The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Christian Obst - Baader-Helvea Equity Research - Analyst
: Moving to the cash flow. So it was quite remarkable of the debt reduction. You mentioned that what do you expect for the fourth quarter as there
more to come. And going into the next year, do you think there is a meaningful change when it comes to the entire -- how suppliers and customers
are dealing with their cash because of the rising interest rates or high interest rates. Do we expect any meaningful change in the entire structure
of cash development going into the next year? This is the first question.
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NOVEMBER 13, 2023 / NTS, SZGG.DE - Q3 2023 Salzgitter AG Earnings Call
Question: Christian Obst - Baader-Helvea Equity Research - Analyst
: Another one is on heavy plate and EUROPIPE, do you see in heavy plate any special situation, what we expect going forward when it comes especially
to the wind industry, which is some kind of (inaudible) currently? And next one then to EUROPIPE and all the related infrastructure development,
do you see some additional uptick when it comes to the new year?
Question: Christian Obst - Baader-Helvea Equity Research - Analyst
: Another question then, concerning EUROPIPE and all the maybe upcoming new orders. Can you say something about the pricing environment
there? And how do you secure that you make a decent margin on that if it comes, of course.
Question: Christian Obst - Baader-Helvea Equity Research - Analyst
: Okay. One last question is on imports. Where do you see the main strategy. You mentioned that in your 3Q report, of course, several times, where
do you see the main threat coming from import to the next year?
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NOVEMBER 13, 2023 / NTS, SZGG.DE - Q3 2023 Salzgitter AG Earnings Call
Question: Moses Ola - JPMorgan Chase & Co, Research Division - Analyst
: So just 3 questions from myself, please. So the first question, just on working capital and net debt guidance. So previous guidance was the EUR
500 million working capital release. Net debt for EUR 400 million at the end of the year. Do you have any revised targets on that now that you're
tracking well ahead at Q3? And just again, on working capital into next year, how much do you think is there left structurally to squeeze out of the
business?
Question: Moses Ola - JPMorgan Chase & Co, Research Division - Analyst
: Okay. My second question is on BA technology. So again, continued upward improvement in this segment. Do you currently have -- so given the
order book visibility that you have in that business, what would you -- how would you class earnings expectations into next year? Could we be
looking at a triple digit earnings before tax performance there technology for next year?
Question: Moses Ola - JPMorgan Chase & Co, Research Division - Analyst
: And then finally on the electricity taxes. So you commented here that more is still needed from German -- from the German government. What
specifically would you like to see here? I think previous reports mentioned on subsidies for electricity users. But this time around it's been revised
into taxes. Which model do you think is better here? Would you prefer the subsidies or taxes? Or what were your comments alluding to?
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