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3. Overall Statement on the Risk Position of the Group
Evaluation of the Risk Position by Management
Reviewing the overall risk of the Salzgitter Group has resulted in ascertaining that there were no risks
which could endanger either the Group or the individual companies as going concerns in the financial
year 2007.
The overall risk situation aggregated from the individual risks has remained virtually unchanged
against the previous year.
Nor are there currently any concrete developments discernible which might be capable in future
of having a lasting and substantially negative impact on the earnings situation, financial position and
net worth of Salzgitter AG.
The auditor has checked the early warning system installed at Salzgitter AG in accordance with the
German Stock Corporation Act (AktG). This examination verified the fact that the early warning system
installed throughout the Group fulfills its functions and fully satisfies all company law requirements.
As an independent authority, the Salzgitter AG internal audit department examines the systems used
throughout the Group in terms of adequacy, security, safety and efficiency and provides impetus for
their further development as required.
Rating of the Company
No official rating issued by an appropriate rating agency exists for Salzgitter AG. From our perspective,
there is also no need for such a rating; this is because, following the growth that we have achieved
after four boom years, without the need for a capital increase, we have attained an outstanding financial
position that largely precludes the requirement to tap the capital markets.
Our own rating approach performed using the normal quantitative criteria has resulted in values
that show hardly any divergence from our own banks’ internal ratings, which leads us to assume that
an external valuation would place us firmly in the investment grade bracket, despite the high level of
our pension obligations.