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«ALBA SE – Stollwerckstraße 9a – D-51149 Cologne – Tel.: +49 (2203) 9147-0 Mail to: alba-se – Internet: Key ...»

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ANNUAL REPORT 2012

ALBA SE – Stollwerckstraße 9a – D-51149 Cologne – Tel.: +49 (2203) 9147-0

Mail to: alba-se@albagroup.de – Internet: www.alba-se.com

Key Group Indicators

Group

Consolidated sales revenues in EUR million

 Steel and Metals Recycling 1,605.9 1,744.5 1,384.2**) 832.5 1,560.2 1,219.1

 Services 321.0 466.2 448.0**) 287.8 285.7 330.5  Raw Materials Trading

- 127.8 139.0 146.3 220 198.9 (Companies sold as at October 1, 2011) 1,926.9 2,210.7*) 1,832.2**) 1,266.6 2,065.9 1,748.5 Earnings before taxes in EUR million 37.7 40.4*) 42.0**) 3.8 5.9 55.4 Consolidated earnings in EUR million 33.3 37.2 34.1 0.9 -6.3 35.4 Total assets in EUR million 571.9 655.1 656.5 659.5 729.4 658.0 Equity ratio1 in % 33.3 28.3 30.0 24.1 22.2 26.7 Return on equity2 in% 17.5 20.1 17.4 0.6 -3.9 20.2 Return on capital employed in% 8.8 8.8 9.5 3.4 4.4 9.8 Number of employees (average) 1,910 1,959 1,774 1,836 1,864 1,606 Number of shares 9,840,000 9,840,000 9,840,000 9,840,000 9,840,000 9,840,000 3.254 3.254 Dividend per share in euro 0.25 0.11 0.14 0.86

–  –  –

1 Shareholders' equity according to balance sheet x 100/total assets 2 Earnings after taxes according to income statement x100/Shareholders' equity on balance sheet 3 Earnings before taxes, interest and shares in associated companies according to income statement x 100/total assets 4 Due to the control and profit transfer agreement that exists between ALBA Group plc & Co. KG and INTERSEROH SE, starting on the first banking day of fiscal 2012 after the ordinary General Shareholders' Meeting, an equalisation payment (guarantee dividend) will be paid.

The companies of the raw materials trading segment were sold effective October 1, 2011. The figures marked *) are composed exclusively of continuing business – steel and metals recycling and services. The comparative 2010 values marked **) were modified appropriately Sales from the raw materials trading segment for 2010 and from January 1 to September 30, 2011, were thus presented previous to consolidation and are not included in consolidated sales.

Mission Statement Our philosophy is to complete cycles – yesterday, today and tomorrow.

As part of the ALBA Group we can do that better today than ever before. For the ALBA Group covers the entire process chain of German urban mining and plays an important role in raw materials supply to industry.

–  –  –

Our task in the ALBA Group is the organisation of sustainable and future-oriented recycling solutions and the supply of steel works, smelters and foundries with highquality treated scrap.

The Board of Directors

–  –  –

Content Key Group Indicators

Mission Statement

The Board of Directors

The Board in Discussion

Report of the Supervisory Board for 2012

The Share

Appropriation of ALBA SE profits

Corporate Governance Report

Group Management Report

A.  Framework Conditions 

1.  General Economic Development

2.  Changes in Legal Framework Conditions

B.  Course of Business 

1.  Sales revenues and earnings

2.  Steel and Metals Recycling

3.  Services

C.  Presentation and Explanation of the Net Assets, Financial  Position and Results of Operations 32 

1.  Results of Operations

2.  Net Assets

3.  Financial position

D.  Additional Disclosures 

1.  Events after the Balance Sheet Date

2.  Board of Directors and Supervisory Board

3.  Compensation Report

4.  Employees and Social Responsibility

5.  Risk Management and Internal Control System

6.  Disclosures in accordance with Section 315, paragraph 4, of the German Commercial Code...... 45 

7.  Research and Development

8.  Environment and Sustainability

E.   Anticipated Developments 

1.  Report on risks and opportunities

2.  Outlook

Consolidated Balance Sheet

Consolidated Income Statement

Exhibit of Income and Expense Recorded in Group Equity

Consolidated Statement of Changes in Equity

Consolidated Cash Flow Statement

Consolidated Notes to the Financial Statements for Fiscal 2012

Imprint

The Board in Discussion Dr. Schweitzer, the title of this annual report is: The courage to change – venturing into new areas, while remaining distinctive. Exactly what does this mean?

Axel Schweitzer: We decided on this motto, because it summarises 2012 so well. Our goal has been and remains to continue to expand our unique selling points in the recycling and waste disposal industry and thus remain distinctive through all major changes in the corporate group.

Not only does ALBA SE continue to be the single company listed on the German stock exchange in the industry - because of our integrated approach, we are the only company in a position to completely close the product loop in plastics recycling, i.e. from packaging licensing to the new raw material. In the steel and metals recycling segment, we can supply large volumes of steel and metal scrap of high quality by networking our 95 operating sites and trading locations nationally and internationally.





You mention major changes in the Company. What do you mean by that?

Axel Schweitzer: The conclusion of a control and profit transfer agreement between the ALBA Group plc & Co. KG and INTERSEROH SE year-before-last was certainly a milestone in our corporate history, which required additional changes in the structure and external appearance of the corporate group in

–  –  –

It was important to us that the customer knows what he will get from us for his money and where.

An operating family business in the waste disposal and recycling industry has been behind the ALBA brand for over 44 years - with our own cutting-edge facilities, vehicles and disposal experts. Interseroh’s core business on the other hand consists of the organisation of recycling solutions and complete product or materials loops.

In May you announced that the renaming of INTERSEROH SE is not the final step. The companies in the steel and metals recycling segments were to follow...

Axel Schweitzer: Yes, that’s correct. In line with the logic that the ALBA brand is to represent the operational performance of all services having to do with recycling, we will convert our steel and metals recycling subsidiaries to ALBA companies this year. The legal inclusion in ALBA SE will not change.

Nowadays one needs to be an expert in the industry to know that a company called “Jade Stahl” or “Wagner Rohstoffe” is a fully-owned subsidiary of ours. The same motto applies here: In order to remain distinctive in all of Germany, we are daring to separate from the brands and logos that have hitherto been known only on a regional basis. Ultimately, the customer in Würzburg and the customer in Rostock should know: If I go to ALBA, I can be sure of getting what I need, that the quality is good and that I’m not being taken for a ride. He knows this today already in the region, because of our strong regional roots, but not beyond. In addition I believe this step will significantly increase the brand value of the entire corporate group.

This past fiscal year you suffered sales and earnings losses in the steel and metals recycling segment compared to 2011. Did you focus too much on structural measures and changes?

Axel Schweitzer: No, to the contrary. It is precisely because we did our homework in this area that we were comparatively less impacted by the difficult market environment in this segment and the European economic crisis than other companies. Due to the international orientation of our sales strategy and the networking of our operational locations and trading sites, we were able to position ourselves relatively well in the year just elapsed. We already highlighted in the previous annual report that 2012 was going to

be a demanding, if not even difficult, year. This proved only too true:

The situation in the European steel industry deteriorated from the second quarter of 2012 onwards. This was particularly true in the case of Southern Europe. But in Germany, too, crude steel production was 4 percent less than the previous year. Two blast furnaces were closed in both France and Belgium. The situation in the European steel industry and weaker growth in China compared to previous years have finally become noticeable in the scrap collection and processing sector. Slowed growth in the Chinese economy hampered the sale of non-ferrous metals in the first nine months of 2012. On top of this, prices for sea freight rose enormously in Asia. Of course this all leaves traces on us, as well.

One reads about strong growth in Turkey again and again in the media. This is also the case for Turkish steel production. What measures will you respond with?

Axel Schweitzer: We reacted already: At the end of 2012 we acquired 65 percent of Reukema Balkan SRL. The purchase includes twelve scrap yards in Croatia, Bosnia-Herzegovina, Serbia, Montenegro and Romania. We have been supplying the Turkish market in the past already via our deep sea terminal in

–  –  –

How satisfied were you with developments in the services segment?

Axel Schweitzer: Given the fact that the competitive intensity is very high in all services and our margins were under pressure during 2012 as a result, we are extremely pleased with the increase achieved.

Were there highlights?

Axel Schweitzer: Yes, there were. At the end of 2011, as is known, we launched the recycled plastic "Procyclen" based on the plastics type polypropylene and made from waste from the yellow collection systems. The area “recycled resource” was awarded three different prizes in 2012 as a result, including the sought-after special sustainability prize of the Federal Association of German Do-It-Yourself, Building and Garden Stores. And over the past year we succeeded in developing new plastic compounds on the basis of high density polyethylene and polystyrene. Furthermore, the returnable transport packaging system in the food segment in conjunction with "recycled resource” was able to completely close the loop for defective returnable transport packaging in the food segment. The European Authority for Food Safety, in Parma, Italy, allowed materials extracted from the loop to be recycled 100 percent in the production of returnable transport packaging in the food sector.

The Supervisory Board appointed Rob Nansink to the ALBA SE Board of Directors as at January 1, 2013. Why is that?

Axel Schweitzer: Our colleague Rob Nansink is responsible for trading and for reinforcing the international orientation of the steel and metals recycling segment. He is also supervising the expansion of the “non-ferrous metals” business area. This reflects the increasing internationalisation of the steel and metals recycling segment.

What is your assessment of the future of the economy?

Axel Schweitzer: Framework conditions continue to be anything but easy. The economic situation remains fraught as a result. As long as we have to struggle with the well-known problems of national and currency crises in Europe, the German economy will continue to be influenced over the long term. One bright point is that the economies in the emerging countries are expected to accelerate moderately.

Nevertheless, the German economy will only grow at a very subdued pace.

And how do you assess the future of ALBA SE and its associated subsidiaries?

Axel Schweitzer: 2013 is certainly not going to be an easy year. But we are equipping ourselves for future challenges. We are strengthening our international orientation in the steel and metals recycling segment. We are now present not only in Asia, but in the high-growth area of the Balkans in this segment.



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