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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 130 131 The key data for the Trading Division are shown in the following table: Trading Division FY 2007 FY 2006 Shipments kt 6,663 6,751 SMHD Group kt 6,106 6,185 UES kt 256 253 HLG kt 301 267 RSA (50%) kt – 467) Sales € mil. 5,021 4,513 SMHD Group € mil. 4,481 4,024 UES € mil. 344 300 HLG € mil. 190 156 FFS € mil. 6 4 RSA (50%) € mil. – 297) Internal sales1) € mil. 636 542 External sales2) € mil. 4,385 3,971 Division earnings before tax (EBT) € mil. 212.5 200.9 SMHD Group € mil. 171.1 163.9 UES € mil. 40.1 35.0 HLG € mil. 0.2 1.3 FFS € mil. –1.0 0.1 RSA (50%) € mil. – 0.47) Other € mil. 2.1 0.2 EBIT 3) € mil. 239.8 222.7 EBITDA4) € mil. 250.4 233.6 Inventories € mil. 586 531 Total workforce5) as per 31/12 2,034 1,992 Core workforce6) 1,867 1,835 SMHD Group 1,269 1,250 UES 326 317 HLG 198 191 FFS 74 77 Apprentices, students, trainees 166 152 1) Sales in own segment and in other divisions in the Group 2) Contribution to Group external sales 3) Earnings before tax and including interest paid (but excluding the interest portion from transfers to pension provisions and excluding interest paid within the segment) 4) EBIT plus depreciation/amortization (also on financial assets) 5) Including trainees and non-active age-related parttime employees 6) Excluding trainees and non-active age-related parttime employees 7) RSA included on a quota basis (50%) until September 30, 2006 Profitability, Financial Position & Net Assets
Tubes Division The companies belonging to the Tubes Division are described in the section on “Group Structure and Operations”. The cold-finished tubes product segment saw a major expansion with the acquisitions of Vallourec Précision Etirage S.A.S. (VPE) and of the Zeithain hot tube rolling mill from the Vallourec Group on July 2, 2007. A precision tubes group has been created with a capacity of over 300 ktons of seamless and welded-drawn precision tubes, constituting a global market share of around 10%. The three companies VPE, MRS and SMP have been included in the group of consolidated companies since the start of the second half of the year. Mannesmann Precisión Mexico (MPM) was also acquired as of October 31, 2007, but has not yet been consolidated. In 2007, the companies of the Tubes Division participated to an even greater extent than before in the favorable conditions of the steel tubes market. Persistently strong demand for oil and gas pipelines remained a key factor. Power plant investments, particularly in China, generated high demand for heat exchangers and boiler tubes. Demand for tubes in mechanical and plant engineering, as well as in the automotive industry, remained sound, as before. Compared with the already very high level of the previous year, the consolidated order intake of the Tubes Division in 2007 rose 40% to € 3,137 million. In particular, the large-diameter pipe business reported 227% year-on-year growth due to the booking of the major Nord Stream project (EP), which was a large part of the gratifying developments. A decline in orders in the HFI-welded pipelines business (– 4%) reflected lower bookings in the standard business, mainly during the second half of the year. The increase in seamless stainless steel tubes (+77%) was primarily due to the high level of selling prices of the orders received. The leap in the result (+42%) of the precision tubes product segment is mainly attributable to the integration of the new companies, VPE and MRS; when adjusted to exclude these factors, there was a slight increase of 1%, which reflected an improvement in selling prices. Order Intake in the Tubes Division 0 500 1,000 1,500 2,000 2,500 3,000 in € mil. FY 2007 FY 2006 2,235 3,137 The far above-average bookings in the large-diameter tubes business fed through into year-on-year growth in the Division’s consolidated order book which had expanded 59% to € 2,491 million by the end of 2007 as against year-end 2006. This already safeguards capacity utilization for most companies well into 2008, and even into 2009 for EP. In 2007, the Tubes Division reported a 4% year-on-year increase in tubes shipments to 1,267 ktons. While the large-diameter tubes business (–57 ktons; particularly EP), the HFI-welded pipelines business
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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
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1) All data as per December 31 2) C
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“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 and 124: Steel Division Shipments 0 1,000 2,
Page 125 and 126: 1) Excluding intercompany deliverie
Page 127: SMHD Group made the major contribut
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
Page 174 and 175: 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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