Austrian steelmaker voestalpine AG has announced its financial results for the financial year 2014-15 ended March 31. Accordingly, voestalpine's profit before tax in the full financial year increased to €740.9 million, rising by 15.6 percent compared to the previous financial year. The revenues of the company amounted to €11.18 billion, up one percent year on year, despite the weakening of the market price level in a number of business units due to the decline of raw material prices.
In the given period, the company's EBITDA stood at €1.53 billion, increasing by 11.4 percent year on year, which is equivalent to an EBITDA margin of 13.7 percent, compared to an EBITDA margin of 12.4 percent registered in the previous financial year.
According to voestalpine's statement, despite showing slightly higher revenues, the company was able to significantly increase earnings in all categories supported by the strong growth in North America, development in China, clearly improved optimism in Europe and an amelioration of the recessionary tendencies in Brazil.
Meanwhile, in the business year 2015-16, the voestalpine group is expected to record further improvement compared to the previous year and in particular in the first quarter the reported earnings will likely be significantly impacted by the revaluation of assets at fair value because of full consolidation of the group's companies.