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ThyssenKrupp Q1 adjusted EBIT climbed by 29 percent

Staff writer |
ThyssenKrupp achieved its operating targets in the 1st quarter of the 2014/2015 fiscal year and confirmed its forecast for the full year. Sales, adjusted EBIT and net income increased in part significantly.

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In a continuing challenging economic climate, order intake came to €10.1 billion, down 5 percent from the prior year. This decrease was mainly due to a major contract at Marine Systems in the prior-year quarter. All other capital goods businesses recorded stable to significantly higher order intake year-on-year. The Elevator Technology business area once again achieved record orders.

Sales rose by 11 percent year-on-year to €10 billion. On a comparable basis (excluding portfolio and exchange rate effects) sales were up 5 percent from the prior year. The main reason for this was strong organic growth in the capital goods businesses.

Adjusted EBIT from continuing operations in the 1st quarter climbed by 29 percent to €317 million (prior year €245 million). The main driver behind this improvement was the successful implementation of efficiency measures.

The ThyssenKrupp Group generated net income of €43 million in the 1st quarter (prior year €(70) million); after deduction of minority interest, net income was €50 million (prior year €(65) million); earnings per share came to €0.09 (prior year €(0.12)).

Free cash flow before divestments in the 1st quarter was as expected lower than a year earlier at €(651) million but fully within the forecast corridor. Among other things the normalization of inventories after the relining of a blast furnace at Steel Europe, the strike at AST in Italy and major contracts at Materials Services led to a temporary increase in net working capital.

The Group's net financial debt therefore increased by €535 million to €4.2 billion in the reporting quarter, but was around €390 million lower than a year earlier.

The full-year outlook for 2014/2015 remains unchanged. On a comparable basis, the Group's sales are expected to grow by a single-digit percentage rate. Adjusted EBIT will improve to at least €1.5 billion. With the exception of Steel Americas, all business areas will generate clearly positive contributions. Based on operating progress, ThyssenKrupp expects at least a clear improvement towards break-even EBIT at Steel Americas.

The Executive Board also expects a substantial improvement in net income (prior year €195 million). There will also be significant progress in cash generation from operating activities: Free cash flow before divestments should be at least break-even.


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