euro adhoc: Salzgitter AG
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Reorganization of Group Structure
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
22.09.2005
Today the Executive Board and the Supervisory Board of Salzgitter AG decided to propose to the General Meeting of Shareholders that the corporate structure of the Group be reorganized for internal financial reasons.
On the basis of the present structure, the annual profits and losses generated by the individual Group companies and existing fiscal losses brought forward from previous account can only be set off against each other to a limited extent. If this structure is retained, the Group would suffer disadvantages amounting to a presumed total of EUR130m to EUR150m in financial year 2005 and the financial years thereafter. Furthermore, central finance management without additional restrictions is not possible on the basis of the current structure. These disadvantages can be avoided with the desired new structure, which will merge all of the essential Group companies into a single fiscal body. This measure will have no impact on the companys management structure.
This change in the corporate structure requires approval by the General Meeting of Shareholders. Therefore, the respective boards intend to obtain such approval at an extraordinary General Meeting of Shareholders on November 17, 2005 in order to ensure that the change becomes effective for financial year 2005.
end of announcement euro adhoc 22.09.2005 19:37:00
Further inquiry note:
Bernhard Kleinermann
Tel.: +49 (0) 5341-21-3783
E-Mail: kleinermann.b@salzgitter-ag.de
Tel.:49 (0) 5341-21-01
FAX: +49 (0) 5341-21-2727
Email: gersdorff.b@salzgitter-ag.de
Branche: Iron & Steel
ISIN: DE0006202005
WKN: 620200
Index: MDAX, Prime Standard, CDAX, HDAX
Börsen: Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bayerische Börse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Frankfurter Wertpapierbörse / official dealing
Niedersächsische Börse zu Hannover / official dealing
Original content of: Salzgitter AG, transmitted by news aktuell