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A Group Management Report and Management Report on <strong>Salzgitter</strong> <strong>AG</strong> II. Profitability, Financial Position and Net Assets 126 127 The companies of the Steel Division were once again able to pass on the higher costs of raw materials and energy to the market. Moreover, they succeeded in considerably widening the margin against the background of strong demand for their products. A pre-tax profit of € 283.7 million set a new record for SZFG, which significantly outperformed both the previous year’s figure and the record highs of 2005 (€ 242.9 million) and, by comparison with the 2005 figures (which included special effects from abolishing the LIFO method of inventory valuation) was generated fully by operations. PTG succeeded in raising the pre-tax result almost fourfold to € 219.0 million as compared with the 2006 figure (€ 61.6 million), the highest result in the company’s history. Along with repeated hikes in base prices, a relatively high portion of particularly heavy sections and the preferred delivery to markets with high selling price levels contributed to improving the average margin and thus to raising the results. The still flourishing plate market enabled ILG to raise pre-tax profit over the prior year for the fifth time in a row since 2003 (2006: € 164.7 million) and to post pre-tax profit of € 227.5 million. The concentration of ILG on higher grade steels and particularly strong demand in this market segment drove the selling prices to new, excellent levels. HSP benefited from the persistently favorable market environment for sheet piles and raised its profit to € 9.8 million (2006: € 6.7 million). SZBE and SZEP generated pre-tax results of € 3.0 million (2006: € 3.3 million) and € 6.6 million (2006: € 7.5 million). Steel Division EBT 0 200 400 600 800 in € mil. FY 2007 FY 2006 433.8 As of December 31, 2007, the core workforce at the Steel Division had declined by 1 employee to a total of 6,829 (2006: 6,830 employees). PTG (+7 employees), HSP (+12 employees) and SZEP (+1 employee) recorded marginal growth, while SZFG (–15 employees), ILG (– 5 employees) and SZBE (–1 employee) reduced their workforces. 749.4 Profitability, Financial Position & Net Assets
1) Excluding intercompany deliveries in the Steel Division 2) Excluding intercompany sales within the Steel Division 3) Sales with other divisions in the Group 4) Contribution to Group external sales 5) Earnings before tax and including interest paid (but excluding the interest portion from transfers to pension provisions and excluding interest paid within the segment) 6) EBIT plus depreciation/amortization (also on financial investments) 7) Excluding financial investments 8) Including trainees and non-active agerelated part-time employees 9) Excluding trainees and non-active agerelated part-time employees The key data of the Steel Division are shown in the following table: Steel Division FY 2007 FY 2006 Crude steel production kt 5,663 5,692 LD steel (SZFG) kt 4,562 4,645 Electric steel (PTG) kt 1,101 1,047 Shipments1) kt 5,545 5,476 Rolled steel kt 5,302 5,229 Processed product kt 243 247 SZFG kt 3,037 3,063 PTG kt 1,315 1,274 ILG kt 805 775 HSP kt 280 256 SZEP kt 59 64 SZBE kt 49 44 Sales2) € mil. 3,967 3,350 SZFG € mil. 1,953 1,743 PTG € mil. 887 684 ILG € mil. 800 649 HSP € mil. 210 167 SZEP € mil. 55 60 SZBE € mil. 62 47 Internal sales3) € mil. 1,115 910 External sales4) € mil. 2,852 2,440 Division earnings before tax (EBT) € mil. 749.4 433.8 SZFG € mil. 283.7 190.4 PTG € mil. 219.0 61.6 ILG € mil. 227.5 164.7 HSP € mil. 9.8 6.7 SZEP € mil. 6.6 7.5 SZBE € mil. 3.0 3.3 Other/Consolidation € mil. –0.2 –0.4 EBIT5) € mil. 768.4 461.8 EBITDA6) € mil. 915.0 606.7 Investments7) € mil. 246 161 Total workforce8) as per 31/12 6,896 6,891 Core workforce9) 6,829 6,830 SZFG 4,350 4,365 PTG 1,163 1,156 ILG 735 740 HSP 431 419 SZEP 87 86 SZBE 63 64 Apprentices, students, trainees 67 61
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Annual Report 2007 Financial Year f
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1) 2006 included in “Other region
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Highlights of the Financial Year 20
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Contents The Salzgitter Group 5 Key
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Preface by the Executive Board Ladi
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The financial year 2007 was another
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Report of the Supervisory Board The
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Alongside the extensive investment
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Corporate Governance Report Corpora
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In order to prepare its decisions,
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Transparency To ensure that shareho
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What does it feel like to steer 100
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A Group Management Report and Manag
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94.9% 94.9% 51.0% 94.8% A Group Man
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1) Including amounts provisioned fo
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1) The amounts presuppose that the
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“I wish I could also sleep in it.
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3. Management and Control of the Co
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Groupwide Investment Volume 1996/19
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The Group’s excellent performance
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Management and Control Instruments
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in € mil. FY 2007 FY 2006 EBT 1,3
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Can a sports facility lend wings to
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“For a whole year we really did e
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“We could only imagine making the
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Sources: XETRA closing prices, DBAG
Page 73 and 74: 1) All data as per December 31 2) C
Page 75 and 76: “At first I had no idea what it w
Page 77 and 78: R&D expenses by Division Steel 47%
Page 79 and 80: Continuous strip casting Together w
Page 82 and 83: A Group Management Report and Manag
Page 86 and 87: Steel Division environmental expens
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Page 103 and 104: Core workforce 1998 Steel 10,471 Tr
Page 105 and 106: Generation campaign A Group operati
Page 114 and 115: 4. Earnings Steel Trading Tubes Ser
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Page 121 and 122: 5. The Divisions As the management
Page 123: Steel Division Shipments 0 1,000 2,
Page 127 and 128: SMHD Group made the major contribut
Page 129 and 130: Tubes Division The companies belong
Page 131 and 132: capacity utilization throughout the
Page 133 and 134: Services Division The companies bel
Page 135 and 136: 1) Sales in own segment and in othe
Page 137 and 138: Sales in the Technology Division in
Page 139 and 140: How does steel serve science? What
Page 141 and 142: “Our motto is ‘I discover.’
Page 143 and 144: “For a long-span roof constructio
Page 145 and 146: 6. Profitability Improvement Progra
Page 147 and 148: “They just loved the experiments.
Page 149 and 150: 7. Financial Position Financial Man
Page 151 and 152: 8. Net Assets The total assets of o
Page 153 and 154: 1) Including intangible assets 2) I
Page 155 and 156: Disclosures pursuant to Sections 28
Page 157 and 158: 10. General Statement on the Econom
Page 166 and 167: 2. Individual Risks Environment and
Page 168 and 169: Financial Risks A Group Management
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GDP Germany: Forecast Range 2008/20
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Power Plant Capacity Trend GW 8,000
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4. Anticipated Financial Position W
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6. Overall Statement on the Perform
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Why is it worth listening to what a
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“We listen to the bridge - 24 hou
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B Consolidated Annual Financial Sta
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II. Consolidated Balance Sheet Asse
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IV. Cash Flow Statement (43) Cash F
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The Services Division includes DEUM
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(46) Related Party Disclosures In a
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(49) Waiver of Disclosure and Prepa
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VI. Auditor’s Report This report
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I. List of Company Abbreviations SZ
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II. Glossary Business and Financial
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F Forfaiting Sale of export receiva
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Technical Terms A Annealing furnace
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Pilger rolling Conventional step-fo
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III. Financial Calendar of Salzgitt
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IV. Editorial Details and Contact C
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