Remarks by Dr.-Ing. Ekkehard D. Schulz

Chairman of the Executive Board of ThyssenKrupp AG at the Annual Press Conference on December 1, 2004 Villa Hügel, Essen

Check against delivery.

In fiscal year 2003/2004 ThyssenKrupp delivered its best results since the merger in 1999. The Company's medium-term goal has already been reached. The triple jump has been achieved.

  • Earnings before taxes from continuing operations reached €1,580 million (fiscal 2002/2003: €774 million), €806 million more than a year earlier. Earnings thus more than doubled. Indeed, without a number of special, non-recurring effects we would have achieved EBT of €1.75 billion. This earnings level reflects the operating strength of the Group.
  • Linked with the earnings is a ROCE of 12% and a positive EVA of €572 million, to which all segments contributed. Here, too, we achieved our medium-term target.
  • Order intake and sales increased at double-digit rates: orders by 17% to €41.0 billion and sales by 11% to €39.3 billion.
  • Net financial payables decreased from €4.2 billion to €2.8 billion. Gearing improved from 55.2% to 34%.
  • Earnings per share was €1.81, compared with €1.09 in fiscal 2002/2003.
  • The share price increased by more than 36%, clearly outperforming the DAX and DJ STOXX indices, which gained 20% and 18% respectively.
  • At its meeting on November 30, 2004 the Supervisory Board endorsed the proposal of the Executive Board to recommend to the Annual General Meeting an increase in the dividend from €0.50 to €0.60 per share.

How can these strong figures be explained in light of only moderate growth rates for the EU and Germany? The answer is simple: ThyssenKrupp has geared itself to the profound changes brought about by globalization. The platform for ThyssenKrupp was the merger in 1999. Today's success confirms that this was the right move. If anything, the only criticism may be that it should have happened sooner.

The economic parameters in fiscal 2003/2004 were predominantly favorable. Supported by dynamic growth in Asia and North America the world economy improved markedly, which impacted positively on ThyssenKrupp's performance. Without the appreciation of the euro against major currencies the improvements would have been even more marked.

Economic growth increased strongly, particularly in the first half of the year. According to current estimates, world GDP increased by over 4 ½ percent and world trade by 9 percent in 2004. The euro zone is lagging behind the rest of the world economy. Although exports increased in the wake of the global economic recovery, there was virtually no impetus from domestic demand. According to estimates the economy of the euro zone grew by just under 2 percent in 2004. Slightly lower growth is forecast for Germany, where stagnating private consumption and slow business spending dampened the economy. The only bright point in 2004 were exports, which again rose strongly despite the appreciation of the euro.

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Our strong performance is the result of our own efforts

The marked qualitative as well as quantitative improvement in our earnings and the solid performance of ThyssenKrupp are ultimately not the result of the support we received from the economy in the last fiscal year. They reflect the many measures successfully implemented by ThyssenKrupp in recent years to increase our performance capability. They include our measures to enhance the value of the company:

  1. the further focusing of ThyssenKrupp within the areas of Steel, Capital Goods and Services and
  2. the efficiency enhancement program ThyssenKrupp best.

The performance of ThyssenKrupp is all the more remarkable in that it was achieved despite significant negative influences. Although the boom on the international steel market resulted in full order books and high capacity utilization at ThyssenKrupp Steel, we also had to contend with significant increases in procurement prices for ores, coal, coke, alloys, energy and freight rates. Raw materials and energy have become our largest cost items, accounting for more than two thirds of our costs. Higher steel prices were therefore inevitable in order to cushion the substantial cost increases. However we were only able to increase prices to a certain extent. Among the reasons for this are our long-term contracts with customers, particularly auto manufacturers. They prevented us from passing on price increases when they occurred. Another reason was the speed and scale of the price increases for raw materials and energy which we were only able to counter with a significant time lag in some cases. It is therefore a mistake to believe that the steel industry is exploiting the steel boom and is increasing its prices unfairly.

One or two examples: Prices for

In the energy area, electricity prices in Germany once again increased significantly from the year before. The subsidization of renewable energies and combined heat and power plants as well as the ecology tax have pushed up German electricity prices to among Europe's highest. The amended Renewable Energies Act will add to the already heavy burden on electricity-intensive consumers. The special rules for energy-intensive companies are of limited assistance and apply only to a few major electricity consumers in the Group. On top of this, the high electricity prices also had a knock-on effect on our procurement costs for electricity-intensive products such as industrial gases.

As the amendment to the German Energy Industry Law was delayed, the regulatory authority has yet to start work, which means that the expected impetus for lower electricity and gas transmission fees failed to materialize. Gas prices themselves rose in the wake of higher oil prices, and the competitive situation on the gas market remained unsatisfactory.

On the other hand, let's look at the rise in rolled steel prices in Germany. Since 1995 they have increased by only 18%. In terms of producer prices, rolled steel prices have hardly risen in the past 30 years. In the past 20 years the average rate of price increase over the various sectors has been 19.1%. At the top of the pile we have the mechanical engineering sector with 52.1% and the automotive sector with 43.1%. By contrast, prices for rolled steel have increased by only 3.6%. This has been made possible by continuous increases in productivity.

From 1960 to 2003, the number of employees in the German steel industry decreased from 417,000 to 95,000, while productivity increased from 82 tons to 474 tons per employee and year. At ThyssenKrupp Stahl, it improved to as much as 630 tons per employee with a significant increase in the added value of our product mix.

Bei ThyssenKrupp Stahl hat sie sich sogar auf 630 t pro Mitarbeiter verbessert und dies bei deutliche gesteigerter Wertschöpfung unseres Produktmixes.

ThyssenKrupp has done its homework. In contrast to many of its European competitors, the Group has not received any subsidies for its steelmaking operations and it is due to its own efforts that it is well positioned today, not just in the steel area.

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Core business expanded thanks to systematic portfolio management

As in previous years, we systematically pursued our active portfolio management program in 2003/2004, carrying out numerous acquisitions and disposals. Under the divestment program "33+", 24 measures have been completed, 3 are currently being implemented and 7 are under negotiation.

In fiscal 2003/2004, ThyssenKrupp acquired activities with total sales of €0.6 billion and disposed of activities with sales of €1.5 billion. Since the merger of Thyssen and Krupp in 1999, companies with sales of €4.8 billion have been sold and businesses with sales of €5.6 billion have been acquired. Under our portfolio optimization strategy, we plan to carry out further disposals of non-strategic investments as well as selective strategic acquisitions.

ThyssenKrupp is a company in motion. As a result of portfolio changes last fiscal year, almost 3,900 employees joined and 3,200 employees left the Group. Operating changes resulted in 5,800 people joining and 6,300 leaving the workforce. Overall, the headcount decreased slightly in fiscal 2003/2004. On September 30, 2004 ThyssenKrupp had 184,358 employees worldwide (September 30, 2003: 184,157). In Germany the number of employees increased by 2,530 to 91,331. At our subsidiaries outside Germany the workforce increased by 2,731 to 93,027.

In the past five fiscal years the headcount at ThyssenKrupp has risen from around 179,000 (September 30, 1999) to around 184,000 (September 30, 2004). The dynamic nature of the employee movements can be seen by looking at the changes in this period. Around 18,000 employees left ThyssenKrupp as a result of portfolio changes and 35,000 as a result of operating changes, mainly productivity increases. Around 29,000 people joined the Group as a result of portfolio changes and just under 30,000 as a result of organic growth. One in two jobs has been affected by changes.

Let us turn now to the individual segments:

  • The transactions in the Steel segment were aimed at increasing its focus on core business. The Carbon Steel business unit withdrew from the Brazilian joint venture GalvaSud and will now concentrate its downstream activities for the international automotive industry on the growth market China. Stainless Steel acquired the remaining 30% interest in the stainless steel service center C.i.pro.s and is now the sole proprietor of this company. This has significantly strengthened our sales and distribution organization in Italy, Europe's second-largest stainless steel market. Berkenhoff, no longer a core business, was sold at September 30, 2004, and Krupp Edelstahlprofile was divested effective October 01, 2004. Several further marginal activities were also sold.
  • In December 2003, the Automotive segment acquired a 60% interest in Mercedes-Benz Lenkungen GmbH. Together with the new company, now trading as ThyssenKrupp Presta SteerTec, ThyssenKrupp Automotive is now in a position to offer complete steering systems for cars and trucks. The acquisition of a stake in Bertrandt AG, one of Europe's leading engineering service providers, will strengthen the international market position of both companies. With the Chinese automotive market growing rapidly, ThyssenKrupp Automotive intensified its cooperation with Asian partners. With the establishment of two joint ventures –ThyssenKrupp Presta Fawer Changchun (steering systems) and ThyssenKrupp Zhong-Ren Chassis (body and chassis parts) and the establishment/expansion of our sales offices in Tokyo and Hiroshima, ThyssenKrupp Automotive is responding to the wishes of the auto manufacturers for their top suppliers to have a global presence. ThyssenKrupp Automotive disposed of several marginal activities in fiscal 2003/2004.
  • Several acquisitions in the Elevator segment allowed us to once again strengthen our position on the international markets. The acquisition of a majority interest in the Dongyang group gave us control of one of the market leaders in Korea, which is Asia's third biggest market for elevators and escalators. Further acquisitions in Southeast Asia, Australia and New Zealand enabled us to also boost our local presence on these important growth markets. Acquisitions in the established markets of Europe and North America were aimed at strengthening our position in particular in the service and stair lift businesses.
  • In the Technologies segment, Uhde made targeted strategic acquisitions to expand its technology portfolio in the areas of polyester/polyamide production plant and pharmaceuticals/life sciences. As part of our active portfolio management strategy, we completed the sale of the Novoferm group at the start of the fiscal year and disposed of the Measuring Machines operating group as a further step in the restructuring of our MetalCutting business. I will deal with the shipyards area later.
  • The Services segment, created by the combination of the Materials and Serv segments, broadened the base for its warehousing and service business in Eastern Europe by establishing a company in Russia in conjunction with a local partner. The segment also acquired an interest in a Chinese coking plant, an investment which provides a long-term supply source, a substantial fixed annual tonnage of coke, and cost-free export licenses. The sale of the Information Services unit was an important step in streamlining the activities of the newly combined Services segment; the IT service provider was acquired by Hewlett-Packard. Effective October 01, 2004, ThyssenKrupp HiServ's facility management activities were sold to Wisag and Bilfinger Berger. A number of smaller marginal activities were also sold.

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Success through innovations

Innovation is essential to the success of our technology-intensive products and services. That's why we spent €191 million on basic research and development projects in the past fiscal year, 1% more than a year earlier. A further €457 million was spent on customer-related development work, including technical quality assurance, again 1% more than in fiscal 2002/2003. ThyssenKrupp once again carried out some 2,000 research and development projects.

The roughly 3,000 scientists, technicians and engineers involved in R&D work in the Group are specialists in the fields of materials, production, process, electronics and information technology and maintain close contacts with international universities and public research institutions as well as with the development departments of our customers. ThyssenKrupp operates a total of 45 development centers in Europe, Asia and the USA.

Our efforts are geared to the requirements of strategically important customers to ensure that new and improved products and processes become established as quickly as possible. Examples of successful innovations include the New Steel Body, which is 24 percent lighter than the production model but offers the same level of safety. Or the world's largest rack-and-pinion steering system for trucks, developed by ThyssenKrupp Presta SteerTec. Another example is the TWIN elevator, where we have made the biggest leap forward. Following the pilot project at the University of Stuttgart and the installation at the Group's Dreischeibenhaus headquarters in Düsseldorf, the first three commercial contracts have been signed. The Oceanic Center in Valencia will be fitted with one TWIN elevator, the headquarters of the BMW Group in Munich with a total of four, and the Main Triangle Building in Frankfurt with two panorama TWIN elevators.

The importance of innovations, both for ThyssenKrupp and for Germany as a technology location, was underlined by our Ideas Park in Gelsenkirchen, where 60,000 visitors took the opportunity to experience technology first-hand at this three-day event on a 17,500 square meter site. A central element in the “Year of Technology” organized by the German Ministry of Education and Research, the event demonstrated the need for a positive attitude to technology and the opportunities it offers. It also showed that it is possible to present technology and innovation in an interesting way to the public at large.

The importance of a change in attitudes toward technology has been demonstrated in recent years by the Transrapid magnetic train. In Shanghai it has proved a major success. In Germany we concentrating on the Munich project.

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Strategic objectives for the future

We intend to stick to our strategy and take advantage of the economic upswing to speed its implementation. Through organic growth, strategic acquisitions and an even stronger service focus, the aim is to boost ThyssenKrupp’s sales in the medium term to €45 – 50 billion. In the past fiscal year we achieved pre-tax profits of €1.5 billion on sales of around €40 billion. Since the merger we have grown by an average of 11% in our core Business Areas. The Group’s performance holds potential for a further improvement in earnings.

The five segments of the Group will implement their strategic plans step by step.

  • ThyssenKrupp already played a key role in the restructuring of the German and European steel industries in the 1990s, but the process of consolidation is far from completed. ThyssenKrupp Steel will continue to play an active part in this process. Carbon Steel will expand its market position and Stainless Steel will further strengthen its market leadership; both aim to remain international leaders in their fields. Plans to expand our high-grade carbon flat steel activities for our international customers are focused on the growth market China. The TAGAL hot-dip galvanizing line in the northern Chinese city of Dalian started production in December 2003. New tailored blanks facilities and steel service centers will be important steps in strengthening our presence in downstream operations close to customers. The expansion of the Shanghai Krupp Stainless plant is continuing. Cold strip capacity will increase to 290,000 metric tons per year by the end of 2005.

    To participate in the future growth of the steel market, we are planning to build a steelmaking base in Brazil, the lowest-cost location in the world. The project will cost around 1.5 billion dollars and will increase ThyssenKrupp’s current crude steel capacity to around 20 million tons before the end of this decade. In addition, we plan to invest in the construction of a new replacement blast furnace and the scheduled relining of a blast furnace in Schwelgern to keep our Duisburg steelmaking site at the leading edge of technology.

    We will use the additional low-cost semi-finished products from the Brazilian steel mill project to improve the utilization rate of our wide hot strip mills and our downstream processing and coating lines. This will secure jobs in the Rhine and Ruhr areas and give us the ability to serve new markets, for example in the NAFTA region.
  • The Automotive segment is already a technology leader. Most of its products hold top positions. Through organic growth and targeted acquisitions we intend to build on the strong market positions of the Body, Chassis and Powertrain business units, primarily in the growth regions of Asia and Eastern Europe. Growth will be based on strict profitability criteria to avoid dependency on individual customers or models.
  • Elevator, the world's third largest elevator manufacturer, is using acquisitions and organic growth to systematically improve its international position. The segment is working hard to extend its service capabilities and thus grow its high-margin service business. The segment's technology leadership in particular helps secure to market success. The new TWIN elevator is a good example of this.
  • The Marine business unit of the Technologies segment has entered into a German shipyards alliance with Howaldtswerke-Deutsche Werft. The Marine Systems business unit holds a leading position in the construction of naval surface ships and – in the future together with Howaldtswerke-Deutsche Werft (HDW) – will be the world's foremost producer of conventionally powered submarines. ThyssenKrupp and HDW shareholders One Equity Partners signed the agreement for the merger of the shipyards on October 7. Under this agreement our shipyards and HDW are to be combined in a new alliance under the control of ThyssenKrupp. The merger will result in a system house with strong positions in naval shipbuilding. All existing locations will be maintained. The new company will focus on four product groups: submarines, naval ships, merchant ships and repair. The shipyards in Hamburg, Emden and Kiel will each be developed into centers of excellence with clearly defined product responsibility. The merger will be completed as soon as the approvals of the supervisory bodies and the requisite regulatory approvals have been obtained.

    The restructuring and efficiency enhancement programs introduced in other areas of the Technologies segment are continuing with a view to concentrating on high-tech products and achieving our targets in terms of market position and earnings.
  • Services, a leading international supplier of materials and services for industrial customers, is concentrating on its core capabilities in Materials Services, Industrial Services and Special Products. The segment is looking to increase its efficiency, intensify cooperation with other segments and further expand its presence in North America and Eastern Europe. Through targeted investments, partnerships and equity interests, Services plans to grow further in Central and Eastern Europe and offer its customers service-oriented system and marketing solutions.
  • In the Real Estate area, talks are currently being held with potential investors for our residential real estate business. We are at the start of the process, in the so-called due diligence phase.

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The segments

The Steel segment is an international leader in the steel business. In terms of technology and innovations, we are worldwide number one. In Europe we are one of the margin leaders. Both Carbon Steel and Stainless Steel are focused on flat products with high value added which offer above-average growth prospects. This is augmented by product specific processing and services. Sales increased to €13.7 billion (€11.7 billion). The segment has 46,630 employees (47,199) and achieved pre-tax earnings from continuing operations of €911 million (€439 million).

Steel's strategy is to shape its activities to the needs of its global customers and continuously advance its own core capabilities. From a platform of technological expertise, favorable locations, state-of-the-art equipment and highly qualified employees, we intend to further expand our strong position in the international steel industry – through improved efficiency, organic growth, strategic alliances and collaborations. The share of higher value-added products at Carbon Steel is over 80% and at Stainless Steel over 90%. We aim to maintain our leading international positions in these demanding market segments.

The Automotive segment has continuously expanded its position as a systems supplier, development partner and materials specialist. In the west, virtually every car on the road today features our products. At some 130 locations in 17 countries, we produce customized components, modules and systems for Body, Chassis and Powertrain applications. Sales increased to €7,312 million (€6,295 million). The segment has 43,491 employees (41,414) and achieved income before taxes from continuing operations of €288 million (€189 million).

The Automotive segment has set itself ambitious goals to strengthen its international market position. We aim to build on existing leadership positions, enhance our performance, expand our regional presence, differentiate ourselves further from the competition, and advance our international employee development program. In achieving these goals, the cross-segment material and process capabilities available in the ThyssenKrupp Group play a key role in customer retention.

With the acquisition of an interest in Bertrandt, one of Europe's leading engineering specialists, the segment now offers its customers a complete package of technology, development, process and production know-how. This investment permits Automotive to become involved in the development of vehicle models at a very early stage in which 80% of the costs are already defined by the selection of materials and design. We are thus better equipped to meet the increasing market demands for the supply of modules through to complete bodies-in-white. The reallocation of the Assembly Plant activities from Technologies to Automotive will allow us to utilize synergies in body-in-white assembly equipment and construction.

The Elevator segment's strategy is paying dividends. We achieved sales of €3.6 billion in the reporting period thanks to innovations, satisfied customers and strategic acquisitions. Over 800 branches throughout the world and a new, growth-oriented organizational structure safeguard our outstanding market position. The segment has a global workforce of 31,658 employees (29,689) and recorded pre-tax earnings from continuing operations of €370 million (€355 million).

From the start of fiscal 2004/2005, Elevator will be organized in four new regional business units: Americas, Asia/Pacific, Central/Eastern/Northern Europe and Southern Europe/Africa/Middle East. The establishment of an Asia/Pacific business unit in the new organization is in response to the enormous growth in this region. In addition to the four regional units there will be two global business units: Escalators/Passenger Boarding Bridges and Accessibility. By combining the passenger boarding bridges and escalator business, we can better utilize cross-selling potential in major airport projects.

In the future our product range will continue to comprise elevators, escalators and moving walks, passenger boarding bridges and stair and platform lifts. Our competence lies in the production, modernization and maintenance of these products.

The Technologies segment is an international manufacturer of high-tech plant and machinery. On the basis of world-leading market positions and innovative system and engineering capabilities, the segment supplies systems, facilities, specialized machinery and components together with associated services. Due to disposals, sales decreased to €5.1 billion. Excluding disposals, sales climbed 4% against the previous year. The 27,803 strong workforce (29,871) achieved income before taxes from continuing operations of €67 million (€42 million).

Technologies' goals focus on market leadership with high-performance business units holding top-three positions, technology leadership, the development of innovative products with high customer value and the swift expansion of service activities.

With around 35,000 employees in 60 countries, the Services segment is the leading international service provider for industrial customers. Around half of its €11.9 billion (€10.6 billion) sales were generated outside Germany. A third of the segment's 33,469 employees (34,629) work abroad. The segment reported pre-tax earnings from continuing operations of €271 million (€36 million).

The Services segment provides high-quality process and supply services for manufacturing industry, including maintenance and repair, production support, in-plant logistics, scaffold services and technical services for the erection and maintenance of plant and facilities. We are also one of the world's largest suppliers of stainless steel, nonferrous metals and plastics. Our range of products comprises over 125,000 items available from stock. The segment offers numerous value-adding services including slitting, cutting to length, cutting, sawing, flame cutting, milling, drilling and coating. All a customer has to do is order the material in the required form and volume, and we will supply it just in time. If required, we also handle the entire supply chain management for international customers, encompassing all activities from the purchase order to warehousing to delivery.

The portfolio is rounded off by the worldwide supply of steel and tubes, service activities in railway equipment and civil engineering as well as the distribution of metallurgical products, minerals and special coke.

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ThyssenKrupp stock

In the year under review ThyssenKrupp's stock benefited from both the general brightening of the economic climate and the major improvement on the world steel markets. These parameters and the systematic implementation of our strategy together with the improvement in our operating performance were reflected in a significant increase in the ThyssenKrupp share price. ThyssenKrupp's stock easily outperformed the DAX and DJ STOXX reference indices. At September 30, 2004 the share price closed at €15.69, 36.2% higher than a year earlier. In the same period the DAX gained 19.5% and the DJ STOXX 17.8%.

ThyssenKrupp's dividend policy is to pay an appropriate dividend based on the Group's sustainable earnings. The decision as to the amount of the dividend considers on the one hand the objective of further reducing financial payables and increasing our equity; on the other hand we strive to achieve dividend continuity, so that as a percentage of earnings per share the dividend tends to be higher in years where the Group's results are not so strong and lower relative to income in years where we achieve strong earnings.

Against this background we feel a dividend payment of 60 cents per share for fiscal 2003/2004 to be appropriate, representing a payout ratio of 33.1%. Based on a stock price of €15.69, the dividend yield is around 3.8 %. This compares extremely favorably to the other DAX companies.

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ThyssenKrupp best

At the end of the reporting year the number of improvement projects under the best program had risen to 3,047. Of these, 1,543 projects were already successfully completed. In many cases, the results are transferable to other areas of the Group where they can be used for example to improve operating processes, reduce logistics and material costs or further lower the number of accidents at work.

As in the previous year, the main focus of project work lay in the areas of operating efficiency, sales, performance quality and capital productivity. 80% of all projects in 2003/2004 were in these areas. In addition, there were initiatives relating to knowledge and innovation management and the increased use of e-technologies. Other projects were concerned with expanding service business. This breadth of the program means that ThyssenKrupp best contributes significantly more to enhancing the value of the Company than conventional cost reduction or quality improvement programs.

The program is firmly established nationally and internationally. Over 50% of all projects are being carried out outside Germany. As well as companies in Europe, North, Central and South America, numerous subsidiaries in Asia are also participating in ThyssenKrupp best. The newly acquired subsidiaries in South Korea also took part for the first time in the reporting period. The high importance of project work was underlined by numerous visits by Executive Board Members of ThyssenKrupp AG and the segment lead companies to projects in Germany and abroad.

ThyssenKrupp best was given added impetus by the sales initiative. In times of growing competition it is increasingly important to focus firmly on customer needs and requirements. This is where the sales initiative comes in. Its aim is to intensify customer contacts, develop new profitable growth markets in the core Business Areas and guarantee a profit-optimized product mix in production. More than 120 new projects were launched in this area in the reporting year.

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Outlook

The world economic upswing will continue in 2005. However, in view of high energy and raw material prices as well as moderately increasing interest rates, the pace of global growth is expected to slow slightly.

If the economic forecasts are accurate, we expect the Group's encouraging performance to continue in 2004/2005.

We expect sales in the region of over €41 billion in the current fiscal year. This does not include portfolio changes.

  • Steel forecasts a further increase in sales of carbon flat steel due to higher prices; price increases were implemented at the start of the 1st quarter of fiscal 2004/2005. Sales of stainless flat steel are expected to rise due to higher shipments and the passing-on of alloy costs.
  • Automotive also expects higher sales. Growth in existing operations as well as the startup of new plants will contribute to this.
  • Elevator forecasts a further expansion of business. Sales will grow above all in Asia and Latin America – with moderate increases in the other markets.
  • At Technologies, sales are expected to remain level with the prior year despite the disposal of some operations. On a like-for-like basis, sales are forecast to increase, particularly due to the good order situation in plant technology.
  • Services expects further increases in the Eastern European market and in the Industrial Services business.

Assuming no distortions on the raw material and currency markets, our aim for 2004/2005, despite the signs of a slowdown of the global economy, is to maintain the very good level of pre-tax earnings achieved in 2003/2004. This does not include the effects of disposals. We will continue to pay a dividend based on our earnings performance.

 
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