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Capital market-relevant press releases, 2010-05-12, 07:30 AM

ThyssenKrupp in the 1st half 2009/2010


Global economic activity has stabilized in recent months – albeit at a low level. Nevertheless, the effects of the deep economic and financial crisis were still clearly visible in the performance of ThyssenKrupp in the 1st half 2009/2010. Sales and order intake decreased noticeably year-on-year. However, the isolated signs of recovery discernible in the 1st quarter 2009/2010 strengthened in the 2nd quarter.

The earnings situation improved in the 1st half, thanks to higher demand, increased productivity and in particular realized cost savings. Following a pre-tax loss in the prior-year period ThyssenKrupp achieved earnings before taxes (EBT) of €504 million in the 1st half 2009/2010 – an increase of €719 million from the prior-year period which was impacted by restructuring costs and impairment charges. The earnings for the current year to date include nonrecurring items of €61 million, mainly income from the sale of the Industrial Services units of the Materials Services business area. Adjusted EBT at €443 million was also considerably higher than the prior-year figure of €(42) million.

Highlights for the 1st half 2009/2010:
・ Order intake decreased year-on-year by 4% to €19.7 billion.
・ Sales fell by 9% to €19.5 billion.
・ EBITDA reached €1,508 million, compared with €906 million in the prior year.
・ EBIT came to €831 million, compared with €131 million in the prior year.
・ Adjusted EBIT increased from €304 million in the prior year to €770 million.
・ Earnings before taxes improved from €(215) million to €504 million.
・ Adjusted earnings before taxes at €443 million exceeded the prior-year figure of €(42) million.
・ Earnings per share increased from €(0.35) in the prior year to €0.80.
・ Net financial debt at March 31, 2010 was €2,652 million, an increase of €593 million compared with September 30, 2009, when net financial debt of €2,059 million was reported. On March 31, 2009 net financial debt stood at €3,687 million.
Highlights for the 2nd quarter 2009/2010:
・ Order intake increased year-on-year by 36% to €10.4 billion.
・ Sales climbed 3% to €10.1 billion.
・ EBITDA improved by €558 million to €700 million.
・ EBIT was €629 million higher at €353 million.
・ Adjusted EBIT increased by €480 million to €368 million.
・ Earnings before taxes improved by €646 million to €191 million.
・ Adjusted earnings before taxes rose by €497 million to €206 million.
・ Earnings per share increased by €1.16 to €0.45.
Executive Board Chairman Dr. Ekkehard Schulz: “We are cautiously optimistic that the current economic recovery will prove sustainable. The implementation and effect on income of our structural improvement measures are fully in line with our expectations and will strengthen the Group’s earning power on a sustainable basis. However, it is not yet possible to reliably assess the impact of the massive price increases for important raw materials.”

ThyssenKrupp continues to anticipate that sales will stabilize in fiscal 2009/2010. Earnings are expected to improve significantly and return to profit, thanks in large part to the cost-cutting programs introduced. Adjusted earnings before interest and taxes (EBIT adjusted for nonrecurring items) will probably be in the high three-digit million euro range. Adjusted earnings before taxes (EBT adjusted for nonrecurring items) are expected to be in the low three-digit million euro range. Adjusted EBT will be significantly impacted by startup losses in the Steel Americas business area in the mid three-digit million euro range.

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