EANS-Adhoc: voestalpine AG / Non-recurring write offs affect earnings (EBIT) in business year 2020/21, range of outlook or business year 2020/21 specified
Disclosed inside information pursuant to article 17 Market Abuse Regulation (MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is responsible for the content of this announcement.
Linz – voestalpine AG’s result will be affected by non recurring write offs of around EUR 200 million in the current business year 2020/21, in particular due to impairment losses both at voestalpine Texas and to a lesser extent at voestalpine Tubuluars.
These are realized because of the expected results at the end of the current financial year, mainly due to global disparities triggered by the COVID-19 pandemic, as well as necessary adjustments to medium-term earnings expectations at these companies.
The non-recurring write-offs are neither cash-effective nor affect EBITDA, but do affect EBIT.
Due to the improvements in the economic environment, the Management Board currently expects an EBITDA in a range of EUR 800 million to EUR 1 billion for the entire business year 2020/21, assuming no further significant restrictions in connection with the COVID-19 pandemic, such as „lockdowns“, by the authorities.
end of announcement euro adhoc
issuer: voestalpine AG
phone: +43 50304/15-9949
FAX: +43 50304/55-5581
indexes: WBI, ATX
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