German steel maker Salzgitter AG (SZGPY.PK,SZGPF.PK) posted a pre-tax loss of 29.4 million euros in fiscal 2012, as against a 201.6 million euros profit last year. This pre-tax loss figure consists of risk provisions, impairment and negative effects from reporting-date related market valuations, which were offset on balance by the release of inventory risk provisions, according to the company.
Full-year loss after tax of 99.8 million euros includes non-cash deferred income tax expenses of 62.3 million euros that became necessary under the IFRS owing to a revaluation of tax loss carryforwards capitalized to date; while profit after tax was 236.0 million euros in 2011. Basic loss per share stood at 1.89 euros, compared with a 4.31 euros income a year back.
The Group's external sales reached 10.4 billion euros in 2012, up 6% from the prior year's 9.84 billion euros, boosted mainly by the considerable growth in international steel trading.
Assuming that general conditions do not deteriorate further over the period covered by guidance, the Group expects stable sales in 2013 and pre-tax earnings in the lower double-digit million euro range. Further, additional effects are anticipated from the implementation of the "Salzgitter AG 2015" Group project.
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