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Thursday 26 September, 2019

Salzgitter AG

Salzgitter Group adjusts its earnings forecast for the financial year 2019 due to risk provisioning

DGAP-Ad-hoc: Salzgitter AG / Key word(s): Change in Forecast
Salzgitter AG: Salzgitter Group adjusts its earnings forecast for the financial year 2019 due to risk provisioning

26-Sep-2019 / 13:56 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


In today's Supervisory Board meeting of Salzgitter AG the following key topics were discussed, among others, and the respective resolutions were subsequently taken by the Executive Board:

Along with other companies, Salzgitter AG is the subject of investigations on the grounds of suspected cartel arrangements regarding heavy plate and strip steel products. Given the advanced stage of discussions with the German Federal Cartel Office, Salzgitter AG assumes that the procedure can be brought to an end in the near future in mutual agreement. The risk provision formed in the 2018 annual financial accounts will therefore be increased by around EUR 140 million as of September 30, 2019.

The "FitStructure 2.0" profit improvement program that has been in preparation for a few months harbors profit potential of more than EUR 200 million that is gradually to take effect through to 2023. Specifying the program that comprises more than 600 individual measures has now reached the final stage.

In line with the forecast to date, EBT from operations is anticipated between EUR 125 and 175 million. As a consequence of the aforementioned risk provision and of the restructuring expenses still to be determined for the implementation of "FitStructure 2.0" we anticipate a pre-tax loss in the mid double-digit million euro range for the financial year 2019.
 




Contact:
Markus Heidler

Head of Investor Relations

Salzgitter AG
Eisenhüttenstraße 99
38239 Salzgitter

Phone +49 5341 21-6105
Fax +49 5341 21-2570
E-Mail [email protected]

26-Sep-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: Salzgitter AG
Eisenhüttenstraße 99
38239 Salzgitter
Germany
Phone: +49 5341 21-01
Fax: +49 5341 21-2727
E-mail: [email protected]
Internet: www.salzgitter-ag.de
ISIN: DE0006202005
WKN: 620200
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 880815

 
End of Announcement DGAP News Service

880815  26-Sep-2019 CET/CEST

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