Annual Report - voestalpine

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Divisional Reports 60 Annual Report 2007/08 Special Steel Division 1 Key figures of Special Steel Division In millions of euros Customers of Special Steel Division As percentage of divisional revenue Business year 2007/08 24% Automotive 16% Energy industry 5% Building & construction subsuppliers 11% White goods Markets of Special Steel Division As percentage of divisional revenue Business year 2007/08 4% France 31% Germany 5% Austria 5% Rest of world 9% America 11% Other 28% Civil & mechanical engineering 5% Aviation industry 6% Italy 21% Rest of Europe 11% Asia 8% Brazil 2007/08 2007/08 pro-forma pre ppa Revenue 2,758.5 2,758.5 EBITDA 306.8 438.8 EBITDA margin 11.1% 15.9% EBIT 5.8 356.2 EBIT margin 0.2% 12.9% Employees 15,453 15,453
Market environment and business development The year under review was marked by excellent business development of the BöHLER- UDDEHOLM Group (Special Steel Division) in all major product segments and regions, especially the European markets (in particular Germany), and the growth markets in Asia and South America. The only exception was North America, where the market for tool steel and a number of other special product segments continued to weaken. The Special Steel Division recorded a significant increase in demand by practically all of the major customer industries, in particular energy, oil field equipment, chemicals and petrochemicals, plant and machinery construction, and aviation. Total orders received by the division increased further over the previous year, resulting in sustained full capacity operation in all production facilities (which had been expanded by extensive investments during the year). However, foreign currency translation had a negative effect due to unfavorable euro exchange rates, which continued to worsen during the course of the year. This was especially true of the U.S. dollar, as well as the Brazilian real and Swedish krona. On the other hand, the very sharp increase in some alloy prices during the reporting period could be passed on to the market using “alloy pricing schedules” (alloy price increases passed directly to the customer). The excellent situation in the market for tool and mould making and engineering led to corresponding increases in sales volumes at good, stable prices in the division’s largest Highlights Since its initial consolidation in July 2007, the Special Steel Division contributed revenues of EUR 2,758 million and achieved an EBIT of EUR 356 million (on a stand- alone basis). The Special Steel Division continued to follow its growth path without interruption, generating new record levels in revenues and profits. Excellent growth in the economy with a stable high level of demand in all markets, customer industries and product segments ensure continuous full capacity operation. segment, High Performance Metals, generating a significant overall increase in sales and profits. The same applied to the Welding Consumables business area, where demand was primarily driven by plant and power plant construction, petrochemicals, agricultural machinery manufacturing, and the offshore segment. The Precision Strip segment, which benefited in particular from highly dynamic growth in the European metal processing industry, also showed a significant increase in sales and profits, and showed the highest profitability of all business areas in the Special Steel Division during the year under review. 1 For explanatory remarks on the purchase price allocation (ppa) please refer to the inside cover page. Divisional Reports Annual Report 2007/08 61
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Annual Report - voestalpine

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