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October 12, 2008


ThyssenKrupp announces result for H1

ThyssenKrupp AG, Germany's largest steelmaker, against the background of slowing global economic growth, it maintained its course in the H1 of 2007/2008. As expected, order intake and sales matched the strong prior year levels, while profits were higher than anticipated.

The Group’s earnings before taxes reached EUR 1,388 million. They were impacted in particular by pre operating costs of EUR 128 million for the construction of the new steel mills and restructuring expense of EUR 10 million in the Steel segment as well as gains on disposals of EUR 27 million. Before these nonrecurring items, earnings would have been EUR 1,499 million. The Group’s earnings were lower than a year earlier, mainly due to the drastic decline in stainless steel prices.

The highlights for the H1 of 2007/2008 were as follows:
1. Order intake was level with the previous year at EUR 27.4 billion.
2. H1 sales were virtually unchanged against the prior year period at EUR 25.5 billion.
3. EBITDA was EUR 2,280 million as compared with EUR 2,538 million a year earlier.
4. H1 earnings before taxes decreased from EUR 1,634 million in the prior year to EUR 1,388 million.
5. Net financial liabilities at March 31st 2008 were EUR 1,988 million, an increase of EUR 2,211 million as compared with September 30th 2007, when we reported net financial receivables of EUR 223 million. On March 31st 2007, net financial liabilities stood at EUR 897 million.

The highlights for the Q2 of 2007/2008 were as follows:

1. Order intake at EUR 14.1 billion was up slightly from EUR 14.0 billion.
2. At EUR 13.2 billion, sales were higher than EUR 13.1 billion a year earlier.
3. EBITDA was EUR 1,197 million, an improvement of 16%
4. Earnings before taxes were EUR 742 million as compared with EUR 572 million in the 2nd quarter 2006/2007. Before major nonrecurring items, EBT would have been EUR 784 million.

Dr Ekkehard Schulz executive board chairman said that “We continue to forecast earnings before taxes before nonrecurring items including pre-operating expense for the steel mills in Brazil and the USA of over EUR 3 billion. Based on the current situation we expect to achieve sales of EUR 53 billion.”