Consolidated Annual Financial Statements

Value Added within the Salzgitter Group

At € 1,353 million, the Group's operational value added came to € 270 million (+24.9%), up on the previous year.

At 74.4%, the major portion of the value added utilized was accounted for by employees (2003: 94.3%).

The tax proportion increased from 1.3% to 5.6% due to the introduction of the minimum tax rate.

Shareholders (including own shares) will receive 1.9% (2003: 1.5%) of the value added for this financial year.

Lenders accounted for 1.7 %, virtually unchanged from the previous year's figure.

in € mil.	FY 2004	%	FY 2003	%
Sources
Group outputs	6,334	100.0	5,068	100.0
Inputs	4,981	78.6	3,985	78.6
Value Added	1,353	21.4	1,083	21.4
Allocation
Employees	1,007	74.4	1,021	94.3
Public authorities	76	5.6	14	1.3
Shareholders	25	1.9	16	1.5
Lenders	23	1.7	18	1.6
Group	222	16.4	14	1.3
Value Added	1,353	100.0	1,083	100.0