31.07.2018
thyssenkrupp AG DE0007500001
DGAP-Adhoc: thyssenkrupp AG: Adjustment of Group forecast for fiscal year 2017/2018 after comprehensive review of project portfolio at Industrial Solutions
DGAP-Ad-hoc: thyssenkrupp AG / Key word(s): Forecast
thyssenkrupp AG: Adjustment of Group forecast for fiscal year 2017/2018
after comprehensive review of project portfolio at Industrial Solutions
31-Jul-2018 / 19:22 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Disclosure of an inside information according to Article 17 MAR
Adjustment of Group forecast for fiscal year 2017/2018 after comprehensive
review of project portfolio at Industrial Solutions
In the context of the restructuring of Industrial Solutions, the industrial
group thyssenkrupp has conducted a comprehensive project analysis and a
review of the budgeted figures in its plant construction and shipbuilding
segment. The result of this analysis is a correction of the expected
earnings figures of Industrial Solutions for the third fiscal quarter and
the current fiscal year and thus the forecast for the Group.
Industrial Solutions is expected to report a negative adjusted EBIT of
around -220 million euros in the third quarter of 2017/2018. This is mainly
due to additional expenses that have become necessary as part of the
extensive project analysis and a reassessment of individual projects. The
main negative factors were higher expected total costs, particularly for a
marine project in Turkey, a cement plant in Saudi Arabia and a biofuel power
plant in Australia.
Even before these effects, Industrial Solutions' adjusted EBIT in the third
quarter will be negative at a low double-digit million amount due to lower
than expected sales. The lower order intake and delayed milestone payments
in connection with current projects mean that the contribution of the plant
construction and shipbuilding segment to the Group's Free Cash Flow before
M&A for the year as a whole is also below the previous year and will
therefore be more negative than previously expected.
For the current 2017/2018 financial year, this will lead to an adjustment of
the Group's forecast: Adjusted EBIT will now be around 1.8 billion euros
(previous year: 1.722 billion euros) and thus at the lower end of the
previously forecast range of 1.8 to 2 billion euros. Free Cash Flow before
M&A will continue to be significantly better than in the previous year
(previous year: -855 million euros), but will be negative due to the lower
expectations in plant construction and shipbuilding (previously: 'positive
again'). Despite these developments, the Group's net income will continue to
be significantly better than in the previous year (previous year: 271
million euros).
The results for the third quarter of 2017/2018, combined with a medium-term
outlook for the business segments, will be published as planned on August 9.
"Adjusted EBIT" as defined in the Annual Report 2016/2017, p. 38, "Free Cash
Flow before M&A" as defined by "FCF before M&A" in the Annual Report
2016/2017, p. 39, available at https://www.thyssenkrupp.com/en/publications/.
Contact:
Dr. Claus Ehrenbeck
Head of Investor Relations
T: +49-201-844-536464
Peter Sauer
Head of External Communications
T: +49-201-844-536791
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Language: English
Company: thyssenkrupp AG
thyssenkrupp Allee 1
45143 Essen
Germany
Phone: +49 (0)201 844-0
Fax: +49 (0)201 844-536000
E-mail: [email protected]
Internet: www.thyssenkrupp.com
ISIN: DE0007500001
WKN: 750000
Indices: DAX
Listed: Regulated Market in Dusseldorf, Frankfurt (Prime
Standard); Regulated Unofficial Market in Berlin, Hamburg,
Hanover, Munich, Stuttgart, Tradegate Exchange
Weitere Informationen im Internet unter Investor Relations: Anleihen /
Creditor Relations Further information can be found on our website
under Investor Relations: Bonds / Creditor Relations
End of Announcement DGAP News Service
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709729 31-Jul-2018 CET/CEST
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