Salzgitter AG: Medium-term shortfall in CO2 allowances has been compensated for the most part at the subsidiaries of the Salzgitter Group; current market value of allowances purchased exceeds figure accounted for in the balance sheet by around
The fourth period of the EU emission trading scheme will commence on January 1, 2021 and will run up until and including 2030. Following the finally determined, externally verified data for our applications for the free allocation of CO2 allowances that are due for submission at the end of June, we assume that the allowances purchased by us as a precautionary measure will compensate the estimated shortfall for the most part in respect of the subsidiary companies of Salzgitter AG that are subject to the emission trading system. As it is not certain whether - and in the event when - technical CO2 mitigation options will be available, this procedure considered to be of an equal standing by the emission trading system was taken. The market value of all CO2 allowances acquired as a precautionary measure exceeds the figure accounted for in the balance sheet as of today's date by around EUR 300 million. They therefore constitute an asset that cannot be derived from the balance sheet. Consequently, we decided to publish this information in the form of an ad-hoc release.
We make reference to the fact that, on the one hand, the value of the CO2 allowances acquired is a stock market value and is therefore subject to fluctuations. On the other, the actual amount of the shortfall of free allocation can only be determined once the allocation procedure is complete. In addition, it is ultimately based on the actual need for allowances depending on production over the course of the fourth trading period.
Contact: Markus Heidler Head of Investor Relations Salzgitter AG Eisenhüttenstraße 99 38239 Salzgitter Phone +49 5341 21-6105 Fax +49 5341 21-2570 E-Mail email@example.com
14-Jun-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Salzgitter AG Eisenhüttenstraße 99 38239 Salzgitter
Germany Phone: +49 5341 21-01 Fax: +49 5341 21-2727 E-mail: firstname.lastname@example.org Internet: www.salzgitter-ag.de ISIN: DE0006202005 WKN: 620200 Indices: SDAX Listed: Regulated Market in Frankfurt (Prime Standard), Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange EQS News ID: 824673 End of Announcement DGAP News Service
824673 14-Jun-2019 CET/CEST