Capital market-relevant press releases, 2002-01-15, 01:00 AM
ThyssenKrupp in fiscal year 2000/2001 - Creditable results despite difficult economic situation
"The fiscal year ending September 30, 2001 was a difficult one. The economic situation was unfavorable; worldwide growth slowed substantially in the course of the year. With demand and capital investment weakening from month to month, the only significant increase was in the pressure on margins. The economic data worsened from one quarter to the next as the experts repeatedly scaled back their GDP forecasts."
At the company`s annual press conference, ThyssenKrupp chief executive Prof. Dr. Ekkehard D. Schulz (60) said that the Group had nonetheless achieved creditable results in this difficult situation.
- In fiscal year 2000/2001 the Group achieved income before taxes and minority interest of euros876 million, as against euros1.09 billion the prior year. Eliminating non-recurring items, mainly disposals, earnings were around euros500 million. EBITDA of euros3.3 billion was only slightly down from the previous year`s figure of euros3.4 billion.
- Order intake decreased euros1.0 billion to euros37.9 billion, a year-on-year fall of 3 percent.
- Despite the weak economy, the Group`s sales climbed two percent to euros38 billion.
- Net financial payables were reduced by euros1.3 billion, from euros7.7 billion to euros6.4 billion.
- In view of the reduction in earnings, and to strengthen the Group`s financial power, a proposal will be made to the Annual Stockholders` Meeting to pay a dividend of euros0.60 per share.
- The headcount has changed very little since the end of the last fiscal year. On September 30, 2001 ThyssenKrupp had a worldwide workforce of 193,516 employees, 200 or 0.1 percent more than 12 months previously. There was a 2.3 percent increase in employee numbers at the non-German subsidiaries, which now account for 45.6 percent of the total workforce.
Schulz emphasized that the Group had systematically continued its realignment strategy in the past fiscal year and in so doing strengthened its competitive position.
The company will continue its portfolio restructuring to create a focused conglomerate active in Steel, Capital Goods and Services.
In view of the economic situation, ThyssenKrupp feels 2001/2002 is likely to be another difficult year. In specific terms, the following developments are expected:
- The Group`s original plan for the fiscal year was for sales again in the region of euros38 billion - excluding portfolio changes - and order intake of around euros39 billion. From the current perspective these figures appear rather ambitious.
- From the current perspective, ThyssenKrupp does not expect earnings before taxes to reach the 2000/2001 level of around euros500 million (excluding non-recurring items). The first half of fiscal year 2001/2002 will probably be particularly difficult, especially for the Steel and Automotive segments. A first quarter loss for the Group cannot be ruled out. Performance in the third and fourth quarters will depend to a major extent on the scale and course of the anticipated economic recovery in the USA and Europe.
ThyssenKrupp expects to be able to pay a dividend for fiscal year 2001/2002 appropriate to the level of earnings.
Table: Order intake, sales and earnings 2000/2001 by segment compared with 1999/2000
The following are available in the press section of the ThyssenKrupp website: Speech of Executive Board Chairman Prof. Dr. Ekkehard D. Schulz, speech of Finance Director Dr. Gerhard Jooss, online transmission of the annual press conference, press photos, annual report 2000/2001.
Dr. Jürgen Claassen, Corporate Communication
Phone +49 (211) 824-36002
Fax +49 (211) 824-36005