DGAP-News: SALZGITTER AG - First Quarter of 2013: Low-key start to the financial year - focus on realizing potential within the group
(firmenpresse) - DGAP-News: Salzgitter AG / Key word(s): Quarter Results
SALZGITTER AG - First Quarter of 2013: Low-key start to the financial
year - focus on realizing potential within the group
15.05.2013 / 07:30
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In the first three months of 2013, the performance of the Salzgitter Group
was overshadowed by persistently unfavorable general economic conditions in
Europe. The recovery in the demand for steel at the beginning of the year
proved to be short lived; a renewed weakening of selling prices was not
compensated by the more hesitant reduction in the cost of raw materials.
Capacity utilization in the flat steel and plate businesses, as well as the
tubes companies in part was however comparatively satisfactory. The Trading
Division benefited from the positive position of its international
trading,while the Technology Division continued to successfully implement
its restructuring measures. Overall, the Group closed the first quarter of
2013 with a pre-tax loss that underscores the significance of the
'Salzgitter AG 2015' reorganization program initiated the year before.
Consolidated external sales declined to EUR 2,446.8 million, down EUR 168
million, mainly due to selling prices (first quarter of 2012: EUR 2,614.6
million). Earnings before interest, tax, depreciation and amortization
(EBITDA) stood at EUR 98.7 million (first quarter of 2012: EUR 88.9
million), and the pre-tax result came in at EUR -15.8 million (first
quarter of 2012: EUR -19.6 million). This figure includes an amount of EUR
5.8 million in after-tax profit from Aurubis AG (first quarter of 2012: EUR
28.0 million), a participation included at equity. The result after tax
posted EUR -16.6 million (first quarter of 2012: EUR -15.5 million). An
equity ratio of 40.4 % and a net financial position of more than EUR 400
million continue to form a sound financial basis for mastering the current
challenges.
External sales by Division (EUR million):
Q1 2013 (Q1 2012)Earnings before tax (EBT) by Division (EUR million):
Steel 670.5 (724.8)
Trading 993.7 (1,103.9)
Tubes 400.8 (389.0)
Services 101.4 (108.4)
Technology 270.8 (280.1)
Other 9.5 (8.6)
Group 2,446.8 (2,614.8)
Q1 2013 (Q1 2012)The limited reliability of economic forecasts for Germany and for Europe
Steel -33.7 (-51.6)
Trading 10.2 (11.5)
Tubes -12.5 (-9.6)
Services 1.7 (6.2)
Technology 3.6 (2.5)
Other/Consolidation 14.8 (21.4)
Group -15.8 (-19.6)
above all continues to hamper the provision of valid and detailed guidance
for the results of the Salzgitter Group. Fundamentally, we do not expect a
significant improvement in the economic environment over the remainder of
the year. In view of the deterioration in the prospects of the Steel and
Tubes Divisions' business it has therefore become necessary to adjust the
guidance for the Salzgitter Group: We now anticipate stable sales and a
negative pre-tax result in the mid-double-digit million euro range in the
financial year 2013. As already announced,additional special effects may
still arise as a consequence of implementing the 'Salzgitter AG 2015' Group
project.
We make reference to the fact that opportunities and risks from currently
unforeseeable trends in selling prices, input material prices and capacity
level developments, as well as changes in the currency parity, may
considerably affect performance in the course of the financial year 2013.
The resulting fluctuation in the consolidated pre-tax result may be within
a considerable range, either to the positive or to the negative. The
dimensions of this range become clear if one considers that, with around 9
million tons of steel products sold by the Steel, Trading and Tubes
divisions over the remainder of the financial year, an average EUR 20
contraction in the margin per ton is sufficient to cause a variation in the
annual result of more than EUR 180 million. Moreover, the accuracy of the
company's planning is restricted by the volatilities and shorter
contractual durations, both on the procurement and on the sales side.
Disclaimer: Some of the statements made in this report possess the
character of forecasts or may be interpreted as such. They are made upon
the best of information and belief and by their nature are subject to the
proviso that no unforeseeable deterioration occurs in the economy or in the
specific market situation pertaining to the division companies, but rather
that the underlying bases of plans and outlooks prove to be accurate as
expected in terms of their scope and timing. Notwithstanding prevailing
statutory provisions and capital market law in particular, the company
undertakes no obligation to continuously update any forward-looking
statements that are made solely in connection with circumstances prevailing
on the day of their publication.
Contact:
Markus Heidler
Deputy Head of Investor Relations
Salzgitter AG
Eisenhüttenstraße 99
38239 Salzgitter
Phone +49 5341 21-6105
Fax +49 5341 21-2570
E-Mail ir(at)salzgitter-ag.de
End of Corporate News
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15.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Salzgitter AG
Eisenhüttenstraße 99
38239 Salzgitter
Germany
Phone: +49 5341 21-01
Fax: +49 5341 21-2727
E-mail: info(at)salzgitter-ag.de
Internet: www.salzgitter-ag.de
ISIN: DE0006202005
WKN: 620200
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hannover;
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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211110 15.05.2013
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Datum: 15.05.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 260080
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