13.11.2019 Salzgitter AG  DE0006202005

DGAP-News: Salzgitter AG: Salzgitter Group delivers pre-tax profit in a persistently challenging market environment


DGAP-News: Salzgitter AG / Key word(s): 9 Month figures
Salzgitter AG: Salzgitter Group delivers pre-tax profit in a persistently challenging market environment

13.11.2019 / 07:30
The issuer is solely responsible for the content of this announcement.


- Result comprises EUR 92.2 million on balance in burdens from provisions
- "FitStructure 2.0" optimization program enters its implementation phase
- Profit forecast for the financial year 2019 affirmed

In an environment characterized by great political uncertainty, compounded by multiple trade conflicts and economic headwind, the Salzgitter Group generated a pre-tax profit of EUR 40.7 million in the first nine months of the financial year 2019. The gradual decline in rolled steel selling prices over the course of the year, accompanied by a temporary sharp increase in the cost of iron ore and a downturn in demand, not only from the automotive sector, burdened the steel producing and processing companies in particular. By contrast, the KHS Group as the largest company of the Technology Business Unit continues to develop very satisfactorily.

"The current framework conditions are very challenging, especially for our steel producing companies. The strategic decision to work toward achieving a balance between our steel-related activities and areas not so closely related to steel has once again proven to be correct. We continue to rigorously and consistently improve our structures and processes under our "FitStructure 2.0" optimization program. We want this program to generate a minimum of EUR 240 million in profit improvement potential by 2022. Together with our sound balance sheet and our precautionary measure of procuring CO2 allowances for the fourth period of the EU's trading system for greenhouse gas emissions, this gives us the assurance of being well positioned to take on the challenges that lie ahead," explains Chief Executive Officer Prof. Dr. Ing. Heinz Jörg Fuhrmann.

The Salzgitter Group's external sales decreased to EUR 6,637.3 million in the first nine months of the financial year 2019 (9M 2018: EUR 6,931.2 million) due above all to selling prices. Earnings before taxes of EUR 40.7 million (9M 2018: EUR 284.6 million) comprise a risk provision of EUR 141.0 million in connection with the desired mutually agreed and timely end to the investigations conducted on the grounds of suspected cartel arrangements regarding heavy plate and strip steel products, as well as well as the release of EUR 48.8 million in provisions at the Strip Steel and Plate / Section Steel business units. The result also includes a contribution of EUR 78.1 million from the participating investment in Aurubis AG accounted for using the equity method (9M 2018: EUR 29.2 million). The after-tax result stood at EUR -29.8 million (9M 2018: EUR 194.0 million). The high tax rate is attributable in particular to the provision established in the context of an end to the anti-trust investigation proceedings and that is not tax deductible, as well as to the remeasurement of deferred tax assets relating to loss carryforwards. Earnings per share therefore came in at EUR - 0.63 (9M 2018: EUR 3.51) and return on capital employed at 2.5 % (9M 2018: 11.6 %). Even after another reduction in the actuarial rate applicable to pension provisions to only 0.75 %, the company continues to enjoy an extremely sound financial basis, with an equity ratio of 33 %.

External sales by business unit (EUR million):

  9M 2019 9M 2018
Strip Steel 1,730.1 1,812.1
Plate / Section Steel 630.6 773.9
Mannesmann 842.1 841.6
Trading 2,294.5 2,405.7
Technology 1,000.9 956.9
Industrial Participations / Consolidation 139.1 141.2
Group 6,637.3 6,931.2

Earnings before taxes (EBT) by business unit (EUR million):

  9M 2019 9M 2018
Strip Steel 84.6 171.2
Plate / Section Steel -13.0 14.5
Mannesmann -2.9 20.7
Trading 3.3 35.2
Technology 22.5 30.5
Industrial Participations / Consolidation -53.9 12.6
Group 40.7 284.6


We affirm our earnings forecast for the financial year 2019, adjusted on September 26. Against the backdrop of restructuring expenses still to be determined for the implementation of the "FitStructure 2.0" profit improvement program, we anticipate for the Salzgitter Group

- a pre-tax loss in the mid-double-digit million euro range,

- lower external sales of under EUR 9.0 billion compared with the previous year,

- a return on capital employed (ROCE) that is tangibly below the year-earlier figure.

We make reference to the fact that criteria of the annual financial statements and imponderables, including changes in the cost of raw materials, precious metal prices and exchange rates, may still have a considerable impact on the end of the financial year 2019.

Disclaimer: Some of the statements made in this report possess the character of forecasts or may be interpreted as such. These are made to the best of the Company's knowledge and judgment, 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 business units' companies, but rather that the underlying bases of plans and outlooks prove to be accurate as expected with regards to their scope and timing. Notwithstanding prevailing statutory provisions and capital market law in particular, the Company accepts no obligation to continuously update any forward-looking statements that are made solely in connection with circumstances prevailing on the day of their publication.

Markus Heidler

Head of Investor Relations

Salzgitter AG
Eisenhüttenstraße 99
38239 Salzgitter

Phone +49 5341 21-6105
Fax +49 5341 21-2570
E-Mail [email protected]

13.11.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Salzgitter AG
Eisenhüttenstraße 99
38239 Salzgitter
Phone: +49 5341 21-01
Fax: +49 5341 21-2727
E-mail: [email protected]
Internet: www.salzgitter-ag.de
ISIN: DE0006202005
WKN: 620200
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 910939

End of News DGAP News Service

910939  13.11.2019 


Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 8.501,50 7.892,90 8.990,20 9.278,20 8.547,30 7.090,80 8.530,00
EBITDA1,2 431,00 476,00 707,20 797,20 354,20 176,00 0,00
EBITDA-Marge3 5,07 6,03 7,87 8,59 4,14 2,48 0,00
EBIT1,4 90,00 119,00 316,80 412,60 -187,50 -119,00 0,00
EBIT-Marge5 1,06 1,51 3,52 4,45 -2,19 -1,68 0,00
Jahresüberschuss1 -45,50 56,80 193,60 277,70 -237,30 -273,90 380,00
Netto-Marge6 -0,54 0,72 2,15 2,99 -2,78 -3,86 4,46
Cashflow1,7 447,40 290,20 273,70 527,80 250,70 18,30 0,00
Ergebnis je Aktie8 -0,89 0,99 3,35 5,06 -4,46 -5,13 6,00
Dividende8 0,25 0,30 0,45 0,55 0,00 0,00 0,55
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Ernst & Young

WKN Kurs in € Einschätzung Börsenwert in Mio. €
620200 29,000 1.742,81
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
10,00 14,50 0,67 -26,46
0,65 95,24 0,25 26,46
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
0,00 0,00 0,00 19.05.2021
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
12.05.2021 11.08.2021 15.11.2021 15.03.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-4,75% 10,10% 33,64% 104,23%
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Stahl/Kupfer , 620200 , SZG , XETR:SZG