Principles of accounting consolidation, sheet reporting and valuation methods
- The consolidated financial report of Salzgitter AG, Salzgitter, for the reporting period from January 1 to
June 30, 2013, has been prepared as a condensed report with selected notes. The report has been
drawn up, as before, in accordance with the International Financial Reporting Standards (IFRS)
published by the International Accounting Standards Board (IASB) in consideration of the
requirements set out under IAS 34 for condensed interim reports.
- In comparison with the annual financial statements as at December 31, 2012, no changes have been
made in the accounting, valuation, calculation and consolidation methods applied to the interim
financial statement for the period ended June 31, 2013.
Selected explanatory notes to the income statement
- Sales by division are shown in the segment report.
- Earnings per share are calculated in accordance with IAS 33. Basic earnings per share, calculated from
the weighted number of shares of Salzgitter AG, came to € -5.87 in the period under review. Dilution
would occur if earnings per share were reduced through the issuance of potential shares from option
and conversion rights. Such rights, attached to a convertible bond, existed as of the reporting date.
When taken into account, there is no decrease in earnings per share from continued operations, as a
result of which these option and conversion rights do not have a dilutive effect. Diluted earnings per
share also amount to € –5.87.
Related party disclosures
In addition to business relationships with companies that are consolidated fully and proportionately in
the consolidated financial statements, relationships also exist with associated companies and
shareholdings that must be designated as related companies in accordance with IAS 24.
All business transactions with related companies are conducted on terms that also customarily apply
among third parties (arm's length). The deliveries and services rendered essentially comprise deliveries of
input material for the manufacture of large-diameter pipes and precision tubes. Their volumes are
shown in the table below:
|In € million
||Sale of goods
Mannesmann GmbH, Duisburg
There is a long-term loan granted to Hüttenwerke Krupp Mannesmann GmbH, Duisburg, in an amount of
€ 120.0 million.
Information pursuant to Section 37w paragraph 5 of the German Securities Trading Act (WpHG)
This set of interim financial statements and interim report has not been subjected to an auditor's review.
Affirmation by the legally authorized representatives
"We hereby affirm that, to the best of our knowledge, the consolidated financial statements give a true
and fair view of the net assets, financial position and the results of operations of the Group in
accordance with the generally accepted accounting principles for interim reporting, and that the
Management Report presents a true and fair description of the development of the Group’s business,
including its performance and position, and of the material risks and opportunities inherent in the
prospective development of the Group over the remainder of the financial year."
Salzgitter, in August 2013
The Executive Board of Salzgitter AG