presentation of the group · 2020. 11. 16. · germany; shareholder: szag 100% broad diversified...
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Presentation of the Group
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1 Salzgitter Group2 Market Situation3 Business Units4 Strategy5 Guidance
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Global Presence
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Salzgitter Group
Strip SteelPlate / Section Steel
Mannesmann
Trading
Crude steel production 2019: 6.6 million tons; trading volume: 3.8 million tons;Among the top 3 producers of beverage filling and packaging machinery
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Technology
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Diversified product portfolioSalzgitter Group
Steel and Technology
Stainless tubes
Stockholding trading
International trading
Strip products
Steel Service Center
Heavy plates
Sections
Engineering services
Injection molding machinery Beverage filling plants
Line pipes
Precision tubes
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Group structure and key data FY 2019Salzgitter Group
Salzgitter AG Group
External Sales cons.: € 8.5 billion EBT: € -253 million
Employees: 23,354
External Sales:€ 2.2 billion EBT:
€ -42.8 million Employees:
6,090
Strip Steel
External Sales:€ 0.8 billion EBT: € -124.0 million Employees:
2,352
Plate / Section Steel
External Sales:€ 1.1 billion EBT:
€ -41.5 million Employees:
4,643
Mannesmann
External Sales:€ 1.4 billion EBT:
€ 32.7 million Employees:
5,557
Technology
External Sales:€ 2.8 billion EBT:
€ -31.0 million Employees:
2,066
Trading
5All data about employees as per 12/31
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Salzgitter AG
Salzgitter Mannesmann / Salzgitter Klöckner-Werke
Strip Steel BU
Plate / Section Steel BU
MannesmannBU
TradingBU
TechnologyBU
Salzgitter Flachstahl
Ilsenburger Grobblech Mannesmannröhren-Werke Salzgitter Mannesmann
Handel KHS
Salzgitter Mannesmann Grobblech Europipe Salzgitter Mannesmann
StahlhandelSalzgitter Europlatinen
Peiner Träger
Mannesmann Grossrohr
Salzgitter Mannesmann International
KHS Corpoplast
Salzgitter Bauelemente
DEUMU Deutsche Erz- und Metall-Union
Mannesmann Line Pipe
Universal Eisen und Stahl
Mannesmann Precision Tubes
Salzgitter Mannesmann Stahlservice
Mannesmann Stainless Tubes
Hüttenwerke Krupp Mannesmann
BorusanMannesmann Boru
50%
30%
23%
Industrial Participations / Consolidation
Verkehrsbetriebe Peine-Salzgitter
Hansaport
Gesis Gesellschaft für Informationssysteme
Salzgitter Automotive Engineering
Telcat
Aurubis
Salzgitter Hydroforming
Salzgitter Mannesmann Forschung
51%
Klöckner DESMA Elastomertechnik
DESMA Schuhmaschinen
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BU = Business UnitAs of December 2019
Group structureSalzgitter Group
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29.99%
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3%Tubes producers
12%Other
15%Food and beverage industry
6%Mechanical engineering
5%Re-rollers
3%Energy sector and utilities
15%Vehicle construction
24%Traders, Steel-Service-Centers
13%Construction industry
4%White goods,
electrical equipment
External sales 2019 by customer industriesSalzgitter Group
Broad customer base
7Only from entities within the group of consolidated companies of Salzgitter Group, excluding EUROPIPE Group
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Share of ex-Germany sales by consignee 54%
External sales 2019 by regionsSalzgitter Group
5%Other
8%Asia
12%Americas
3%Other Europe
26%Other EU
46%Germany
8Sales by consignee (only from entities within the group of consolidated companies of Salzgitter Group, excluding EUROPIPE-Group)
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Result of Salzgitter Group impacted by a total of € -396.0* million in special effects
*) € -62,3 million restructuring provisions, € -192,9 million impairment as awell as € -140,8 Mio. € other special effects (cartell fine)
Key data per 2019/12/31
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Salzgitter Group
FY 2019 FY 2018 Δ
Crude steel production kt 6,613.4 7,039.4 -426.0
Consolidated Sales € million 8,547.3 9,278.2 -730.8
Earnings before tax € million -253.3 347.3 -600.6
Earnings after tax € million -237.3 277.7 -515.0
Earnings per share (undiluted) € -4.46 5.06 -9.52
ROCE % -5.8 10.3 -16.1
Core workforce (12/31) 23,354 23,523 -169
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Balance sheetSalzgitter Group
Property, plant and equipment and other
non-current assets
Inventories
Cash and securities
Other current assets
Equity
Pension provisions
Other non-currentliabilities
Current liabilities
€ million
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Continuing sound financial basis
FY 2018 FY 2019 FY 2019 FY 2018
1,971 1,5192,225 2,389
623751
1,098 760
2,3282,248
2,356 2,276
3,836 4,0992,939 3,332
8,6188,757 8,618 8,757
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Focus on expansion investments
Salzgitter Group Investments and Depreciation / Amortization
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Salzgitter Group
Investments1 Scheduled depreciation Unscheduled depreciation
1 Property, plant and equipment and intangible assets, excluding financial assets
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411340 352 342
287342 338 340
593
348
15 49 44
193
2015 2016 2017 2018 2019
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History
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Salzgitter Group
Stock listing 1998First blast furnace in Ilsede, 1861
First broad-flanged beam mill in Peine, 1914
1989 privatization with the sale to Preussag AG
Demonstrations to save the smelting works in Salzgitter, c. 1950
Privatization and acquisitionof the Ilsenburg rolling mill, 1992
Cross-rolling process sketch ofMax Mannesmann, pre 1885
Bottle filling line Phönixc. 1936
llsenburg: est. 1595,plate since 1948Mülheim an der Ruhr: plate since 1882Peine: Sections since 1876
1989 Name change toPreussag Stahl AG
1970 Mergerto form StahlwerkePeine-Salzgitter AG
1937 Construction Hüttenwerk Salzgitter
(Part of Reichswerke)2007 Integration into SZAG
1880 Acquisition of PeinerWalzwerk, est.1872
1923Foundation of steel group
Klöckner-Werke AG
1886 First processfor the rolling of
seamless steel tubes1858 FoundationIlseder Hütte AG
1912 first attempts withstainless steel tubes
1897 Start of productionwelded steel tubes
2017 Relaunch ofthe brand presence
1977 First acquisition of part. infilling technology (H & K)
2000 Liquidation ofMannesmann Group,
Integration Tubes into SZ
1992 - 1995Insolvency, restructuring
and end of steel production
Strip Steel BU Mannesmann BU Technology
Plate / Section Steel BU
1964Salzgitter Hüttenwerk AG(since 1961 part of state-owned
Salzgitter AG old)
1998 Salzgitter AG
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1 Salzgitter Group2 Market Situation3 Business Units4 Strategy5 Guidance
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Iron ore: dramatic price surge in the first half of 2019; after rapid decrease recently high volatilityCoking coal: global demand can be satisfied completely at the moment – with a corresponding effect on pricing
Raw materials pricesMarket Situation
Iron ore(62% Fe CFR China, US$/dmt)
Coking coal(FOB Australia, US$/t)
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50
60
70
80
90
100
110
120
130
140
100
150
200
250
300
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Strip steel prices recover from the Corona pandemic troughs since late July 2020,plate prices remain under pressure also due to imports
Steel pricesMarket Situation
Spot prices Northern Europe
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Hot-rolled coil prices international
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(€/t) (€/t)
Northern Europe EXW Ruhr USA EXW Indiana China SchanghaiHRC EXW Ruhr Plate EXW Ruhr Medium sections
300
400
500
600
700
800
900
Jan. 18 Jul. 18 Jan. 19 Jul. 19 Jan. 20 Jul. 20300
400
500
600
700
800
900
Jan. 18 Jul. 18 Jan. 19 Jul. 19 Jan. 20 Jul. 20
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0%
4%
8%
12%
16%
20%
0
500
1.000
1.500
2.000
2.500
2014 2016 2017 2018 2019 Q12020
Q22020
Q32020
China Ukraine RussiaTurkey India South KoreaIran Brazil OtherMarket share imports
EU steel importsMarket Situation
Imports decrease only moderately despite slump of demand,the market share of steel imports is increasing!
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Source: Eurofer, own calculations, based on the scenario of a slow return to normality
Forecast steel demand EU-28 2020 (versus previous year‘s quarter) Rolled steel imports into the EU-28 (in t/month)
Expected market share imports
-12%
-26%
-16%
-4%
-15%
-50%
-40%
-30%
-20%
-10%
0%
Q1/2020 Q2/2020 Q3/2020 Q4/2020 Ø 2020
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1 Salzgitter Group2 Market Situation3 Business Units: Strip Steel4 Strategy5 Guidance
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Overview
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Strip Steel Business Unit
Capabilities Integrated steel works with three blast
furnaces Approx. 4.7 mt/year crude steel capacity Modern production plants High processing competence (SSC)Core competences and products High-quality steel grades for sophisticated
applications Custom made solutions, e.g., hot-rolled
and cold-rolled coil, galvanized and coated sheet, laser-welded tailored blanks, corrugated sheets, coffers, sandwich and acoustic elements
Customer focus through local presence
Key data FY 2019
Consolidated Sales €m 2,209
Earnings before taxes €m -43
Core workforce (12/31) 6,090
Established supplier of the demanding German automotive industry
External sales by customer industry 2019
only from entities within the group of consolidated companies of Salzgitter Group
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5%Other
34%Vehicle construction
4%Construction industry
7%White goods,
electrical equipment
34%Traders
1%Tube producers
14%Re-rollers
1%Mechanical engineering
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Strip ProductsStrip Steel Business Unit
Salzgitter Flachstahl GmbH
Supplier of premium OEMs
Germany; shareholder: SZAG 100% Hot-rolled coil, cold-rolled coil, electrogalvanized, hot dip
galvanized and organic coated sheet Integrated steel works with 3 blast furnaces Around 4.7 mt yearly crude steel capacity Top modern production plants High-tech downstream facilities 4% market share in the EU28
2018 2019
Shipments kt 4,341 4,239
Sales €m 2,887 2,758
Employees 12/31 5,666 5,58719en
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ProcessingStrip Steel Business Unit
Salzgitter Europlatinen GmbH
Germany; shareholder: SZAG 100%Custom-made solutions: Laser welded Tailored Blanks for lighter car bodies
2018 2019
Sales €m 71 62
Employees 12/31 122 116
2018 2019
Sales €m 52 51
Employees 12/31 71 70
Germany; shareholder: SZAG 100%Corrugated sheets, coffers, sandwich a. acoustic elements for wall and roof constructions of commercial buildings
Salzgitter Bauelemente GmbH
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Steel Service CenterStrip Steel Business Unit
Salzgitter Mannesmann Stahlservice GmbH
Germany; shareholder: SZAG 100% Two locations Modern plants and processes 600,000 t/year processing capacity
Excellent position in the heart of Europe
2018 2019
Shipments kt 584 532
Sales €m 415 369
Employees 12/31 323 31721en
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1 Salzgitter Group2 Market Situation3 Business Units: Plate / Section Steel4 Strategy5 Guidance
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Overview
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Plate / Section Steel Business Unit
Capabilities Section steel:
− Top-modern mini mill with two electric arc furnaces
− Annual crude steel capacity 1 mt− Two rolling mills for medium and heavy
sections Plate:
− Two rolling mills for plate with 1.1 mt annual capacity
− Plate width up to 4,800 mmCore competences and products High-strength, wear resistant and
specialized steel grades Medium and heavy sections, heavy plate
incl. offshore and tube grades
Consolidated sales €m 805
Earnings before taxes €m -124
Core workforce (12/31) 2,352
Key data FY 2019
Plate: Broad range of high quality plate products Section Steel: Efficient production
External sales by customer industry 20191%
Vehicle construction11%
Construction industry
10%
8%White goods,
electrical equipment
46%Traders
Tube producers
Mechanical engineering
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only from entities within the group of consolidated companies of Salzgitter Group
21%Other
3%
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Heavy PlatePlate / Section Steel Business Unit
Ilsenburger Grobblech GmbH
Germany; shareholder: SZAG 100% Broad diversified heavy plate steel grades Construction plate, fine grained construction plate, alloyed
and unalloyed boiler plate, offshore and tube grades High-strength and wear resistant grades 7% market share in the EU28 State of the art facilities, one of the most modern water
quenching plants
2018 2019
Shipments kt 697 625
Sales €m 534 494
Employees 12/31 741 65524en
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Heavy PlatePlate / Section Steel Business Unit
Salzgitter Mannesmann Grobblech GmbH
Germany; shareholder: SZAG 100% Heavy plate mill specialized in plate for longitudinally
welded line pipe and similar applications, especially for EUROPIPE GmbH Pipe bending plant for seamless and welded steel tubes
in carbon, alloyed, and high-alloy steels Test Center with a wide range of mechanical and
technological tests
2018 2019
Shipments kt 526 371
Sales €m 378 256
Employees 12/31 539 53625en
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SectionsPlate / Section Steel Business Unit
Peiner Träger GmbH
Germany; shareholder: SZAG 100% Medium and heavy steel beams, Peine sections Progressive and flexible mini mill Two top-modern electric arc furnaces Adjusted crude steel capacity 1.0 mt/year 13% market share in the EU28 (plus N, CH) Two of the most efficient section mills worldwide with
comprehensive range of products
2018 2019
Shipments kt 1,022 953
Sales €m 619 553
Employees 12/31 785 77326en
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Other CompaniesPlate / Section Steel Business Unit
Deutsche Erz- und Metall-Union-Gruppe
Germany; shareholder: SZAG 100%Specialist trader for ferrous scrap, non-ferrous scrap, new metals and ferro alloys, as well as rolled steel products
2018 2019
Sales €m 678 571
Employees 12/31 378 380
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1 Salzgitter Group2 Market Situation3 Business Units: Mannesmann4 Strategy5 Guidance
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27%Vehicle construction
Overview
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Mannesmann Business Unit
Capabilities Own crude steel supply via 30%
participation in Hüttenwerke Krupp Mannesmann GmbH
Plant for the production of semis for the seamless tubes business
Core competences and products Line Pipe: participation (50%) in the world
market leader EUROPIPE; international presence
Precision Tubes: European market leader Seamless Stainless Tubes: top player in
the world market Longitudinal and spiral welded large-
diameter pipes, medium line pipes, seamless and welded precision tubes, stainless tubes
Consolidated Sales €m 1,120
Earnings before taxes €m -42
Core workforce (12/31) 4,643
Key Data FY 2019
External sales by customer industry 2019
Global player in the high quality segment of the global tubes market
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only from entities within the group of consolidated companies of Salzgitter Group, excluding EUROPIPE Group
2%Construction industry
5%
15%Energy sector
and utilities
35%Other
6%Traders
Tube producers
10%Mechanical engineering
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Line PipesMannesmann Business Unit
EUROPIPE Group
Germany; shareholder: SZAG 50%, Dillinger Hüttenwerke 50% Longitudinal and spiral welded large-diameter pipes for
transcontinental and underwater pipelines In-house coating activities World market leader (7% market share) 3 locations in D, USA Since January 1, 2014 reported at equity
2018 2019
Shipments kt 895 581
Sales €m 953 777
Employees 12/31 1,047 1,08330en
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Line PipesMannesmann Business Unit
Mannesmann Line Pipe GmbH
Germany; shareholder: SZAG 100%HFI-welded medium line pipes incl. plastic- and cement coatings
2018 2019
Sales €m 285 254
Employees 12/31 364 357
2018 2019
Sales €m 67 58
Employees 12/31 125 124
Germany; shareholder: SZAG 100%Spiral-welded large-diameter pipes made of hot-rolled coil
Mannesmann Großrohr GmbH
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Precision TubesMannesmann Business Unit
Mannesmann Precision Tubes Group
Germany; shareholder: SZAG 100% Seamless and welded cold drawn precision tubes for the
automotive and engineering industries as well as the energy sector State of the art push bench plant for the production of hollows Market leader in the EU28 (24% market share) 10 locations in D, F, NL and Mexico
2018 2019
Shipments kt 276 247
Sales €m 497 458
Employees 12/31 2,287 2,25632en
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Structural tube
AirbagsPump case
Stabilizers
Suspension components
Seat belt- IHU/IHVfixings
Engine-components
Drive shaftsDrivetrain and steering components
Camshafts
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Seamless Stainless TubesMannesmann Business Unit
Salzgitter Mannesmann Stainless Tubes Group
Germany; shareholder: SZAG 100% Seamless hot- and cold finished stainless tubes
for the chemical- and engineering industries, as well as for the energy sector 6% market share in the world 5 locations in D, F, I, USA
2018 2019
Shipments kt 23 23
Sales €m 245 290
Employees 12/31 1,000 1,02133en
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Significant shareholdingsMannesmann Business Unit
Hüttenwerke Krupp Mannesmann GmbH
Germany; shareholder: ThyssenKrupp 50%, SZAG 30% + Vallourec 20% (Pool) Steel works with two blast furnaces Production of slabs and round steel bars Up to 1,000 different steel grades Yearly crude steel production of > 4 million tons
2018 2019
Sales €m 2,468 2,496
Employees 12/31 2,980 2,94734en
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1 Salzgitter Group2 Market Situation3 Business Units: Trading4 Strategy5 Guidance
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6%
Vehicle construction
Overview
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Trading Business Unit
Consolidated Sales €m 2,846
Earnings before taxes €m -31
Core workforce (12/31) 2,066
Capabilities 74 sites in 30 countries Own distribution network for steel products
with warehousing sites in Europe Processing group specialized on heavy
plate products International tradingCore competences and products Global presence in all relevant regions with
own representation Distribution channel for Salzgitter Group
products Procurement channel for Salzgitter Group
works Value add services for customers
Key Data FY 2019
External sales by customer industry 2019
High customer and market orientation through a global sales organization
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12%
Other
31%
Construction industry4%
White goods,electrical equipment
31%
Traders
2%
Tube producers
3%
Re-rollers
3%
Energy sector and utilities
8%
Mechanical engineering
only from entities within the group of consolidated companies of Salzgitter Group
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International10 Companies2 Rep. offices
Europa7 Companies
Europa4 Agencies
Salzgitter Mannesmann Handel Group
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Trading Business Unit
Salzgitter Mannesmann Handel
Shipments 2019: 4.0 mt Sales 2019: € 2.7 billion
Trading AgenciesStockholding
Salzgitter Mannesmann International GmbH, Düsseldorf (SMID)
Salzgitter Mannesmann International (USA) Inc., Houston (SMIH)
Salzgitter Mannesmann International (Canada) Inc., Vancouver (SMIV)
63 locations in 27 countries with 1,861 employees
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Salzgitter Mannesmann Stahlhandel GmbH, Düsseldorf (SMSD)
Stahl-Center Baunatal GmbH, Baunatal (SCB)
19 Branches with warehouses and further processing (incl. 4 flame cutting plants), 4 Sales offices
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Universal Eisen und Stahl Group
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Trading Business Unit
Universal
Shipments 2019: 0.2 mt Sales 2019: € 0.2 billion
North America Europe
5 Branches
Universal Eisen und Stahl GmbH, Neuss (UES) Universal Aciers Sarl, Couzon au Mont d'Or, France
UNIVERSAL STEEL HOLLAND B.V., SK Papendrecht, Netherlands
UNIVERSAL-Stal Sp. z o.o, Gliwice, Poland
UNIVERSAL OCEL spol. s.r.o., Prague, Czech Republic
UNIVERSAL STEEL AMERICA, Inc., Houston, USA
2 Branches
11 locations in 6 countries with 365 employees
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1 Salzgitter Group2 Market Situation3 Business Units: Technology4 Strategy5 Guidance
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Overview
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Technology Business Unit
Capabilities 17 Production plants worldwide 60 Service sites > 90% of sales outside of GermanyCore competences and products KHS: among the top 3 global suppliers for
filling and packaging machines; technology and innovation leadership
DESMA Elastomertechnik: Global leader for rubber and silicon injection molding machines
DESMA Schuhmaschinen: World market leader for the production of machines for the production of shoes and shoe soles
Turn-key lines, single machines and service
Consolidated Sales €m 1.390
Earnings before taxes €m 33
Core workforce (12/31) 5.557
Top 3 producer for filling and packing industry, world market leader for rubber and silicon injection molding as well as direct soling machines
Key data FY 2018
External sales by customer industry 2018
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1%White goods,
electrical equipement
90%
2%Vehicle construction
Food and beverageindustry
7%Mechanical engineering
only from entities within the group of consolidated companies of Salzgitter Group
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Filling and packagingTechnology Business Unit
KHS Group
Germany; shareholder: SZAG 100% A global leader and solution provider of first choice in the packaging
industry Among the Top 3 producers Focus on beverage applications Supplier of single machines and turnkey solutions (one-stop-shop
supplier) Leadership in technology and innovation 11 production sites: 5 in Germany, 2 in the US, and 1 each in Mexico,
Brazil, China and India
2018 2019
Sales €m 1,161 1,260
Employees 12/31 4,714 4,79341en
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Special machineryTechnology Business Unit
Klöckner DESMA Elastomertechnik Group
World market leader for rubber and silicone injection molding machinery
2018 2019
Sales €m 116 79
Employees 12/31 552 540
2018 2019
Sales €m 62 52
Employees 12/31 224 224
World’s largest producer of machines for the fabrication of shoes and shoe soles
DESMA Schuhmaschinen GmbH
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1 Salzgitter Group2 Market Situation3 Industrial Participations4 Strategy5 Guidance
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Overview
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Industrial Participations
Comprises activities that are not directly allocated to a business unit
Core competences and participations Services:
− Research and development for the Group and external customers
− Information technology− Engineering services− Real estate- and facility development as
well as management− Freight traffic
Shareholdings:− Aurubis− Hansaport
Consolidated sales €m 178
Earnings before taxes €m -47
Core workforce (12/31) 2,646
Key data FY 2019
Gratifying contribution from the service companies and the Aurubis investment
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EngineeringIndustrial Participations
Salzgitter Mannesmann Forschung GmbH
Germany; shareholder: SZAG 100%Research and development for the Group and external customers with a focus on: Processes for the manufacture, processing
and application of metallic materials and products made of them Development of new materials Development of application areas Material and component characterization including testing
techniques Application and engineering technology from component design
through forming and assembly to corrosion protection Automation and testing techniques, as well as the construction
of non-destructive testing facilities
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Raw Materials and Logistics
Glückauf Immobilien, RSE
Companies specialized in real estate- and facility development as well as management
Hansaport1
Germany's largest seaport terminal for handling dry bulk goods (coal and ores), annual capacity of approximately 15 million tons
Verkehrsbetriebe Peine-Salzgitter
Commercial transportation provider with an annual freight volume of approximately 43 million tons
1 SZAG share: 51%46en
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Industrial Participations
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Data Processing and Communications
Telcat Multicom/Telcat Kommunikationstechnik
Systems for decentralized communication, Broad array of information solutions ranging from office communication and video technology to network services
Integration of business processes into one uniform IT-solution that reflects the entire workflow, Electronic data processing center capacities andthe internet-based eService platform as a unified hub for order processing are offered for group companies and external clients
GESIS Gesellschaft für Informationssysteme
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Industrial Participations
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Aurubis-Participation
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Industrial Participations
Aurubis Dividend (€/Share)
Since 2008 successful shareholding in the leading European copper producer
SZAG shareholding: 29.99% (per May 23, 2019)
Net dividend received since 2009: € 119.4 million (per FY18/19)
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1.00
1.20
1.35
1.101.00
1.351.25
1.451.55
1.25
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2008/2009
2009/2010
2010/2011
2011/2012
2012/2013
2013/2014
2014/2015
2015/2016
2016/2017
2017/2018
2018/2019
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1 Salzgitter Group2 Market Situation3 Business Units4 Strategy5 Guidance
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Management of the COVID-19 impactsStrategy
• Comprehensive risk-minimizing precautions and guidelines• Creation of transparency in regards to occurrences of
infection in the whole Group and detailed continuous monitoring
• Assumption of social responsibility also at our foreign locations
• Highest priority for liquidity management• Temporary reduction of production• Short-term work in many parts of the Group• Saving without endangering the future: restrictive handling
of new investments, but continuation of strategic investment projects
Through the crisis with consistency, transparency and stringent liquidity management!
Ensuring operating abilityProtecting employee health
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“Salzgitter AG 2021” growth strategy – goals and stipulationsStrategy
51
Goals
Diversification strategy proves to be right especially now!
Quantitative growth is possible exclusively in activities apart from steel – especially in the Technology Business Unit.
Stipulations
Rolled steel production and parts of the tubes production can only grow qualitatively, not quantitatively.
External growth on a larger scale is not mandatorily necessary for the development of the business units – can, however, be desirable.
1. Qualitative Growth
2. Quantitative Growth
3. External Growth
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40%Start 2016
Goal 50%
50%H1 2020 50%
60%
50%
Steel-related Less steel-related
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1. Qualitative growth in steel-related areas
2. Quantitative growth in less steel-related activities
3. External growth
Ilsenburger Grobblech GmbH: New heat treatment line Optimization of the product portfolio Commissioning: 2021
Salzgitter Flachstahl GmbH: Hot-Dip Galvanizing Line 3 Strengthening of the premium segment for
automotive customers Commissioning: 2022
DESMA Schuhmaschinen GmbH:“Factory of the Future” Capacity expansion Inauguration in July 2020
Mannesmann Precision Tubes:Expansion of the plant in Mexico Precision steel tubes for the USMCA area Commissioning: Q3 2019
Aurubis AG Increase of the
participation to 29.99 %
KHS GmbH Cooperation with Ferrum AG
for can seaming
Mannesmann Stainless Tubes Acquisition of the stainless
steel tube producer SOTEP
Salzgitter Hydroforming GmbH Joint Venture with Baolong
for the production of hydroformed components
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“Salzgitter AG 2021” growth strategy – implementationStrategy
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0
5
10
15
20
25
30
35
40
45
50
2017 2018 2019 2020 2021 2022 2023 2024 2025
Challenge: CO2 emission allowances are continuously cut backStrategy
53
Price forecast CO2 allowances
Source: ICIS, own calculations
€/t C
O2
Price for CO2 emission allowances has surged since 2018 – further increase is highly likely!
Price CO2 allowances
Third trading period Fourth trading period
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Estimates price CO2 allowances
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The Salzgitter Group acts decisively! CO2 emission allowances for the Fourth Trading Period purchased as a precaution
SALCOS® – technological concept for CO2-reduced steel production54
Our path towards a low-CO2, hydrogen-based steel production Strategy
CO2- emission allowances acquired as a precaution
We are in control… …and pioneer at the same time
• Shortfall in CO2 allowances has been compensated for the most part until 2030
• Current market value of the CO2allowances acquired for this purpose exceeds the figure accounted for in the balance sheet by around € 300 million*
• Significant, gradual reduction of the CO2 emissions of Salzgitter AG
• Target: Reduction of up to 95 % of the CO2 emissions of Salzgitter Flachstahl until 2050
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*) Per ad-hoc release from June 14, 2019; the difference between recorded value and market value per August 6, 2020 is higher than € 300 million
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We are committed to the current climate targets of the EU and are actively participating
55
Ready for the future: transformation towards a low-CO2 business location Strategy
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“With our ‘SALCOS® – Salzgitter Low CO2 Steelmaking’ project, our
Group is pioneering CO2-low steel production of the future. We willingly
contribute our experience from discussions to date about the necessary
framework conditions from the sphere of politics and energy to the
foundation’s work.” Professor Dr.-Ing. Heinz Jörg Fuhrmann
12/12/2019
Salzgitter AG has joined the “Foundation 2 Degrees – German CEOs for
Climate Protection” as a promoting company and, being representative of the
energy intensive industry, sets down an important marker for corporate climate
protection.
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Strategy
Arguments for
1. Biggest CO2 reduction potential per MWh of renewable energies used in a processual as well as industry and sector comparison
2. The Salzgitter AG has the leading concept. The required individual technical components are available in the market
3. Lower Saxony has the best preconditions to be the No. 1 transformation state in Germany:high level of electricity production from renewable sources and required hydrogen infrastructure
4. No relocation of production, no carbon leakage5. Economical, ecological and social concept6. Integration with local industrial sectors possible (among others automotive); important component of
a holistic CO2-free product lifecycle
Green steel with SALCOS® – sensible and realisable!
Technical solution approach: assessment
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Strategy
SALCOS® – Gradual conversion to a H2-based steel production
We are ready!Gruadual technical implementation possible as soon as the neceddary framework conditions are realized
57Individual stages may technically also be realized in combination. The actual implementation time depends on the economic and political framework.*with the use of 55% H2 in the Direct Reduction Plants (DRP) / **with the use of 100% H2 in the DRPs
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First steps of SALCOS® were already implementedStrategy
Weltweit erste Dampf-Elektrolyse im MW-Maßstab bei der Salzgitter Flachstahl ab 2020
Wind-H2 – SektorkopplungProduktion von elektrischer Energie via Windkraft und elektrolytischem Wasserstoff auf dem Werksgelände
MACOR: SALCOS-feasibility study Analysis of framework conditions Numerical modelling of melt shop
and direct reduction plant Results of cost-effectiveness analysis
by 2021
World‘s first steam electrolysis on MW scale at Salzgitter Flachstahl as from 2020
Wind-H2 – sector integrationProduction of electrical energy via wind power and electrolytic hydrogen on the works premises
2017 2018 2019 2020 2021
“Mini-SALCOS®”Project planning of a demonstration plantfor direct reduction in Salzgitter
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Feasibility studyIron ore direct reduction plantin Wilhelmshaven
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• Production of electricity via wind power and electrolytic hydrogen at the plant site
• Erection of seven wind turbines with an overall output of 30 megawatt on the grounds of Salzgitter Group
• Completion of all seven turbines is scheduled for the third quarter of 2020
• Construction of a 2.5 MW PEM electrolysis plant until end of 2020
“Salzgitter Wind Hydrogen”Strategy
Important building block on the way towards climate-friendly steel production
First industrial sector coupling of “renewable power – hydrogen production – industrial consumption” at one location in Germany!
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Another tangible step towards a low-CO2 hydrogen-based steel production on the basis of SALCOS®
60
Study• Construction of a direct reduction plant with an upstream
hydrogen electrolyzer as well as• Developing necessary infrastructure for supplying it with raw
materials, natural gas and hydrogen at the deepwater port of Wilhelmshaven
• Results to be available by March 31, 2021 at the latestGoal• Production of 2 mt p.a. directly reduced iron for the
processing into high-grade, environmentally compatible strip steel products in Salzgitter Flachstahl GmbH’s integrated steelworks
Feasibility study for the direct reduction of iron ore at Wilhelmshaven agreed uponStrategy
Project partners
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Sustainable strategy:Realization of major investment projects also in less comfortable phases!
Update investment projects
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Strategy
Salzgitter Flachstahl: Hot-Dip Galvanizing Line 3
Qualitative growth in the strip steel business Reinforcement of the market position in the automotive segment Strengthening of the premium segment for auto customers
Commissioning: 2022
Current status: Construction of the building
Ilsenburger Grobblech: New heat treatment line Optimization of the product portfolio Expansion of the market position and volume expansion for higher
value grade segments such as high strength and wear resistant, water tempered steel Commissioning: 2021
Current status: Installation of the plant
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1 Salzgitter Group2 Market Situation3 Business Units4 Strategy5 Guidance
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Business Units – Forecast 2020Guidance
Order intake recovered in the third quarter to normal level
Decrease of short-time work, higher production volume
AD quotas without coming close to exhaustion due to low demand, therefore virtually without effect
Market situation and demand will remain tight
Consistently high import volumes in the plate segment
Sections market expected to remain geared to the short term and volatile
Prospects in international trading will remain under pressure due to restrictive trading policies
Reduced demand in stockholding steel trade due to the impact of the Corona pandemic
KHS Group: negative impacts of the Corona pandemic in the second quarter, recovery in the third quarter
KDE and KDS: decreasing earnings due to overall muted market forecasts
Notable decline in sales
Significantly negative pre-tax result
Tangible decline in sales
High pre-tax loss
Significant downturn in sales
Tangibly negative pre-tax result
Sales notably below previous year
Including proceeds from the disposal of a property, marginally positive pre-tax result
Slightly sales
Breakeven pre-tax result
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Strip Steel Plate / Section Steel Mannesmann Trading Technology
Guidance for sales and earnings of the business units
LD pipe mills: unsatisfactory capacity utilization in GER, US better
Medium line pipes: significantly reduced demand, lower selling prices
Precision tubes: utilization still not satisfactory
Stainless tubes: declining tendencies
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Salzgitter Group – GuidanceGuidance
The Salzgitter Group anticipates for the financial year 2020:
a pre-tax result roughly in the year-earlier range (€– 253.3 million) excluding potential special effects in the context of the annual accounts, as well as
a return on capital employed (ROCE) that is tangibly below the previous year's figure.
a notable reduction in sales,
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Legal Note and other remarks
We make explicit reference to the fact that imponderables, including changes in the cost of raw materials, precious metal prices and exchange rates, along with global trade policy measures and their possible impact may still exert a considerable influence over the course of the financial year.
To the extent that this presentation contains statements oriented towards or related to the future, such statements are based on our current state of knowledge and the estimates based on such knowledge made by the management of Salzgitter AG. However, as is the case with any forecasts or prognosis, such statements are also subject to uncertainties and risks. Notwithstanding prevailing statutory provisions and capital market law in particular, we are not obligated to update this data. In particular, we shall not assume liability of any kind for knowledge and statements, as well as any acts resulting on the basis of such knowledge or statements that emanate directly or indirectly from the analysis of the data, content and correlations of this document. The information and data made available do not represent an encouragement or invitation to buy, sell or conduct any other type of trade in securities. Salzgitter AG shall neither assume liability for direct nor indirect damages, including lost profits, arising as a result of the utilization of the information or data contained in this document.
For computational reasons, rounding-off differences of +/– one unit (€, % etc.) may occur in the tables. This document is also available in German language. In the event of any discrepancy, the German version shall prevail.
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BACKUP1 Financials2 Pensions3 Investor Relations
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9M 2020 9M 2019 Δ Q3 2020 Q2 2020 Q1 2020
Crude steel production kt 4,334.2 5,060.1 -725.9 1,381.5 1,271.2 1,681.5
External sales1 € million 5,264.3 6,637.3 -1,373.0 1,633.4 1,522.7 2,108.3
Earnings before tax € million -224.4 40.7 -265.1 -96.6 -96.4 -31.4
Earnings after tax € million -243.0 -29.8 -213.2 -98.3 -101.0 -43.7
Earnings per share (undiluted) € -4.54 -0.63 -3.91 -1.84 -1.88 -0.83
ROCE % -8.1 2.5 -10.6 -10.9 -10.0 -2.4
Core workforce2 22,785 23,562 -777 22,785 23,009 23,308
Key data per 2020/09/30
66
Financials
Considerable impact of COVID-19 pandemic on sales and the result
1 only from entities within the Group of Consolidated Companies of Salzgitter Group 2 per reporting date
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Income statement
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Financials
Income Statement (€ million) 9M 2020 9M 2019 Δ
Sales 5,264.3 6,637.3 -1,373.0Increase/decrease in finished goods and work in process/other own work capitalized -154.8 2.3 -157.1
5,109.6 6,639.7 -1,530.1
Other operating income 186.7 188.0 -1.3
Cost of materials 3,358.5 4,329.6 -971.0
Personnel expenses 1,248.5 1,335.7 -87.3Amortization and depreciation of intangible assets and property, plant and equipment 219.2 262.2 -43.0
Other operating expenses 694.5 888.3 -193.8Result from impairment losses and reversal of impairment losses of financial assets -11.1 -1.2 -9.9
Income from shareholdings 2.1 1.8 0.3
Result from investments accounted for using the equity method 50.7 73.9 -23.1
Finance income 5.7 13.9 -8.1
Finance expenses 47.5 59.5 -12.1
Earnings before taxes (EBT) -224.4 40.7 -265.1
Income tax 18.6 70.5 -51.9
Consolidated result -243.0 -29.8 -213.2
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Consolidated balance sheet
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Financialsen
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Assets (€ million) 30.09.2020 31.12.2019 ΔNon-current assets 4,188.8 4,099.0 89.8Intangible assets, property, plant and equipment 2,387.0 2,343.0 44.0
Investment property 80.9 82.0 -1.1
Financial assets 56.2 64.7 -8.4
Investments accounted for using the equity method 1,113.7 1,072.9 40.8
Trade receivables 17.5 18.4 -0.9
Other receivables and other assets 32.7 25.6 7.0
Income tax assets 0.0 0.0 0.0
Deferred income tax assets 500.7 492.3 8.4
Current assets 3,801.1 4,518.5 -717.5Inventories 1,871.3 2,248.1 -376.8
Trade receivables 1,015.9 1,118.4 -102.5
Contract assets 297.3 186.3 110.9
Other receivables and other assets 207.5 191.8 15.7
Income tax assets 23.7 22.6 1.1
Securities 39.6 50.9 -11.2
Cash and cash equivalents 339.0 700.5 -361.5
Assets available for sale 6.9 0.0 6.9
Balance sheet total 7,989.9 8,617.5 -627.6
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Consolidated balance sheet
69
Financialsen
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Equity and liabilities (€ million) 30.09.2020 31.12.2019 ΔEquity 2,631.6 2,938.7 -307.0Subscribed capital 161.6 161.6 0.0Capital reserve 257.0 257.0 0.0Retained earnings 2,546.2 2,845.2 -299.0Other reserves 16.3 23.0 -6.6Unappropriated retained earnings 12.1 12.1 0.0Treasury shares -369.7 -369.7 0.0Minority Interest 8.2 9.6 -1.4Non-current liabilities 3,653.8 3,453.6 200.1Provisions for pensions and similar obligations 2,399.5 2,356.1 43.3Deferred tax liabilities 72.0 72.0 0.0Income tax liabilities 36.2 36.6 -0.4Other provisions 327.5 334.9 -7.4Financial liabilities 806.7 637.1 169.6Other liabilities 11.8 16.8 -5.0Current liabilities 1,704.5 2,225.3 -520.8Other provisions 198.0 224.6 -26.6Financial liabilities 257.7 430.1 -172.4Trade payables 711.6 915.2 -203.7
Liability contracts 209.1 200.7 8.4Income tax liabilities 6.0 8.6 -2.6Other liabilities 322.1 446.0 -123.9Balance sheet total 7,989.9 8,617.5 -627.6
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Cash flow statement
70
Financials
Negative cash flow from operating activities characterized by the pre-tax loss;Cash flow from investment activities notably lower also due to the immediate measures
€ million
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700.5
-96.5
-228.8
-27.7-8.6
339.0
0
200
400
600
800
Cash and cashequivalents at start
of period
Cash flowfrom operating
activities
Cash flowfrom investment
activities
Cash flowfrom financing
activities
Other Cash and cashequivalents at end
of period
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Strip Steel Business Unit
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Financials
Significant recovery in the third quarter, negative earnings bevor taxes due to decrease in shipments and earnings
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1 per reporting date
9M 2020 9M 2019 Δ Q3 2020 Q2 2020 Q1 2020
External sales € million 1,384.9 1,730.1 -345.1 482.1 336.6 566.2
Order bookings kt 3,010.9 3,347.2 -336.3 1,176.9 640.9 1,193.1
Order backlog1 kt 889.6 910.2 -20.5 889.6 779.4 917.8
EBITDA € million 23.0 243.2 -220.3 10.6 -22.3 34.6
EBT € million -94.9 84.6 -179.5 -25.7 -62.4 -6.8
Core workforce1 6,029 6,138 -109 6,029 6,040 6,113
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Plate / Section Steel Business Unit
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Financials
Decline of earnings due to decreasing volumes and margins especially in the heavy plate companies
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1 per reporting date
9M 2020 9M 2019 Δ Q3 2020 Q2 2020 Q1 2020
External sales € million 530.3 630.6 -100.3 167.1 168.7 194.5
Order bookings kt 1,399.8 1,429.2 -29.3 434.3 381.7 583.8
Order backlog1 kt 287.3 243.8 43.5 287.3 274.2 369.4
EBITDA € million -42.8 22.7 -65.4 -30.1 -14.9 2.2
EBT € million -64.7 -13.0 -51.8 -37.8 -22.8 -4.2
Core workforce1 2,313 2,414 -101 2,313 2,347 2,353
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Mannesmann Business Unit
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Financials
Negative earnings bevor taxes particularly reflects the development in the precision tubes segment
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1)per reporting date
9M 2020 9M 2019 Δ Q3 2020 Q2 2020 Q1 2020
External sales € million 723.3 842.1 -118.8 228.8 198.6 295.9
Order bookings € million 762.9 1,065.9 -303.0 265.1 178.3 319.5
Order backlog1 € million 357.7 481.4 -123.7 357.7 347.8 402.3
EBITDA € million -2.0 50.7 -52.7 -10.1 -2.4 10.5
EBT € million -48.3 -2.9 -45.4 -25.6 -18.1 -4.6
Core workforce1 4,416 4,670 -254 4,416 4,511 4,609
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Trading Business Unit
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Financials
Decrease of shipments due to lower volumes, especially in international trading, and tense margins situation in the stockholding business cause negative pre-tax result
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1 per reporting date
9M 2020 9M 2019 Δ Q3 2020 Q2 2020 Q1 2020
External sales € million 1,667.9 2,294.5 -626.6 438.7 525.8 703.4
Shipments kt 2,361.1 3,027.7 -666.6 636.7 746.9 977.5
EBITDA € million -8.4 25.1 -33.5 -3.3 -10.8 5.8
EBT € million -22.9 3.3 -26.2 -7.1 -16.1 0.3
Core workforce1 1,962 2,106 -144 1,962 1,990 2,036
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Technology Business Unit
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Financials
Positive result of KHS-Group in the third quarter cannotcompensate the diminishing development of the DESMA companies
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1 per reporting date
9M 2020 9M 2019 Δ Q3 2020 Q2 2020 Q1 2020
External sales € million 853.6 1,000.9 -147.3 279.1 264.3 310.3
Order bookings kt 841.9 1,010.0 -168.1 283.4 221.2 337.3
Order backlog1 kt 626.4 716.4 -90.1 626.4 618.2 739.3
EBITDA € million 8.4 41.1 -32.6 3.9 -8.1 12.6
EBT € million -13.8 22.5 -36.3 -3.2 -15.8 5.2
Core workforce1 5,457 5,576 -119 5,457 5,504 5,568
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Industrial Participations / Consolidation
76
Financials
Earnings before taxes includes € 53.4 million contribution from the participating investment in Aurubis AG accounted for using the equity method
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1 per reporting date
9M 2020 9M 2019 Δ Q3 2020 Q2 2020 Q1 2020
External sales € million 104.2 139.1 -34.9 37.6 28.7 38.0
EBITDA € million 57.2 -30.9 88.1 14.8 51.0 -8.5
EBT € million 20.2 -53.9 74.1 2.8 38.8 -21.3
Core workforce1 2,608 2,658 -50 2,608 2,617 2,629
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BACKUP1 Financials2 Pensions3 Investor Relations
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Mechanics of internal pension commitment fundingPensions
Internal funding over lifetime of employee
Provision is determined by development of individual salary, time in employment at SZAG, actuarial life expectancy and inflation Contribution as personnel expense and interest element (both non-cash) Monthly payout from operating cash flow
Pension provision (non-cash) Contribution by SZAG (non-cash) Pension payment (cash)
Joinscompany
5 years Retirement
... ...
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Funding of pension commitmentsPensions
(2019/12/31) (2019/12/31)
Pension obligations completely covered by internal funds!
Projected Benefit Obligation (PBO): € 2,422 m1
According to IAS 19:− Discount rate of 1.50%2
– in line with market average− Trend in salaries: 2.75% p.a.− Trend in pensions:
1.75% p.a.− Staff turnover: 1% p.a.− Valuation based on the actuarial
principles
Balance sheet: pension provisions € 2,356 m Assets held by external funds:
€ 65.6 m Non-current assets: € 4,099 m Net position due to banks:
€ -140 m
1 thereof € 65.6 million covered by assets held by external funds 1 per 2020/09/30, previously 1.50% per 2020/06/30, previously 1.80% per 2020/03/31, previously: 1.40%
0
1
2
3
4
5
PBO
Pens
ion
prov
isio
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Non
-cur
rent
asse
ts +
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BACKUP1 Financials2 Pensions3 Investor Relations
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Inst. shareholders – other Regions
Shareholder structure and share turnoverInvestor Relations
Balanced shareholder structure
Shareholder structure Daily turnover in thousand shares
Salzgitter AG
State ofLower Saxony
Inst. Shareholders – Germany
Inst. shareholders – North America
Inst. shareholders– UK + Ireland
Inst. share-holders –other Europe
Other shareholders
High liquidity
81
0
200
400
600
1Q 14 4Q 14 3Q 15 2Q 16 1Q 17 4Q 17 3Q 18 2Q 19 1Q 20
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Free float: 63.5%Treasury shares: as of July 8, 2010; other information is based on the external shareholder identification as of January 2020
10.0%
26.5%
8.5%22.7%
2.8%4.8%
0.9%
23.9%
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Disclaimer
82
Legal NoteTo the extent that our Internet pages contain statements oriented towards or related to the future, such statements are based on our current state of knowledge and the estimates based on such knowledge made by the management of Salzgitter AG. However, as is the case with any forecasts or prognosis, such statements are also subject to uncertainties and risks. Notwithstanding prevailing statutory provisions and capital market law in particular, we are not obligated to update this data. In particular, we shall not assume liability of any kind for knowledge and statements, as well as any acts resulting on the basis of such knowledge or statements that emanate directly or indirectly from the analysis of the data, content and correlations of this document. The information and data made available do not represent an encouragement or invitation to buy, sell or conduct any other type of trade in securities. Salzgitter AG shall neither assume liability for direct nor indirect damages, including lost profits, arising as a result of the utilization of the information or data contained in this document.
CopyrightsThis data file and the data contained on these pages (including, among others, texts, images and graphics) are subject to copyright and other laws on the protection of intellectual property. To the extent that nothing contradicting or deviating is stated, all trademarks bear legal trademark protection. This applies in particular for Salzgitter company logos and product names. The brands and design elements used on our web pages are the intellectual property of Salzgitter AG. We therefore reserve all rights as such. The document serves to provide non-binding information regarding our company to the respective user, and may not be used within the framework of other depictions, in particular websites, without our express prior written consent. engl
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