ThyssenKrupp AG Posts Net Loss Of EUR 5.0 Bln In 2011/12 Fiscal Year - InvestingChannel

ThyssenKrupp AG Posts Net Loss Of EUR 5.0 Bln In 2011/12 Fiscal Year

Heinrich Hiesinger, Chairman of the executive Board of ThyssenKrupp AG (TYEKF.PK), announced that the Group as a whole generated a net loss of 5.0 billion euros in the 2011/12 fiscal year. Hiesinger said the Group achieved operating targets for the fiscal year. He also confirmed the outlook for the first quarter of the current fiscal year for the company.

The Chairman also announced that a dividend payout is not possible due to the magnitude of the Group’loss. He assured that the management will do everything possible to restore the dividend.

The Group achieved adjusted EBIT of 399 million euros in the 2011/12 fiscal year. Without stainless steel and Steel Americas, adjusted EBIT was 1.4 billion euros. The positive adjusted EBIT from continuing operations was offset by negative EBIT for the Group as a whole of 4.4 billion euros. This was mainly attributable to the high losses of the Group’s discontinued business areas, in particular the 3.6 billion euros impairment charge at Steel Americas.

Hiesinger said, without stainless steel and Steel Americas, the Group as a whole achieved almost break-even earnings after taxes. All continuing business areas recorded positive adjusted EBIT in the fiscal year.

Sales of the continuing operations were 6 percent lower at 40.1 billion euros. This was mainly due to the slow markets for Steel Europe and Materials Services. The company’s capital goods business, and in particular the Elevator technology business area, performed positively.

ThyssenKrupp AG expects sales in fiscal year 2012/13 to be level with the prior year and adjusted EBIT from continuing operations to be around 1 billion euros.

ThyssenKrupp continues to expect first-quarter adjusted EBIT of around 200 million euros. ThyssenKrupp also expects cash flow from continuing operations, excluding positive disposal effects, to be in the break-even range.

To receive FREE breaking news email alerts for ThyssenKrupp AG and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.comBusiness News