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Salzgitter 9-month Earnings Before Taxes Drops

Salzgitter Group (SZGPF.PK) reported that its earnings before taxes for the first nine months of the financial year 2019 dropped to 40.7 million euros from 284.6 million euros in the prior year.

The latest-period result included a risk provision of 141.0 million euros in connection with the desired mutually agreed and timely end to the investigations conducted on the grounds of suspected cartel arrangements regarding heavy plate and strip steel products, as well as well as the release of 48.8 million euros in provisions at the Strip Steel and Plate /Section Steel business units.

The after-tax result was negative 29.8 million euros, compared to profit of 194.0 million euros last year. The high tax rate was attributable in particular to the provision established in the context of an end to the anti-trust investigation proceedings and that was not tax deductible, as well as to the remeasurement of deferred tax assets relating to loss carryforwards.

Loss per share were 0.63 euros, compared to earnings per share of 3.51 euros in the previous year.

External sales decreased to 6.64 billion euros from 6.93 billion euros last year.

For the financial year 2019, Salzgitter Group continues to anticipate a pre-tax loss in the mid-double-digit million euro range and assume lower external sales of under 9.0 billion euros compared with the previous year.

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