30. June 2005
The chairman of the management board, Michel Maulvault, welcomed the company’s shareholders to the general meeting in Dillingen.
“Thanks to a strong demand for heavy plates and the resulting growth in revenue and amounts, we significantly improved our operating result. We succeeded in doing so despite the drastic increase in commodity prices. In addition to a good market situation and the high utilisation of our plants’ capacities, the current and newly launched programmes for improving results positively contributed to the development of the operating result.” In 2004, the operating result amounted to € 54.5 million compared to € 11.6 million in 2003. After having taken into consideration effected depreciation of € 27.2 million because of an inventory valuation, for the first time applied according to the sequence of consumption method, as well as the deduction of the financial result, taxes and compensating payments to third party shareholders, the net income for the year prior to profit and loss transfers amounts to € 50.3 million (the € 74.5 million recorded in 2003 essentially contain one-time effects due to earnings from interest disposals of € 71.9 million).
In the first months of 2005, the situation on the heavy plate market is still characterised by a strong demand on the part of the branches using heavy plates, especially the energy sector. Both product groups of Dillinger Hütte – normal plates and tube plates - benefit from this good demand and prices are on a high level. All production installations are still running to capacity and turnover and operating result develop positively. Even if the price pressure on the commodity and supply side remains fairly high, the company expects, seen from today, a higher turnover volume and a further improvement of the operating result for 2005.
Innovative top-quality steel products, total orientation around our customers' needs and unceasing technological development in close cooperation with our partners form the basis of our success - as they have for more than 330 years.
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