© Reuters. The logo of German steelmaker ThyssenKrupp AG is seen at the gate to Haus Rheinberg, a villa used for seminars in the valley of the small stream Wisper that confluents with the Europe’s largest waterway Rhine near Lorch, Germany, September 15, 2019. REUTE
FRANKFURT (Reuters) – Thyssenkrupp (ETR:) on Thursday said it would propose a dividend of 0.15 euros per share for the past financial year, which would mark the first payout in four years, on the back of strong price increases for steel and materials.
The submarines-to-car parts firm still gave a muted outlook for the current fiscal year ending September 2023, expecting sales and profits to fall significantly as prices are expected to come down again, it said.
“No one can tell how big the challenges will be or how long they will last. However, we are preparing for the worst-case scenario,” Chief Financial Officer Klaus Keysberg said.
Sales in the 2022/23 fiscal year are expected to fall significantly from the 41.1 billion euros in 2021/22, while adjusted operating profit is seen more than halving to a high triple-digit million euro amount at best, down from 2.1 billion.
According to Refinitiv estimates, 2023 sales are expected to decline by 11% to 36.5 billion euros. Thyssenkrupp said that the main drivers behind the expected decline were a normalisation of prices for steel and materials as well as higher energy costs.
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