|Sales to other segments/Group companies||€ m||-544.1||-616.5|
|External sales2)||€ m||194.6||204.5|
|Earnings before taxes (EBT)||€ m||36.3||45.2|
|EBIT before depreciation and amortization (EBITDA)3)||€ m||64.2||56.4|
|Earnings before interest and taxes (EBIT)3)||€ m||36.6||28.8|
Industrial Participations / Consolidation comprises activities that are not directly allocated to a business unit. As a management holding company, Salzgitter AG does not have any operations of its own. Instead it manages Salzgitter Mannesmann GmbH (SMG) and Salzgitter Klöckner Werke GmbH (SKWG) under which the major companies of the Salzgitter Group are held. In addition, results of companies operating primarily within the Group as well as those of Group companies that support the core activities of the business units with their products and services are recorded here.
Sales in the Industrial Participations / Consolidation segment, which are based mainly on business in semifinished products with subsidiaries and external parties, dropped slightly to € 738.7 million in the financial year 2016 (previous year: € 821.0 million). External sales declined marginally (€ 194.6 million; previous year: € 204.5 million).
Earnings before taxes stood at € 36.3 million, which is lower than in the year-earlier period (€ 45.2 million) and includes the contribution of the Aurubis investment amounting to € 19.1 million (2015: € 21.8 million). This figure is made up of the proportionate Aurubis after-tax result of € 51.8 million, as well as the valuation result of € –32.6 million pertaining to a exchangeable bond that depends on the price performance of the Aurubis share, among other factors. Interest income resulting from Group cash management as well as positive reporting-date- related valuation effects from foreign exchange and derivatives positions boosted the result. The pre-tax result of the Group companies not directly assigned to a business unit fell short of the figure achieved in 2015.