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ThyssenKrupp Reports Results for Fiscal 2009/2010

12/01/2010 - ThyssenKrupp Group reported that order intake climbed 15% to €41,250 million compared to €35,970 million in the prior fiscal year. Sales improved by 5% to €42,621 million vs. last year’s €40,563 million. EBITDA increased by €3.0 billion to €3,224 million.

ThyssenKrupp Group reported that order intake, sales, and earnings showed an upward trend in fiscal 2009/2010.
 
Order intake climbed 15% to €41,250 million compared to €35,970 million in the prior year. Sales improved by 5% to €42,621 million vs. last fiscal year’s €40,563 million. EBITDA increased by €3.0 billion to €3,224 million.
 
In 2009/2010, ThyssenKrupp achieved earnings before taxes of €1,135 million. Year-on-year, EBT improved by €3,499 million. The earnings figures for the reporting year include positive nonrecurring items of €105 million: Income from the disposal of the Industrial Services units and Hellenic Shipyards was partly offset by expense in the Components Technology business area.
 
The Group’s adjusted EBT was €1,030 million, up €2,106 million from the prior-year figure of €(1,076) million. Adjusted EBT was therefore also higher than the raised August forecast.
 
All business areas contributed to the Group’s higher EBT, with the exception of Steel Americas, where the startup of the new plants in Brazil and the U.S. had a negative impact. In all business areas the restructuring and cost-reduction programs contributed significantly to the earnings improvements.
 
Earnings per share were €5.78 higher at €1.77 compared to €(4.01) for the prior year. The Supervisory Board and Executive Board will propose to the General Stockholders’ Meeting on January 21, 2011, the payment of an increased dividend of €0.45 per share.
 
Executive Board Chairman Dr. Ekkehard Schulz said: “The massive improvement in earnings also shows that the operating and structural measures introduced in the wake of the economic and financial crisis were successful. The Group has emerged from the crisis stronger.”
  
Outlook – Looking forward to the 2010/2011 fiscal year, ThyssenKrupp says it remains cautiously optimistic about developments in its core markets and key customer sectors. The focus remains on optimizing the structure of the company, including further targeted disposals of activities from the Group portfolio. The Group will also concentrate on the efficient ramp-up of its new steelmaking and processing plants and the associated entry to the U.S. market.
 
For fiscal 2010/2011, the company expects a further 10% to 15% increase in the Group’s sales (2009/2010: €42.6 billion). Earnings are expected to grow faster than sales. This will follow from further operating improvements and the recovery of its sales markets, which will more than offset the negative earnings impact from the Steel Americas business area.
 
Adjusted earnings before interest and taxes (EBIT adjusted for nonrecurring items) are forecast to be around €2 billion (2009/2010: €1.2 billion).
 
“ThyssenKrupp is on track to sustainable value creation: The new structure and the efficiency measures are taking effect, and the Americas projects have successfully started operation. The Group is returning to its long-term growth path,” said Schulz.
 
At the close of the General Stockholders’ Meeting on January 21, 2011, Dr. Heinrich Hiesinger, who joined the Executive Board of ThyssenKrupp AG on October 1, 2010, will take over the position of Executive Board Chairman. At the same time, Dr. Jürgen Claassen, previously Executive Vice President of the company, will be joining the Executive Board.
 
ThyssenKrupp is an integrated materials and technology group with currently almost 177,000 employees in more than 80 countries. Eight business areas focus the Group’s activities and know-how in the strategic competency areas of Materials and Technologies. In addition to manufacturing materials and plants, the Group also provides complete system solutions and innovative services.