Capital market-relevant press releases, 2006-02-13, 07:31 AM
ThyssenKrupp - good start to the new fiscal year
ThyssenKrupp made a good start to the new fiscal year 2005/2006. Demand for the Group's products and services increased in a generally pleasing economic environment.
The reporting is based for the first time on IFRS; the prior-year figures have been restated. The highlights for the 1st quarter 2005/2006 are as follows:
･ Order intake from continuing operations increased to EUR11.6 billion, surpassing the corresponding prior-year figure by 6%.
･ Sales increased by 9% to EUR10.9 billion.
･ Income from continuing operations before taxes amounted to EUR425 million, compared with EUR530 million in the prior-year quarter. This was mainly due to lower earnings in the Stainless segment, which were down from EUR125 million in the prior-year quarter to EUR7 million in the first quarter of the current fiscal year.
･ Earnings per share from continuing operations reached EUR0.49, compared with EUR0.60 in the 1st quarter of the prior year.
･ Net financial payables at December 31, 2005 stood at EUR315 million. In comparison with December 31, 2004 net financial payables were reduced by EUR3,535 million.
The EUR105 million drop in earnings from the very good prior-year quarter is due to a decrease in profits at Stainless and Automotive. In the Stainless segment, lower demand in Europe and North America combined with falling base prices resulted in a significant profit drop from EUR125 million to EUR7 million. Earnings in China were impacted by the introduction of additional capacities onto the market. The profit decrease at Automotive was the result of lower capacity utilization, particularly in the North American plants, and higher starting material costs.
ThyssenKrupp expects a generally positive performance in the further course of the year. Executive Board Chairman Dr. Ekkehard Schulz affirms: "For the full fiscal year 2005/2006 the Group anticipates sales in the region of EUR43 billion. Our target for earnings before taxes - excluding major nonrecurring effects - for the current fiscal year is in the region of EUR1.5 billion."
The full interim report is available in German and English online and downloadable versions at http://www.thyssenkrupp.com.