Group performance highlights:
• Group EBITDA in FY'12 was Rs13,533 crore ($2.66 billion) compared to Rs17,116 crore ($3.36 billion) in FY'11. Group EBITDA in Q4 FY'12 was Rs3,419 crore ($672 million) compared to Rs2,023 crores ($398 million) in Q3 FY’12 and Rs4,782 crore ($940 million) in Q4 FY'11.
• Group consolidated turnover of Rs1,32,900 crore ($26.13 billion) in FY'12 was 11.9 percent higher than the turnover of Rs1,18,753 crore ($23.34 billion) in FY'11. The consolidated turnover of Rs33,999 crore ($6.68 billion) in Q4 FY'12 was up by 2.7 percent from Rs33,103 crore ($6.51 billion) in Q3 FY’12 and by 0.5 percent from Rs33,824 crore ($6.65 billion) in Q4 FY'11.
• The group’s steel deliveries in FY'12 fell marginally by 1.1 percent to 24.22 million tonnes compared to 24.50 million tonnes in FY'11. Q4 FY'12 steel deliveries fell by 6.5 percent to 6.22 million tonnes compared to 6.65 million tonnes in Q4 FY'11, but rose by 6.5 percent from 5.84 million tonnes in Q3 FY’12.
• Net debt at the end of March 2012 increased slightly to Rs47,697 crore ($9.38 billion) compared to Rs46,660 crore ($9.17 billion) at the end of March 2011.
• Turnover at Tata Steel India in FY12 increased by 15.4 percent to Rs33,933 crore ($6.67 billion) from Rs29,396 crore ($5.78 billion) in FY'11. Q4 FY’12 sales of Rs9,479 crore ($1.86 billion) were up 13.7 percent from the Rs8,341 crore ($1.64 billion) of Q4 FY'11 and up 13.1 percent from the Rs8,382 crore ($1.65 billion) of Q3 FY'12.
EBITDA in FY'12 at Rs11,559 crore ($2.27 billion) was down by 0.6 percent from Rs11,625 crore ($2.29 billion) in FY'11. Q4 FY’12 EBITDA of Rs2,975 crore ($585 million) was down 3.3 percent from the Rs3,076 crore ($605 million) of Q4 FY'11, but 13.7 percent higher than the Rs2,618 crore ($515 million) of Q3 FY'12.
• Turnover in Tata Steel Europe in FY'12 increased to Rs82,153 crore ($16.15 billion) from Rs73,844 crore ($14.52 billion) in FY'11. Q4 FY’12 sales were Rs19,923 crore ($3.92 billion) compared to Rs21,488 crore ($4.22 billion) in Q4 FY'11 and Rs20,535 crore ($4.04 billion) in Q3 FY'12. FY’12 sales increased by 3.7 percent over FY’11 as per Tata Steel Europe’s reporting currency.
EBITDA in FY'12 was Rs1,777 crore ($349 million) compared to Rs4,691 crore ($922 million) in FY'11. Q4 FY’12 EBITDA of Rs146 crore ($29 million) was down from the Rs1,557 crore ($306 million) of Q4 FY'11, but recovered from the loss of Rs781 crore ($153 million) of Q3 FY'12.
• The board of directors of the company has recommended a dividend of Rs12 per equity share for the financial year ended March 2012.
Financial performance analysis:
Consolidated financial results summary (under Indian GAAP) for the year ending March 31, 2012
For the purposes of converting all financial numbers to US$ for all comparable periods, a US$/Rs exchange rate of 50.87 has been used throughout this document.
Tata Steel Europe MD and CEO Dr Karl-Ulrich Köhler said: “The continuing eurozone crisis kept EU steel demand well below pre-crisis levels in the March quarter. In addition, operational difficulties that affected strip product output caused the European operations to perform worse than in the year-earlier period. But there was an improvement in performance over the third quarter, when the cost-price squeeze caused by high raw materials volatility was at its most extreme. The realisation of benefits from cost-saving and management improvement programmes contributed to this better performance. The company also met the first-year delivery targets on its long products restructuring by the end of March. Renewed investment and improvement initiatives in the strip products businesses will begin to bring further benefits as this financial year progresses.”