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| Datum : | 15.05.2014 |
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DGAP-News: Salzgitter AG: First quarter of 2014 - 'Salzgitter AG 2015' program progressing well - tangible success in the first quarter of 2014 |
| Meldung : | DGAP-News: Salzgitter AG / Key word(s): Interim Report Salzgitter AG: First quarter of 2014 - 'Salzgitter AG 2015' program progressing well - tangible success in the first quarter of 2014 15.05.2014 / 07:29 --------------------------------------------------------------------- - Year-on-year improvement in consolidated result - Peiner Träger GmbH and precision tubes group achieve breakeven in quarterly results - New, lean Group organization structure effective since January 1, 2014 - Guidance for the financial year 2014 results affirmed The situation on the European steel market remained tense at the beginning of 2014. The persistent imbalance between supply and demand continues to put great pressure on margins. The market environment for steel products, also unfavorable outside the EU, combined with significant capacity underutilization in the large-diameter tubes segment that eased only in April, determined the course of business in the first quarter of 2014. Nonetheless, the Salzgitter Group improved its earnings, with the "Salzgitter AG 2015" restructuring program, that has set profound processes of change in motion within the Group since mid-2013, making a major contribution. The tangible success in the sections business as well as in the precision tubes group affirms the expediency of this course of action and strengthens our motivation to vigorously forge ahead in implementing the extensive package of measures in all Group companies. As of March 31, 2014, the Group's net financial position stood at EUR 104 million. The decline in this position resulted mainly from the higher levels of operating activity and partly due to changes in the consolidated group in the context of reporting-date related effects. The equity ratio of approximately 38 % remained at a sound level. When considering the following year-on-year comparisons, it should be noted that the key data of the financial year 2013 have been restated to take account of the new Group organization structure and changes in the consolidation methods applied to participating interests under IFRS 11. In the first quarter of 2014, the Group's external sales dropped below the year-earlier figure (EUR 2,300.9 million; first quarter of 2013: EUR 2,448.5 million), owing mainly to the downtrend in the Trading and Plate/Section Steel business units caused by lower volumes and selling prices. Earnings before taxes amounted to EUR -8.7 million (first quarter of 2013: EUR-16.1 million), influenced by a positive contribution from the Aurubis investment. Earnings after taxes of EUR -13.3 million were recorded (first quarter of 2013: EUR -17.1 million), which brings earnings per share to EUR -0.26 (first quarter of 2013: EUR -0.33). The return on capital employed (ROCE) posted 0.4 % (first quarter of 2013: 0.3 %). External sales by Business Units (EUR million): Q1 2014 (Q1 2013 restated) Strip Steel 575.4 (524.1) Plate/Section Steel 251.8 (325.7) Energy 338.9 (318.1) Trading 774.6 (961.7) Technology 313.0 (269.7) Other 47.2 (49.2) Group 2,300.9 (2,448.5) Earnings before tax (EBT) by Business Units (EUR million): Q1 2014 (Q1 2013 restated) Strip Steel -2.2 (-7.3) Plate/Section Steel -22.4 (-32.0) Energy -12.3 (-11.1) Trading 4.9 (11.4) Technology 9.2 (2.8) Other 14.1 (20.1) Group -8.7 (-16.1) The following guidance was compiled on the basis of the new Group organization structure that took effect on January 1, 2014. Guidance on the development of the macroeconomic situation is already fundamentally subject to a great deal of uncertainty, particularly in the current environment prevailing in Europe. In addition, the impact on performance of European and German energy and climate policies is also currently still difficult to predict. The forward-looking statements below assume the absence of renewed recessionary development. Instead, we anticipate a relatively restrained economic recovery in volumes and selling prices in the current financial year, with markets remaining fiercely contested. Based on planning by the individual business units, and taking account of significant effects from measures as well as structural improvements from the "Salzgitter AG 2015" groupwide project, we assume the following in the year 2014 sales of almost EUR 10 billion, a significant increase in the pre-tax result, approximating breakeven, compared with the financial year 2013 and another moderately positive return on capital employed. Additional information can be found in the press release and the financial report published today (www.salzgitter-ag.com/en). 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 2014. 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 EUR 25 contraction in the margin per ton is sufficient to cause a variation in the annual result of than EUR 300 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. 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@salzgitter-ag.de End of Corporate News --------------------------------------------------------------------- 15.05.2014 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. --------------------------------------------------------------------- Language: English Company: Salzgitter AG Eisenhüttenstraße 99 38239 Salzgitter Germany Phone: +49 5341 21-01 Fax: +49 5341 21-2727 E-mail: info@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 --------------------------------------------------------------------- 268527 15.05.2014 |
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