Germany-based integrated materials and technology group
ThyssenKrupp announced on February 11 that in the first quarter (ended December 31) of its financial year 2010-11, the company recorded the highest order intake for two years and its adjusted EBIT and EBITDA was almost unchanged from the prior year despite higher startup losses for steel plants in Brazil and the US.
In the given period,
ThyssenKrupp's sales increased by 22 percent year on year to €11.4 billion, while EBITDA came to €645 million, compared with €683 million in the same quarter of the prior year. Order intake showed a significant 21 percent year-on-year increase from €9.33 million to €11.3 billion. Earnings before interest and taxes (EBIT) reached €273 million in the first three months of the new fiscal year, compared with €277 million in the same quarter of the previous year.
The results were impacted much more strongly by the negative contribution of the Steel Americas business area of €378 million caused by the startup losses of the new steel plants, compared to a loss of €71 million in this division in the same quarter of the prior year. In addition, the prior-year figure had been favorably impacted by special items of €76 million.
Dr. Heinrich Hiesinger, the new chairman of the executive board of
ThyssenKrupp AG, said: "We are registering an encouraging economic upturn with very dynamic price and volume growth in materials and components. In the elevator business and plant construction we are profiting from full order books and keen demand particularly from the new growth markets."
In the fiscal year 2010-11
ThyssenKrupp expects an increase in sales by 10-15 percent from €42.6 billion) from the prior fiscal year. The upward trend in all the other business areas confirms expectations that adjusted EBIT will be around €2 billion as compared €1.2 billion a year ago, the company said.