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Salzgitter Sees Wider Pre-tax Loss For FY19 On Non-recurring Writedowns

Salzgitter Group (SZGPF.PK) now anticipates a pre-tax loss to be in the range of 250 million euros - 280 million euros for the financial year 2019, compared to the prior outlook of a pre-tax loss in the mid-double-digit million euro range.

The company said its financial year 2019 results will include non-recurring, non-cash writedowns amounting to about 200 million euros. The writedowns are largely the result of current economic and political framework conditions and the expectations derived from these conditions for the short- to medium-term development in the earnings of a number of Group companies. The measure will positively impact the consolidated result of future financial years in dimensions of around 25 million euros per annum.

The company reaffirmed its pre-tax profit from operations outlook for the fiscal year 2019 in a range of 125 million euros - 175 million euros.

The company anticipates a pre-tax result approaching breakeven in the current financial year 2020.

The company will publish its financial results for fiscal year 2019 on March 16, 2020.

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