Financial statements of thyssenkrupp AG 2017/2018  thyssenkruppAG2017/2018financialstatements Contents

Contents

02 Statementoffinancialposition 03 Statementofincome 04 Notes 24 Independentauditors’report 31 Responsibilitystatement 32 OtherdirectorshipsheldbyExecutiveBoardmembers 33 OtherdirectorshipsheldbySupervisoryBoardmembers                           TheannualfinancialstatementsofthyssenkruppAGwerepreparedaccordingtotheaccountingregulations for large incorporated enterprises with the legal form of a stock corporationʼnAktiengesellschaftŊ under Germancommerciallaw.ThemanagementreportonthyssenkruppAGiscombinedwiththemanagement report on the Group and published as a combined management report in the Annual Report of thyssenkruppAG.

GermanandEnglishversionsoftheannualfinancialstatementsofthyssenkruppAGcanbedownloadedfrom theinternetatwww.thyssenkrupp.com.Intheeventofvariances,theGermanversionshalltakeprecedence overtheEnglishtranslation.  thyssenkruppAG2017/2018financialstatements Statementoffinancialposition

Statementoffinancial position



ASSETS  million€ Note Sept.30,2017 Sept.30,2018 Fixedassets Intangibleassets 01 73 71 Property,plantandequipment 01 328 312 Financialassets 02 27,307 21,902   27,708 22,285 Operatingassets Receivablesandotherassets 03 5,773 6,032 Cashonhandandcashatbanks3,844 1,858   9,617 7,890 Prepaidexpensesanddeferredcharges 04 45 38 Totalassets37,370 30,213  



EQUITYANDLIABILITIES  million€ Note Sept.30,2017 Sept.30,2018 Totalequity 05   Capitalstock1,594 1,594 Additionalpaid-incapital2,703 2,703 Otherretainedearnings1,494 2,283 Unappropriatedincome1,401 2,097   7,192 8,677 Provisions 06   Accruedpensionandsimilarobligations1,093 1,076 Otherprovisions193 232   1,286 1,308 Liabilities 07   Bonds6,300 4,700 Liabilitiestofinancialinstitutions347 252 Liabilitiestoaffiliatedcompanies21,780 14,840 Otherliabilities462 435   28,889 20,227 Deferredincome 08 3 1 Totalequityandliabilities37,370 30,213  



2  thyssenkruppAG2017/2018financialstatements Statementofincome

Statementofincome

     Yearended Yearended million€ Note Sept.30,2017 Sept.30,2018 Netsales 12 441 515 Costofsales 13 ň133ʼn ʼn144Ŋ Grossprofit308 371 Generaladministrativeexpenses 14 ň644ʼn ʼn589Ŋ Otheroperatingincome 15 155 1,830 Otheroperatingexpense 16 ň459ʼn ʼn86Ŋ Incomefrominvestments 17 973 476 Netinterest 18 ň235ʼn ʼn254Ŋ Write-downsoffinancialassetsandsecuritiesclassedas operatingassets 19 ň51ʼn ʼn143Ŋ Incometaxes 20 12 ʼn26Ŋ Earningsaftertaxes/Netincome59 1,579  

Profitappropriation  Netincome59 1,579 Profitcarriedforward1,342 1,308 Transfertootherretainedearnings0 789 Unappropriatedincome1,401 2,097  



3  thyssenkruppAG2017/2018financialstatements Notes

Notes

General thyssenkruppAG is the corporate headquarters responsible for the strategic management of the thyssenkruppGroup.Thisincludesabovealldefiningcorporatestrategy,allocatingresources,aswell as executive and financial management. Operating business is the responsibility of the Group companies.ThemanagementfunctionofthyssenkruppAGinvolvestheallocationofGroupcompanies tobusinessareaswithintheGroupaswellastheestablishment,acquisitionanddisposalofother companies,groupsofcompaniesandinvestmentsinothercompanies. thyssenkruppAG,withregisteredofficeinDuisburgandEssen,isenteredinthecommercialregisterof DuisburglocalcourtunderHRB9092andinthecommercialregisterofEssenlocalcourtunderHRB 15364.

AsautilityproviderthyssenkruppAGissubjecttotherequirementsoftheGermanEnergyIndustryAct ňEnWGʼnasamendedin2017.thyssenkruppAGisaverticallyintegratedutilityinthemeaningof§3no. 38EnWGandisthereforerequiredtounbundleitsaccountinginaccordancewith§6bň3ʼnEnWG.

The management report on thyssenkruppAG is combined with the management report on the thyssenkruppGroupinaccordancewith§315ň5ʼnHGBinconjunctionwith§298ň2ʼnHGB.

Thefinancialstatementsandcombinedmanagementreportforfiscalyear2017/2018togetherwith theauditors’reportarepublishedintheelectronicFederalGazette“Bundesanzeiger”.Theywillbe accessibleatwww.thyssenkrupp.comňInvestorRelations/Reporting&publicationsʼn.Theycanalsobe orderedfromthyssenkruppAG,ThyssenKruppAllee1,45143Essen,Germany.

Toimprovetheclarityofpresentation,itemsarecombinedinthestatementsoffinancialpositionand income.TheyareshownseparatelyintheNotes.

Accountingandvaluationprinciplesundercommerciallaw ThefinancialstatementsaredrawnupinaccordancewiththerulesoftheGermanCommercialCode ňHandelsgesetzbuch,HGBʼnandStockCorporationActňAktiengesetz,AktGʼn.

Intangibleassetspurchasedfromthirdpartiesarecapitalizedatpurchasecostandamortizedona straight-linebasisinlinewiththeirexpectedusefullife,applyingproratedamountsintheyearof addition,generallyoveraperiodoffiveyears.Impairmentischargedwherenecessaryifthecarrying valueofindividualintangibleassetsexceedstheirfairvalue.Internallygeneratedintangibleassetsare notrecognized.



4  thyssenkruppAG2017/2018financialstatements Notes

Property,plantandequipmentarestatedatpurchasecostlesscumulativedepreciationandimpair- ment.Interestonborrowingsisnotcapitalized.Depreciationischargedovertheusefullifeoftheasset. Impairmentischargedwherenecessaryifthecarryingvalueofindividualitemsofproperty,plantand equipmentexceedstheirfairvalue.

Depreciationisbasedmainlyonthefollowingusefullives:Buildings20–33years,landimprovements 5–20years,otherequipment3–25yearsandfactoryandofficeequipment3–10years.

Depreciation of movable assets is charged by the straight-line method. In the year of addition depreciationischargedproratatemporis.Itemswithapurchasecostuptoandincluding€250ňupto December31,2017:uptoandincluding€150ʼnarerecognizedasanexpenseintheyearofaddition. Additionswithinafiscalyearofassetswithapurchasecostofmorethan€250ňuptoDecember31, 2017:morethan€150ʼnbutnomorethan€1,000arepooled.Thepooliswrittendownbyonefifthin theyearofadditionandeachofthefollowingfourfiscalyears.

Sharesinaffiliatedcompaniesandinvestmentsaregenerallyrecognizedatpurchasecost.Fairvalues arestatedifimpairmentsexistwhichareexpectedtobeoflastingduration.Ifthereasonsforthe impairmentceasetoexistinsubsequentfiscalyears,thecarryingamountisincreasedappropriately uptoamaximumoftheoriginalpurchasecost.

Securitiesclassedasfinancialassetsňpensionfundʼnarestatedatpurchasecostorincaseswherea long-termdecreaseinvalueislikelyatthelowerfairvalue.

Non-interest-bearingorlow-interest-bearingloansarediscountedtopresentvalue;theotherloansare statedatfacevalue.

Receivablesandmiscellaneousassetsarestatedatfacevalue.Identifiablerisksfromreceivablesand miscellaneousassetsarerecognizedthroughappropriateallowances;generalallowancesaremadefor generalrisksofdefaultattheirlowerfairvalue.Non-interest-bearingorlow-interest-bearingreceiva- bleswithamaturityofmorethanoneyeararediscountedtopresentvalue.

Cashandcashequivalentsarerecognizedatfacevalueatthereportingdate.

Capitalstockisrecognizedatfacevalue.

Accruedpensionsandsimilarobligationsarerecognizedaccordingtotheprojectedunitcreditmethod, basedonthe“2005Gtables”ofProf.Dr.KlausHeubeckadaptedtoGroup-specificcircumstancesand takingintoaccountanaveragesalaryincreaserateof2.5%andapensionincreaseof1.5%.Asthe Group-specifictablesallowmoreindividualestimates,the“2018Gtables”ofHeubeck-Richttafeln- GmbHwerenotused.Anexceptionappliesforpensionobligationsbasedonsecurities-linkedpension funds. In this case the fund assets are measured at present value in accordance with §253ň1ʼn sentence3HGB.



5  thyssenkruppAG2017/2018financialstatements Notes

Forthe2017/2018fiscalyearpensionobligationsarediscountedinaccordancewith§253ň2ʼnHGBat thepublishedaveragemarketinterestrateoverthepasttenyearsbasedonanassumedresidualterm of15years,usinganinterestrateof3.34%ňprioryear3.77%ʼn.Fordiscountingattheaveragemarket interestrateoverthepastsevenyearsbasedonanassumedresidualtermof15years,aforecast interest rate of 2.43% is usedňprior year 2.92%ʼn. The difference between pension provisions at September30,2018basedontheaveragemarketinterestrateoverthepast10yearsandtheaverage marketinterestrateoverthepastsevenyearsis€92millionandisnotavailablefordistribution.

Provisionsforpensionsandsimilarobligationsarediscountedatthepublishedaveragemarketinterest rateoverthepastsevenyears.

Insofar as plan assets are available in accordance with § 246ň2ʼn sentence 2 HGB, the recognized provisionforpensionsandsimilarobligationsgenerallycorrespondstothebalanceofthenecessary settlementamountsbasedonreasonablecommercialassessmentandthefairvalueoftheplanassets.If thefairvalueoftheplanassetsexceedstheobligations,itisstatedontheassetssideofthestatementof financialpositionundertheitem“Excessofplanassetsoverpensionobligations”.

Expenseandincomefromtheplanassetsarenettedaccordinglywiththeinterestcostonpension obligationsandrecognizedundernetinterest.

Otherprovisionstakeaccountofallrecognizablerisksanduncertainobligations.Theyarerecognized atthesettlementamountsneededtocoverfuturepaymentcommitments,basedonareasonable commercialassessment.Futurepriceandcostincreasesaretakenintoaccountinsofarassufficient objectiveevidenceisavailabletosupporttheiroccurrence.Provisionswitharesidualtermofmorethan one year are discounted at the average market interest rate for the previous seven fiscal years accordingtotheirresidualterm.Fornon-currentpersonnelprovisions,suchasthoseforlong-service rewards,aninterestrateof2.43%ňprioryear2.92%ʼnappliesbasedonanassumedresidualtermof 15years.Currentpersonnelprovisions,suchasforcommitmentsunderpartialretirementagreements, arediscountedataninterestrateof1.10%ňprioryear1.54%ʼnaccordingtotheirterm.

Liabilitiesarestatedatsettlementvalue.

Contingentliabilitiesarerecognizedinaccordancewiththeliabilityexistingatthereportingdate. ContingenciesunderGroupandbankwarrantydeclarationsaregenerallyrecognizedaccordingtothe outstandingliabilityundertheindividualagreements.InthecaseofGroupwarrantydeclarations,the principaldebtamountisalsotakenintoaccountwhereappropriate.

DeferredtaxesarerecognizedfordifferencesbetweentheHGBandtaxablevaluesofassetsand liabilitiesthatwillresultinfuturetaxexpensesorbenefits,andforlossandinterestcarry-forwards expected to be utilized in the next five years. Deferred taxes are calculated on the basis of the combinedincometaxrateofthethyssenkruppAGtaxgroupofcurrently31.18%.Deferredtaxassets andliabilitiesarenetted.Netdeferredtaxassetsarenotrecognized.



6  thyssenkruppAG2017/2018financialstatements Notes

Derivativefinancialinstrumentsaregenerallyusedtohedgeexposuretoforeigncurrencyexchange rate,interestrateandcommoditypricerisksarisingfromoperating,investing,andfinancingactivities. Wheretheconditionsundercommerciallawaremet,assets,liabilities,pendingtransactionsorhighly probableforecasttransactionsňhedgeditemsʼnaregroupedtogetherwiththesederivativefinancial instrumentsňhedginginstrumentsʼninportfoliohedgestooffsetopposingchangesinvalueorcash flowsderivingfromtheoccurrenceofcomparablerisks.Aportfoliohedgeexistswhenseveralhedged itemsandhedginginstrumentsaregroupedtogether.Wherehedgingrelationshipsdonotmeetthe conditionsforhedgeaccounting,theyareaccountedforaccordingtogenerallyacceptedaccounting principles.

Fortheportionofahedgethatiseffective,mutuallyoffsettingchangesinthevalueofthehedgeditem andthevalueofthehedginginstrumentňsʼnarenotreportedwherethenethedgepresentationmethod isapplied,orarerecognizedinthestatementofincomeifthegrosspresentationmethodisused.The effectivenessofthehedgeistestedonthebasisoftheDollarOffsetMethodňportfoliohedgesʼn.Forthe portion of a hedge that is ineffective, net losses are recognized immediately in the statement of income;netgainsarenotrecognized.Bothmethodsareusedatthyssenkrupp.

Theaccountingandvaluationmethodsforforeigncurrencyreceivablesandpayableshedgedusing financialinstrumentsarepresentedinsection11Derivativefinancialinstruments.

Currencytranslation Foreigncurrencytransactionsaregenerallytranslatedatthespotrateapplyingonthebookingdate. Foreigncurrencyaccountsreceivableandpayablewitharemainingtermofmorethanoneyearare translatedatthelowerofthehistoricalorspotexchangerateonthereportingdate.Foreigncurrency accountsreceivableandpayablewitharemainingtermofoneyearorlessaretranslatedatthespot exchangerateontheclosingdate.

 Notestothestatementoffinancialposition

01 Intangibleassetsandproperty,plantandequipment Movementsinintangibleassetsandproperty,plantandequipmentarepresentedinthefixedassets scheduleňNote02ʼn.

The€19millionadditionstointangibleassetsaremainlyduetothecentralprocurementofSAPand Microsoftlicenses.Amortizationof€21millionrelatesmainlytosoftwarelicenses.

7  thyssenkruppAG2017/2018financialstatements Notes

02 Financialassets Movementsinfinancialassetsarepresentedinthefixedassetsschedulebelow:

 

MOVEMENTSINFIXEDASSETS 

 Purchaseormanufacturingcost Depreciation/amortization/impairment Netvalues   Transfers Additions Disposals  Accumulated Write-ups Increases Decreases Accumulated   Yearended Yearended Yearended Oct.01, Sept.30, Oct.01, Sept.30, Sept.30, Sept.30, Sept.30, Oct.01, Sept.30, million€ 2017    2018 2017 2018 2018 2018 2018 2017 2018 Intangibleassets  Trademarksand similarrights 227 1 15 0 243 155 0 21 0 176 72 67 Advance paymentsand assetsunder construction 1ň1ʼn 404 0000014  228 0 19 0 247 155 0 21 0 176 73 71 Property,plant andequipment       Land,leasehold rightsand buildings, includingbuildings onthird-partyland 413 0 414403 118 0 12 7 123 295 280 Otherequipment, factoryandoffice equipment 67 15 8189 50091581731 Advance paymentsand assetsunder construction 16ň15ʼn 001 0 016 1  496 0 12 15 493 168 0 21 8 181 328 312 Financialassets  Sharesinaffiliated companies 24,913 0 3,462 8,718 19,657 563 0 143 2 704 24,350 18,953 Loanstoaffiliated companies 2,763 0 55 50 2,768 0000 0 2,763 2,768 Investments 2 0 002 0000022 Securitiesclassed asfinancialassets ňspecialfundʼn 179 0 217164 0000 0 179 164 Otherloans 13 0 3115 0 01315  27,870 0 3,522 8,786 22,606 563 0 143 2 704 27,307 21,902 Total 28,594 0 3,553 8,801 23,346 886 0 185 10 1,061 27,708 22,285  

Thelistofshareholdingspresentedinaccordancewith§285no.11HGBispublishedintheFederal GazetteňBundesanzeigerʼn and additionally on the Company’s websiteňwww.thyssenkrupp.com ňInvestors/ReportingandPublicationsʼnʼn. 

8  thyssenkruppAG2017/2018financialstatements Notes

Sharesinaffiliatedcompanies Additionstosharesinaffiliatedcompaniesof€3,462millionanddisposalsof€8,718millionwere recognizedinthereportingyear.Theadditionsresultmainlyfromthecontributioninkindoftheshares heldinThyssenStahlGmbHtothyssenkruppTechnologiesBeteiligungenGmbH,resultingina€3,190 millionincreaseintheinvestmentbookvalueofthyssenkruppTechnologiesBeteiligungenGmbH.Asa resultdisposalsincludethe€1,439milliondisposalofThyssenStahlGmbH.Otherdisposalsmainly relatetoa€6,832millioncapitalrepaymentatthyssenkruppNederlandHoldingB.V.

ImpairmentchargeswererecognizedinteraliaonthesharesinthyssenkruppBusinessServicesGmbH ň€84millionʼn,thesharesinthyssenkruppUKPlc.ň€53millionʼnandthesharesinthyssenkruppRothe ErdeGmbHň€4millionʼn.Therewerealsoimpairmentchargesonthesharesinthreefurthercompanies ňtotal€2millionʼn.

Loanstoaffiliatedcompanies Inthepastfiscalyear,thyssenkruppAG’snetloansincreasedby€5millionto€2,768million.

Investments TherewerenomajorchangesininvestmentsatthyssenkruppAGinthe2017/2018fiscalyear.

SecuritiesclassedasfinancialassetsʼnspecialfundsŊ Thesecuritiesclassedasassets,comprisingsharesinspecialfunds,servetheexternalňproratedʼnfull fundingandňadditionalʼnbankruptcyprotectionofpensioncredits.

ThesespecialfundsweresetupundertheGroup’sownContractualTrustAgreementňCTAʼnandare heldfullyseparatelyfromtheotherfinancialassetsofthyssenkruppAGbythyssenkruppPension-Trust e.V.ňtrusteeʼn.

Thenewsecurities-linkedpensionplanforprofessionalsandexecutivesň“flexplan”ʼnintroducedasof January1,2017inparticularisfundedthroughacontractualtrustagreemententeredintoin2017.At September30,2018thehistoricalcostofthesecuritiescontainedinthisspecialfundandattributable tothyssenkruppAGwasaround€2million.

Irrespectiveofthis,benefitsundertheformerpensionplansarealsofundedthroughaseparatetrust arrangement,withthetrustassetschieflysecuringthepartsofthepensionobligationsthatexceedthe protectionlimitsofthemutualpensionguaranteeassociationňPensionssicherungsvereina.G.ňPSVʼnʼn. At September 30, 2018 the historical cost of the securities in this special fund was around €164million.

Furthermore,atrustagreementexistsbetweenthyssenkruppAGňtrustorʼnandthyssenkruppSicher- ungsvereinfürArbeitnehmer-Wertguthabene.V.ňtrusteeʼn.Theobjectofthisagreementisthe–legally required–bankruptcyprotectionofbenefitsinthemeaningof§8aPartialRetirementActňAlter- steilzeitGʼnandintheeventofbankruptcysettlingthebeneficiaries’claimsforpaymentofthedue partialretirementbenefitsagainstthetrustororoneofitssubsidiariesinthemeaningof§18Stock CorporationActňAktGʼn.



9  thyssenkruppAG2017/2018financialstatements Notes

ToprotectpartialretirementbenefitsagainstinsolvencythyssenkruppSicherungsvereinfürArbeit- nehmer-Wertguthabene.V.holdsabankguaranteeňvalueatSeptember30,2018:around€82millionʼn whichisregularlyadjustedtocoverthecurrentpartialretirementbenefitstobeprotected.

03 Receivablesandotherassets  withmorethanone withmorethanone yearremainingto yearremainingto million€ Sept.30,2017 maturity Sept.30,2018 maturity Receivablesfromaffiliatedcompanies 5,416 59 5,705 76  

ReceivablesfromaffiliatedcompaniesrelatetocurrentreceivablesundertheGroup’scentralfinancial clearingschemefromcashpoolagreementsandprofit-and-losstransferagreements.

 withmorethanone withmorethanone yearremainingto yearremainingto million€ Sept.30,2017 maturity Sept.30,2018 maturity Otherassets 357 315 327 284   thyssenkruppAGrecognizedpensionobligationstransferredtothirdpartiesinternallyňwithouttransfer ofliabilityʼnunderaccruedpensionandsimilarobligationsňNote06ʼn,andrecognizedtheindemnifica- tionrightcreatedbytransferofresponsibilityformeetingtheobligationsasmiscellaneousassetsinthe amountof€284millionňprioryear€315millionʼn.

04 Prepaidexpensesanddeferredcharges Prepaidexpensesanddeferredchargesmainlyincludediscountsandfuturemaintenanceexpensesfor licenses.

05 Equity  Capitalstock ThecapitalstockofthyssenkruppAGisunchangedat€1,593,681,256.96isdividedinto622,531,741 no-parshareswithamathematicalshareofthecapitalstockof€2.56.



10  thyssenkruppAG2017/2018financialstatements Notes

Authorizedcapital Inaccordancewith§5ň5ʼnoftheArticlesofAssociation,theExecutiveBoardisauthorized,withthe Supervisory Board’s approval, to increase the capital stock of thyssenkruppAG on one or more occasionsonorbeforeJanuary16,2019byupto€225,119,887.36byissuingupto87,937,456new no-parbearersharesinexchangeforcashand/orcontributionsinkindňauthorizedcapitalʼn.

Shareholders’subscriptionrightsapply.WiththeapprovaloftheSupervisoryBoard,theExecutive Boardisauthorizedtoexcludeshareholdersubscriptionrightsincertaincasesňtoroundofffractional amounts;toissuenewsharesuptoamaximumof10%ofthecapitalstockthroughacapitalincrease iftheissuepriceisnotsignificantlylowerthanthestockmarketpriceatthetimethefinalissuepriceis determined;forcapitalincreasesinexchangeforcontributionsinkind;whenexercisingoptionor conversionrightsorafterfulfillmentofconversionobligationstotheextentthattheownersofthese rightsorobligationswouldbeentitledtosubscriptionrightstonewsharesʼn.Underthisauthorization thetotalsharesissuedwithsubscriptionrightsexcludedforcapitalincreasesinexchangeforcash and/orcontributionsinkindmaynotexceed20%ofthecapitalstockeitheratthetimetheauthoriza- tionbecomeseffectiveoratthetimeitisexercised.Countedtowardsthislimitaretreasurysharessold withsubscriptionrightsexcludedandsharesissuedtoservicebondsonthebasisoftheauthorization oftheAnnualGeneralMeetingofJanuary17,2014withshareholderrightsexcludedňseesection Authorizationtoissuebonds/Creationofconditionalcapitalʼn.

Additionalpaid-incapital AtSeptember30,2018theadditionalpaid-incapitalisunchangedat€2,703million.

Otherretainedearnings  million€ Sept.30,2017 Sept.30,2018 Oct.01 1,494 1,494 Transfertootherretainedearnings 0 789 Sept.30 1,494 2,283  

After an€789 milliontransferfromthenetincomeoffiscalyear2017/2018tootherretained earningsresolvedbytheExecutiveBoardandSupervisoryBoardinaccordancewith§58ň2ʼnAktG, otherretainedearningsatSeptember30,2018are€2,283million.

Unappropriatedincome  million€ 2017/2018 UnappropriatedincomeOct.01,2017 1,401 Dividendpayout 93 Profitcarriedforward 1,308   Netincome2017/2018 1,579 Profitcarriedforward 1,308 Transfertootherretainedearnings 789 UnappropriatedincomeSept.30,2018 2,097  

11  thyssenkruppAG2017/2018financialstatements Notes

TheAnnualGeneralMeetingofthyssenkruppAGonJanuary19,2018resolvedtousethe€1,401 millionunappropriatedincomeforthe2016/2017fiscalyeartopayadividendof€93millionandto carryforwardtheremainingunappropriatedincomeof€1,308million.

AtSeptember30,2018unappropriatedincomeof€2,097millionisreported.

Furtherdisclosuresonequity Authorizationtoissuebonds/Creationofconditionalcapital ByresolutionoftheAnnualGeneralMeetingonJanuary17,2014,theExecutiveBoardwasauthorized, subjecttotheapprovaloftheSupervisoryBoard,toissueonceorseveraltimesonorbeforeJanuary 16,2019bearerorregisteredwarrantand/orconvertiblebondsňtogether“bonds”ʼninthetotalpar valueofupto€2billionwithorwithoutlimitedtermsandtogranttoorimposeontheholdersor creditorsofconvertiblebondsconversionrightsorobligationsforno-parbearersharesoftheCompany with a total share of the Company’s capital stock of up to €250 million in accordance with the conditionsofthesebonds.Forthegrantingofno-parbearersharesuponexerciseofconversionor optionrightsňoruponfulfilmentofcorrespondingconversionobligationsʼnoruponexerciseofanoption oftheCompanytograntno-parsharesoftheCompanyinwholeorinpartinsteadofpaymentofthe cash amount due, in accordance with § 5ň6ʼn of the Articles of Association the capital stock is conditionallyincreasedbyupto€250millionbyissueofupto97,656,250newno-parbearershares ňconditionalcapitalʼn.TheExecutiveBoardisauthorized,subjecttoSupervisoryBoardapproval,to determinethefurtherdetailsoftheissuingofthebondsandthecarryingoutoftheconditionalcapital increase.Nousehasyetbeenmadeoftheauthorizationtoissuebonds.

Acquisitionanduseoftreasurystock ByresolutionoftheAnnualGeneralMeetingonJanuary30,2015,theCompanywasauthorizeduntil January29,2020topurchaseforalllegallypermissiblepurposestreasurysharesuptoatotalof10% ofthecapitalstockatthetimeoftheresolutionof€1,448,801,144.32or–iflower–atthetimethe authorizationisexercised.Thecompanywasalsoauthorizedtorepurchasetreasurysharesusing equityderivatives.TheExecutiveBoardisauthorizedtousetherepurchasedtreasurysharesforall legallypermissiblepurposes.Inparticularitmaycanceltheshares,sellthembymeansotherthanon theopenmarket,byoffertotheshareholdersorinexchangeforcontributionsinkind,usethemto fulfilloptionand/orconversionrights/obligationsinrespectofwarrantandconvertiblebondsissuedby theCompanyortheCompany’ssubsidiaries,granttheholdersofsuchwarrantand/orconvertible bondsasubscriptionrighttothesharesaswouldbeduetothemafterexerciseoftheoptionor conversionrightsorafterfulfilmentofaconversionobligation,andofferthemforsaletoemployeesof theCompanyanditsaffiliatedcompanies.Withtheexceptionofcancelationshareholders’subscription rightsareexcludedinthecasesstated.Inadditioniftreasurysharesaresoldbymeansofatender offer to all shareholders, the Executive Board may exclude shareholders’ subscription rights for fractionalamounts.TheSupervisoryBoardmaydeterminethatmeasuresbytheExecutiveBoardunder thisauthorizationtopurchaseandusetreasurysharesaresubjecttoitsapproval.



12  thyssenkruppAG2017/2018financialstatements Notes

Informationonshareholdings TheAlfriedKruppvonBohlenundHalbachFoundation,Essen,voluntarilyinformedusthatitcontinues toholdatotalof130,313,600no-parvaluesharesofthyssenkruppAGatthebalancesheetdate;this isequivalenttoaround21%ofthevotingrights.

WithregardtoothershareholdingsinthyssenkruppAGwehadinformationonsharesinthevoting rightsof3%ormorebasedonthefollowingannouncementspursuantto§40ň1ʼnSecuritiesTrading ActňWpHGʼn:

CevianCapitalIIGPLimited,St.Helier,Jersey,ChannelIslands,announcedinMarch2014thaton February27,2014itsshareinthevotingrightsexceededthe15%thresholdandonthatdatestoodat 15.08%ň85,321,744votingrightsʼn.AllthesevotingrightsareattributabledirectlytoCevianCapitalII GPLimitedinaccordancewith§34ň1ʼnsentence1WpHGňformerly:§22ň1ʼnsentence1WpHGʼn.Cevian CapitalIIGPLimitedwasattributedvotingrightsheldbyitscontrolledcompanyCevianCapitalII MasterFundLP,whoseshareinthevotingrightsofthyssenkruppAGatthisdatewas12.23%.Cevian CapitalIIMasterFundLP,CamanaBay,GrandCayman,CaymanIslands,announcedonJanuary24, 2014thatitsshareinthevotingrightsexceededthe10%thresholdandonthatdatestoodat10.06% ň56,927,356votingrightsʼn.

BlackRock,Inc.,Wilmington,USA,announcedthatonSeptember7,2018itsshareinthevotingrights was3.63%.3.01%ofthesevotingrightsň18,720,299votingrightsʼnwereattributabletoBlackRock, Inc.inaccordancewith§34WpHG.0.58%ofthesevotingrightsň3,614,448votingrightsʼnwere attributabletoBlackRock,Inc.asinstrumentsinthemeaningof§38ň1ʼnno.1WpHGňsecuritiesʼn. 0.04%ofthesevotingrightsň266,386votingrightsʼnwereattributabletoBlackRock,Inc.asinstru- mentsinthemeaningof§38ň1ʼnno.2WpHGňcontractfordifferenceʼn.

BlackRock,Inc.,Wilmington,USA,announcedthatonSeptember12,2018itsshareinthevoting rights was 3.63%. 2.96% of these voting rightsň18,403,213 voting rightsʼn were attributable to BlackRock,Inc.inaccordancewith§34WpHG.0.63%ofthesevotingrightsň3,942,510votingrightsʼn wereattributabletoBlackRock,Inc.asinstrumentsinthemeaningof§38ň1ʼnno.1WpHGňsecuritiesʼn. 0.04%ofthesevotingrightsň278,542votingrightsʼnwereattributabletoBlackRock,Inc.asinstru- mentsinthemeaningof§38ň1ʼnno.2WpHGňcontractfordifferenceʼn.

BlackRock,Inc.,Wilmington,USA,announcedthatonSeptember18,2018itsshareinthevoting rights was 3.63%. 3.06% of these voting rightsň19,045,712 voting rightsʼn were attributable to BlackRock,Inc.inaccordancewith§34WpHG.0.53%ofthesevotingrightsň3,279,830votingrightsʼn wereattributabletoBlackRock,Inc.asinstrumentsinthemeaningof§38ň1ʼnno.1WpHGňsecuritiesʼn. 0.04%ofthesevotingrightsň274,149votingrightsʼnwereattributabletoBlackRock,Inc.asinstru- mentsinthemeaningof§38ň1ʼnno.2WpHGňcontractfordifferenceʼn.

BlackRock,Inc.,Wilmington,USA,announcedthatonSeptember19,2018itsshareinthevoting rights was 3.63%. 3.11% of these voting rightsň19,348,359 voting rightsʼn were attributable to BlackRock,Inc.inaccordancewith§34WpHG.0.483%ofthesevotingrightsň2,987,060voting rightsʼnwereattributabletoBlackRock,Inc.asinstrumentsinthemeaningof§38ň1ʼnno.1WpHG ňsecuritiesʼn.0.04%ofthesevotingrightsň274,148votingrightsʼnwereattributabletoBlackRock,Inc. asinstrumentsinthemeaningof§38ň1ʼnno.2WpHGňcontractfordifferenceʼn.

13  thyssenkruppAG2017/2018financialstatements Notes

BlackRock,Inc.,Wilmington,USA,announcedthatonSeptember25,2018itsshareinthevoting rights was 3.63%. 3.06% of these voting rightsň19,051,025 voting rightsʼn were attributable to BlackRock,Inc.inaccordancewith§34WpHG.0.52%ofthesevotingrightsň3,253,141votingrightsʼn wereattributabletoBlackRock,Inc.asinstrumentsinthemeaningof§38ň1ʼnno.1WpHGňsecuritiesʼn. 0.05%ofthesevotingrightsň282,863votingrightsʼnwereattributabletoBlackRock,Inc.asinstru- mentsinthemeaningof§38ň1ʼnno.2WpHGňcontractfordifferenceʼn.

BlackRock,Inc.,Wilmington,USA,announcedthatonSeptember28,2018itsshareinthevoting rights was 3.61%. 3.15% of these voting rightsň19,585,731 voting rightsʼn were attributable to BlackRock,Inc.inaccordancewith§34WpHG.0.42%ofthesevotingrightsň2,626,704votingrightsʼn wereattributabletoBlackRock,Inc.asinstrumentsinthemeaningof§38ň1ʼnno.1WpHGňsecuritiesʼn. 0.04%ofthesevotingrightsň262,557votingrightsʼnwereattributabletoBlackRock,Inc.asinstru- mentsinthemeaningof§38ň1ʼnno.2WpHGňcontractfordifferenceʼn.

06 Provisions  million€ Sept.30,2017 Sept.30,2018 Accruedpensionandsimilarobligations 1,093 1,076 Otherprovisions 193 232 ňthereoffortaxesʼn 13 15 ňthereofmiscellaneousprovisionsʼn 180 217  

Inthepastfiscalyear€41millionňprioryear€41millionʼnwasallocatedtoprovisionsforpensionand similarobligations.Accruedpensionandsimilarobligationsincludepensionobligationsintheamount of €1,073millionňprior year €1,090 millionʼn and partial retirement obligations in the amount of €3millionňprioryear€3millionʼn.

Therecognizedamountofprovisionsincludesthesettlementamountof€1,075millionňprioryear €1,090millionʼnafterdeductionof€2millionplanassetsňprioryear€0.4millionʼn.The€0.1million changesinvalueoftheplanassets,whicharepartoftheCTAinaccordancewiththeflexPlanpension plan,arecombinedwithexpenseforpensionsandrecognizedundergeneraladministrativeexpenses. Thefairvalueoftheplanassetsisdeterminedonthebasisofmarketprices.

TheflexPlanisasecurities-linkedpensionplan.Asinthiscasetheobligationmustbestatedatthefair valueofthesecurities,thedistributionrestrictioninaccordancewith§268ň8ʼnHGBisnotrelevant.



14  thyssenkruppAG2017/2018financialstatements Notes

thyssenkruppAGbearsanadditionalliabilityfromthetransferofbusinessesandinternaltransferof pension obligations. In fiscal year 2017 / 2018 an indemnification right was credited directly to miscellaneousassetsandacorrespondingobligationchargeddirectlytopensionobligationsinthe amountof€284millionňprioryear€315millionʼnňNote03ʼn.

Taxprovisionsexistmainlyforsalestaxes,incometaxes,andwagetaxes.

Miscellaneous provisions cover all identifiable risks. They manly include future obligations in the personnel sector and outstanding invoices. Since fiscal 2017/18 thyssenkruppAG has assumed responsibility for hedging exchange rate risks in connection with foreign currency risks from the operatingbusinessofGroupcompaniesandinthisconnectionrecognizesa€16millionprovisionfor unrealizedcurrencylosses.

07 Liabilities

 Sept.30,2017 Sept.30,2018 termto termto  maturity maturity  morethan1 thereofmore morethan1 thereofmore million€ within1year year than5years within1year year than5years Bonds 1,600 4,700 600 0 4,700 600 Liabilitiestofinancialinstitutions 95 252  113 139  Liabilitiestoaffiliatedcompanies 21,770 10  14,840  Otherliabilities 268 194 83 240 195 85 Paymentsreceivedonaccountoforders 1 1  Tradeaccountspayable 87 11  89 10  Liabilitiestocompaniesinwhich investmentsareheld 0  Miscellaneousliabilities 180 183 83 150 185 85 ňamountthereofforloansʼn  183 83  185 85 ňamountthereoffortaxesʼn 25 4  ňamountthereofforsocialsecurityʼn 0 0  

Liabilitiestofinancialinstitutionsincludebothfixed-interestandvariable-interestloanswithinterest ratesofupto2.50%p.a.

LiabilitiestoaffiliatedcompaniesmainlyconcerndepositsintheGroup’sfinancialclearingschemein theamountof€14,062million.

Miscellaneousliabilitiesincludeaccruedinterestliabilitiesof€93millionandbondswithaparvalueof €185million.



15  thyssenkruppAG2017/2018financialstatements Notes

08 Deferredincome Deferredincomeincludespaid-in-surplusaswellasadvancepaymentsonrentsforthenextaccount- ingperiod.Deferredincomeisreleasedininstallmentsoverthetermoftheunderlyingcontracts.

09 Contingencies thyssenkruppAGhasissuedguaranteesorhadguaranteesissuedinfavorofcustomersorlendersin theamountof€7,396millionňprioryear€7,199millionʼn,ofwhichforaffiliatedcompanies€7,374 millionňprioryear€7,108millionʼn.Dependingonthetypeofguarantee,thetermsvarybetween3 monthsand10yearsňe.g.forrentandleaseguaranteesʼn.Thebasisforpossiblepaymentsunderthe guaranteesisthenon-performanceoftheprincipaldebtorunderacontractualagreement,e.g.late delivery,deliveryofnon-conforminggoodsunderacontract,ornon-performancewithrespecttothe warrantedquality.AllguaranteesareissuedbyorissuedbyinstructionofthyssenkruppAGupon requestoftheprincipaldebtorobligatedbytheunderlyingcontractualrelationshipandaresubjectto recourseprovisionsincaseofdefault.Ifsuchaprincipaldebtorisacompanyownedfullyorpartially byanexternalthirdparty,suchthirdpartyisgenerallyrequestedtoprovideadditionalcollateralina correspondingamount.

Toourknowledgetheunderlyingobligationscanbefulfilledinallcases;claimsarenotexpected.

10 Otherfinancialobligationsandotherrisks The main financial obligations relate to energy supply contracts, the Group’s IT strategy and in particulartheoutsourcingoftheinfrastructure,insurancebusinessaswellasobligationsfromrental andleaseagreements.

Obligationsaredueinthecomingfiscalyearsasfollows:

 million€  2018/2019 565 2019/2020 116 2020/2021 76  

Theseincludeobligationstoaffiliatedcompaniesofaround€258million.



16  thyssenkruppAG2017/2018financialstatements Notes

Legaldisputes ClaimsfordamageshavebeenfiledbothinandoutofcourtagainstthyssenkruppAGandcompanies ofthethyssenkruppGroupbypotentialinjuredpartiesinconnectionwiththeelevatorcartel.Apartof theclaimshasnotyetbeenquantified.ThecourtproceedingsarependinginBelgium,Austriaandthe Netherlandsandareatvariousstages;inpart,proceedingshavealreadybeenendedbysettlement, withdrawalordismissal.Forthepartoftheclaimsthyssenkruppassesseswillprobablyresultincash outflows,thyssenkrupp–whichbearsthejointandseveralliabilitywiththeotherparticipantsinthe cartel–hasrecognizedprovisionsinamidtwo-digitmillionamount.

Inaddition,theCompanyisinvolvedinvariouslegal,arbitrationandout-of-courtdisputes.Predicting theprogressandresultsoflawsuitsinvolvesconsiderabledifficultiesanduncertainties.Thismeans thatlawsuitsnotdisclosedseparatelycouldalsoindividuallyortogetherwithotherlegaldisputeshave anegativeandalsopotentiallymajorfutureimpactontheGroup’snetassets,financialposition,results ofoperationsandliquidity.However,atpresenttheCompanydoesnotexpectpendinglawsuitsnot explainedseparatelyinthissectiontohaveamajornegativeimpactonnetassets,financialposition, resultsofoperationsandliquidity.

11 Derivativefinancialinstruments  Nominalvalue Nominalvalue million€ Sept.30,2017 Fairvalue Sept.30,2018 Fairvalue Foreigncurrencyforwardcontracts 473 ň5ʼn 3,137 2 Interest/currencyswaps 23 0 28 3 Commodityforwardtransactions 1 0 00 Total 497 Ŋ5ŋ 3,165 5  

Withitsglobalbusinessactivities,thyssenkruppAGisexposedinparticulartorisksfromexchangerate and interest rate fluctuations and commodity prices. As of fiscal 2017/18 thyssenkruppAG also performsthefunctionofahedgingplatformforcurrencyrisksinthethyssenkruppGroup,asaresultof whichthevolumeofcurrencyderivativeswassignificantlyhigheratSeptember30,2018.Tocontain risksthyssenkruppAGmainlyusesderivativefinancialinstruments.Theuseoftheseinstrumentsis onlypermissibleinconnectionwithhedgeditemsandissubjecttopoliciesapplicablethroughoutthe Group,compliancewithwhichiscontinuouslymonitored.

Derivativefinancialinstrumentsandthecorrespondinghedgeditemsmayberegardedashedgesifa clearhedgingrelationshipisdemonstrated.thyssenkruppAGonlyusesderivativefinancialinstruments wheretheyareinaclearhedgingrelationshipwithacorrespondinghedgeditem.Hedgingrelationships arerecognizedaccordingtoboththegrosshedgepresentationmethodňforeigncurrencyforward transactionsʼnandthenethedgepresentationmethod.Totesttheeffectivenessofhedgerelationships theDollarOffsetMethodňportfoliohedgesʼnisused.Anyhedgeineffectivenessisaccountedforin accordancewithgenerallyacceptedaccountingandvaluationmethods.



17  thyssenkruppAG2017/2018financialstatements Notes

TohedgeagainstforeigncurrencyrisksthyssenkruppAGusesforeigncurrencyderivatives,currency optionsandinterestrate/foreigncurrencyswaps.Foreigncurrencyderivativesareenteredintoviathe central hedging platform to hedge foreign currency exposure in the Group. At the reporting date receivables of €1,756 million and liabilities of €1,381 million were hedged. All foreign currency derivativeswitharemainingtermtomaturityofnomorethan49monthsaredesignatedasportfolio hedges.Interestrate/foreigncurrencyswapsareusedtohedgeagainstforeigncurrencyrisksfrom specific Group-internal loans of thyssenkruppAG with a total volume of €28million. Interest rate/foreigncurrencyswapswitharemainingtermtomaturityofnomorethan64months,eachwith termsmatchingthatofthecorrespondinghedgeditem,aredesignatedasportfoliohedges.Atthe reportingdateoverallprovisionsof€16millionforhedgeineffectivenesswererecognized.

Commodityforwardcontractsareusedtohedgevariablepricecomponentsinenergyprocurement contracts.AtthecurrentreportingdatethyssenkruppAGhasnocommodityderivatives.Bytheendof the terms of maturity, which are between one and 64 months, it is expected that the value and paymentflowchangesfromthehedgingtransactionswillbebalancedoutinfull.

Thefairvaluesrecognizedforderivativefinancialinstrumentsarecalculatedaccordingtostandard valuationmethodstakingintoaccountthemarketdataavailableatthereportingdate.Forthisthe followingprinciplesareapplied:

Thefairvalueofforeigncurrencyforwardtransactionsisdeterminedonthebasisofthemiddlespot exchange rate applicable as of the reporting date, and taking account of forward premiums or discounts arisingfor the respective remainingcontract term comparedto the contracted forward exchangerate.Forcurrencyoptions,recognizedmodelsareusedtodeterminetheoptionprice.In additiontoitsremainingterm,thefairvalueofanoptionisinfluencedbyotherfactorssuchasthe currentlevelandvolatilityoftheunderlyingexchangerateortheunderlyingbaseinterestrates.

Interestrateswapsandcrosscurrencyswapsaremeasuredatfairvaluebydiscountingexpectedcash flows on the basis of market interest rates applicable for the remaining contract term, and the exchangeratesforeachforeigncurrencyinwhichcashflowsoccurarealsoincluded.

Thefairvalueofcommodityderivativesisbasedonofficiallyquotedpricesandexternalvaluationsby ourfinancialpartnersatthereportingdate.Itrepresentstheamountsthatthecompanywouldreceive orpaytoterminatetheagreementsasofthereportingdate.





18  thyssenkruppAG2017/2018financialstatements Notes

Notestothestatementofincome

12 Netsales Netsalesincludemainlyincomeof€353millionňprioryear€299millionʼnfromamountschargedonin accordancewiththecorporatedesign,companynamingandtrademarkpolicyforthecorporatemark. Alsoincludedisincomeof€68millionňprioryear€68millionʼnfrominsuranceservicesandusagefees forGrouplicensesof€56millionňprioryear€51millionʼn.

13 Costofsales Thecostofsalesof€144millionňprioryear€133millionʼnisdirectlyrelatedtotheincomereported undernetsales.

Inthestatementofincomestructuredaccordingto§275ň3ʼnHGB,thyssenkruppAG’stotalmaterials expenseisreportedundercostofsales.Expensesforpurchasedservicesamountto€1millionňprior year€1millionʼnandaredirectlyrelatedtotheincomefromusagefeesforGrouplicensesreported undernetsales.

14 Generaladministrativeexpenses  Yearended Yearended million€ Sept.30,2017 Sept.30,2018 Salaries 156 151 Statutorysocialcontributions 12 12 Expenseforpensions 42 40 Totalpersonnelexpense 210 203 Depreciation/amortization 31 31 Otheradministrativecosts 404 356 ňthereofbusinessconsultingexpensesʼn 73 79 ňthereofexpenseforservicesʼn 189 191 ňthereofdataprocessingservicesʼn 105 55 ňthereofmaintenanceexpenseʼn 3 1 Total 644 589   thyssenkruppAG’stotalpersonnelexpenseisreportedunderthegeneraladministrativeexpensesitem inaccordancewith§275ň3ʼnHGB.Theexpenseforpensionsreflectstheservicecostofthepension provisionallocation;interestonthepensionprovisionallocationisreportedundernetinterest.



19  thyssenkruppAG2017/2018financialstatements Notes

Personnelexpensecontainssalaries,severancepaymentexpenses,leaveandspecialbonusesaswell as the change in accrued personnel obligations and the social plan provision. Statutory social contributionscontaininparticulartheemployershareofpension,unemployment,nursingcareand health insurance contributions. Expense for pensions includes the contributions to the pension guaranteeassociationňPensions-Sicherungs-Vereinʼn.

Payrollexpensewas€5millionlower.Thiswasmainlyduetolowerallocationstoprovisionsforshare- basedcompensationňLTIʼnof€13millionňprioryear€20millionʼn.

The€48millionreductioninotheradministrativecostsismainlyattributabletolowexpensesforthe Group’sITstrategyandinparticulartheoutsourcingofinfrastructureincludedindataprocessing services.

Atthereportingdatethenumberofemployeesstoodat994,including6trainees,15apprenticesand 45interns/studentworkers.TheaveragenumberofemployeesatthyssenkruppAGinthefiscalyearwas 951ňprioryear978ʼn.

15 Otheroperatingincome Otheroperatingincomeof€1,830millionňprioryear€155millionʼnincludesinparticularincomefrom the contribution in kind at fair value of the shares held in Thyssen Stahl GmbH to thyssenkrupp TechnologiesBeteiligungenGmbHintheamountof€1,751million.Incomeof€18millionwasreceived from the disposalofthe shares heldin KruppHoeschStahl GmbH.Alsoincluded are €6 million proceedsňprioryear€22millionʼnfromthesaleofnon-operatingrealestateandincomeof€2million fromthewrite-upofthesharesinthyssenkruppPrestaMülheimGmbH.

Inthepast fiscalyear,otheroperating incomeforother accountingperiods amountedto around €6millionňprioryear€11millionʼn.Asintheprioryearthiswasdueamongotherthingstothereversal ofprovisions.

16 Otheroperatingexpense Otheroperatingexpenseof€86millionincludesexpensesformaintenanceandotherservicesfornon- operatingrealestateof€20millionňprioryear€24millionʼn.Inconnectionwiththeassumptionby thyssenkruppAGofGroupwideresponsibilityforhedgingexchangeraterisksinconnectionwith foreigncurrencyrisks,€14millionwastransferredtotheprovisionforunrealizedcurrencylosses. Further expenses of €12million were used to pay the departing consortium members of the KonsortiumfürKurssicherungGbR.Alsoincludedareallocationstoprovisionsof€2millionňprior year€8millionʼnandothertaxessuchaswagetaxes,propertytaxesandsalestax.

InternalwaiversofreceivablesrelatedtothyssenkruppWoodheadLtd.ň€3millionʼnandthyssenkrupp Materials SverigeABi.L.ň€1millionʼn. There wereno materialotheroperating expensesforother accountingperiods.



20  thyssenkruppAG2017/2018financialstatements Notes

Intheprioryearotheroperatingexpenseincluded€301milliondifferencesfromcurrencytranslationin connectionwiththesaleofthyssenkruppCompanhiaSiderúrgicadoAtlanticoLtda.

17 Incomefrominvestments  Yearended Yearended million€ Sept.30,2017 Sept.30,2018 Incomefromprofit-and-losstransferagreements 184 758 Expensefromprofit-and-losstransferagreementsň116ʼn ʼn659Ŋ Incomefrominvesteecompanies 906 378 ňamountthereoffromaffiliatedcompaniesʼn 906 378 Total 973 476  

Incomefromprofit-and-losstransferagreementsincreasedby€574millionto€758million.Thiswas dueamongotherthingstoThyssenStahlGmbH,whichimproveditsincomeby€407millionyear-on- year.InadditionthyssenkruppMaterialsServicesGmbH,whichreportedalossof€88millioninthe prioryear,nowreportspositiveincomeof€116million.Expensefromlosstransfersincreasedby €543millionto€659million.ThebiggestchangeinincomerelatestothyssenkruppTechnologies BeteiligungenGmbH,whichtransferredaprofitof€20millionintheprioryearandwherealossof €631millionnowhadtobeoffset.

Incomefrominvesteecompaniesmainlyincludesdividendpaymentscollectedfromthyssenkrupp NorthAmerica,Inc.ň€178millionʼn,thyssenkruppňChinaʼnLtd.ň€70millionʼnandKruppHoeschStahl GmbHň€84millionʼn.

18 Netinterest  Yearended Yearended million€ Sept.30,2017 Sept.30,2018 Incomefromloansclassifiedasfinancialassets 41 22 ňamountthereoffromaffiliatedcompaniesʼn 41 22 Otherinterestandsimilarincome 248 120 ňamountthereoffromaffiliatedcompaniesʼn 199 96 Interestandsimilarcostsň523ʼn ʼn396Ŋ ňamountthereoftoaffiliatedcompaniesʼn ň228ʼn ʼn159Ŋ Total Ŋ235ŋ Ŋ254ŋ  

Netinterestcomprisesinterestexpenseandincomefromboththecentralintra-Groupfinancialclearing systemandexternalfinancing.Addedtothisisaninterestcomponentduetotheadditionofaccrued interestonpensionobligationsandotherprovisionswitharemainingtermofmorethanoneyearof €29millionňprioryear€30millionʼn.

21  thyssenkruppAG2017/2018financialstatements Notes

19 Write-downsoffinancialassetsandsecuritiesclassed asoperatingassets Inthecurrentfiscalyeartherewereimpairmentlossesduetoexpectedpermanentimpairmentonthe sharesinthyssenkruppBusinessServicesGmbHň€84millionʼn,thyssenkruppUKPlc.ň€53millionʼnand thyssenkruppRotheErdeGmbHň€4millionʼn.Impairmentchargestotaling€2millionwerealsoincurred onthesharesinthreefurthercompanies.

20 Incometaxes Taxesonincomeincludecorporationandtradetaxandcomparablenon-Germanincome-relatedtaxes. Theserelatetoincomeforprioryearsandtaxesinthereportingperiod.Underarecognitionoptionfor anexcessofdeferredtaxassetsoverdeferredtaxliabilities,deferredtaxesarenotincludedintax expense.

21 Auditors’fees Abreakdownofthetotalfeechargedbythefinancial-statementauditorsforthe2017/2018fiscal yearintoauditfees,audit-relatedfees,taxfeesandfeesforotherservicesisprovidedinthecorre- spondingdisclosureintheNotestotheconsolidatedfinancialstatementsofthyssenkruppAG.For thyssenkruppAGandthecompaniesitcontrols,otheraudit-relatedserviceswereperformedmainlyfor auditsofongoingprojectsinconnectionwiththeintroductionofITsystemsandotheraudit-related services.Inadditiontaxserviceswereperformedcomprisingthepreparationoftaxreturnsandtax adviceinconnectionwithprojectsandinternalreorganization.Otherservicesmainlyincludeproject- relatedadvisoryservices.

22 SupervisoryBoardandExecutiveBoardcompensation TotalcompensationpaidtoactivemembersoftheExecutiveBoardfortheirworkinthereportingyear amountedtoaround€10millionňprioryear€12million.Alongsidefixedsalaries,fringebenefitsand performancebonuses,thisalsoincludestheLTIasastock-based,long-term,performance-related component.StockrightswereissuedinthepastfiscalyearfortheLTIwithafairvalueofaround€5 millionňprioryear€5millionʼnatgrantdate.Theindividualvariablecompensationwasdetermined takingintoaccounttherequirementforappropriateness.

TotalcompensationtoformermembersoftheExecutiveBoardofthyssenkruppAGanditspredecessor companiesandtheirsurvivingdependantsamountsto€18millionňprioryear€13millionʼn.

PensionobligationstoformermembersoftheExecutiveBoardandtheirsurvivorsarerecognizedinthe amountof€223millionňprioryear€208millionʼn.

Forthe2017/2018fiscalyear,compensationtothemembersoftheSupervisoryBoardonthebasis oftheconsolidatedfinancialstatementsstilltobeadoptedincludingattendancefeesamountsto around€2millionňprioryear€2millionʼn.



22  thyssenkruppAG2017/2018financialstatements Notes

More information on Executive Board and Supervisory Board compensation is provided in the compensationreportaspartofthecombinedmanagementreportonthethyssenkruppGroupand thyssenkruppAG.

InformationonthemembersoftheSupervisoryBoardandExecutiveBoardinaccordancewith§285 no.10HGBisprovidedbelowunderOtherdirectorshipsheldbyExecutiveBoardmembersandOther directorshipsheldbySupervisoryBoardmembers.

23 DeclarationofconformityinaccordancewiththeGermanCorporate GovernanceCode TheExecutiveBoardandSupervisoryBoardissuedadeclarationofconformityinaccordancewith §161AktG and made it permanently accessible to shareholders on the company’s website at https://www.thyssenkrupp.com/de/unternehmen/management/corporate- governance/entsprechenserklaerung.htmlonSeptember30,2018.

24 Proposedprofitappropriation The legal basis for distribution of a dividend is the unappropriated income of thyssenkruppAG calculatedinaccordancewithcommerciallawaccountingprinciples.

ThefinancialstatementsofthyssenkruppAGforthe2017/2018fiscalyearshowunappropriated incomeof€2,097,310,346.69.

The Executive Board and Supervisory Board propose to the Annual General Meeting to use the unappropriatedincomefromfiscal2017/2018asfollows:

Paymentofadividendof€0.15pereligibleshare €93,379,761.15

Amounttobecarriedforward €2,003,930,585.54



23  thyssenkruppAG2017/2018financialstatements IndependentAuditors´report

IndependentAuditors´report

TothyssenkruppAG,DuisburgundEssen

REPORTONTHEAUDITOFTHEANNUALFINANCIALSTATEMENTSANDOFTHE MANAGEMENTREPORT  Auditopinions WehaveauditedtheannualfinancialstatementsofthyssenkruppAG,DuisburgundEssen,which comprisethebalancesheetasat30September2018,andthestatementofprofitandlossforthe financialyearfrom1October2017to30September2018,andnotestothefinancialstatements, includingtherecognitionandmeasurementpoliciespresentedtherein.Inaddition,wehaveauditedthe management reportofthyssenkruppAG, whichis combinedwiththegroupmanagement report, includingthenon-financialstatementpursuantto§ňArticleʼn289bAbs.ňparagraphʼn1HGBňHan- delsgesetzbuch: German Commercial Codeʼn and §315b Abs. 1 HGB for the financial year from 1October2017to30September2018.Wehavenotauditedthecontentofthestatementoncorporate governancepursuantto§289fHGBand§315dHGBinaccordancewiththeGermanlegalrequire- ments.

Inouropinion,onthebasisoftheknowledgeobtainedintheaudit,

■ theaccompanyingannualfinancialstatementscomply,inallmaterialrespects,withtherequire- mentsofGermancommerciallawandgiveatrueandfairviewoftheassets,liabilitiesandfinancial positionoftheCompanyasat30September2018andofitsfinancialperformanceforthefinancial yearfrom1October2017to30September2018incompliancewithGermanLegallyRequired AccountingPrinciples,and

■ theaccompanyingmanagementreportasawholeprovidesanappropriateviewoftheCompany’s position.Inallmaterialrespects,thismanagementreportisconsistentwiththeannualfinancial statements,complieswithGermanlegalrequirementsandappropriatelypresentstheopportunities andrisksoffuturedevelopment.Ourauditopiniononthemanagementreportdoesnotcoverthe contentofthestatementoncorporategovernancereferredtoabove.

Pursuant to § 322 Abs. 3 Satzňsentenceʼn1 HGB, we declare that our audit has not led to any reservationsrelatingtothelegalcomplianceoftheannualfinancialstatementsandofthemanagement report.

BasisfortheAuditOpinions Weconductedourauditoftheannualfinancialstatementsandofthemanagementreportinaccord- ancewith§317HGBandtheEUAuditRegulationňNo.537/2014,referredtosubsequentlyas“EU Audit Regulation”ʼn and in compliance with German Generally Accepted Standards for Financial StatementAuditspromulgatedbytheInstitutderWirtschaftsprüferňInstituteofPublicAuditorsin GermanyʼnňIDWʼn.Ourresponsibilitiesunderthoserequirementsandprinciplesarefurtherdescribedin the“Auditor’sResponsibilitiesfortheAuditoftheAnnualFinancialStatementsandoftheManagement Report”sectionofourauditor’sreport.WeareindependentoftheCompanyinaccordancewiththe

24  thyssenkruppAG2017/2018financialstatements IndependentAuditors´report

requirementsofEuropeanlawandGermancommercialandprofessionallaw,andwehavefulfilledour other German professional responsibilities in accordance withthese requirements. In addition,in accordance with Article10ň2ʼn pointňfʼn of the EU Audit Regulation, we declare that we have not providednon-auditservicesprohibitedunderArticle5ň1ʼnoftheEUAuditRegulation.Webelievethat theauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouraudit opinionsontheannualfinancialstatementsandonthemanagementreport.

KeyAuditMattersintheAuditoftheAnnualFinancialStatements Keyauditmattersarethosemattersthat,inourprofessionaljudgment,wereofmostsignificancein ourauditoftheannualfinancialstatementsforthefinancialyearfrom1October2017to30Septem- ber2018.Thesematterswereaddressedinthecontextofourauditoftheannualfinancialstatements asawhole,andinformingourauditopinionthereon;wedonotprovideaseparateauditopinionon thesematters.

Inourview,thematterofmostsignificanceinourauditwasasfollows:

① Impairmentofinvestmentsinaffiliatedcompanies

Ourpresentationofthiskeyauditmatterhasbeenstructuredasfollows:

①Matterandissue

②Auditapproachandfindings

③Referencetofurtherinformation

Hereinafterwepresentthekeyauditmatter:

① Impairmentofinvestmentsinaffiliatedcompanies ①IntheannualfinancialstatementsofthyssenkruppAGasat30September2018sharesinaffiliated companiesamountingtoEUR18,953millionň62.7%oftotalassetsʼnarerecognizedunderthe "Financialassets"balancesheetitem.Eachyear,thyssenkruppAGteststhecarryingamountsof itsequityinvestmentsforimpairmentasofthebalancesheetdateinaroutineprocessbasedon ownvaluationsorusestheresultsofindependentexpertsinspecificcases.Ingeneral,forthe purposeofdeterminingfairvalue,thediscountedcashflowmethodisusedtocalculateatotal enterprisevalue,whichisadjustedforthenetfinancialpositionsothatanequityvaluecanbe derivedforthepurposesofcomparingthatagainstthecarryingamountoftherespectiveequity investment.Thecalculationisbasedonthebudgetprojectionspreparedbytheexecutivedirectors andtheprojectedcashflowsarediscountedusingtheweightedaver-agecostofcapital.Theresult ofthesemeasurementsdependstoalargeextentontheexecutivedirectors’estimatesoffuture cashflows,thediscountrateappliedandthegrowthrate.Therefore,themeasurementsaresubject tomaterialuncertainty.BasedontheCompany'svaluationsandotherdocumentation,asat30 September2018therewasaneedforsixinstancestorecognizeanimpairmentlossandforone instancetoreverseapreviousimpairment.Againstthisbackgroundandduetoitssignificancefor thyssenkruppAG'sassetsandliabilitiesandfinancialperformance,thismatterwasofparticular importanceduringouraudit.

25  thyssenkruppAG2017/2018financialstatements IndependentAuditors´report

②Aspartofouraudit,weevaluatedamongotherthings,themethodusedforperformingimpairment testsandassessedthecalculationoftheweightedaveragecostofcapital.Inaddition,weas- sessedtheappropriatenessofthefuturecashflowsusedinthemeasurement,specificallyby reconcilingthisinformationtothemedium-termplanningandbycomparingselectedplanning assumptionswithgeneralandsector-specificmarketexpectations.Intheknowledgethateven relativelysmallchangesinthediscountrateappliedcanhaveamaterialimpactontheenterprise valuecalculatedinthisway,wealsofocusedourtestinginparticularontheparametersusedto determinethediscountrateapplied,andevaluatedthemeasurementmodel.Inaddition,wecar- riedoutadetailedexaminationofthemeasurementmodelandtheplanningforselectedequity investments.Theselectionwasbasedonqualitativecriteriaandtheamountbywhichthecalculat- edenterprisevalueexceededthecarryingamountoftherespectiveequityinvestment.Inthis connection,amongotherthings,weanalyzedonthebasisoffurtherevidencetheconsistencyof planningassumptionsandtheviabilityofplannedmeasurestoincreasefuturecashflows,and discussedthisindetailwiththemanagement.Weassessedthefeasibilityofthematerialmeasures whichhaveanimpactonvalueagainstthebackdropof,amongotherthings,thebusinessconcept todateaswellascurrentandexpectedmarketconditions.Inaddition,weconductedourown sensitivityanalyses.Additionally,weevaluatedtheresultsofavaluationreportpreparedbyan independentexpertandassessedhisprofessionalcompetenceandcapabilities.Inourview,the measurementinputsandunderlyingmeasurementassumptionsusedbytheexecutivedirectors wereproperlyderivedforconductingimpairmenttests.

③TheCompany'sdisclosuresonfinancialassetsandimpairmentoffinancialassetsarecontainedin thesections“General“and“Financialassets”ofthenotestothefinancialstatements.

OtherInformation Theexecutivedirectorsareresponsiblefortheotherinformation.Theotherinformationcomprisesthe statementoncorporategovernancepursuantto§289fHGBand§315dHGB.

Ourauditopinionsontheannualfinancialstatementsandonthemanagementreportdonotcoverthe otherinformation,andconsequentlywedonotexpressanauditopinionoranyotherformofassurance conclusionthereon.

Inconnectionwithouraudit,ourresponsibilityistoreadtheotherinformationand,insodoing,to considerwhethertheotherinformation

■ ismateriallyinconsistentwiththeannualfinancialstatements,withthemanagementreportorour knowledgeobtainedintheaudit,or

■ otherwiseappearstobemateriallymisstated.



26  thyssenkruppAG2017/2018financialstatements IndependentAuditors´report

ResponsibilitiesoftheExecutiveDirectorsandtheSupervisoryBoardfortheAnnual FinancialStatementsandtheManagementReport Theexecutivedirectorsareresponsibleforthepreparationoftheannualfinancialstatementsthat comply,inallmaterialrespects,withtherequirementsofGermancommerciallaw,andthattheannual financialstatementsgiveatrueandfairviewoftheassets,liabilities,financialpositionandfinancial performanceoftheCompanyincompliancewithGermanLegallyRequiredAccountingPrinciples.In addition,theexecutivedirectorsareresponsibleforsuchinternalcontrolasthey,inaccordancewith GermanLegallyRequiredAccountingPrinciples,havedeterminednecessarytoenablethepreparation ofannualfinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.

Inpreparingtheannualfinancialstatements,theexecutivedirectorsareresponsibleforassessingthe Company’sabilitytocontinueasagoingconcern.Theyalsohavetheresponsibilityfordisclosing,as applicable,mattersrelatedtogoingconcern.Inaddition,theyareresponsibleforfinancialreporting basedonthegoingconcernbasisofaccounting,providednoactualorlegalcircumstancesconflict therewith.

Furthermore,theexecutivedirectorsareresponsibleforthepreparationofthemanagementreportthat asawholeprovidesanappropriateviewoftheCompany’spositionandis,inallmaterialrespects, consistent with the annual financial statements, complies with German legal requirements, and appropriatelypresentstheopportunitiesandrisksoffuturedevelopment.Inaddition,theexecutive directorsareresponsibleforsucharrangementsandmeasuresňsystemsʼnastheyhaveconsidered necessarytoenablethepreparationofamanagementreportthatisinaccordancewiththeapplicable Germanlegalrequirements,andtobeabletoprovidesufficientappropriateevidencefortheassertions inthemanagementreport.

ThesupervisoryboardisresponsibleforoverseeingtheCompany’sfinancialreportingprocessforthe preparationoftheannualfinancialstatementsandofthemanagementreport.

Auditor’sResponsibilitiesfortheAuditoftheAnnualFinancialStatementsandofthe ManagementReport Ourobjectivesaretoobtainreasonableassuranceaboutwhethertheannualfinancialstatementsasa wholearefreefrommaterialmisstatement,whetherduetofraudorerror,andwhetherthemanage- mentreportasawholeprovidesanappropriateviewoftheCompany’spositionand,inallmaterial respects,isconsistentwiththeannualfinancialstatementsandtheknowledgeobtainedintheaudit, complieswiththeGermanlegalrequirementsandappropriatelypresentstheopportunitiesandrisksof futuredevelopment,aswellastoissueanauditor’sreportthatincludesourauditopinionsonthe annualfinancialstatementsandonthemanagementreport.

Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedin accordancewith§317HGBandtheEUAuditRegulationandincompliancewithGermanGenerally AcceptedStandardsforFinancialStatementAuditspromulgatedbytheInstitutderWirtschaftsprüfer ňIDWʼnwillalwaysdetectamaterialmisstatement.Misstatementscanarisefromfraudorerrorandare consideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluence theeconomicdecisionsofuserstakenonthebasisoftheseannualfinancialstatementsandthis managementreport.



27  thyssenkruppAG2017/2018financialstatements IndependentAuditors´report

Weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:

■ Identifyandassesstherisksofmaterialmisstatementoftheannualfinancialstatementsandofthe managementreport,whetherduetofraudorerror,designandperformauditproceduresresponsive tothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforour auditopinions.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthan foroneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepre- sentations,ortheoverrideofinternalcontrols.

■ Obtainanunderstandingofinternalcontrolrelevanttotheauditoftheannualfinancialstatements andofarrangementsandmeasuresňsystemsʼnrelevanttotheauditofthemanagementreportin ordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurpose ofexpressinganauditopinionontheeffectivenessofthesesystemsoftheCompany.

■ Evaluate the appropriateness of accounting policies used by the executive directors and the reasonablenessofestimatesmadebytheexecutivedirectorsandrelateddisclosures.

■ Concludeonthe appropriatenessofthe executivedirectors’ useofthegoingconcern basisof accountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelated toeventsorconditionsthatmaycastsignificantdoubtontheCompany’sabilitytocontinueasa goingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentionin theauditor’sreporttotherelateddisclosuresintheannualfinancialstatementsandinthemanage- mentreportor,ifsuchdisclosuresareinadequate,tomodifyourrespectiveauditopinions.Our conclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.Howev- er,futureeventsorconditionsmaycausetheCompanytoceasetobeabletocontinueasagoing concern.

■ Evaluatetheoverallpresentation,structureandcontentoftheannualfinancialstatements,including thedisclosures,andwhethertheannualfinancialstatementspresenttheunderlyingtransactions andeventsinamannerthattheannualfinancialstatementsgiveatrueandfairviewoftheassets, liabilities,financialpositionandfinancialperformanceoftheCompanyincompliancewithGerman LegallyRequiredAccountingPrinciples.

■ Evaluate the consistency of the management report with the annual financial statements, its conformitywithGermanlaw,andtheviewoftheCompany’spositionitprovides.

■ Performauditproceduresontheprospectiveinformationpresentedbytheexecutivedirectorsinthe managementreport.Onthebasisofsufficientappropriateauditevidenceweevaluate,inparticular, thesignificantassumptionsusedbytheexecutivedirectorsasabasisfortheprospectiveinfor- mation,andevaluatetheproperderivationoftheprospectiveinformationfromtheseassumptions. Wedonotexpressaseparateauditopinionontheprospectiveinformationandontheassumptions usedasabasis.Thereisasubstantialunavoidableriskthatfutureeventswilldiffermateriallyfrom theprospectiveinformation.



28  thyssenkruppAG2017/2018financialstatements IndependentAuditors´report

Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplanned scopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesin internalcontrolthatweidentifyduringouraudit.

Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwiththe relevantindependencerequirements,andcommunicatewiththemallrelationshipsandothermatters thatmayreasonablybethoughttobearonourindependence,andwhereapplicable,therelated safeguards.

Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthat wereofmostsignificanceintheauditoftheannualfinancialstatementsofthecurrentperiodandare therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulationprecludespublicdisclosureaboutthematter.

Otherlegalandregulatoryrequirements ReportontheAuditofCompliancewiththeAccountingObligationspursuantto §6bAbs.3EnWG We have audited the compliance with the accounting obligations pursuant to § 6b Abs. 3 EnWG ňEnergiewirtschaftsgesetz: German Energy Industry Actʼn, which require separate accounts to be maintainedfortheactivitiespursuantto§6bAbs.3EnWG.

Inouropinion,theaccountingobligationspursuantto§6bAbs.3EnWG,whichrequireseparate accountstobemaintainedfortheactivitiespursuantto§6bAbs.3EnWG,havebeenfulfilledinall materialrespects.

We conducted our audit in accordance with § 6b Abs. 5 EnWG and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der WirtschaftsprüferňIDWʼn. Our responsibilities under those requirements and principles are further described below and in section "Auditor's Responsibilities for the Audit of the Annual Financial StatementsandoftheManagementReport".

Theexecutivedirectorsareresponsibleforthecompliancewiththeobligationspursuantto§6bAbs.3 EnWGaswellasforsucharrangementsandmeasuresňsystemsʼnastheyhaveconsiderednecessaryto complywiththeseobligations.

Ourobjectivesaretoobtainreasonableassuranceaboutwhethertheaccountingobligationspursuant to§6bAbs.3EnWGhavebeenfulfilled,inallmaterialrespects,aswellastoissueareportthat includesourauditopiniononthecompliancewiththeaccountingobligationspursuantto§6bAbs.3 EnWG.Theauditcomprisesanassessmentofwhethertheamountsstatedandtheclassificationofthe accountspursuantto§6bAbs.3EnWGareappropriateandcomprehensibleandwhethertheprinciple ofconsistencyhasbeenobserved.



29  thyssenkruppAG2017/2018financialstatements IndependentAuditors´report

FurtherInformationpursuanttoArticle10oftheEUAuditRegulation Wewereelectedasauditorbytheannualgeneralmeetingon19January2018.Wewereengagedby thesupervisoryboard on 15 February 2018.We have been the auditor of the thyssenkruppAG, DuisburgandEssen,withoutinterruptionsincethefinancialyear2012/2013.

Wedeclarethattheauditopinionsexpressedinthisauditor’sreportareconsistentwiththeadditional reporttotheauditcommitteepursuanttoArticle11oftheEUAuditRegulationňlong-formauditreportʼn.

Germanpublicauditorresponsiblefortheengagement TheGermanPublicAuditorresponsiblefortheengagementisMichaelPreiß.



Essen,November19,2018

PricewaterhouseCoopersGmbH Wirtschaftsprüfungsgesellschaft

HaraldKayserMichaelPreiß WirtschaftsprüferWirtschaftsprüfer

ňGermanPublicAuditorʼn ňGermanPublicAuditorʼn



30  thyssenkruppAG2017/2018financialstatements Responsibilitystatement

Responsibilitystatement

Tothebestofourknowledge,andinaccordancewiththeapplicablereportingprinciples,theannual financialstatementsgiveatrueandfairviewoftheassets,liabilities,financialpositionandprofitand lossoftheCompany,andthecombinedmanagementreportincludesafairreviewofthedevelopment andperformanceofthebusinessandthepositionoftheCompanyandthethyssenkruppGroup, together with a description of the principal opportunities and risks associated with the expected developmentoftheCompanyandthethyssenkruppGroup.

 Essen,November16,2018 thyssenkruppAG

 TheExecutiveBoard

Kerkhoff

Burkhard Kaufmann





31  thyssenkruppAG2017/2018financialstatements OtherdirectorshipsheldbyExecutiveBoardmembers

Otherdirectorshipsheldby ExecutiveBoardmembers

GuidoKerkhoff ChairmanʼnsinceJuly13,2018Ŋ

AppointeduntilSeptember2023//German WithintheGroup: ■ thyssenkruppElevatorAGňChairʼn ■ thyssenkruppMaterialsServicesGmbHňChairʼn ■ thyssenkruppSteelEuropeAGňChairʼn ▫ thyssenkruppňChinaʼnLtd./PRChinaňChairʼn  OliverBurkhard

AppointeduntilSeptember2023//German ▫ PEAGHoldingGmbHʼnChairŊ WithintheGroup: ■ thyssenkruppElevatorAG ■ thyssenkruppIndustrialSolutionsAGňChairʼn ■ thyssenkruppMaterialsServicesGmbH ■ thyssenkruppSteelEuropeAG  Dr.DonatusKaufmann

AppointeduntilJanuary2022//Swiss WithintheGroup: ■ thyssenkruppIndustrialSolutionsAG ▫ thyssenkruppNorthAmerica,Inc./USAňChairʼn  Dr.HeinrichHiesingerʼnuntilJuly6,2018Ŋ Chairman German ● BMWAG WithintheGroup: ■ thyssenkruppElevatorAGňChairʼn ■ thyssenkruppSteelEuropeAGňChairʼn ▫ thyssenkruppňChinaʼnLtd./PRChinaňChairʼn 

■ Membershipofsupervisoryboardswithinthemeaningof§125oftheGermanStockCorporationActňAktGʼnňasofSeptember30,2018ʼn ▫ MembershipofcomparableGermanandnon-Germancontrolbodiesofbusinessenterpriseswithinthemeaningof§125oftheGermanStockCorporationAct ňAktGʼnňasofSeptember30,2018ʼn ● / ○Companylistedonthestockexchange

32  thyssenkruppAG2017/2018financialstatements OtherdirectorshipsheldbySupervisoryBoardmembers

Otherdirectorshipsheldby SupervisoryBoardmembers

Prof.Dr.BernhardPellens,Bochum SusanneHerberger,Dresden ChairmanʼnsinceSeptember30,2018Ŋ//ProfessorofBusiness EngineerʼnFHŊ–informationtechnology//ChairwomanoftheWorks StudiesandInternationalAccounting,RuhrUniversityBochum CouncilofthyssenkruppAufzügeGmbHʼnDresdenŊ//Chairwomanof

Appointeduntil2020//German theWorksCouncilUnionElevatorTechnology//ViceChairwomanof ■ LVMLandwirtschaftlicherVersicherungsvereinMünsteraG theGroupWorksCouncilofthyssenkruppAG

■ LVMKrankenversicherungs-AG Appointeduntil2019//German  WithintheGroup: MarkusGrolms,Frankfurt/Main ■ thyssenkruppElevatorAG ViceChairman//TradeunionsecretaryatIGMetall 

Appointeduntil2019//German TanjaJacquemin,Frankfurt/Main  Dipl.-Kauffrau//HeadoftheUnionEducationalActivitiesDepartment Prof.Dr.Dr.h.c.UrsulaGather,Dortmund atIGMetall

ňsinceJanuary19,2018ʼn//RectoroftheTechnicalUniversityof Appointeduntil2019//German Dortmund ■ VinciEnergiesDeutschlandGmbH

Appointeduntil2023//German  ● MunichRe Prof.Dr.Hans-PeterKeitel,Essen  FormerChairmanoftheExecutiveBoardofHochtiefAG

AchimHass,Kiel Appointeduntil2020//German Powerelectronicstechnician//ChairmanoftheWorksCouncilof ■ National-BankAG thyssenkruppMarineSystemsGmbHʼnKielŊ//Chairmanofthe ● RWEAG GeneralWorksCouncilofthyssenkruppMarineSystemsGmbH//Vice ■ VoithGmbH&Co.KGaAňChairʼn ChairmanoftheWorksCouncilUnionIndustrialSolutions 

Appointeduntil2019//German Dr.NorbertKluge,Ratingen ■ BabcockPensionskasseVvaG Diplom-Sozialwirt//DirectoroftheInstituteforCodeterminationand WithintheGroup: CorporateGovernanceʼnI.M.U.ŊoftheHansBöcklerFoundation

■ thyssenkruppIndustrialSolutionsAG Appointeduntil2019//German ■ thyssenkruppMarineSystemsGmbH   TekinNasikkol,Ratingen Dr.IngridHengster,Frankfurt/Main BachelorofArtsʼnBusinessAdministrationŊ//Chairmanofthe MemberoftheExecutiveBoardofKfWBankengruppe WorksCouncilofthyssenkruppSteelEuropeAGʼnDuisburg-HambornŊ

Appointeduntil2020//Austrian //ChairmanoftheGeneralWorksCouncilofthyssenkruppSteel ■ DeutscheBahnAG EuropeAG//ChairmanoftheWorksCouncilUnionSteelEurope ▫ EuropeanInvestmentBankňEIBʼn/Luxembourg Appointeduntil2019//German ňExpertontheBoardofDirectorsʼn ■ thyssenkruppSteelEuropeAG   PeterRemmler,Wolfsburg Wholesaleandexporttrader//ViceChairmanoftheWorksCouncilof thyssenkruppSchulteGmbHʼnBraunschweigŊ//Chairmanofthe WorksCouncilUnionMaterialsServices

Appointeduntil2019//German WithintheGroup: ■ thyssenkruppMaterialsServicesGmbH

33  thyssenkruppAG2017/2018financialstatements OtherdirectorshipsheldbySupervisoryBoardmembers

Carolav.Schmettow,Düsseldorf Inthecourseofthefiscalyear2017/2018thefollowingmembers CEOofHSBCTrinkaus&BurkhardtAG lefttheSupervisoryBoard.Wheretheyheldotherdirectorshipsat

Appointeduntil2020//German thetimeofdeparturethesearelistedbelow: ▫ HSBCFranceSAParis   Prof.Dr.UlrichLehner,Düsseldorf CarstenSpohr,Munich ʼnuntilJuly31,2018Ŋ ChairmanoftheExecutiveBoardofDeutscheLufthansaAG Chairman//MemberoftheShareholders’Committeeof

Appointeduntil2020//German AG&Co.KGaAderHenkelAG& ■ LufthansaTechnikAGňChairʼn ● DeutscheTelekomAGňChairʼn ▫ Dr.AugustOetkerKGňMemberoftheAdvisoryBoardʼn ● PorscheAutomobilHoldingSE ▫ SNAirholdingSA/NV,BelgiumňChairʼn ○ HenkelAG&Co.KGaA  ňMemberoftheShareholders’Committeeʼn Dr.LotharSteinebach,Leverkusen  FormermemberoftheManagementBoardofHenkelAG&Co.KGaA Dr.RalfNentwig,Essen

Appointeduntil2023//German ʼnuntilJanuary19,2018Ŋ ■ CarlZeissAG MemberoftheExecutiveCommitteeoftheAlfriedKruppvonBohlen ■ RalfSchmitzGmbH&Co.KGaA undHalbachFoundation ▫ DiemClientPartnerAG/Switzerland ▫ MargaretheKrupp-StiftungfürWohnungsfürsorge ňMemberoftheManagementBoardʼn ňViceChairmanoftheSupervisoryBoardʼn   JensTischendorf,Zurich RenéObermann,Berlin PartneratCevianCapitalLtd. ʼnuntilAugust31,2018Ŋ

Appointeduntil2020//German PartneratWarburgPincusLLC//ManagingDirectorofWarburg ● BilfingerSE PincusDeutschlandGmbH  ■ InexioBeteiligungsGmbH&Co.KGaAňChairʼn FriedrichWeber,Schöndorf ■ 1&1InternetSEňChairʼn Machinesetter//ChairmanoftheGeneralWorksCouncilof ■ StratoAGňChairʼn thyssenkruppBilsteinGmbH//ChairmanoftheWorksCouncilUnion ■ AllianzDeutschlandAG ComponentsTechnology//ViceChairmanoftheEuropeanWorks □ TelenorASA CouncilofthyssenkruppAG//ViceChairmanoftheGroupWorks ● AirbusSE/Netherlands CouncilofthyssenkruppAG 

Appointeduntil2019//German WilhelmSegerath,Duisburg WithintheGroup: ʼnuntilSeptember30,2018Ŋ ■ thyssenkruppBilsteinGmbH Automotivebodymaker//ChairmanoftheGroupWorksCouncilof  thyssenkruppAGʼnuntilSeptember18,2018Ŋ IsoldeWürz,Mülheim/Ruhr ▫ PEAGHoldingGmbHňMemberoftheAdvisoryBoardʼn Attorney//GeneralCounselandHeadofGovernance,Corporate FunctionLegalatthyssenkruppAG//ChairwomanoftheExecutives’ CommitteeofthyssenkruppAGandexecutivememberoftheGroup Executives’Committee Appointeduntil2019//German 

■ Membershipofsupervisoryboardswithinthemeaningof§125oftheGermanStockCorporationActňAktGʼnňasofSeptember30,2018ʼn ▫ MembershipofcomparableGermanandnon-Germancontrolbodiesofbusinessenterpriseswithinthemeaningof§125oftheGermanStockCorporationAct ňAktGʼnňasofSeptember30,2018ʼn ● / ○ Companylistedonthestockexchange

34 www.thyssenkrupp.com