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Remarks by Prof. Dr. Ekkehard D. Schulz Chairman of the Executive

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Remarks by Prof. Dr. Ekkehard D. Schulz Chairman of the Executive Remarks by Prof. Dr. Ekkehard D. Schulz Chairman of the Executive Board of ThyssenKrupp AG at the 4th Annual Stockholders’ Meeting on February 21, 2003 Grugahalle, Essen Check against delivery - 1 - Today we are looking back on a year which despite all the economic adversities saw us make further progress. I will be reporting to you on ÿ the past fiscal year, ÿ the first quarter of 2002/2003, ÿ the strategic development of the Group, and ÿ our expectations for the 2002/2003 fiscal year. Overview of fiscal year 2001/2002 Little stimulus from the general economic conditions The hopes held at the beginning of 2002 for a full and rapid recovery of the world economy were not fulfilled. The general economic conditions provided little stimulus for business in fiscal year 2001/2002: The economic recovery was delayed and economic growth turned out much lower than expected. Economic growth in the developed industrialized nations remained particularly low. In the USA, the economic recovery slowed after a strong upswing at the start of the year. The Japanese economy even showed a decline. In Western Europe, the economy was likewise very subdued. GDP growth in the Euro zone was less than 1% in 2002, and according to recent estimates as low as 0.2% in Germany. A decline in domestic demand was the main factor in this, and exports too provided only little impetus for growth. The situation in the emerging markets was split. While most of the Asian and Central and Eastern European countries recorded an upswing, there were significant setbacks in Latin America, above all in Argentina. Monetary and financial uncertainties also impacted the Brazilian economy. - 2 - Financial highlights 2001/2002 ThyssenKrupp held up well in this difficult economic environment. Business picked up noticeably in the course of 2001/2002. However, higher order intake and sales in the third and fourth quarters were unable to compensate for the cyclical weakness in the first half of the fiscal year. Here are the key financial highlights for the 2001/2002 fiscal year: ÿ Order intake at €36.4 billion was 4% lower than the year before. ÿ The Group’s sales decreased 3% to €36.7 billion. The majority of sales were generated outside Germany. Foreign sales amounted to €23.7 billion or 65% of total sales. The biggest markets were the EU (24%) and North America (25%). ÿ Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to €2.6 billion after €3.2 billion the year before. ÿ Earnings before taxes and minority interest (EBT) amounted to €762 million, excluding disposal gains €419 million. In the previous year EBT was €1,117 million, excluding non-recurring effects €774 million. This figure includes restructuring charges of €149 million at Automotive. ÿ After deducting taxes (€175 million) and minority interest (€33 million) as well as impairment of €338 million, net income for the year was €216 million, compared with €665 million the previous year. ÿ Earnings per share is €0.42 (€1.76), normalized earnings per share €0.48 (€1.05). - 3 - ÿ Net cash provided by operating activities increased by €209 million to €2.45 billion. ÿ Particularly encouraging was the development of net financial payables, which were significantly reduced from €6.4 billion to €4.7 billion. ÿ On September 30, 2002 ThyssenKrupp employed 191,254 people worldwide. The number of employees thus decreased by 2,262 or 1.2% in the past fiscal year. Acquisitions, disposals and an increase in productivity were the reasons for this change. Outside Germany we had 88,404 employees. The share of employees working at foreign subsidiaries thus remains unchanged at 46%. Capital market expectations fulfilled The Group’s performance met the expectations of the capital market: ÿ Earnings before taxes of around €412 million were expected. Excluding disposal gains, €419 million was achieved. All segments posted positive earnings. ÿ The capital market expected a restructuring charge of over €100 million. This ultimately amounted to €149 million. We were thus able to take a conservative approach. ÿ The impairment charge was expected to be between €200 and €500 million. The actual amount was €338 million. ÿ Net financial payables were expected to be below €6 billion, they fell to €4.7 billion. This strong reduction in debt gives the Group added freedom, because - 4 - the rule is the same for companies as for private households: Lower debt means lower interest charges and that allows more room for maneuver. ÿ Normalized earnings per share of €0.44 was expected, the actual figure was €0.48. This shows once again that ThyssenKrupp practices sound housekeeping and will continue to do so in the future. Research and development – innovations for our customers For a technology-oriented industrial and service group, technological progress is an essential prerequisite to market success. In this area in particular the Company must continuously move forward, fostering and using what is its most important asset: the knowledge and creativity of its employees. For this reason ThyssenKrupp carried out intensive research and development work again last year so as to be able to supply more competitive, high-tech and environmentally friendly products. In 2001/2002 the Company spent a total of €641 million on research, development and quality management. Some 3,000 scientists, engineering and technicians in the Group are working on around 2,000 R&D projects to develop new and improved products and processes. ThyssenKrupp is committed to sustainability. A successful combination of high technology and design, the new roof and facade system Solartec, developed by the Steel segment , is just one example which testifies to this. A highly attractive cladding material for roofs and facades, it provides insulating properties and at the same time generates electricity via integrated solar cells. This successful symbiosis of steel and solar technology can be seen among other places at ThyssenKrupp Stahl in Duisburg-Beeckerwerth. Completed last October, this was the biggest Solartec - 5 - project in Europe, covering a facade area of 1,400 square meters. Many of you will have seen it from the A 42 highway. In the Automotive segment , work continues among other things on the development of crash-optimized lightweight steering columns. Innovative EPAS steering systems ( E lectric P ower A ssisted S teering), developed to production maturity, permit lower fuel consumption. A further focus of development work in the steering systems business is reducing the variety of steering systems to reduce costs for auto manufacturers. The combination of the activities of Mercedes-Benz Lenkungen GmbH and ThyssenKrupp Presta will create a global supplier of complete steering systems. With new products and the pooling of the research activities of the two companies, the alliance will be well equipped to meet future challenges on the markets for both cars and trucks. A groundbreaking elevator system developed by the Elevator segment is set to revolutionize the market with its totally new design. In December 2002 the TÜV technical inspectorate in Stuttgart approved the world’s first elevator based on the so-called “TWIN concept”. This completely new system featuring two elevators in one shaft will drastically reduce passenger waiting times. In addition, the system offers an up to 25% space gain or saving with performance enhanced by up to 40%. The Technologies segment developed a special process for forging titanium aluminide compressor blades. Compressor blades are used in aircraft engines. The use of titanium-aluminide permits significant weight reduction and energy savings. The process is to be patented. The M aterials segment further developed a sheet piling flood protection system for securing dikes economically and ecologically in such a way that they cannot be washed away. When water levels rise so much that they threaten to flood over the embankment or quay wall, the barrier can be raised quickly to the required height. - 6 - Capital spending In the years immediately after the merger, we invested heavily. Spending has now been cut back in order to reduce financial payables. Nevertheless, the Group’s capital expenditure still exceeds depreciation. In the past fiscal year, ThyssenKrupp made investments totaling €1.8 billion, 24% less than the year before. €1.5 billion was invested in property, plant and equipment and intangible assets, while €0.3 billion was used to acquire companies and equity interests. Business areas and segments This brings me to our performance in the business areas Steel, Capital Goods and Services. In these three areas ThyssenKrupp holds top positions on the international markets. Steel: Order intake at ThyssenKrupp Steel amounted to €11.7 billion in the reporting period, compared with €11.8 billion the year before. Sales also reached €11.7 billion, compared with €12.5 billion last time. The demand recovery on the international steel market in the second quarter of 2002 had a positive effect and allowed the introduction of price increases in several stages. Steel generated earnings of €167 million. Prior-year earnings were €673 million including the gain from the disposal of the Brazilian iron ore mine Ferteco in the amount of €333 million. On September 30, 2002 ThyssenKrupp Steel employed 50,184 people, compared with 51,418 a year earlier. The keys to success were and still are restructuring and continuous improvement. ThyssenKrupp set the pace in the consolidation process of the European steel industry. As a result of this concentration and the associated systematic - 7 - performance improvement, productivity in the Steel segment has more than doubled. ThyssenKrupp has thus achieved its goal of keeping Steel in profit even in difficult times. Another main pillar of the Group’s strategy is increasing the internationalization and globalization of our activities. By establishing new production sites for example in Brazil, China, Mexico and Italy, the Steel segment has gradually expanded its international base.
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