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(PRESS RELEASE) ESSEN, 13-Aug-2020 — /EuropaWire/ — German multinational industrial engineering and steel production conglomerate thyssenkrupp (ETR: TKA) has released first 9 months 2019/2020 results for its business. The company’s performance in the first 9 months of the current fiscal year has been significantly impacted by the effects of the coronavirus pandemic and as a result of temporary plant closures at customers, production in many areas came almost to a halt at the start of the 3rd quarter. Due to the fact that its materials and components businesses are dependent on the auto industry they were particularly hard hit. Added to this were structural challenges in the steel business in an already difficult general market environment.
Against this background order intake¹ in the first 9 months of the current fiscal year decreased year-on-year by 19 percent to €19.8 billion. Sales were down by 15 percent to €21.6 billion. Despite immediate countermeasures in response to the coronavirus pandemic, adjusted EBIT after 9 months at €(1,122) million was significantly lower than a year earlier (€42 million). Particularly impacted by the pandemic, the 3rd quarter alone accounts for adjusted EBIT of €(679) million. In its last forecast thyssenkrupp expected a loss for the period April to June in the high three-digit million euro range and could not rule out a figure of up to a good €1 billion.
“We have worked hard to keep our costs under control and secure liquidity. As a result we came through the crisis slightly better than initially feared in the third quarter overall,” said Martina Merz, Chief Executive Officer of thyssenkrupp AG. “While we are now seeing signs of stabilization, the forthcoming restructurings and cleaning up of the balance sheet will continue to weigh on earnings in the current quarter. With the proceeds from the elevator transaction we can now at last systematically address these overdue measures.”
Greatest possible flexibility in allocation of funds
In view of the uncertain economic situation caused by the coronavirus, the company will continue to retain the greatest possible flexibility in the concrete allocation of funds from the elevator transaction. Part of the proceeds will be used selectively to develop and restructure businesses where attractive target returns can be achieved in the short term. In addition, thyssenkrupp will repay financial liabilities in line with their maturity profile. Also, the significant fluctuations in net working capital during the course of the year are to be normalized, in particular through reduced use of year-end measures and factoring.
Klaus Keysberg, Chief Financial Officer of thyssenkrupp AG: “Normalizing net working capital will improve comparability between quarters. This will provide greater transparency and make our forecasts more dependable. This will impact our cash flow in the current fiscal year in an amount of altogether around 2.5 billion euros. A year-on-year comparison will thus not be meaningful.”
Performance of the businesses in the first 9 months 2019/2020
Automotive Technology was hit particularly hard by the fallout from the coronavirus pandemic. The collapse in demand in the world’s biggest auto market China in February was followed from March by further plant shutdowns by big customers as a result of the lockdown particularly in Europe, the US, and Mexico. In China there were signs of a slight recovery from the end of April after the easing of restrictions. Order intake and sales in the first 9 months were down year-on-year by 14 percent and 12 percent respectively. This decline is also reflected in operating income. Adjusted EBIT at €(157) million was significantly lower than a year earlier (€17 million).
At Industrial Components the bearings unit continued to perform strongly thanks in particular to the good order situation for wind energy in Germany and China. The forgings business – operating in an already weak market for truck and construction machinery components – was impacted by slowdowns at all major plants in response to the coronavirus pandemic. Overall order intake and sales were down by 21 percent and 17 percent respectively. Adjusted EBIT at €122 million was lower than a year earlier (€168 million).
Plant Technology increased its sales in the first 9 months by 6 percent, with a major contribution coming from chemical plant engineering. Compared with the prior year, which included major mining equipment and fertilizer plant orders, order intake was 38 percent lower, mainly as a result of pandemic-related project deferrals. Despite sales increases in chemical plant engineering, stable service business and positive effects from the cost-saving program, adjusted EBIT decreased to €(135) million (prior year €(114) million). Negative impacts included lower sales due to slower progress on cement projects and deferrals in order intake as a result of the pandemic.
Order intake at Marine Systems was down by 7 percent. Sales too were 9 percent lower at €1.2 billion, reflecting temporarily slower progress on submarine projects. However, buoyed by performance measures, adjusted EBIT was positive at €6 million (prior year: €0 million).
Materials Services continued to feel the effects of pandemic-related weak demand and declining prices in virtually all product segments, in particular in the 3rd quarter. The exception was plastics, which profited above all from the sale of transparent plastic sheets as protection against coronavirus. The pandemic-related temporary closure of the Italian stainless steel plant AST from the second half of March had a negative impact. Order intake and sales each decreased by 18 percent. The situation particularly in warehousing and distribution, the auto-related service centers and at aerospace weighed on business and led to negative earnings effects. Accordingly, adjusted EBIT was down year-on-year at €(62) million (prior year: €119 million).
The performance of Steel Europe was again characterized by the extremely challenging situation in the steel sector. Demand from the auto industry, which was already noticeably lower in March, slumped further in the course of the 3rd quarter, also due to declining order volumes from other industrial customers. The performance of the packaging steel operations was stable. Overall, order intake and sales after 9 months were down 24 and 20 percent respectively from the prior year. As a result of declining shipments and continuing cost pressure, adjusted EBIT slipped further into negative territory at €(706) million (prior year: €77 million). Launched in March, the Steel Strategy 20-30 aimed at sustainably improving competitiveness will now be implemented even more rigorously.
Presented as a discontinued operation, the elevator business recorded order intake and sales level with the prior year in the first 9 months. While the new installations and service business in the USA performed positively, Elevator Technology saw declines in Asia and Europe due to the coronavirus pandemic. Adjusted EBIT at €613 million was slightly lower than a year earlier in particular due to the negative earnings effects in Europe (prior year: €642 million).
Key figures first 9 months 2019/2020 (full group)
In the first 9 months of the 2019/2020 fiscal year thyssenkrupp (incl. discontinued operations) reports a net loss of €(1,978) million (prior year €(170) million). This was mainly due to weak operating performance as a result of the coronavirus pandemic. Added to this are restructuring expenses for the implementation of the change process and expenses in connection with the elevator transaction. After deduction of minority interest the net loss was €(1,998) million (prior year: €(207) million); earnings per share came to €(3.21) (prior year: €(0.33).
Free cash flow before M&A also remained clearly negative at €(3.5) billion, down €0.9 billion from the prior year. The main reasons for this were weak operating performance as a result of the pandemic and the payment of the fine in the heavy plate cartel case in the amount of the recognized provisions of €370 million.
As a result of the negative free cash flow before M&A and the effects of the remeasurement of lease liabilities in accordance with IFRS 16 in the amount of €1 billion recorded in the 1st quarter, net financial debt increased to €8.5 billion at June 30, 2020 (at September 30, 2019: €3.7 billion). At the end of June 2020 thyssenkrupp had available liquidity of €3.9 billion. Mainly due to the net loss, total equity at the reporting date was €2.2 billion lower than at September 30, 2019.
The closing of the sale of the elevator business on July 31, 2020 substantially improves the group’s balance sheet ratios. The payment of the purchase price results directly in a significant decrease in net financial debt and the creation of net financial assets, and a substantial increase in total equity.
At the beginning of May thyssenkrupp entered into a €1 billion credit facility under the KfW special program to secure liquidity during the coronavirus pandemic until the closing of the elevator transaction. The credit facility was not drawn and ended with the closing of the elevator transaction.
2019/2020 forecast
Despite the cautious resumption of production following the easing of coronavirus measures in key industrial nations, international infection rates remain high and there is a continued risk of further waves of infection in the course of the year. For this reason and due to the continuing disruptions to economic and public life, forecasts for the remaining months of the fiscal year are still subject to major uncertainties.
It is already foreseeable that due to the temporary plant closures and production cutbacks by customers in the automotive industry, sales from continuing operations will decline significantly, above all in the 2nd half (prior year, continuing operations: €34.0 billion).
Depending on the speed at which production is restarted by our customers, thyssenkrupp expects almost all businesses, with the possible exception of Steel Europe, to report a stable performance or a slight quarter-on quarter improvement in the 4th quarter. Nonetheless, adjusted EBIT from continuing operations is expected to be negative in the mid to high 3-digit million euro range. As a result, full-year negative adjusted EBIT of between €1.7 billion and €1.9 billion is likely. The year-on-year decline in earnings (prior year, continuing operations: €(110) million) is influenced heavily by the high loss in the steel operations of up to a good €1 billion (prior year, Steel Europe: €31 million).
Due to operating performance and the charge from the normalization of net working capital in the amount of around €2.5 billion toward further continuous optimization, the forecast for free cash flow before M&A of continuing operations is between €(5.0) billion and €(6.0) billion (prior year, continuing operations: €(1,756) million.
As a result of the elevator transaction the free cash flow of the group and the net income of the group in the current fiscal year will be significantly positive.
[1] Unless otherwise stated, all figures relate to the continuing operations, i.e. excluding the elevator business and individual units from Corporate Headquarters reported as discontinued operations.
Current footage material can be found here.
https://www.thyssenkrupp.com/en
Twitter: @thyssenkrupp
Company blog: https://engineered.thyssenkrupp.com/en
Media contacts:
Peter Sauer
Head of External Communications
Telephone:+49 201 844 536791
Nicola Röttger
Press spokesperson Financial and Business Topics
+49 201 844-536481
Dr. Claus Ehrenbeck
Telephone:+49 201 844 536464
SOURCE: thyssenkrupp AG
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- Cure for prostate cancer on the horizon
- Fanpictor signs multi-year partnership with Royal Belgian Football Association
- Fanpictor unterzeichnet mehrjährige Partnerschaft mit dem Königlich Belgischen Fussballverband
- Fanpictor signe un partenariat pluriannuel avec la Royal Belgian Football Association
- Fanpictor firma una colaboración de varios años con la Real Federación Belga de Fútbol
- Fanpictor firma una partnership pluriennale con la Royal Belgian Football Association
- Fanpictor tekent meerjarige partnership met Koninklijke Belgische Voetbalbond
- Launch of the New Akenza Platform
- De zelflerende algoritme DBLG1®: eenvoudig te gebruiken voor een optimale en gepersonaliseerde behandeling van diabetes type 1
- Launch of the Anna Lindh Foundation Virtual Marathon for Dialogue!
- Digi Communications N.V. announces the exercise of stock options by the Executive Director of the Company pursuant to the decision of the Company’s general meeting of shareholders dated 30 April 2020 and in accordance with the stock option plan approved at the level of the Company in 2017
- New research unlocks long tail growth opportunity for the tech industry
- Digi Communications NV announces the availability of the instructions on the 2020 share dividend payment
- Digi Communications NV announces that conditional stock options were granted to several Directors of the Company based on the approval of the general meeting of shareholders from 18 May 2021
- Digi Communications N.V. Announces the Company’s General Shareholders Meeting resolutions adopted on 18 May 2021 approving, amongst others, the 2020 Annual Accounts
- Digi Communications N.V. (“Digi”) announces the Q1 2021 Financial results
- Digi Communications NV announces Investors Call for the Q1 2021 Financial Results
- Digi Communications N.V. announces an Amendment to the 2021 Financial Calendar
- Fastpayhotels Hits an Industry Milestone by Connecting 500 Hotels Per Day Through DerbySoft Technology
- 4 ways to build a more flexible supply chain
- Join the world's leading virtual CBD event for FREE
- DEEPENING STRATEGIC RELATIONSHIP BETWEEN UBC AND PIONEERING DECENTRALISED PLATFORM, MANYONE
- Mono Solutions recognizes Norwegian small business agency with best website 2021 award
- Mono Solutions and Xrysos Odigos unlock new opportunities for small businesses
- Behind the scenes of a 10,000-people online conference: creating a live-event atmosphere and leveraging cybersecurity software
- Largest Supply Chain for Face masks, FFP2, FFP3 and cloth masks
- TRANSMAR AND TRANSMETRICS SIGN DEAL FOR STATE-OF-THE-ART LOGISTICS COLLABORATION
- Amendment of Digi Communications N.V. Financial Calendar for 2021
- 4iG and Digi Communications NV’s Romanian subsidiary have entered into a term sheet with regards to a potential acquisition by 4iG of DIGI Group’s Hungarian operations
- “Building Healthy Relationships and Enhancing Gender Equality”: Young women from Cyprus, Egypt, Lebanon and Jordan come together
- Bring Ventures investit dans Crossborderit (CBIT), DDP et une solution de commerce électronique
- Bring Ventures investiert in Crossborderit (CBIT), eine DDP (geliefert verzollt) und E-Commerce Lösung
- Bring Ventures invests in Crossborderit (CBIT), DDP and ecommerce solution
- Lionspeed GP with Patrick Kolb and Lorenzo Rocco joins forces with CarCollection Motorsport in 2021
- Eurekos, ein klassenbester LMS-Anbieter, hat seine Position im renommierten Fosway 9-Grid™ für Lernsysteme verbessert
- Eurekos, en førsteklasses LMS-udbyder, har forstærket sin position på den prestigefyldte Fosway 9-Grid™ for læringssystemer
- Eurekos, ein erstklassiger LMS-Anbieter, hat seine Position auf dem renommierten Fosway 9-Grid™ für Lernsysteme weiter ausgebaut
- Digi Communications N.V. announces Share transaction made by an executive director of the Company with class B shares
- Digi Communications N.V.: Announces an Amendment to the Financial Calendar for 2021
- Ideanomics Invests $13M in Italian EV Motorcycle Company, Energica
- DigiSky and Asman Technology Announce Global Reseller Agreement
- Neowintech - O Marketplace Da Sua Próxima Solução Financeira
- Neowintech - Il Marketplace per la tua prossima soluzione finanziaria
- PIONEERING DECENTRALISED SECURE MESSAGING PLATFORM MANYONE ANNOUNCES STRATEGIC RELATIONSHIP WITH UNIVERSITY COLLEGE LONDON CENTRE BLOCKCHAIN TECHNOLOGY
- Digi Communications NV announces the release of the 2020 Preliminary Financial Results
- Fraunhofer IGD develops automated robotic arm to scan cultural objects in 3D, now cooperating with Phase One
- Adapt Fast or Disappear – Choosing the Right Supplier
- Digi Communications NV announces Investors Call for the 2020 Preliminary Financial Results
- A URSAPHARM Arzneimittel e a CEBINA anunciam uma parceria com vista a reaproveitar o anti-histamínico azelastina para combater a COVID-19
- URSAPHARM Arzneimittel et CEBINA annoncent un partenariat pour reconvertir l'antihistaminique azélastine afin de lutter contre la COVID-19
- URSAPHARM Arzneimittel y CEBINA anuncian una colaboración para readaptar el antihistamínico azelastine para combatir la COVID-19
- URSAPHARM Arzneimittel and CEBINA announce partnership to repurpose the antihistamine azelastine to combat COVID-19
- ANIL UZUN Will Launch Bass Guitar Lessons Series on Youtube
- Henrik Stampe Appointed CEO for Mono Solutions
- Anna Mossberg leder Nordens största privata AI-lab i Sverige: "Utan AI riskerar svenska företag att förlora sin konkurrensfördel."
- What COVID-19 has taught us about manufacturing & the importance of a digital online marketplace
- Digi Communications N.V. announces: the Supreme Court of Hungary dismissed the Company’s appeal related to the 5G Tender procedure
- Customer Data Platform Industry to Reach $1.5 Billion in 2021: CDP Institute Report
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GreenMantra Technologies Announces Exclusive Distribution Relationship with HARKE GROUP