Germany-based integrated materials and technology group ThyssenKrupp announced on November 29 that in the financial year 2009-10 ended September 30 the company recorded increased revenues and profit as the upward trend in the markets continue.
ThyssenKrupp's earnings before taxes amounted to €1.14 billion due to higher demand in the recovering markets and realized cost saving measures, improving by €3.5 billion compared to the previous financial year.
In the given period, ThyssenKrupp's sales revenues increased by five percent year on year to €42.62 billion, while its EBITDA reached €3.22 billion, compared to €192 million in the previous financial year. The company's order intake rose 15 percent to €41.25 billion while net financial debt was up by €1.7 billion at €3.78 billion, both on year-on-year basis.
The company said that all business areas contributed to the group's higher results - with the exception of Steel Americas, where the startup of the new plants in Brazil and the USA had a negative impact. In all business areas, restructuring and cost-reduction programs contributed significantly to the earnings improvements.
Commenting on the results, executive board chairman Dr. Ekkehard Schulz said, "The massive improvement in earnings also shows that the operating and structural measures introduced in the wake of the economic and financial crisis were successful. The group has emerged from the crisis stronger."
Looking forward to the new fiscal year, ThyssenKrupp remains cautiously optimistic about developments in its core markets and key customer sectors.
For the fiscal year 2010-11, the German steelmaker expects a further 10 to 15 percent increase in the group's sales, and earnings are expected to grow faster than sales. Adjusted earnings before interest and taxes (EBIT) are forecast to be around €2 billion compared with €1.2 billion in the previous fiscal year.