Executive Summary of the Financial Statement of ... - Saarstahl AG

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10 the financial crisis and the Fukushima disaster and the associated decline in demand for nuclear steam turbines for new construction, and for the refurbishment business. Additional market opportunities were thus investigated early on and new product developments initiated. The areas of water power, wind power and nuclear waste containers are examples of this investigation. Initial orders were booked and the course set for a positive medium-term development. Legal framework With effect from 22 March 2010, a control agreement in accordance with Section 291 of the German Stock Corporation Act (AktG) was signed between Saarstahl AG and the SHS – Struktur- Holding-Stahl GmbH & Co. KGaA (current SHS – Stahl-Holding-Saar GmbH & Co. KGaA). Increase in sales The previous year’s positive development has been continued in financial year 2011. Shipments rose by 7% to 1,960 thousand tons and sales increased from € 2,296 million to € 2,673 million. The growth in sales is based on both quantities and prices. The geographical distribution of sales for the year 2011 shows that the Saarstahl Group has further consolidated its position in its core market of Germany, while losing a slight share of the market in other EU countries. In the third region (NAFTA, Asia and Rest of World), long-product sales were increased; in the Saarstahl Group as a whole, long-product sales were down slightly. Management Report Business development | Sales and earnings Earnings performance In 2011, the Saarstahl Group generated an EBIT of € 210 million (previous year: € 442 million) and an EBITDA of € 354 million (previous year: € 553 million). The 17.2% increase in total operating revenue from € 2,369 million to € 2,777 million was decisive for the result. At the same time, material costs increased year on year by 31.2% to € 2,000 million due to higher production and higher prices for hot metal, alloys, and energy. Personnel costs increased in the financial year by 5% to € 413 million. Depreciation and amortization increased by € 33 million to € 144 million. Other operating expenses declined by € 13 million to € 158 million. The € 56 million deterioration in investment and interest income to € 39 million was primarily due to lower income from dividend payments as well as lower income from the equity write-up from the participation in the DHS – Dillinger Hütte Saarstahl AG. Profit from ordinary activities thus amounted to € 193 million (previous year: € 409 million). Taking into account taxes totalling € 6.2 million, net profit for the year amounted to € 188 million (previous year: € 396 million). The positive business trend in 2011 was reflected in the key asset and capital structure indicators and in the return on development. ROCE (Return On Capital Employed) in the year under review amounted to 6.2%, return on sales (EBIT margin) margin to 7.9%.
0 2,031 2,280 419 488 Annual profit Sales 1,370 -164 2,673 2007 2008 2009 2010 2011 Sales and profit performance (in € million) 0 27.1 2,296 2007 2008 2009 2010 2011 396 EBIT (in € million) EBITDA (in € million) ROCE (in %) 23.8 489 530 546 593 Development of EBIT, EBITDA and ROCE -119 -64 -4.6 442 15.9 553 6.2 210 354 188 Management Report Sales and earnings 11
Page 1 and 2: Executive Summary of the Financial
Page 3 and 4: Key figures at a glance . . . . . .
Page 6 and 7: 6 Members of the Supervisory Board
Page 8 and 9: 8 Management Report of the Saarstah
Page 12 and 13: 12 Increase in equity Total assets
Page 14 and 15: 14 Thanks to the modern Mecana test
Page 16 and 17: 16 0 143 33 53 57 31 Dec. 2010 31 D
Page 18 and 19: 18 Saarschmiede GmbH Freiformschmie
Page 20 and 21: 20 be used to manufacture cement. T
Page 22 and 23: 22 Procurement company transferred
Page 24 and 25: 24 Production has risen again The p
Page 26 and 27: 26 Burbach rolling mill The Burbach
Page 28 and 29: 28 ROGESA Roheisengesellschaft Saar
Page 30 and 31: 30 Saarschmiede GmbH Freiformschmie
Page 32 and 33: 32 Increased investment activity In
Page 34 and 35: 34 Consolidated financial statement
Page 36 and 37: 36 Consolidated profit and loss sta
Page 38 and 39: 38 Statement of the Group’s share
Page 40: Imprint Publisher: Saarstahl AG 663

Executive Summary of the Financial Statement of ... - Saarstahl AG

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