DGAP-News: Salzgitter AG: first nine months of 2013 - The Salzgitter Group comes through the economic trough in the third quarter - rigorous implementation of the 'Salzgitter AG 2015' project
(firmenpresse) - DGAP-News: Salzgitter AG / Key word(s): Quarter Results
Salzgitter AG: first nine months of 2013 - The Salzgitter Group comes
through the economic trough in the third quarter - rigorous
implementation of the 'Salzgitter AG 2015' project
14.11.2013 / 07:30
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In the first nine months of 2013 the business activities of the Salzgitter
Group were burdened by the structural crisis in the European steel
industry, reflected by persistently fierce price-led competition. The
resulting unsatisfactory performance of the Steel Division was also
determined by impairment and an unexpectedly high outlay for repair work on
a blast furnace. At the same time, the large-diameter pipes business
continued to suffer from a severe order shortfall. The prevailing
unfavorable general conditions underscore the necessity of the extensive
'Salzgitter AG 2015' restructuring program with a profit potential totaling
more than EUR 200 million p.a. The program is being vigorously implemented
on the basis of the prerequisites that were set in place at group level
during the third quarter.
The Salzgitter Group's external sales declined by 10 % to EUR 7,246.7
million (first nine months of 2012: EUR 8,015.1 million) mainly due to
lower rolled steel selling prices. Earnings before taxes stood at EUR
-363.0 million (first nine months of 2012: EUR -42.6 million). This figure
includes EUR 185.0 million in impairment in the sections product segment,
as well as EUR 45.9 million (first nine months of 2012: EUR +44.6 million)
in negative after-tax contribution by the 25 % holding in Aurubis AG, a
participation included at equity. Based on an after-tax result of EUR
-382.2 million (first nine months of 2012: EUR -48.2 million), basic
earnings per share amount to EUR -7.12 (first nine months of 2012: EUR
-0.95) and return on capital employed (ROCE) stood at -10.8 % (first nine
months of 2012: 0.0 %).
External sales by Division (EUR million):
9M 2013 9M 2012Earnings before tax (EBT) by Division (EUR million):
Steel 1,853.6 (2,037.6)
Trading 3,101.4 (3,659.0)
Tubes 1,137.8 (1,164.7)
Services 302.3 (313.3)
Technology 826.6 (813.0)
Other 25.0 (27.5)
Group 7,246.7 (8,015.1)
9M 2013 9M 2012There are growing signs in Europe of an emerging economic recovery. Owing
Steel -330.0 (-149.8)
Trading 23.5 (42.0)
Tubes -43.8 (17.2)
Services 3.7 (12.5)
Technology 5.9 (0.8)
Other -22.4 (34.8)
Group -363.0(-42.6)
to the considerable imbalance between supply and demand, however, this
development is as yet unable to have an effect on the situation in the
steel industry. For this reason as well, the implementation of the internal
project to safeguard the medium to long-term competitiveness of the Group
under the 'Salzgitter AG 2015' restructuring program has been given the
highest priority.
The Salzgitter Group affirms its guidance for the financial year 2013 of
lower sales year on year and a negative pre-tax result in the EUR 400
million range. As already announced, additional special, initially
burdening, non-recurrent effects may still arise as a consequence of
implementing the 'Salzgitter AG 2015' Group project.
As in recent years, 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. Additional positive or negative effects may arise from
structural or methodological changes. This includes in particular
measurement pursuant to IFRS standards and their application. The resulting
fluctuation in the consolidated pre-tax result may be within a considerable
range, either to the positive or to the negative.
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
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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14.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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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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239721 14.11.2013
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Unternehmensinformation / Kurzprofil:
Datum: 14.11.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 316326
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