Voestalpine Ag · VIE:VOE
Voestalpine — Baader Investment Conference 2023
25 slides from Voestalpine's conference presentation, September 2023
Slide 1: 1st Quarter BY 2023/24 Current Situation
1st QUARTER BY 2023/24 CURRENT SITUATION Investor Relations September 2023 voestalpine AG www.voestalpine.com
Slide 2: Summary Current Situation
voestalpine GROUP SUMMARY CURRENT SITUATION » Economic downturn in Europe has arrived in major customer segments » Financial tightening affects construction and manufacturing sectors in particular » Weak demand in construction, mechanical engineering, white goods and consumer goods industries » Good
Slide 3: Development of Divisions
DEVELOPMENT OF DIVISIONS voestalpine AG 3 | September 2023 | Investor Relations
Slide 4: Steel Division Business Development
STEEL DIVISION BUSINESS DEVELOPMENT » Current situation » Diverging trends in major voestalpine market segments » Demand from the automotive sector stable at good level » Good project landscape in conventional energy (oil and gas) sector » Unchanged weak demand situation in white goods industry » De
Slide 5: Steel Division Financial Figures
STEEL DIVISION FINANCIAL FIGURES Q1 BY 2023/24 Q1 Q2 Q3 Q4 Q1 Delta €m 22/23 22/23 22/23 22/23 23/24 in % Revenue 1,826 1,611 1,504 1,709 1,644 -10.0 EBITDA 527 270 140 184 174 -66.9 EBITDA-% 28.8% 16.7% 9.3% 10.7% 10.6% EBIT 462 204 77 120 110 -76.2 EBIT-% 25.3% 12.7% 5.1% 7.0% 6.7% voestalpine AG
Slide 6: High Performance Metals Division Business Development
HIGH PERFORMANCE METALS DIVISION BUSINESS DEVELOPMENT » Current situation » Good demand for special materials for the aerospace and oil & gas businesses » Declining demand for tool steel » Weak situation in Europe, in particular in Germany » Muted demand in North- and South America, but overall bett
Slide 7: High Performance Metals Division Financial Figures
HIGH PERFORMANCE METALS DIVISION FINANCIAL FIGURES Q1 BY 2023/24 Q1 Q2 Q3 Q4 Q1 Delta €m 22/23 22/23 22/23 22/23 23/24 in % Revenue 959 921 904 1,006 934 -2.5 EBITDA 146 101 78 237 96 -34.0 EBITDA-% 15.2% 10.9% 8.6% 23.6% 10.3% EBIT 108 -111 39 203 55 -48.8 EBIT-% 11.2% -12.1% 4.3% 20.2% 5.9% voesta
Slide 8: Metal Engineering Division Business Development
METAL ENGINEERING DIVISION BUSINESS DEVELOPMENT » Current situation » Excellent performance in Railway Systems business » Demand for Seamless Tubes (OCTG) is intact, but price levels have normalized after overheated market phase » Wire business weakened due to slowdown in construction and mechanical
Slide 9: Metal Engineering Division Financial Figures
METAL ENGINEERING DIVISION FINANCIAL FIGURES Q1 BY 2023/24 Q1 Q2 Q3 Q4 Q1 Delta €m 22/23 22/23 22/23 22/23 23/24 in % Revenue 1,042 1,076 1,077 1,094 1,144 +9.8 EBITDA 121 121 168 176 182 +50.4 EBITDA-% 11.6% 11.2% 15.6% 16.1% 15.9% EBIT 77 77 117 133 138 +79.2 EBIT-% 7.4% 7.1% 10.9% 12.2% 12.1% voe
Slide 10: Metal Forming Division Business Development
METAL FORMING DIVISION BUSINESS DEVELOPMENT » Current situation » Automotive Components business improved recently » Mixed development in Tubes & Sections business » Weak demand from construction industry » Order level in solar and storage technology unchanged on good level » Decline in demand in Pr
Slide 11: Metal Forming Division Financial Figures
METAL FORMING DIVISION FINANCIAL FIGURES Q1 BY 2023/24 Q1 Q2 Q3 Q4 Q1 Delta €m 22/23 22/23 22/23 22/23 23/24 in % Revenue 1,039 971 911 940 884 -14.9 EBITDA 114 85 79 97 81 -28.6 EBITDA-% 11.0% 8.8% 8.7% 10.3% 9.2% EBIT 78 48 44 60 46 -41.1 EBIT-% 7.5% 5.0% 4.9% 6.4% 5.2% voestalpine AG 11 | Septemb
Slide 12: Financial Overview
FINANCIAL OVERVIEW Q1 BY 2023/24 voestalpine AG 12 | September 2023 | Investor Relations
Slide 13: Financial Overview
voestalpine GROUP FINANCIAL OVERVIEW Q1 BY 2022/23 Q1 BY 2023/24 Delta 2022/04/01-2022/06/30 2023/04/01-2023/06/30 % Revenue 4,645 4,446 -4.3 EBITDA 879 505 -42.6 EBITDA margin 18.9 % 11.3 % EBIT 693 316 -54.4 EBIT margin 14.9 % 7.1 % Profit before tax 670 278 -58.5 Profit after tax from continuing
Slide 14: YoY Development EBITDA
voestalpine GROUP YoY DEVELOPMENT EBITDA Q1 BY 2023/24 879 -80 -147 505 -78 EBITDA- -69 margin EBITDA- 18.9 % margin 11.3 % Q1 Price Raw Mix/ Misc. Q1 2022/23 Materials Volume 2023/24 In millions of euros voestalpine AG 14 | September 2023 | Investor Relations
Slide 15: Development Cash Flow
voestalpine GROUP DEVELOPMENT CASH FLOW Q1 BY 2022/23 Q1 BY 2023/24 2022/04/01-2022/06/30 2023/04/01-2023/06/30 Cash flow from results 755 406 Changes in working capital -1,306 -396 Cash flow from operating activities -551 10 Cash flow from investing activities 585 -260 Free cash flow 34 -250 In mil
Slide 16: Development Gearing Ratio
voestalpine GROUP DEVELOPEMENT GEARING RATIO 7,769 7,913 7,069 6,554 6,710 88% 6,060 83% 5,652 5,615 5,650 5,075 5,262 5,115 4,691 4,836 4,263 4,262 67% 4,289 3,572 71% 58% 3,762 55% 53% 3,775 49% 58% 46% 3,080 2,995 2,882 3,037 54% 3,221 3,125 2,978 2,743 2,547 2,713 2,586 45% 2,421 47% 2,291 2,125
Slide 17: Liquidity and Redemption Schedule
voestalpine GROUP LIQUIDITY AND REDEMPTION SCHEDULE Liquidity Redemption 2,407 -202 1,000 Committed lines 578 Financial assets -1,007 -211 829 Cash -502 Q1 BY 2023/24 2023/24 2024/25 2025/26 2026/27 In millions of euros voestalpine AG 17 | September 2023 | Investor Relations
Slide 18: Outlook BY 2023/24
voestalpine GROUP OUTLOOK BY 2023/24 » Ongoing weak development of construction, mechanical engineering and consumer goods industries expected for the rest of BY 2023/24 » Forecast for demand from the automotive sector at least stable on current level » Still attractive demand situation in the energ
Slide 19: Decarbonization Update
DECARBONIZATION UPDATE voestalpine AG 19 | September 2023 | Investor Relations
Slide 20: Decarbonization Strategy Step-by-Step Approach
DECARBONIZATION STRATEGY STEP-BY-STEP APPROACH Metal Engineering Timeline Steel Division voestalpine Group Comment Division 5 blast furnaces „Synthetic“ green steel via Status Quo 20% Stake DRI facility banking model to develop market Phase 1 3 blast furnaces, 2 EAFs 2.5 mt green steel (up to) CAPEX
Slide 21: Production Processes – Status Quo
voestalpine GROUP PRODUCTION PROCESSES – STATUS QUO EUR 18.2 bn. revenues voestalpine Group BY 2022/23 68% of group 32% of group Metals business revenues Industrial business revenues Metal Engineering High Performance Metal Engineering Metal Forming Steel Division Division (part of) Metals Division
Slide 22: Production Processes in Phase 1: 2027-2030
voestalpine GROUP PRODUCTION PROCESSES in PHASE 1: 2027 - 2030 EUR 18.2 bn. revenues voestalpine Group BY 2022/23 68% of group 32% of group Metals business revenues Industrial business revenues Metal Engineering High Performance Metal Engineering Metal Forming Steel Division Division (part of) Metal
Slide 23: Production Processes in Phase 2: 2030-2035
voestalpine GROUP PRODUCTION PROCESSES in PHASE 2: 2030 - 2035 EUR 18.2 bn. revenues voestalpine Group BY 2022/23 68% of group 32% of group Metals business revenues Industrial business revenues Metal Engineering High Performance Metal Engineering Metal Forming Steel Division Division (part of) Metal
Slide 24: Decarbonization Update
voestalpine GROUP DECARBONIZATION UPDATE » Actual development » Order for electric arc furnace for Metal Engineering Division placed in July 2023 » Twin-EAF, technical capacity already covering phase 2 » Only technical modification for phase 2 necessary (no additional EAF) » Order placement for elec
Slide 25: Investor Relations
INVESTOR RELATIONS Peter Fleischer Gerald Resch T. +43/50304/15-9949 T. +43/50304/15-3152 peter.fleischer@voestalpine.com gerald.resch@voestalpine.com voestalpine AG www.voestalpine.com