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1999/2000 Annual Report

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1999/2000 Annual Report 1999/2000 Annual Report minutes. by ThyssenKrupp TK I/1 GROUP STRUCTURE for reporting 1999/2000 tk AG 1 2 3 4 5 6 7 8 9 Steel Automotive Elevators Production Components Materials- Facilities- Real Estate Others Systems Services Services I/2 BRIEF PORTRAIT Group structure and brief portrait L ThyssenKrupp is an international group with high levels of capability in three main areas, Steel, Capital Goods and Services. The Group possesses valuable expertise along the entire value chain which it systematically translates into competitive advantages. ThyssenKrupp holds top three market positions in most of its activities. More than 193,000 employees on all five continents generated sales of some 37 billion Euros in 1999/2000; pre-tax earnings amounted to 1.1 billion Euros. We are well represented on the markets of Europe and North America. In the future we will be focusing increasingly on the growth markets of Southeast Asia, Latin America and Eastern Europe. We are systematically developing these markets by establishing our own production and service sites as well as through acquisitions and alliances with local partners. Already more than 60% of Group sales are with customers outside Germany and around 45% of our employees work at foreign subsidiaries. We aim to strengthen our service activities and double the current 15% share of services in sales in the medium term. Our service offensive can only succeed in the Internet age if we can exploit the advantages of the new information and communication technologies for ourselves and our customers. We are working on this, and have introduced e-commerce into procurement, sales, services, customer relations and internal processes. Our workforce is open-minded, efficient, creative and motivated. It is this that enables ThyssenKrupp to successfully meet the constantly growing demands of the markets. ThyssenKrupp stands for high-tech capabilities in Steel, Capital Goods and Services. Our international future-oriented focus allows us to develop targeted solutions creating sustained growth for us and our partners. Every minute brings new thoughts, ideas and innovations. minutes. by ThyssenKrupp 01 THE GROUP IN FIGURES pro forma pro forma 1997/1998 1998/1999 1998/1999 1999/2000 Order intake Million Euros 36,265 31,964 29,381 38,942 Sales Million Euros 35,884 32,378 29,794 37,209 EBITDA Million Euros 3,043 2,545 2,391 3,383 Income before income taxes and minority interest Million Euros 1,335 601 609 1,090 Group’s net income Million Euros 695 270 262 527 Earnings per share Euros 1.35 0.52 0.54 1.02 Normalized earnings per share Euros 1.45 0.79 0.82 1.02 Net cash provided by operating activities Million Euros – – 1,505 1,329 Capital investments Million Euros – – 3,646 2,495 Return on equity % 17.2 1) 7.4 7.5 12.4 ROCE % 10.3 6.3 6.3 8.7 Economic value added Million Euros 248 (532) (547) (72) Net financial payables Million Euros 3,741 1) 6,193 6,193 7,730 Stockholders’ equity Million Euros 7,750 1) 8,106 8,106 8,797 Gearing % 48.3 1) 76.4 76.4 87.9 Employees (09/30) 183,937 184,770 184,770 193,316 1) only Thyssen and Krupp consolidated, without Dover Elevators and Mannesmann Handel 1998/1999 1999/2000 Distribution Million Euros 368 386 2) Dividend per share Euros 0.71581 0.75 2) 2) Proposal to the Annual Stockholders’ Meeting As of the beginning of the 1998/1999 fiscal year, the accounting of ThyssenKrupp AG is based on US-GAAP. For purposes of better comparability, the commentary concerning order intake, sales and income before income taxes and interest is based on pro forma figures. In addition to the Thyssen values, the pro forma figures for both 1997/1998 and 1998/1999 contain the information for Krupp, Dover Elevators and Mannesmann Handel for twelve months; this applies regardless of the date of first consolidation. In drawing up the 1999/2000 financial statements, prior-year figures were adjusted – see note (26) to the consolidated financial statements. 02 I/1 Overview of ThyssenKrupp I/2 Brief portrait 01 The Group in figures 04 To our stockholders 06 Executive Board 08 Letter to the stockholders 12 Supervisory Board 14 Report of the Supervisory Board 18 ThyssenKrupp stock 26 Economic development 46 From the Group 28 1999/2000 course 48 People at ThyssenKrupp of business 52 Ideas for the future 38 Income, dividend 56 Focus on service 40 Start of new fiscal year 60 E-commerce initiative and outlook Contents 03 64 minutes. 76 Segments 104 Financial Report 206 Additional information by ThyssenKrupp 78 Steel 106 Management’s Discussion 208 Major consolidated 82 Automotive and Analysis of Results of companies and 86 Elevators Operations and Financial equity interests 88 Production Systems Condition 213 Abbreviated terms 90 Components 123 Report of the Executive 214 Subject index 92 MaterialsServices Board 216 Contact 95 FacilitiesServices 124 Audit Opinion I/3 Glossary 98 Real Estate 125 Consolidated financial I/4 2001/2002 dates 100 Others statements 191 Additional disclosures pursuant to Art. 292a of the German Commercial Code (HGB) 04 To our stockholders ThyssenKrupp has over 140,000 stockholders in whose interest the Executive 8.34 a.m. Board and Supervisory Board act. The following section provides a letter from the two Executive Board Chairmen and a report by the Supervisory Board, including a review of the past fiscal year and a look forward to the future operating and strategic development of the Group. Detailed information on the ThyssenKrupp stock is also presented. 3.12 3.13 p.m. p.m. 5.15 5.16 p.m. p.m. To our stockholders 05 8.37 8.38 a.m. a.m. 3.14 p.m. Page 6 Executive Board Page 12 Supervisory Board Page 8 Letter to the stockholders Page 14 Report of the Supervisory Board Page 18 ThyssenKrupp stock 5.17 p.m. 06 Executive Board Dr. Gerhard Cromme Prof. Dr. Ekkehard Schulz Dr. Hans-Erich Forster Dieter Hennig Chairman Chairman born 1940 born 1939 born 1943 born 1941 member of the Executive member of the Executive member of the Executive member of the Executive Board since 1996 Board since 1992 Board since 1989 Board since 1991 responsible for the responsible for the responsible for the responsible for the Central MaterialsServices and Personnel and Social Corporate Development Bureau, Senior Executives FacilitiesServices segments Policy directorate and for and Communication and Technology directorates Administrative Services directorates and the and the Steel segment Automotive segment Membership of the Executive Board includes periods at the predecessor companies. To our stockholders Executive Board 07 Kisuhaeli www.efere.de Dr. Gerhard Jooss Dr. Ulrich Middelmann Prof. Dr. Eckhard Rohkamm Jürgen Rossberg Dr. Heinz-Gerd Stein born 1941 born 1945 born 1942 born 1939 born 1940 member of the Executive member of the Executive member of the Executive member of the Executive member of the Board since 1989 Board since 1992 Board since 1991 Board since 1987 Executive Board responsible for the responsible for the responsible for the Elevators, responsible for the Legal since 1982 Corporate Accounting, Controlling and Mergers & Production Systems and Affairs, Organizational responsible for the Taxes and Customs, Acquisitions directorates Components segments and Development and Internal Finance and Investor Foreign Organization, in the Others segment for Auditing directorates and Relations directorates Materials Management Engineering, Shipyards, for the Real Estate segment and for Insurance and Information Plastics Machinery and Services Technology directorates Civil Engineering 08 SALES Million Euros 1998/1999 32,3781) 1999/2000 + 15% 37,209 INCOME2) Million Euros 1998/1999 601 1) 1999/2000 + 81% 1,090 1) pro forma 2) before income taxes and minority interest To our stockholders Letter to the stockholders 09 Dear Stockholders: In the second fiscal year after the merger of Thyssen and Krupp, your company was economically successful: With sales of 37 billion Euros, we earned more than 1 billion Euros before taxes. It is intended that you profit therefrom, and therefore we are proposing to the Annual Stockholders’ Meeting in March 2001 that a dividend of 0.75 Euros per share will be distributed; this means a dividend yield of 4.9%. After the economically unsatisfactory merger year – 1998/1999 was marked by clear economic weakness – ThyssenKrupp noticeably gained speed in 1999/2000. Sales rose around 15% to 37 billion Euros, and order intake rose by 22% to 39 billion Euros. The jump in profits was even greater, namely, from 0.6 billion Euros in 1998/1999 to 1.1 billion Euros now. The EBITDA also Income more than conformed to this growth tempo and rose by 33% to 3.4 billion Euros. 1 billion Euros Above all, we thank all our employees, who perform outstanding work each day in the different parts of the group around the world, for the fact that this development was possible. For this, we would like to sincerely thank everyone on behalf of the Executive Board. ThyssenKrupp is often viewed as a classic representative of the so-called Old Economy and, as such, is currently being treated with reticence by the financial markets. But our range is in no way old. ThyssenKrupp is also not purely a steel producer. This is still not sufficiently perceived by outsiders. As well as specialized high-quality steel products we offer our customers a well-rounded line of high-tech industrial products, as well as industrial services along the entire value chain. We are systematically expanding our competitive positions by means of the use of the most modern technologies. We are using the information and communications technologies – tools of the New Economy – for the continuous optimization of the business processes, services and customer bonds.
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