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Annual Report 2007 Financial Year from January 1 to December 31, 2007

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Annual Report 2007 Financial Year from January 1 to December 31, 2007 Annual Report 2007 Financial Year from January 1 to December 31, 2007 The Salzgitter Group 45 The Salzgitter Group comprises around 200 national and international subsidiaries and associated companies combined under Salzgitter AG as the holding company. With an annual production of rolled steel and tubes which comes to more than 7 million tons, external sales of approximately € 10 billion and a workforce of around 23,000, the Salzgitter Group ranks among Europe’s leading steel technology groups. The Group’s core competences lie in the production of rolled steel and tubes products and their processing, trading in these products and, more recently, in the construction of special machinery and plant engineering. The specific competences are concentrated in the respective divisions (Steel, Trading, Tubes, Services and Technology). The Divisions Steel Trading Services Tubes Technology The Steel Division is one of Europe’s five largest steel producers and the Tubes Division is a global leader in a number of sub-segments in its sector. The new Technology Division comprises the companies of the Klöckner Group. The Group’s key companies rank among the global leaders and preferred suppliers of plant solutions for the food industry. Salzgitter AG is listed on the MDAX and, on the basis of its placing within the index, belongs to Germany’s 35 largest stock corporations. Key Figures for the Financial Year 2007 Crude Steel Production 7,325 7,363 6,000 6,500 7,000 7,500 8,000 in kt FY 2007 FY 2006 Consolidated Sales 10,192 8,447 6,000 7,000 8,000 9,000 10,000 11,000 in € mil. FY 2007 FY 2006 Consolidated Sales Consolidated Sales by Region 2007 (2006) by Division 2007 (2006) 48.1% Germany 28.0% Steel (47.2%) (28.9%) 21.6% EU (excluding Germany) 43.0%1) Trading (22.8%) (47.0%) 5.7% Rest of Europe (2.7%) 9.2% North/South 5.0% Services America (5.0%) (11.6%) 5.0% Technology 9.7%1) Asia (0.0%) 1) Of which: 17.8% Tubes Steel Division 1)2006 included in 5.7% Other (17.9%) 9.8% (8.4%) “Other regions” regions Tubes Division (15.7%) 1.2% Other 5.6% (6.1%) (1.2%) Earnings before Tax (EBT) 1,313.9 1,854.8 0 500 1,000 1,500 2,000 in € mil. FY 2007 FY 2006 Return on Capital Employed (ROCE) Target 28.0 47.8 0 5 10 15 20 25 30 35 40 45 50 55 in % FY 2007 FY 2006 Salzgitter Group in Figures 67 FY 2003 FY 20041) FY 2005 FY 2006 FY 2007 Sales (consolidated) € mil. 4,842 5,942 7,152 8,447 10,192 Steel Division € mil. 1,432 1,946 2,177 2,440 2,852 Trading Division € mil. 2,027 2,642 3,244 3,971 4,385 Tubes Division € mil. 921 1,016 1,407 1,510 1,815 Services Division € mil. 241 338 324 425 504 Technology Division2) € mil. ––––513 Processing Division € mil. 221–––– Other/Consolidation € mil. – – – 101 123 of which flat rolled products € mil. 2,409 3,013 3,379 3,825 4,185 of which sections € mil. 596 794 793 1,049 1,444 of which tubes € mil. 1,236 1,284 1,908 2,401 2,699 of which export share % 52 53 55 53 52 Earnings before tax (EBT)3) € mil. 42 323 941 1,8554) 1,314 Net income for the year € mil. 28 247 842 1,510 905 Balance sheet total € mil. 3,673 4,236 5,414 6,978 8,406 Non-current assets5) € mil. 1,879 1,918 1,900 1,631 2,168 Current assets6) € mil. 1,794 2,318 3,514 5,347 6,238 Inventories € mil. 919 1,081 1,439 1,653 2,084 Shareholders’ equity7) € mil. 980 1,121 2,012 3,457 4,246 Debt8) € mil. 2,693 3,115 3,402 3,521 4,160 Long-term liabilities9) € mil. 1,892 1,902 2,079 2,187 2,380 Current liabilities10) € mil. 801 1,213 1,323 1,334 1,780 of which due to banks € mil. 196 175 178 140 119 Investments11) € mil. 191 228 262 236 385 Depreciation and amortization11) € mil. 248 313 206 201 225 Employees Personnel expenses € mil. 935 926 994 1,014 1,232 Annual average core workforce12) empl. 17,874 17,352 17,184 16,949 20,072 Annual average total workforce13) empl. 19,007 18,498 18,499 18,352 21,648 Crude steel production14) kt 8,562 6,932 7,142 7,363 7,325 Key figures Earnings before interest and tax (EBIT)15) € mil. 61 346 970 1,901 1,351 EBIT before depreciation and amortization (EBITDA)16) € mil. 309 667 1,186 2,102 1,581 Return on capital employed (ROCE)17) % 4.6 24.4 38.9 47.8 28.0 Cash flow € mil. 223 352 468 488 781 1) Values for FY 2004 adjusted to the new Group structure and 12) Excluding trainees and non-active age-related part-time employees balance sheet reporting regulations 13) Including trainees and non-active age-related part-time employees 2) Companies of the Technology Division consolidated as per 14) 2003 SZFG, PTG and MRW/V&M interests in Hüttenwerke Krupp July 1, 2007; EBT including effects of purchase price allocation Mannesmann (HKM) as well as V&M France and V&M do Brasil and 3) Earnings before tax including V&M Star; as from 2004, calculated on the basis of the 4) Including proceeds from sale/hedging of VLR shares changed shareholdings in HKM and Vallourec; as from 2007, SZFG, of € 907 million PTG and inclusion of the changed shareholding in HKM 5) Non-current assets until 2003 15) EBT plus interest paid (excluding the interest portion of allocations to 6) Current assets until 2003 pension provisions) 7) From 2004 including minority interests 16) From 2004, including write-downs of financial assets 8) From 2004 excluding minority interests 17) EBIT divided by the sum of shareholders’ equity, tax provisions and 9) Provisions until 2003 interest-bearing liabilities (from 2003 excluding deferred tax assets and 10) Liabilities until 2003 liabilities; from 2005 including liabilities from financial leasing, forfaiting 11) Excluding financial investments and asset-backed securitization) Highlights of the Financial Year 2007 March 8 Salzgitter AG publishes its key figures for the financial year 2006: The global market for rolled steel and tubes was still extremely robust in the year 2006. Favored by these conditions, the Group achieved new all-time highs in its business volume and profit. In the financial year 2006, sales stood at € 8,447 million, which exceeded the previous year’s figure (€ 7,152 million) by 18%. Earnings before tax of € 1,855 million again considerably outperformed the exceptionally good 2005 result (€ 941 million). Similarly, operating pre-tax profit, excluding the proceeds from the sale of the Vallourec participation (€ 907 million), came to € 948 million, up on the previous year’s figure of € 803 million. March 27 In a joint press conference together with Dr. Wolfgang Leese, Chief Executive Officer of Salzgitter AG, Christian Wulff, Minister President of Lower Saxony, declared that the Federal State intends to hold its 25.2% participation in Salzgitter AG up until at least 2013. March 28 Salzgitter AG publishes its Annual Report 2006 and presents it to the financial press at its annual financial statements press conference. In the two days following the press conference, communication with the financial community was brisk, in particular in well-attended analyst conferences in Frankfurt and London. March 28 Salzgitter AG intends to reinforce its position as a supplier of high-caliber products with competitive advantages in costs structures, productivity, flexibility and customer loyalty. To this end, the invest- ment program “Salzgitter Steel 2012” was launched with a projected volume of € 1.4 billion as a decisive step to promote internal growth. The program bolsters the overriding aim of the Group: The preservation of its entrepreneurial independence through profitability and growth. March 31 Change in the chairman of Supervisory Board of Salzgitter AG: After eight successful years and at the end of his period of office, Dr. Wilfried Lochte hands over the chairmanship to Rainer Thieme. May 15 Salzgitter AG continues to benefit from lively demand for steel and tubes products. In the first quarter, the Group presents new benchmarks. Consolidated sales soared 20% to € 2.38 billion in the first three months (first quarter of 2006: € 1.98 billion). Pre-tax profit of € 325.4 million, generated fully from operations, once again significantly exceeded the all-time high for a quarter (in the fourth quar- ter of financial year 2006: € 286.3 million). After-tax profit came to € 196.6 million (first quarter 2006: € 35.7 million). May 23 The General Meeting of Shareholders of Salzgitter AG ratifies the proposal of the Executive and Super- visory Boards and approves a dividend of € 1 and a special bonus of € 1 per share, thereby doubling overall dividend payout in comparison to the previous year. 89 July 2 Salzgitter AG and Vallourec S.A. sign the final agreements on the takeover of the precision tube manu- facturer Vallourec Précision Etirage S.A.S., France. This acquisition makes the Salzgitter Group a leading European supplier in the precision tubes business. July 5 Salzgitter AG takes over another 78% of the shares of Klöckner-Werke AG and, together with its previously acquired 5% participation, now holds 83% of the share capital. Klöckner-Werke AG is a global leader in the construction of beverages filling lines and packaging equipment.
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