Voestalpine Ag · VIE:VOE
Voestalpine — 1H 2006/07 Earnings Presentation
18 slides from Voestalpine's earnings presentation, November 2006
Slide 1: Financial Year 2006/07 1st Half
Financial Year 2006/07 1st Half Investor Relations November 2006 voestalpine AG www.voestalpine.com
Slide 2: voestalpine AG
voestalpine AG in €m Revenue EBITDA EBIT 1Q 2006/07 1,780 302 219 2Q 2006/07 1,736 327 237 1H 2006/07 3,516 629 455 Divisions Steel Railway Automotive Profilform Systems 1H 2006/07 Revenue/Division 51% 27% 11% 11% European Top 3 - European market Laser-welded European market supplier of quality lead
Slide 3: Highlights 1H 2006/07
Highlights 1H 2006/07 All time high in all financial results on quarterly and half year basis EBITDA-Margin 17.9% EBIT-Margin 13.0% Downstream strategy approved Record revenues and earnings in processing divisions on half year basis Higher prices and excellent figures in Steel division
Slide 4: Growth track record
Growth track record p .a. 6,501 % +15 Acquisitions in GR CA Automotive, Profilform and Revenue (€m) 3,516 Railway Systems 3,354 2,503 Organic growth in Steel and Railway Systems IPO Oct.95 2001/02 2002/03 2003/04 2004/05 2005/06 1H 2006/07 Steel Railway Systems Automotive Profilform IPO (Oct.95) 200
Slide 5: Division Steel – facts & figures
Division Steel – facts & figures in €m 1Q 2006/07 2Q 2006/07 1H 2005/06 1H 2006/07 yoy in % Revenue 961 944 1,749 1,905 +8.9 EBIT 116 137 235 253 +7.7 % of Revenue 12.1 14.5 13.4 13.3 Ongoing positive business environment and high demand in all business segments, record productions Outstanding dev
Slide 6: Division Railway Systems - facts & figures
Division Railway Systems - facts & figures in €m 1Q 2006/07 2Q 2006/07 1H 2005/06 1H 2006/07 yoy in % Revenue 522 493 939 1,015 +8.1 EBIT 78 74 105 152 +45.3 % of Revenue 14.9 15.1 11.1 15.0 Rails and switches Strong demand in Western Europe, particularly Germany, increasing demand in Eastern Euro
Slide 7: Division Automotive – facts & figures
Division Automotive – facts & figures in €m 1Q 2006/07 2Q 2006/07 1H 2005/06 1H 2006/07 yoy in % Revenue 208 195 413 403 -2.3 EBIT 11 7 17 18 +5.7 % of Revenue 5.3 3.5 4.1 4.4 Increase of OEM production in Europe (+1.7% ytd), 2nd quarter influenced by summer shutdowns of OEMs Body parts Stable mar
Slide 8: Division Profilform – facts & figures
Division Profilform – facts & figures in €m 1Q 2006/07 2Q 2006/07 1H 2005/06 1H 2006/07 yoy in % Revenue 211 219 402 430 +6.9 EBIT 28 33 39 61 +56.2 % of Revenue 13.2 14.9 9.6 14.1 Special sections Positive business development all over Europe, driven by high demand in building-, commercial vehicl
Slide 9: Financial overview
Financial overview voestalpine AG www.voestalpine.com
Slide 10: Consolidated overview
Consolidated overview 1H 2005/06 1H 2006/07 Change in % Revenue €m 3,262 3,516 +7.8 EBITDA €m 550 629 +14.4 % of Revenue % 16.8 17.9 EBIT €m 372 455 +22.6 % of Revenue % 11.4 13.0 EBT €m 348 436 +25.4 Net Profit €m 260 329 +26.3 EPS € 1.62 2.05 Investments* €m 254 258 +1.6 Depreciation €m 178 173 -2
Slide 11: Cash flow 1H 2006/07 vs 1H 2005/06
Cash flow 1H 2006/07 vs 1H 2005/06 1H 2005/06 1H 2006/07 Cash flow from result €m 445 509 Changes in working capital €m -22 -87 Cash flow from operating activities €m 423 422 Cash flow from investing activities €m -283 -266 Free Cash flow €m 140 156 voestalpine AG 11 | November 2006 | Investor Relat
Slide 12: Gearing ratio
Gearing ratio 2,752 2,547 2,125 1,786 1,853 1,530 1,564 47% 40% 34% 32% 831 625 635 684 377 15% 336 252 16% 12% 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 1H 2006/07 Net Debt (€m) Equity (€m) Gearing-Ratio (%) voestalpine AG 12 | November 2006 | Investor Relations
Slide 13: Outlook
Outlook Unchanged strong demand in all business units in the next months Prices overall stable till end of FY 2006/07 in all 4 divisions Slight increase of raw material cost driven by zinc ~40 €m start up cost for new cold rolling mill, HDG-line and walking beam furnace in steel division F
Slide 14: IR Contact
Reuters IR Contact VOES.VI Peter Fleischer Bloomberg E-Mail peter.fleischer@voestalpine.com VOE AV Phone +43/732/65 85-9949 voestalpine AG www.voestalpine.com
Slide 15: EBIT Development 1H 2006/07 vs 1H 2005/06
EBIT Development BACKUP 1H 2006/07 vs 1H 2005/06 +57 €m +25 €m 455 €m +39 €m 372 €m -38 €m EBIT EBIT 11.4% 13.0% Price Mix/ Raw Misc. Volume materials 1H 2005/06 1H 2006/07 voestalpine AG 15 | November 2006 | Investor Relations
Slide 16: Margin development
Margin development BACKUP EBITDA EBIT 17.9% 18% 16.8% 14% 13.0% 16% 15.4% Ø 14.3% 12% 11.3% 14% 12.0% 11.8% 11.8% 9.6% 10% 12% % of Revenue % of Revenue Ø 8.2% 10% 8% 8% 6% 5.3% 4.8% 5.1% 6% 4% 4% 2% 2% 0% 0% 01/02 02/03 03/04 04/05 05/06 1H 01/02 02/03 03/04 04/05 05/06 1H 06/07 06/07 voestalpine A
Slide 17: USP location: Future market central & eastern Europe
USP location: Future market BACKUP central & eastern Europe voestalpine EU-entrants 2005 EU-entrants 2007 Automotive White Goods Construction voestalpine AG 17 | November 2006 | Investor Relations
Slide 18: Share price development & ownership structure
Share price development BACKUP & ownership structure 40 North America Austria 35 24% 30 UK 46% 6% Germany 7% 10.3% 25 Netherlands 2% 2%2% ROW voestalpine Switzerland Euro 20 2% 2.7% Employee foundation 15 10 Core shareholders OÖ Invest GmbH & Co OEG > 15% 5 Employee foundation 10.3% Oberbank AG 7.7%