26.02.2016 Salzgitter AG  DE0006202005

DGAP-News: Salzgitter AG: Key data for the financial year 2015


 
DGAP-News: Salzgitter AG / Key word(s): Final Results Salzgitter AG: Key data for the financial year 2015 26.02.2016 / 07:30 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Salzgitter Group delivers first positive annual result since 2011 - "Salzgitter AG 2015" program achieves decisive impact on earnings - Sound balance sheet: equity ratio of 35 %; net financial position rises to EUR 415 million despite adverse market conditions and non-recurrent burdens - Guidance for the financial year 2016: - operating pre-tax result around breakeven and - marginally positive return on capital employed (ROCE) Against the backdrop of a persistently challenging environment in the European steel market that deteriorated continuously over the course of the year due to the massive rise in Chinese imports at dumping prices, the Salzgitter Group generated a positive pre-tax result for the first time since 2011. Despite an amount of EUR -73.8 million on balance in burdens on earnings from non-recurrent effects, the company therefore raised its result by almost EUR 30 million compared with the year-earlier period and closed - as forecasted - with a pre-tax profit in the lower double-digit million euro range. Above all, the groupwide "Salzgitter AG 2015" restructuring program, of which more than two thirds had been implemented by the end of 2015, contributed to improving the result. The already very sound balance sheet and financial structure was strengthened further by the growth in the equity ratio to 35% and the higher net financial position that rose to EUR 415 million. The Salzgitter Group's external sales (EUR 8,618.4 million; 2014: EUR 9,040.2 million) declined due to the downturn in average selling prices for steel products. Earnings before taxes climbed to EUR 12.6 million (2014: EUR -15.2 million). This figure includes a profit contribution of EUR 21.8 million from the Aurubis investment (2014: EUR 31.2 million), as well as EUR -73.8 million on balance in burdens on earnings from the relining of a blast furnace in the Salzgitter steelworks and non-recurrent accounting-related effects. Earnings after tax stood at EUR -45.5 million (2014: EUR -31.9 million). This figure includes EUR 26.5 million in tax expenses due to potential burdens arising from a ruling by the German Federal Fiscal Court (BFH) on securities lending from January of 2016. Earnings per share therefore stood at EUR -0.89 (2014: EUR -0.64) and return on capital employed came in at 2.1 % (ROCE 2014: 1.8 %). Chief Executive Officer Prof. Dr.-Ing. Heinz Jörg Fuhrmann commented as follows: "The first positive pre-tax result delivered since 2011, generated in an extremely adverse market environment, marks a milestone. The Salzgitter Group has provided impressive proof of the effectiveness of its self-help measures launched in and ongoing since 2012. In the new financial year, the challenges remain tremendous given the steel imports flooding into the European Union and the still potential tightening of framework conditions under energy and environmental policies. We will therefore unceasingly press ahead with our endeavors to further optimize the Salzgitter Group. The urgently necessary EU trade defense measures already implemented and partly decided a short while ago, the first signs of recovery in the large-diameter tubes business, as well as the recent halt called to the declining prices of many steel products gives us the basis for looking to the future with cautious optimism." Development of the business units The market environment of the Strip Steel Business Unit saw a massive increase in imports from China, accompanied by slipping raw material prices, which exerted huge pressure on selling prices and margins. In conjunction with a marginal decline in shipments, this situation resulted in external sales dropping to EUR 1,922.5 million (2014: EUR 2,060.1 million). The business unit's pre-tax result (EUR -26.0 million; 2014: EUR -8.8 million) declined compared with the previous year's figure owing to the non-recurrent burden on earnings from relining the blast furnace at Salzgitter Flachstahl GmbH (EUR -41.9 million). Excluding this effect, the business unit would have delivered a pre-tax profit. In the period under review, the Plate / Section Steel Business Unit also operated in a markets exposed to very fierce competition, with the plate segment in particular coming under pressure from imports. The business unit's shipment volume remained stable as opposed to lower external sales due to the downturn in selling prices (EUR 908.8 million; 2014: EUR 1,118.8 million). The segment considerably improved its performance compared with 2014, but nevertheless delivered another clearly negative pre-tax result (EUR -68.0 million; 2014: EUR -130.0 million). This outcome primarily reflects the loss of EUR -56.9 million sustained by HSP Hoesch Spundwand und Profil GmbH that includes special burdens of EUR -29.4 million from winding down the business in December 2015. Moreover, the business unit's result comprises EUR -7.0 million in costs assigned to Ilsenburger Grobblech GmbH from relining the blast furnace. The situation on Europe's pipe and tube market remained challenging in 2015. As a result, the Energy Business Unit's external sales decreased to EUR 1,062.6 million (2014: EUR 1,226.5 million). The segment nonetheless generated a positive pre-tax result, having still disclosed a clear loss in the previous year (EUR 2.2 million; 2014: EUR -40.6 million). Thanks to the healthy business of the US companies, and despite provisions of EUR 10.0 million earmarked for restructuring measures at EUROPIPE France S.A., the EUROPIPE Group delivered a profit. Shipments of the Trading Business Unit grew first and foremost on the back of the robust development of international trading compared with the previous year. External sales reported a price-induced decline compared with the year-earlier figure (EUR 3,210.7 million; 2014: EUR 3,254.8 million). The segment delivered a relatively pleasing profit before taxes of EUR 32.2 million (2014: EUR 60.1 million), boosted mainly by the good pre-tax result of international trading as well as an overall amount of EUR 27.0 million in dividend income from non-consolidated subsidiaries and non-recurrent accounting-related effects. The Technology Business Unit's external sales grew significantly year on year (EUR 1,309.4 million; 2014: EUR 1,198.2 million), primarily due to the performance of the KHS Group. The KDE Group reported considerable growth on the back of the recovery of the automotive sectors' investment activity, as opposed to KDS that was unable to repeat the record level achieved in 2014. In an persistently competitive environment, the segment generated a pre-tax profit of EUR 24.6 million, thereby delivering a presentable result around the level of the previous year (2014: EUR 25.2 million). The external sales of Industrial Participations / Consolidation climbed to EUR 204.5 million in the financial year 2015 (2014: EUR 181.9 million). Earnings before taxes stood at EUR 47.5 million, which is lower than in the year-earlier period (2014: EUR 78.9 million). This figure includes the contribution of the Aurubis investment amounting to EUR 21.8 million (2014: EUR 31.2 million). Lower interest income from cash management within the Group, as well as provisions of EUR 12.5 million to cover the interest rate risk arising from the potential non-recognition for tax purposes of securities lending carried out in former years incurred a countereffect. The annual financial statements for the financial year 2015 will be submitted to the Supervisory Board for ratification at its next meeting and a full version published on Friday, March 18, 2016. Outlook Guidance on the development of the macroeconomic situation is already fundamentally subject to a great deal of uncertainty, particularly in the current political and financial environment. The forward-looking statements below on the individual business units assume the absence of renewed recessionary developments. Instead, we anticipate a relatively moderate economic recovery for our persistently contested main markets in the current financial year. Against this backdrop, the business segments anticipate that business will develop as follows in the financial year 2016: The activities of the companies of the Steel Business Unit are subject to extremely challenging framework conditions in the current financial year. Customer demand for passing on favorable raw materials procurement prices, on the one hand, and the steep uptrend in the volume of cheap imports from China into the European steel market since the second half-year of 2015, on the other, have exerted considerable pressure on prices. Salzgitter Flachstahl GmbH (SZFG), by far the business unit's largest company, expects selling prices to stabilize as from the second half of 2016, depending on when anti-dumping measures by the European Union (EU) enter into force. EU anti-dumping measures for cold-rolled strip have meanwhile already been decided, while a ruling on the respective measures against hot-rolled strip and plate imports at dumping prices is expected in the second half of the year. Assuming that demand remains satisfactory and with support from further cost savings, we anticipate virtually stable sales and a slight deterioration in the pre-tax result in comparison with 2015. The fact that the previous year's sales and result were burdened by relining one of the large blast furnaces in Salzgitter must be taken into account. The Plate / Section Steel Business Unit is also exposed to a difficult market environment in the current financial year. The plate mills in particular are confronted with partly ruinous price declines due to the flood of imports. Anti-dumping measures applied for in connection with this product segment are only likely to ease the situation to a certain extent in the second half of the year at the earliest. In addition, the capacity utilization of Salzgitter Mannesmann Grobblech GmbH depends to a large degree on realizing further large-diameter pipes projects. Extensive measures to reduce costs and raise efficiency are necessary for both mills. In connection with scrap prices returning to normal levels, Peiner Träger GmbH expects another somewhat lower, but nevertheless positive pre-tax result. Along with non-recurrent losses from HSP Hoesch Spundwand GmbH, whose operations were discontinued at year-end 2015, this is, however, unlikely to be sufficient to compensate for the plate mills' deficit. We nonetheless anticipate a significant reduction in the business unit's pre-tax loss. Owing above all to selling prices, coupled with the discontinuation of the sheet piling business, notably lower sales are anticipated. The companies of the Energy Business Unit will continue to operate in markets with varying potential in 2016. The awarding of major projects in Europe's large-diameter pipes market also depends on geopolitical considerations. Moreover, the currently low levels of oil and gas prices are hampering customers' investment propensity worldwide. The first orders already securing capacity utilization were nevertheless acquired in 2016. In the medium line pipes segment, demand is likely to remain reticent owing to the low energy prices; preparations for capacity adjustments and cost reductions are currently under way and are to be implemented over the course of the year. The precision tubes companies expect stable demand from automotive manufacturers in contrast to the markets of the energy and industry product segments that will remain exposed to tough competition. In the seamless stainless steel tubes segment, we anticipate that all product segments will stage a recovery in the second half of the year. Weaker selling prices will result in a marginal sales downturn overall; the pre-tax result is expected to remain at the year-earlier level. In 2016, the Trading Business Unit forecasts a stabilization of the price level and a recovery in demand. International trading is likely to increase shipments on the back of a revival in project awards. In the stockholding steel trade, raising the processing capacities and expanding the customer base in the context of stepping up the digitalization of sales is likely to generate growth momentum. Special items that boosted the result in 2015 will not repeat in 2016, which is likely to be reflected in a notably lower pre-tax result. Adjusted for these effects, the segment anticipates a slight upturn in sales overall and an appreciable improvement in the underlying result. Additional support will be provided here by the foreseeable success of restructuring at Salzgitter Mannesmann Stahlhandel GmbH and the strategic realignment of Universal Eisen und Stahl GmbH toward high-margin individual transactions. Based on a high order backlog, the Technology Business Unit expects stable sales and profit trends. In an environment of persistently price-led competition for project business, growth in profitable product segments is to be generated, as well as by a further expansion of the service business. Accordingly, the KHS Group expects a result around the year-earlier level at minimum. Above all further efficiency enhancing measures under the "Fit4Future 2.0" program are set to develop their full impact. The outlook for Klöckner DESMA Schuhmaschinen GmbH (KDS) and the KDE Group is similarly promising. In Industrial Participations / Consolidation that is mainly determined by the costs of the management holding company, reporting-date related valuation effects from foreign exchange and derivatives positions, the results of the services companies assigned to it, and other associated companies, including Aurubis AG, a positive pre-tax result is expected, albeit around one third below the comparatively high year-earlier level. Against the backdrop of the currently conditions, particularly in the rolled steel and pipe market, and taking account of further positive effects from the "Salzgitter AG 2015" program, flanked by additional programs of measures for the individual companies, we assume the following for the Salzgitter Group in the year 2016: - sales virtually stable at around EUR 8.6 billion, - an operating pre-tax result around breakeven - depending on when anti-dumping measures take effect and net of non-recurrent expenses for specific measures aimed at structural improvements within the Group - as well as - a marginally positive return on capital employed (ROCE). As in recent years, please note 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 2016. The resulting fluctuation in the consolidated pre-tax result may, as current events show, 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 12 million tons of steel products sold by the Strip Steel, Plate / Section Steel, Energy and Trading business units, an average EUR10 change in the margin per ton is sufficient to cause a variation in the annual result of more than EUR 120 million. Moreover, the accuracy of the company's planning is restricted by the volatile cost of raw materials and shorter contractual durations, on the procurement as well as on the sales side. 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 division 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.



                                                           2015        2014


External sales                                EUR m     8,618.4     9,040.2


Strip Steel Business Unit                     EUR m     1,922.5     2,060.1


Plate / Section Steel Business Unit           EUR m       908.8     1,118.8


Energy Business Unit                          EUR m     1,062.6     1,226.5


Trading Business Unit                         EUR m     3,210.7     3,254.8


Technology Business Unit                      EUR m     1,309.4     1,198.2


Industrial Participations / Consolidation     EUR m       204.5       181.9


Earnings before taxes (EBT)                   EUR m        12.6      - 15.2


Strip Steel Business Unit                     EUR m      - 26.0       - 8.8


Plate / Section Steel Business Unit           EUR m      - 68.0     - 130.0


Energy Business Unit                          EUR m         2.2      - 40.6


Trading Business Unit                         EUR m        32.2        60.1


Technology Business Unit                      EUR m        24.6        25.2


Industrial Participations / Consolidation     EUR m        47.5        78.9


Net income/loss for the financial year        EUR m      - 45.5      - 31.9


Earnings per share - basic                      EUR      - 0.89      - 0.64


Return on capital employed (ROCE)1)               %         2.1         1.8



Disclosure of financial data in compliance with IFRS 1) ROCE = EBIT (= EBT + interest expenses excl. interest portion in transfers to pension provisions) divided by the sum of shareholders' equity (excl. calculation of deferred tax), tax provisions, interest-bearing liabilities (excl. pension provision) and liabilities from finance leasing, forfaiting 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 [email protected] --------------------------------------------------------------------------- 26.02.2016 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. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Salzgitter AG Eisenhüttenstraße 99 38239 Salzgitter Germany Phone: +49 5341 21-01 Fax: +49 5341 21-2727 E-mail: [email protected] Internet: www.salzgitter-ag.de ISIN: DE0006202005 WKN: 620200 Listed: Regulated Market in Frankfurt (Prime Standard), Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart; Terminbörse EUREX End of News DGAP News Service --------------------------------------------------------------------------- 440451 26.02.2016


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 8.990,20 9.278,20 8.547,30 7.090,80 9.767,40 12.553,30 10.790,50
EBITDA1,2 707,20 797,20 354,20 176,00 1.261,60 1.617,80 677,00
EBITDA-Marge3 7,87 8,59 4,14 2,48 12,92 12,89
EBIT1,4 316,80 412,60 -187,50 -119,00 753,20 1.312,00 355,10
EBIT-Marge5 3,52 4,45 -2,19 -1,68 7,71 10,45 3,29
Jahresüberschuss1 193,60 277,70 -237,30 -273,90 586,10 1.085,40 204,10
Netto-Marge6 2,15 2,99 -2,78 -3,86 6,00 8,65 1,89
Cashflow1,7 273,70 527,80 250,70 18,30 329,40 596,50 892,00
Ergebnis je Aktie8 3,35 5,06 -4,46 -5,13 10,74 20,00 3,70
Dividende8 0,45 0,55 0,00 0,00 0,75 1,00 0,30
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - 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

INVESTOR-INFORMATIONEN
©boersengefluester.de
Salzgitter
WKN Kurs in € Einschätzung Börsenwert in Mio. €
620200 24,180 Kaufen 1.453,15
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
6,72 10,33 0,64 6,59
KBV KCV KUV EV/EBITDA
0,30 1,63 0,13 5,14
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
1,00 0,45 1,86 29.05.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
13.05.2024 12.08.2024 11.11.2024 15.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-2,68% -9,94% -13,64% -30,32%
    
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu Salzgitter AG  ISIN: DE0006202005 können Sie bei EQS abrufen


Stahl/Kupfer , 620200 , SZG , XETR:SZG