ThyssenKrupp FY19 Loss Widens, Sees Wider Loss In FY20; Warns On FY21 Outlook
(RTTNews) - German industrial and technology group thyssenKrupp AG (TYEKF.PK) reported Thursday that its fiscal 2019 net loss attributable to shareholders was 304 million euros, wider than last year's loss of 62 million euros. Loss per share was 0.49 euro, compared to loss of 0.10 euro a year ago.
EBIT for the year plunged 71 percent from last year to 272 million euros. The adjusted EBIT was 802 million euros, down 44 percent from the prior year.
Net sales grew 1 percent to 41.996 billion euros from 41.534 billion euros last year. Order intake was 41.994 billion euros, up 1 percent from 41.486 billion euros a year ago.
Citing the weak operating performance and the financial situation, the company said its Boards will propose to the Annual General Meeting on January 31 not to pay a dividend for the 2019 fiscal year.
Looking ahead, the company said it is generally cautious about the current fiscal year 2020. The company projects significantly higher net loss for the year than in the previous year due to the expenses for the intensification of restructuring.
Adjusted EBIT is expected to be at the previous year's level.
Further, the company said that at System Engineering, the restructuring process has already begun. There will be a reduction of about 640 jobs. Overall, thyssenkrupp has earmarked a mid triple-digit million euro amount for pending restructuring measures in the current fiscal year.
Thyssenkrupp also said it will not achieve the medium-term targets set in August 2018 in fiscal 2021 as planned. However, the level of ambition associated with the medium term targets remains unchanged.