrid Bond 2007
Financial
assets
Cash
29 | October 2014 | Debt Investor Relations
500
voestalpine credit profile
Key considerations for credit quality
n
Sound business platform
n
n
n
Leading market positions
n
n
n
Limited financial risk
n
n
n
Track record in financial markets
n
n
30 | October 2014 | Debt Investor Relations
Highly diversified steel processing & technology group with
sustainable cash generation
Value-added niche business model
Reduced cyclicality through diversified business portfolio
Innovative steel solutions
Leading position in all major business segments (TOP 3)
Technological leadership, continuous high R&D expenditure
Disciplined financial policy
Rapid reduction of debt, further reductions aspired
High stake of liquidity and stable cash generation
Nearly 20 years in activity at financial markets (IPO in 1995)
Successful placements of different bonds and
Schuldscheindarlehen in recent years
Strong performance of bonds in secondary markets
Backup
voestalpine AG
www.voestalpine.com
voestalpine Group
Balance Sheet
In millions of euros
2003/04
2004/05
2005/06
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
Non-current assets
2,517.0
2,674.3
2,892.8
3,366.0
6,778.4
7,075.5
7,072.2
6,855.5
6,801.2
6,980.9
7,118.9
Current assets
2,142.9
2,694.9
3,265.8
3,461.5
5,823.4
5,771.0
5,221.9
6,220.9
5,810.9
6,098.4
5,518.6
Total assets
4,659.9
5,369.2
6,158.6
6,827.5
12,601.8
12,846.5
12,294.1
13,076.4
12,612.1
13,079.3
12,637.5
Equity
1,906.1
2,124.7
2,547.3
2,882.3
4,289.3
4,262.5
4,262.4
4,691.1
4,836.3
5,075.3
5,261.0
Pensions and other employee
obligations
401.1
466.7
551.6
566.1
839.3
854.6
853.0
833.2
852.9
1,004.7
1,028.9
Non-current liabilities*
745.4
792.1
924.2
845.8
1,693.0
3,870.8
3,571.7
3,390.8
2,305.9
2,862.2
2,883.5
Current liabilities
1,607.3
1,985.7
2,135.6
2,533.3
5,780.2
3,858.6
3,606.9
4,161.3
4,617.0
4,137.3
3,464.1
Total equity and liabilities
4,659.9
5,369.2
6,158.6
6,827.5
12,601.8
12,846.5
12,294.1
13,076.4
12,612.1
13,079.3
12,637.5
*) Not including pensions and other employee obligations
32 | October 2014 | Debt Investor Relations
voestalpine Group
Profit and Loss Statement
In millions of euros
2003/04
2004/05
2005/06
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
Revenue
4,616.30
5,779.10
6,230.60
6,943.80
10,481.20
11,724.9
8,550.00
10,953.70
12,058.2
11,524.4
11,228.0
Cost of sales
-3,711.90
-4,551.10
-4,780.40
-5,153.30
-7,977.90
-9,248.10
-6,880.20
-8,519.70
-9,614.1
-9,221.0
-8,938.5
175.7
200.0
163.2
188.1
308.3
440.0
365.2
334.0
354.0
371.7
360.6
Other operating income
Distribution costs
-376.8
-417.4
-414.1
-462.5
-866.1
-1,005.1
-853.2
-959.2
-985.4
-964.6
-976.5
Administrative expenses
-295.8
-283.7
-297.6
-342.7
-468.2
-542.0
-509.1
-554.8
-594.6
-570.6
-589.0
Other operating expenses
-163.9
-174.4
-177.6
-162.1
-324.7
-380.9
-320.8
-269.2
-514.0
-296.7
-292.3
EBIT
243.7
552.5
724.1
1,011.4
1,152.6
988.7
352.0
984.8
704.2
843.1
792.3
2.2
17.6
13.9
16.5
28.7
24.4
20.4
30.1
20. 1
15.4
12.0
Associates
Financial income
-44.0
-72.6
-63.7
-51.5
-201.7
-313.1
-189.0
-234.0
-219.9
-203.8
-148.3
Financial results
-41.8
-55.0
-49.8
-35.0
-173.0
-288.7
-168.6
-203.9
-199.8
-188.4
-136.3
Profit before tax (EBT)
201.9
497.5
674.3
976.4
979.6
700.0
183.3
781.0
504.4
654.7
656.0
Income tax expense
-60.7
-124.0
-154.6
-221.5
-202.5
-88.4
3.5
-186.4
-91.1
-132.7
-133.1
Profit for the period
(continuing operations)
141.2
373.5
519.7
755.0
777.1
611.6
186.8
594.6
413.3
521.9
522.9
Discontinued operations
-10.7
-50
6.2
9.9
-25.2
0
0
0
0
0
0
Profit for the period
130.5
323.5
525.9
764.9
751.9
611.6
186.8
594.6
413.3
521.9
522.9
5.6
0.4
6.5
7.5
3.8
9.7
6.4
9.8
7.8
4.4
3.2
29.9
72.0
72.0
72.0
72.0
72.6
71.6
Minorities
Share planned for hybrid capital
owners
33 | October 2014 | Debt Investor Relations
voestalpine Group
Cash Flow Statement
In millions of euros
2003/04
2004/05
2005/06
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
Cash flow from result*
431.7
744.2
845.9
1.119.4
1,398.1
1,239.3
733.7
1,194.6
994.3
1,096.9
1,175.4
Changes in working capital
144.8
-193.6
14.2
-149.2
-262.3
118.5
872.4
-237.0
-137.8
225.0
-258.4
Cash flow from operating
activities
576.5
550.6
860.1
970.2
1,135.8
1,357.9
1,606.1
957.6
856.5
1,321.9
917.0
Cash flow from investing
activities**
-335.4
-507.0
-498.3
-606.6
-4,165.9
-1,311.1
-586.9
-450.0
-516.0
-814.2
-865.2
241.1
43.6
361.8
363.6
-3,030.1
46.8
1,019.2
507.6
340.5
507.7
51.8
Free cash flow
*) Net Profit + Depreciation + Income from Asset Disposals + Inc/Dec in LT Provisions
**) Not including investings in financial assets
34 | October 2014 | Debt Investor Relations
voestalpine Group
Definitions of key indicators
EBITDA (Profit from operations before depreciation). Profit before tax, non-controlling interests, financial
result, depreciation and amortization (incl. depreciation of goodwill and of additional assets identified on
acquisitions).
EBIT (Profit from operations). Profit before tax, non-controlling interests and financial result.
Capital Employed. The interest bearing capital employed.
Fixed assets
+
Goodwill
+
Other intangible assets
+
Working Capital
+
Receivables from sales of fixed assets
Liabilities from capital expenditure
=
Capital Employed
EBT (Profit before Tax). Profit before tax and non-controlling interests.
ROCE (Return on Capital Employed). EBIT / Average of Capital Employed
Profit after Tax. Profit after tax, before deduction of interests on hybrid capital and non-controlling interests.
Net Debt. Interest bearing liabilities minus interest bearing assets.
Bonds
+
Bank debt
+
Liabilities from financial leasing
+
Other interest bearing liabilities
+
=
Interest bearing liabilities
Cash
Other securities and shares
Securities for pension obligations
Other interest bearing receivables
=
Interest bearing assets
=
Net Debt
Depreciation. Depreciation of fixed assets, intangible assets, goodwill amortization (incl. depreciation of
goodwill and of additional assets identified on acquisitions).
Earnings per share. Profit for the period, deduction of interests on hybrid capital and non controlling
interests divided by the weighted average of shares outstanding.
Working Capital. Current assets minus short term liabilities (non-interest bearing).
+
+
+
+
=
Inventories
Accounts receivable
Derivative receivables
Receivables from income taxes
Other non-interest bearing receivables
Accounts payable
Derivative payables
Liabilities from taxes
Notes payable
Short term provisions
Other liabilities (non-interest bearing)
Working Capital
Equity. Shareholders equity, non-controlling shares in capital and hybrid capital.
Gearing Ratio. Net debt divided by equity.
Capital expenditure. Addition of tangible and intangible fixed assets, holdings, goodwill and additions from
acquisitions.
FFO (Funds From Operations): Profit for the period before deduction of non-controlling interests and
interests on hybrid capital, increased by depreciation, amortization and impairment, adjusted by the result
from sale of assets, changes in pensions and other employee obligations, non-current provisions, deferred
taxes and other non-cash income and expenses.
35 | October 2014 | Debt Investor Relations
voestalpine Group
Disclaimer
These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities, nor
shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation to any
securities.
These materials contain forward-looking statements based on the currently held beliefs and assumptions of the management of voestalpine AG, which are
expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may
cause the actual results, financial condition, performance, or achievements of voestalpine AG, or industry results, to differ materially from the results, financial
condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, recipients of
this document are cautioned not to place undue reliance on these forward-looking statements. voestalpine AG disclaims any obligation to update these forwardlooking statements to reflect future events or developments.
These materials may not be distributed in certain countries, including the United States, Canada, Australia or Japan. There will be no public offering of securities in
the United States, Canada, Australia or Japan.
Furthermore, this document is directed only at persons (i) who are outside the United Kingdom or (ii) who have professional experience in matters relating to
investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (iii) who fall
within article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Order (all such persons together being referred to as "Relevant
Persons"). Any person who is not a Relevant Person must not act or rely on this communication or any of its contents. Any investment or investment activity to which
this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
36 | October 2014 | Debt Investor Relations
Debt Investor Relations Contact
Reuters
VOES.VI
Bloomberg
VOE AV
voestalpine AG
www.voestalpine.com
Günther Pastl
Head of Group Treasury
E-Mail
[email protected]
Phone
+43/50304/15-3830
Daniel Huber
Funding Manager & Debt Investor Relations
E-Mail
[email protected]
Phone
+43/50304/15-2928