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Capital market-relevant press releases, 2002-08-22, 02:00 AM

ThyssenKrupp in the 3rd quarter ending June 30, 2002

Worst is over / Clear improvement in earnings / All segments in profit

Business at ThyssenKrupp began to pick up again in the 3rd quarter of fiscal year 2001/2002 (April 01 to June 30, 2002). Measured against the weak first half of the fiscal year, the period April to June brought above all a clear improvement in earnings. All segments returned positive income both in the quarter and over the first nine months of the fiscal year. The key figures for the 3rd quarter and for the first nine months of fiscal year 2001/2002 were as follows:

・ Order intake in the 3rd quarter was 9.4 billion euros, just higher than the same quarter a year earlier. However, in the first nine months orders were down 4% from a year earlier at 27.5 billion euros.

・ At 9.6 billion euros, sales in the 3rd quarter were level with the prior-year quarter. Over nine months, sales were 27.0 billion euros, 5% down from the prior-year period.

・ EBITDA in the reporting quarter was 0.8 billion euros, down 20% from a year earlier. In the first nine months EBITDA was 1.9 billion euros, a year-on-year drop of 29%.

・ Income before taxes and minority interest in the 3rd quarter was 316 million euros, 119 million euros lower than in the comparable prior-year period. The figure for the first nine months was 440 million euros, 568 million euros down from a year earlier. After eliminating non-recurring effects, income in the 3rd quarter at 270 million euros was 168 million euros higher than in the corresponding prior-year period. In the first nine months earnings of 279 million euros were generated, compared with 604 million euros a year earlier.

・ Earnings per share in the 3rd quarter of 2001/2002 were 0.39 euros (previous year 0.64 euros), after eliminating non-recurring effects 0.31 euros (previous year 0.17 euros).

・ The Group`s net financial payables amounted to 6.3 billion euros at June 30, 2002, 0.1 billion euros less than at September 30, 2001 and 2.0 billion euros less than at June 30, 2001.

Despite only weak impetus from the general economy, ThyssenKrupp expects to continue to develop positively. In the 4th quarter 2001/2002 sales are expected to be lower than in the 3rd quarter due to normal seasonal effects. This would give full-year 2001/2002 sales of around 36 billion euros, approx. 5% lower than a year earlier.

With regard to earnings, the Group expects the positive trend of the 3rd quarter 2001/2002 to continue in general in the 4th quarter. However, quarterly income will be affected by the seasonal effects already mentioned and a once-only effect from restructuring expenses in the Automotive Segment of over 100 million euros. The 2001/2002 target of 0.4 billion euros adjusted earnings before taxes nevertheless appears achievable.

Furthermore in fiscal year 2001/2002 ThyssenKrupp expects gains from disposals, which amounted to 161 million euros in the first nine months. In addition, the disposal gain from the sale of the indirect shareholding in Ruhrgas AG in the amount of 191 million euros will be recognized in the 4th quarter.

Goodwill amortization has been eliminated, but impairment of goodwill based on the adoption of SFAS 142 will be recognized at the balance sheet date. This transitional impairment will exceed the previous goodwill amortization of more than 200 million euros.

The Group expects net financial payables at September 30, 2002 to be below 6 billion euros. A large part of the decrease will be attributed to the 0.5 billion euros received in July 2002 for the sale of the Ruhrgas shareholding.

The full interim report is available in German and English; both versions can be viewed or downloaded from the internet at http://www.thyssenkrupp.com.

Contact:
Dr. Jürgen Claassen
Corporate Communications and Central Bureau
Telephone +49 211 824-36002
Fax +49 211 824-36005
E-mail: presse@tk.thyssenkrupp.com

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