Annual Report 2001 2002

Annual Report 2001 2002 future value TK Annual Report 2001 2002 I/1 THE GROUP IN FIGURES 2000/2001 2001/2002 Change Order intake million € 37,869 36,404 – 1,465 Sales million € 38,008 36,698 – 1,310 EBITDA million € 3,267 2,648 – 619 EBIT million € 1,349 1,046 – 303 EBT after goodwill amortization million € 876 – – before goodwill amortization million € 1,117 762 – 355 Normalized EBT after goodwill amortization million € 533 – – before goodwill amortization million € 774 419 – 355 Consolidated net income million € 665 216 – 449 Basic earnings per share after goodwill amortization € 1.29 – – before goodwill amortization € 1.76 0.42 – 1.34 Normalized earnings per share after goodwill amortization € 0.58 – – before goodwill amortization € 1.05 0.48 – 0.57 Distribution million € 309 206* – 103 Dividend per share € 0.60 0.40* – 0.20 Net cash provided by operating activities million € 2,245 2,454 209 Capital investments million € 2,327 1,777 – 550 future value Return on equity (before taxes and minority interest) % 10.0 9.2 – 0.8 ROCE % 8.8 7.0 – 1,8 EVA million € (46) (413) – 367 Net financial payables million € 6,407 4,742 – 1,665 Stockholders’ equity million € 8,786 8,287 – 499 Gearing % 72.9 57.2 – 15.7 Employees (Sept. 30) 193,516 191,254 – 2,262 * Proposal to the Annual Stockholders’ Meeting Note: Accounting at ThyssenKrupp ag is in accordance with us gaap. Due to the adoption of sfas 142 in the current fiscal year, to allow better comparison the following figures are stated before goodwill amortization: ebt (income before taxes and minority interest), normalized ebt, basic earnings per share, normalized earnings per share, roce and eva. The comments in the report are based in all cases on figures before goodwill amortization. All prior comparative periods are presented in the current segment organization. TK I/2 THYSSENKRUPP IN BRIEF GROUP STRUCTURE The strengths of the ThyssenKrupp Group lie in Steel, Capital Goods and Services. We have over 191,000 employees in more than 70 countries developing products and services to meet the challenges of tomorrow and working together to create value for the future. future value. ThyssenKrupp Steel Automotive Elevator Technologies Materials Serv Steel Capital Goods Services I/2 THYSSENKRUPP IN BRIEF GROUP STRUCTURE The strengths of the ThyssenKrupp Group lie in Steel, Capital Goods and Services. We have over 191,000 employees in more than 70 countries developing products and services to meet the challenges of tomorrow and working together to create value for the future. future value. ThyssenKrupp Steel Automotive Elevator Technologies Materials Serv Steel Capital Goods Services future value. Annual Report 2001 2002 ThyssenKrupp ag future value Opinions 03 the future belongs to everyone. And everyone has their own expectations of the future. ThyssenKrupp is open to different ideas and actively seeks dialogue, inside and outside the Company. In this way we get to know and understand different ways of thinking, which enables us to tailor our products and services exactly to customer needs. And in this way we promote understanding for the aims of ThyssenKrupp. Because to create value for the future you have to respect the values of others. 04 trading opinions. Diverse groups of society regularly formulate their expectations of ThyssenKrupp. For us, this is a source of motivation and opportunity. The public’s interest in us enables us to address a wide range of opinions and, through dialogue, move the Company forward. Just how many people challenge ThyssenKrupp with their aspirations is difficult to say. We give some of them a chance to speak in this report. future value Opinions 05 “Challenges drive us forward.” Prof. Dr. Ekkehard D. Schulz, Executive Board Chairman ThyssenKrupp ag 1 2 3 4 5 6 7 8 9 06 “Having visions only makes sense if you’re given the opportunity to realize them.” 1 Jennifer Blöhm, economics student at Witten-Herdecke University, ThyssenKrupp Study Support scholarship holder and intern at ThyssenKrupp ag, Düsseldorf future value Opinions 07 “A good investment is one where not just the “Naturally a large employer like ThyssenKrupp figures are right but where the people you are is a plus for the region, but we still have to ask dealing with inspire trust.” critical questions sometimes.” 2 Dr. Ingrid Hengster, Managing Director, Credit Suisse First Boston, and 3 Bärbel Zieling, Lady Mayoress of Duisburg, Germany Donald Ogilvie, Managing Director, Dresdner Kleinwort Wasserstein, Frankfurt, Germany 08 “If ThyssenKrupp didn’t train in excess of its own needs, I wouldn’t have an apprenticeship. And with what I learn here I’ll soon find a job elsewhere.” 4 Andre Riesop, process control electronics apprentice, ThyssenKrupp Stahl ag, Duisburg, Germany future value Opinions 09 “As a government agency responsible for promoting “Quality for me includes on-spec delivery, international trade we want the friendship and understanding cooperative installation and on-time start-up.” between China and ThyssenKrupp to deepen and grow. We hope that ThyssenKrupp will continue to make a positive contribution to China’s economic development in the future.” 5 Dr. phil. Cheng Gang, Chairman, China Council for the Promotion of 6 Karl Franz Wambach, Managing Director, Hines Immobilien GmbH, International Trade, Beijing Sub-Council, Beijing, China Berlin, Germany 10 “To be credible, a company must deliver “Investing in a stock must sustainability at all levels. Successful manage- never be a game of chance.” ment also means analyzing and systematically reducing environmental impact.” 7 Tony Long, wwf, Director wwf European Policy Office, Brussels, Belgium 8 Klaus Maxt, stockholder, Düsseldorf, Germany future value Opinions 11 “The future is when we are big and can stay up as long as we want.” 9 Monique Kochems, Jessica Sternke, Markus and Martin Heller, schoolchildren, Germany 12 the challenge of the future. Bright ideas make for a brighter future. The challenge is to decide which ideas are worth investing in, and to develop criteria for that decision. A company like ThyssenKrupp is responsible not only to its stockholders, customers and employees but also to many other areas of society not directly connected with us. Their wishes, dreams and expectations are becomingly increasingly complex. We also have a responsibility to the environment. So before we make any major decision, we listen to what these various interest groups have to say. future value Our stance 13 Their opinions motivate us to become even more successful, because business success brings with it the ability to change processes for the better. To be successful, you need to give your creativity free rein and translate ideas into action quickly. With transparent structures designed to integrate internal and external knowledge, we are working to create sustainable value for all our stakeholders. Learn more about our future values in this annual report. future value. ThyssenKrupp 14 Contents I/1 The Group in figures I/2 ThyssenKrupp in brief 03 future value Opinions 12 future value Our stance 16 To our stockholders 18 Executive Board 20 Letter to stockholders 24 Supervisory Board 26 Report by the Supervisory Board 34 Corporate Governance at ThyssenKrupp 40 ThyssenKrupp stock* 48 future value Transparency 52 future value Innovation 56 Business performance* 58 Course of business in 2001/2002 78 Income, dividend 80 Start of the new fiscal year and outlook 86 future value Environmental protection 90 future value Knowledge sharing 94 Our future potential 96 People at ThyssenKrupp 98 Management competency and motivation 100 ThyssenKrupp best 104 Innovation for long-term market success 108 future value Efficiency 112 future value Motivation 116 Business areas and segments 118 Steel 120 Automotive 122 Elevator 124 Technologies 126 Materials 128 Serv 130 Other Group business: Real Estate 132 Financial Report 134 Management’s discussion and analysis* 154 Consolidated financial statements 222 Additional disclosures pursuant to Art. 292a German Commercial Code (hgb) 242 Additional information 244 Multi-year overview 246 Major consolidated subsidiaries and equity interests 252 Index 254 Glossary 256 List of abbreviations 258 Contact I/3 2003 2004 dates * Components of the Group management report in accordance with Art. 315 hgb 15 Contents 16 To our stockholders In recent months the international financial markets have been hit by price collapses, accounting scandals and a deep loss of investor confidence. Stockholders therefore appreciate all the more open, transparent and up-to-date information about the operating performance, strategic goals and governance of their company and about the performance and potential of their shares. Those are the themes of this section. 17 18 Executive Board 20 Letter to stockholders 24 Supervisory Board 26 Report by the Supervisory Board 34 Corporate Governance at ThyssenKrupp 40 ThyssenKrupp stock To our stockholders To 18 Executive Board Prof. Dr. Ekkehard D. Schulz Dr. Olaf Berlien, Dr. Ulrich Middelmann, Prof. Dr. Eckhard Rohkamm Dr. A. Stefan Kirsten, Dr. Jürgen Harnisch To our stockholders Executive Board 19 Prof. Dr. Ekkehard D. Schulz Chairman, born 1941, Executive Board member since 1991, appointed until February 28, 2005, responsible for Corporate Communications and Central Bureau, Senior Executives, Legal, Internal Auditing Dr. Ulrich Middelmann Vice Chairman, also Executive Board Chairman of ThyssenKrupp Steel ag, born 1945, Executive Board member since 1992, appointed until February 21, 2004, responsible

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