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    EANS-News  206  0 Kommentare voestalpine AG / Difficult environment has adverse impact on voestalpine?s results for the first half of the business year 2019/20

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    Mid Year Results

    Linz - For the voestalpine Group, the first half of the business year 2019/20
    was defined by a substantial dampening of sentiment in its economic environment.
    Particularly in Europe, where voestalpine generates about two thirds of its
    revenue, the weakening of the export industry due to increasing global barriers
    to trade, decreasing demand from the automotive industry as well as fewer
    investments affected all of the Group's divisions. But the global trade disputes
    are being reflected in declining economic momentum in China and the United
    States too. The adverse conditions in the steel sector intensified all the more
    on account of massive increases in raw materials prices in tandem with
    decreasing sales prices and large volume steel imports into Europe that continue
    unabated. Furthermore, the financial expenditures for CO2 allowances in the
    European Union as well as the corporate issue of start-up costs at the Group's
    Automotive Components plant in Cartersville, Georgia, USA, continued to have
    adverse impact on the profit margins.
    Under these conditions, there was a decline in all earnings categories of the
    voestalpine Group in the first half of 2019/20. As measures to stabilize
    earnings, the cost-cutting and efficiency improvement programs already
    implemented were further intensified.

    Nevertheless, in this generally difficult macroeconomic environment, the
    technology segments railway systems, aerospace, warehouse and rack-solutions as
    well as welding technology recorded a stable, positive development, confirming
    the strategic orientation of the voestalpine Group as a special and complete
    system provider.

    Investments reduced

    Having made large investments in recent years, the voestalpine Group is cutting
    back on its investment activity, reducing its investment volume in the first
    half of the year by almost 30% to EUR 338 million (EUR 475 million a year
    earlier).

    Balance sheet structure affected by non-recurring items

    The voestalpine Group's reported indebtedness in the first half of 2019/20 was
    materially affected by accounting factors in addition to the operating
    developments and the dividend payment. For one, the interest-bearing liabilities
    rose by around EUR 437 million on account of a change in the International
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    EANS-News voestalpine AG / Difficult environment has adverse impact on voestalpine?s results for the first half of the business year 2019/20 - Corporate news transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is responsible for the content of this announcement. - Mid Year Results Linz - For the voestalpine Group, the first half of the business year …

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