- Sales in 1st half 2019/2020 down year-on-year despite mainly robust capital goods businesses
- Operating earnings lower year-on-year mainly due to coronavirus pandemic and negative market situation at Steel Europe
- Progress with transformation: steel strategy and restructurings underway
- Elevator transaction on schedule: already 8 of 13 required antitrust approvals obtained without conditions
12.05.2020 11:00 thyssenkrupp’s performance in the 1st half of the current fiscal year 2019/2020 was significantly impacted by the initial effects of the coronavirus pandemic. In addition, the weak automotive market in particular as well as price and volume losses in the materials businesses had a negative impact on performance. In order intake[1] this is reflected in an 8 percent year-on-year decrease to €15 billion. Sales were down by 4 percent to €15.9 billion. Despite immediate countermeasures in response to the coronavirus pandemic, adjusted EBIT at €(433) million was significantly lower than a year earlier (€55 million) particularly due to the situation at Steel Europe.
Martina Merz, Chief Executive Officer of thyssenkrupp AG: “The coronavirus pandemic presents us with enormous challenges. The full impact of the crisis on our businesses is not yet foreseeable. But it is already clear that the economic disruptions will leave very deep marks. We have made a lot of progress with our transformation in the last few months. The company has delivered. We have sold the elevator business and negotiated and begun implementing the steel strategy. We have also found solutions for all our businesses under review. The initiated restructurings are well on track. So things are moving forward. Coronavirus is slowing things down but we are keeping our foot on the gas.”
The elevator transaction required financially for this is expected to be closed by the end of the fiscal year 2019/2020. Of 13 required antitrust approvals, 8 have already been received without conditions.
In parallel with preparing the closing, thyssenkrupp continues to work on its planned strategy update: “We have developed a clear plan for the future and will be presenting the key elements to the Supervisory Board in the coming week. We will use the proceeds from the elevator transaction in the best possible way for the company. But it’s already clear now that the coronavirus will significantly reduce our leeway,” says Merz.
