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6. Overall Statement on the Performance Anticipated for the Group On the basis of a generally confident estimate of the state of steel, tubes and mechanical engineering economies in the next two years and taking account of all current business data of the first months of 2008, our assessment on how the Group is likely to develop is as follows: In the financial year 2008, we will strive to achieve notable growth within the Group, more than 50% of which will result from the first-time full-year inclusion of the companies of the Klöckner Group in our new Technology Division. In connection with this, we expect an ambitious pre-tax operating profit in the upper triple-digit million euro range, meaning in the dimensions achieved in operating results in the financial years 2005 and 2006. Express reference is made to the fact that opportunities and risks arising from currently unforeseeable trends in selling prices, input prices and capacity levels, as well as currency fluctuations, may exert a considerable impact on the course of the financial year 2008. As shown by the previous years, the resulting potential range within which the consolidated pre-tax result could fluctuate may be considerable, both in positive and negative terms. The dimensions of the aforementioned statement become clear if one considers that, assuming sales of around 12 million tons of steel products by the Steel, Trading and Tubes Divisions, a € 20 per ton fluctuation in the margin is sufficient to cause annual profit to change to the positive or negative by over € 200 million. From today’s standpoint, no reliably quantifiable outlook, apart from that described in the section on “Anticipated Financial Position”, can be ascertained for sales and the results of the Salzgitter Group in 2009. Specific imponderables result from the uncertainties surrounding the price of raw materials and the US dollar exchange rate, not to mention the potential impact of potential China and environmental scenarios, the medium-term effects of which may extend beyond the framework of conventional sensitivity analyses. The amount of dividend will also depend on the future profit trend. The cyclical fluctuations typical of the sector are naturally reflected in the results of the Group, as well as in the share price. A determinant factor of the Group’s ability to pay dividend are the individual financial statements of Salzgitter AG. Salzgitter AG basically pursues a policy of paying dividend on an ongoing basis, contingent on the premise that operations remain profitable and attractive dividends can be paid regularly. This may not necessarily fully reflect the cyclicality of the profit trend. From today’s standpoint, the payment of an appropriate dividend financed from operating profit would appear realistic in the financial years 2008 and 2009. V. Forecast 190 191 Forecast
How romantic is an infrastructure project? How can steel bring people together? And what does all this have to do with the Swiss Alps? A bridge that does far more than just link two roads. Greece plays host to the world’s largest cable-stayed bridge, the Rio-Antirrio Bridge. It spans the Gulf of Corinth, linking the Peloponnesian peninsula to the mainland. A structure this size obviously has a significant impact on the region and its people: to find out more, turn to the following chapter.
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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
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R&D expenses by Division Steel 47%
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Continuous strip casting Together w
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Steel Division environmental expens
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Core workforce 1998 Steel 10,471 Tr
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Generation campaign A Group operati
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4. Earnings Steel Trading Tubes Ser
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5. The Divisions As the management
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Steel Division Shipments 0 1,000 2,
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1) Excluding intercompany deliverie
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SMHD Group made the major contribut
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Tubes Division The companies belong
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capacity utilization throughout the
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Services Division The companies bel
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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 160 and 161: A Group Management Report and Manag
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
Page 178 and 179: Power Plant Capacity Trend GW 8,000
Page 186 and 187: 4. Anticipated Financial Position W
Page 190: Why is it worth listening to what a
Page 194 and 195: “We listen to the bridge - 24 hou
Page 196 and 197: B Consolidated Annual Financial Sta
Page 198 and 199: II. Consolidated Balance Sheet Asse
Page 200 and 201: IV. Cash Flow Statement (43) Cash F
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B Consolidated Annual Financial Sta
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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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