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A Group Management Report and Management Report on Salzgitter AG I. Business and the Environment 76 77 Tax invoice €/share Cash dividend 2.37 Creditable capital gains tax and solidarity surcharge 0.63 Dividend 3.00 Investor Relations In 2007, the excellent operational and financial position of the Group once again elicited the lively interest of the capital market in Salzgitter AG and in our share. Apart from analysts’ conferences in Frankfurt am Main and London to present the annual report published on the financial year 2006 and the results of the first half of 2007, Salzgitter AG made company presentations during the course of the year at a number of investors’ conferences and undertook numerous road shows in Germany, the rest of Europe and the USA. A large number of institutional investors and financial analysts took part in these events, and some of them also visited the location of the Group to gain an insight into the structures, processes, products and potential of the Salzgitter Group on site and in discussion with members of the Executive Board and other managers. Many private investors and representatives of the financial press informed themselves through direct contact and with the aid of our web site about Salzgitter AG. The “Freundeskreis der Aktionäre der Salzgitter AG” (circle of friends of Salzgitter AG shareholders) also enjoyed great popularity. At its events, many members again used the opportunity of finding out about current developments within the Group and the steel sector and of exchanging ideas with representatives of the Group. At least 193 recommendations and company reports on Salzgitter AG were made in total in the financial year 2007 by some 35 banks and financial publications. At year-end, their ratings were: 26 buy/outperform, 5 hold/neutral, 4 sell/underperform. Three banks took up the coverage of our company in 2007. At present, the financial institutions listed below report regularly on our Group: Bankhaus Lampe BHF Bank Cheuvreux Commerzbank Credit Suisse Deutsche Bank DZ-Bank EXANE BNP Paribas Goldman Sachs HSBC JP Morgan Landesbank Baden-Württemberg Landsbanki Kepler Equities MainFirst Metzler MM Warburg NORD/LB Sal. Oppenheim Steubing UBS UniCredit WestLB The high estimation of the capital market gives us great pleasure: Second prize in the “MDAX companies“ of “Investor Relations Preis 2007“, awarded by the Deutsche Vereinigung für Finanzanalyse und Asset Management (DVFA) and the trade journal Capital, as well as third place for the “Deutscher Investor Relations Preis 2007“ of Thomson, the global leader of financial information services, are motivation and an obligation, as is the choice of Dr.-Ing. Heinz Jörg Fuhrmann as the best chief financial officer in the Metals and Mining sector by the Institutional Investor Research Group. Business and the Environment
“At first I had no idea what it was!” Danielle Rua and Isabel Düsterhöft, ski jumping fans from São Paulo and Garmisch-Partenkirchen Arriving in the evening by car from Munich airport, the ski jump was the first thing that Danielle Rua from São Paulo saw in Garmisch-Partenkirchen. She had no idea what the enormous illuminated steel object was, but was impressed nevertheless. Danielle’s friend Isabel Düsterhöft explained the construction to her and together they attended the first competition on the new jump: “That must be so dangerous, I could never do it,” exclaimed the 21-year-old Brazilian. But then again no one would seriously ask her to ...
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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
Page 23 and 24: What does it feel like to steer 100
Page 26 and 27: A Group Management Report and Manag
Page 32 and 33: 94.9% 94.9% 51.0% 94.8% A Group Man
Page 46: A Group Management Report and Manag
Page 49 and 50: 1) Including amounts provisioned fo
Page 51 and 52: 1) The amounts presuppose that the
Page 53 and 54: “I wish I could also sleep in it.
Page 55 and 56: 3. Management and Control of the Co
Page 57 and 58: Groupwide Investment Volume 1996/19
Page 59 and 60: The Group’s excellent performance
Page 61 and 62: Management and Control Instruments
Page 63 and 64: in € mil. FY 2007 FY 2006 EBT 1,3
Page 65 and 66: Can a sports facility lend wings to
Page 67 and 68: “For a whole year we really did e
Page 69 and 70: “We could only imagine making the
Page 71 and 72: Sources: XETRA closing prices, DBAG
Page 73: 1) All data as per December 31 2) C
Page 77 and 78: R&D expenses by Division Steel 47%
Page 79 and 80: Continuous strip casting Together w
Page 86 and 87: Steel Division environmental expens
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
Page 121 and 122: 5. The Divisions As the management
Page 123 and 124: 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
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Sales in the Technology Division in
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How does steel serve science? What
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“Our motto is ‘I discover.’
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“For a long-span roof constructio
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6. Profitability Improvement Progra
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“They just loved the experiments.
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7. Financial Position Financial Man
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8. Net Assets The total assets of o
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1) Including intangible assets 2) I
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Disclosures pursuant to Sections 28
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10. General Statement on the Econom
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A Group Management Report and Manag
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2. Individual Risks Environment and
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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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