Annual Report 2005/06 - voestalpine

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2 Management Report Annual Report 2005/06 Europe which contributed to increased restructuring efforts by automobile manufacturers. In the premium segment, which comprises the major part of the voestalpine Group’s automotive revenues, the past year developed more favorably than the general industry trend with regard to production numbers, sales figures, and operating results. Nevertheless, this segment experienced pressure to continue to optimize costs. Central and Eastern Europe continued to gain in importance since more and more operations are being moved to this region or newly established in this region – primarily by Asian automotive corporations. During 2005, the commercial vehicle sector saw a more favorable development than the passenger vehicle sector and continued the positive trend that had begun last year. The boom is persisting in the energy industry which is continuing to expand its capacity to produce oil and natural gas, in particular; this in turn has led to a stable, high demand for high-quality heavy plate grades for offshore applications and sophisticated pipeline applications as well as for seamless tubes. Shortages of electrical energy – particularly in countries with very strong economic growth – brought incoming orders at a high level for turbine and power plant makers which, in turn, stimulated the foundry industry. In the railway infrastructure sector, the 2005/06 business year brought a recovery primarily in the Western European demand for tracks; at the same time, in overseas markets, such as North America, South Africa, and Australia, where the voestalpine Group has consistently expanded its presence during the past few years, the switches segment has continued to flourish. The driving factor in these regions is the continued expansion of transport capacities in the raw materials sector. As an effect of expansion projects financed by the EU, a trend toward increased demand also emerged in the Central and Eastern European markets. For the first time in quite a while, the added value of the Western European building industry grew more substantially in 2005, and the upward trend is continuing in 2006. During the first calendar quarter of the current year, however, the extremely severe and long winter has led to a correspondingly weaker demand. The household appliance industry continues to be in a phase of restructuring that is characterized primarily by an increased movement of operations to Eastern Europe. Overall, the volume of orders has remained stable at a very good level, mainly in the high-priced brand segment that is of predominant importance for the voestalpine Group. For a detailed development of the steel market and the market environment of the three processing divisions of the voestalpine Group, see the attached reports on the individual divisions.
BUsiness perFormanCe oF The voestalpine groUp In the 2005/06 business year, the voestalpine Group achieved record figures in the sales and operating results as well as in all relevant key ratios*. Thus, it was in all respects the most successful year for the Group so far. increase in sales revenue in all four divisions In 2005/06, the sales revenue increased by 12.5% from EUR 5,779.1 million to EUR 6,501.4 million as compared to the previous business year, with all four divisions of the voestalpine Group contributing to this growth. The upsurge was strongest in the Divisions Steel (+14.7%), Railway Systems (+14.6%), and Profilform (+10.4%). With a plus of 7.7%, the sales of the Division Automotive (formerly, motion) also climbed considerably as compared to the previous year, even though the market environment remained difficult. The boost in the revenues is primarily due to organic growth in the existing Group companies and – in contrast to the previous years – only to a small degree to acquisitions. steel and processing segments are balanced Structurally, the distribution of the overall Group revenue by divisions did not show any eXTernal revenUe * The calculation of the key financial figures is explained in the glossary on page 152. eXTernal revenUe By Divisions* Management Report 3,353.7 4,373.8 4,616.3 5,779.1 6,501.4 2001/02 2002/03 2003/04 2004/05 2005/06 Business year 2005/06 In millions of euros 26% Division Railway Systems 11% Division Profilform 12% Division Automotive 51% Division Steel * Adjusted for intradivisional sales Business year 2005/06 As percentage of Group revenue Annual Report 2005/06 2
Page 1 and 2: Annual Report 2005/06 www.voestalpi
Page 3 and 4: Who we are We are a leading Europea
Page 5 and 6: tHe GrOUP at a GLaNce voestalpine G
Page 7 and 8: Divisional reporTs 48 Division Stee
Page 9 and 10: voestalpine automotive gmbh voestal
Page 11 and 12: mag. Dr. Josef peischer Member of t
Page 13 and 14: Dr. Wolfgang eder (Born 1952, at vo
Page 15 and 16: In a market environment characteriz
Page 17 and 18: 2002 2003 200 200 2000/01 Revenue (
Page 19 and 20: +253.0% 3. 2 . 0 Rubrik 13.13 1 200
Page 21 and 22: priCe perFormanCe oF The voestalpin
Page 23 and 24: Share capital: EUR 287,784,423.30 d
Page 25 and 26: With regard to Rule 49 of the Code,
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Annual Report 2005/06 - voestalpine

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