The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Christian Obst - Baader-Helvea Equity Research - Analyst
: First of all, when you're talking about capital employed, the last capital employed was something about EUR 2.7 billion if I see it right. What is the
underlying capital employed you are talking about when you are targeting an ROCE of 8% to 10% for the current business year?
Then the next one is a little bit again on the reporting. It's not -- of course, not very transparent with MRP, FRP and others. And looking to others,
it came in with minus EUR 93 million this year. Can you give us some kind of an idea, which really triggered that kind of elevated level, especially
in Q4, when you reported minus EUR 33 million? And going forward, into your guidance you have for others included between EUR 44 million and
EUR 72 million. What brings you to the lower or to the upper end there?
And then third one is on free cash flow. So despite a very promising free cash flow in the fourth quarter of approximately EUR 220 million, there is
still a very high net working capital of EUR 1.8 billion. So does this relate to the restocking or high stocks in the scrap business? And what is some
kind of a normal working capital in the new structure?
Question: Christian Obst - Baader-Helvea Equity Research - Analyst
: Yes. In a certain extent, of course, what I can calculate, but can you give me some kind of a number where you are basing on for the targeted 8%
to 10%?
Question: Christian Obst - Baader-Helvea Equity Research - Analyst
: How much was that?
Question: Christian Obst - Baader-Helvea Equity Research - Analyst
: Okay. And what brings you then to the -- when I calculate your guidance with MRP, FRP and group, then the others differs going forward between
EUR 44 million and EUR 72 million. So what should bring us to the upper or to the lower end?
Question: Christian Obst - Baader-Helvea Equity Research - Analyst
: So when I look to the guidance for MRP and FRP and to the group, so the difference is others, and it differs there between EUR 44 million and EUR
72 million. What would bring us to the upper end or to the lower end of that guidance in the current business year?
Question: Christian Obst - Baader-Helvea Equity Research - Analyst
: Of course, one in the region of EUR 40 million, EUR 40 million something? Okay.
Question: Christian Obst - Baader-Helvea Equity Research - Analyst
: Okay. And then the last one I have. Calculating the normalized depreciation is approximately EUR 180 million. You invested approximately EUR 2
million. At EUR 200 million last year, there was some kind of a guidance going forward going towards EUR 240 million in kind of CapEx. What is
your expectations for the current business year? What do you like to invest?
Question: Christian Obst - Baader-Helvea Equity Research - Analyst
: You mentioned your strategic review CapEx or investment review, can you give us a time frame for that when we can hear more details concerning
that kind of strategic review?
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