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Annual Report 2009
The Salzgitter ShareCapital Market and Price Performance of the Salzgitter Share
In 2009, the stock market was characterized by a perceptible recovery with sharp fluctuations: The
trend reversal set in at the beginning of March and halted the dramatic slide in share prices of the
previous year. Following the period when the financial crisis, which broke out in 2008, fanned fears for
a total collapse of the global financial system right through until the spring of 2009, news of government
rescue packages and extensive measures to boost the economy gave rise to hopes that the crisis
would soon be overcome. During the further course of the year, unfavorable economic indicators and
the general mutual distrust prevailing in the business community repeatedly put a damper on sentiment
in the capital markets. The goods sector only saw a slow recovery. The massive volume of funds
poured into the capital markets nonetheless buoyed the stock exchanges, as the extremely low interest
rate level prompted a search for attractive investment alternatives. Towards the end of the year share
prices therefore gained significant momentum: By December 31, the DAX and MDAX had each recovered
around 60 % as against their lowest levels in early March. In comparison to the closing prices in
2008, the DAX posted an annual performance of 24 % and the MDAX had risen by 34 %.
Salzgitter AG Share Price Performance vs. the European Steel Index, MDAX and DAX in 2009
Sources: Xetra
closing prices on
Deutsche Börse AG,
Datastream STEELEU
Owing to the posited high sensitivity of the divisions to economic conditions, our share was strongly
impacted by the respective trends in the markets, especially in the first half-year. The unfavorable
economic outlook and the poor capacity utilization situation of the steel producing industry and its
major customer sectors caused investors to hold back. This sent the Salzgitter share to its lowest level
of € 40.22 on March 31, down from its initial starting point of € 55.00 at year-end 2008, but not for
long: The first brightening of economic indicators in April then triggered a sharp rally which held
strong until mid-year. The Salzgitter share peaked at € 73.40 on August 4, which is a 82 % increase in
the share price over its lowest point. Our share subsequently trended sideways, while displaying pronounced
volatility. Based on a year-end closing price of € 68.44, overall performance came to 24 % in
2009 and, taking account of a dividend markdown of € 1.40, to as much as 27 %.
Salzgitter AG Share Price Performance vs. the European Steel Index, MDAX and DAX 2000 – 2009
Sources: Xetra
closing prices on
Deutsche Börse AG,
Datastream STEELEU
The long-term performance of the Salzgitter share continues to be better than those of DAX, MDAX
and the European Steel Index, also when taking into account the distortions of the capital markets following
the world financial crisis of 2008. While the DAX lost 14 % of its value versus the closing price of
1999 in a ten-year comparison, the MDAX (+ 83 %) and the European Steel Index (+238 %) improved.
In the same period, our share price rose by 628 %. Taking account of the € 10.06 in total dividends
disbursed in that time, the performance came to 735 %.
Following the company’s admission to the DAX on December 22, 2008, the fundamental interest of investors ran at consistently high levels. The volume of Salzgitter shares traded daily on the German stock exchanges averaged around 720,000 units – a mere 9 % below the record level of the previous year (790,000 units). All in all, 184 million shares of our Group changed hands. The share of transactions carried out by electronic trading in Xetra and floor trading in Frankfurt (92.0 %) fell marginally in comparison with the previous year’s period (98.4 %). With a trading volume of just under € 9.4 billion as per December 31, 2009, our share ranked 24th in the DAX list of Deutsche Börse AG. Free float market capitalization amounted to around € 2.5 billion on the same reporting date, which put us in 33rd place. 
Shareholder Structure
According to a survey commissioned in December, our shareholder
structure has not changed as compared with year-end 2008. Shareholders
registered in Germany, including the Federal State of Saxony
as the major shareholder, held at least 44.0 %, a proportion virtually
unchanged from the previous year’s survey (2008: 45.1 %).
Of this figure, German institutional investors accounted for 7.9 %
(8.6 %). The share of foreign investors amounted to 28.3 % (2008:
35.3 %), and 27.7 % of our investors could not be identified. These
are likely to be domestic and foreign private investors, as well as institutional
investors with no reporting requirements, such as insurance
companies and trust foundations. The free float of the Salzgitter share
came to 63.9 %.
Treasury Shares
As per December 31, 2009, Salzgitter AG’s portfolio of treasury shares totaled 5,795,252 units. In comparison
with the portfolio status as per December 31, 2008 (6,009,684 units), the number of shares
decreased by 214,432 units. All in all, 250,032 shares were disposed of and used as follows: 250,000
shares at an average price of € 62.03 as part of acquiring a participating investment and 32 shares as a
bonus to members of the workforce for improvement suggestions. In a countermeasure, 35,600 shares
were purchased at an average price of € 60.53.
Information for Investors
1) All data as per
December 31
2) Calculated on the basis of the respective year-end a closing price multiplied by the number of shares outstanding as per December 31 3) All data relate to prices in XETRA trading 4) Calculated by taking account of the weighted number of average shares outstanding 5) Subject to approval by the General Meeting of Shareholders Dividend
The Executive and Supervisory Boards proposed that the General Meeting of Shareholders approve
payment of a dividend for the financial year 2009 of € 0.25 per share.
In relation to the nominal share capital of € 161.6 million, the total dividend distribution proposed comes to € 15.1 million. Investor Relations
In the first year following the Group’s admission to the DAX, the information requirements of the
capital market were extremely demanding due to the enormous challenges confronting Salzgitter AG
in connection with the global economic crisis throughout the whole of the financial year 2009. Consequently,
lively use was made of our multifaceted communication services. For instance, we presented
and discussed the results of the financial year 2008 and the first half-year of 2009 at well-attended analysts’
conferences in Frankfurt/Main and London. Salzgitter AG’s presentations at a number of investor
conferences and road shows in Germany, other European countries and the USA were also followed
with great interest by institutional investors and financial analysts. In addition, we also organized visits
to various locations of the Group enabling guests to gain an insight into the structures, processes and
products and to inform themselves about the business situation and the potential of our Group in
discussions with members of the Executive Board and other managers.
The ”Freundeskreis der Aktionäre der Salzgitter AG” (circle of friends of Salzgitter AG shareholders) arranged various events and tours of the mills for private member investors to give them the opportunity of speaking personally to representatives of the Group. We are pleased that our work is held in consistently high regard as is evidenced by the very satisfactory evaluations and our positions in a number of investor relations rankings. At least 129 recommendations and company reports on Salzgitter AG were made by 30 banks and financial publications in the financial year 2009. At year-end, their ratings were:
Four financial institutions took up the coverage of our company in 2009. At present, the institutions listed below report regularly on the Salzgitter Group:
Convertible bond
On September 29, 2009, Salzgitter Finance B.V. (SZFBV), a wholly-owned Dutch subsidiary of
Salzgitter AG, placed a convertible bond with a volume of € 296.45 million under a guarantee furnished
by Salzgitter AG. Settlement took place on October 6, 2009. The term of the bond is seven years and may
be returned by the investors after five years. The bond may be converted into the shares of Salzgitter AG
and features an annually payable coupon of 1.125 % p. a. With a reference price of € 66.797 per Salzgitter
share, a 25 % premium would result in a conversion price of € 83.4963. The subscription rights of the current
shareholders of Salzgitter AG to the part convertible bond were excluded. The issue serves to diversify
the Salzgitter Group’s sources of finance. We intend to use the funds for general company purposes.
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