Thyssenkrupp Nucera's operating profit down on IPO prep costs (updated)
25/11/2022 12:40
(Adds details)
FRANKFURT, Nov 25 (Reuters) -
Germany's Thyssenkrupp TKAG.DE on Friday said that Nucera,
its joint venture with Italy's De Nora DNR.MI , saw its
operating profit fall by two-thirds, citing costs related to
preparations for a potential stock market listing and growth
investments.
Earnings before interest and tax (EBIT) for the business,
which Thyssenkrupp said might go public via an initial public
offering (IPO) at some point, fell to 9 million euros ($9.4
million) in the 2021/22 fiscal year ending September.
This was partly due to a "mid-single digit euro million
amount of non-recurring IPO preparation costs", Thyssenkrupp
said in presentation slides, published as part of a capital
markets update a week after full-year results.
The slides also showed that sales for the division
increased by a fifth, to 383 million euros, for an EBIT margin
of 2.4%, down from 8.4%. Order intake for the year more than
tripled to 1.34 billion euros, while backlog stands at 1.5
billion.
Nucera, which is active in alkaline water electrolysis -
a key requirement for the generation of hydrogen produced via
renewable energy - initially aimed for an
IPO in spring
but had to indefinitely delay the move due to volatile
capital markets.
($1 = 0.9622 euros)
(Reporting by Christoph Steitz, editing by Rachel More and
Miranda Murray)
((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))