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Salzgitter AG

euro adhoc: Salzgitter AG
Annual Reports
SALZGITTER AG - Key data for financial year 2003 (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Back on an upward trend with over EUR 40 million profit
The Salzgitter Group ended the financial year 2003 with a generally
satisfactory result.
Consolidated external sales increased to EUR 4.8 billion (2002: EUR
4.7 billion). Earnings before taxes (EBT) amounted to EUR 42.5
million. Included in the present consolidated financial statements
are balance sheet support measures at the Processing Division in the
order of EUR 25 million. A one-off pro rata charge of EUR 24 million
resulting from the closure of a plant in the Tubes Division was
mainly offset by drawing on reserves set aside by
Mannesmannröhren-Werke AG to cover such risks.
The proportion of net annual income accrued to Salzgitter AG
shareholders amounts to EUR 31.8 million (previous year: EUR 64.4
million). The return on capital employed (ROCE) came in at 4.6%
(2002: 7.3%).
The Steel Division contributed EUR 1.4 billion to external Group
sales (2002: EUR 1.4 billion). Earnings before taxes increased to EUR
46.9 million (2002: EUR -23.5 million) and include a profit of EUR 14
million from the reduction in a shareholding. While the situation
regarding flat rolled products and plate improved consistently over
the course of the year, record high prices for scrap prevented a
return to profitability in the beams business.
External sales at the Tubes Division decreased to EUR 0.9 billion
(2002: EUR 1.1 billion). The principal companies in the Division
recorded signs of a mild recovery in the second half of 2003.
Nevertheless the pre-tax profit of EUR 2.6 million failed to match
the previous year's excellent result (2002: EUR 76.8 million). 
The Trading Division sales rose to EUR 2.0 billion (2002: EUR 1.7
billion). The Division posted earnings of EUR 13.1 million before
taxes (2002: EUR 8.2 million).
The Services Division generated external sales valued at EUR 241
million and pre-tax profits of EUR 13.7 million (2002: EUR 8.3
million).
With external sales of EUR 221 million, the Processing Division
achieved a break-even result of EUR 0.1 million (2002: EUR 8.0
million) with the support of a waiver of trade receivables by the
group.
The loss from consolidation and other items amounted to EUR -34.0
million (2002: EUR -5.3 million) and was mainly caused by the waiver
of trade receivables against Hoesch Spundwand und Profil GmbH and
Salzgitter Bauelemente GmbH.
The annual financial statements will be presented to the Supervisory
Board for approval at its next meeting and the full version will be
published on April 15, 2004.
The outlook for the coming months in the current financial year
appears to be comparatively positive. The price increases announced
for flat rolled products were successfully implemented. In the beams
segment, a "scrap surcharge" has been established. Further price
rises for all rolled steel products cannot be ruled out in the second
half of the year.
Recovery is also continuing in the Tubes business. After an increase
in demand in the second half of last year had already begun, a
positive trend in sales prices is now also apparent.
At the Trading Division, the situation is divided: While the domestic
stockholding business is experiencing a modest recovery at best,
international demand has reached an advanced level.
Business at the Services Division can be expected to remain
consistently positive. With the automotive and construction
industries both being in stagnation, the Processing Division
companies do not anticipate any notable stimulus in the coming
months.
Additional details are available in today’s press release. For
further information, please contact Investor or Public Relations.
end of announcement        euro adhoc 11.03.2004

Further inquiry note:

Bernhard Kleinermann
Tel.: +49 (0) 5341-21-3783
E-Mail: kleinermann.b@salzgitter-ag.de

Branche: Iron & Steel
ISIN: DE0006202005
WKN: 620200
Index: CDAX, HDAX, MDAX, Prime Standard
Börsen: Niedersächsische Börse zu Hannover / official dealing
Frankfurter Wertpapierbörse / official dealing
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Hamburger Wertpapierbörse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade

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  • 13.03.2003 – 08:12

    euro adhoc: Salzgitter AG / Annual Reports / Key figures of the 2002 business year (E)

    Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. Profits in excess of EUR 70 million in spite of difficult markets Salzgitter AG has concluded the 2002 business year with a result that can be regarded as generally satisfactory considering the persisting difficult situation of domestic and foreign ...