Company News, 2002-12-20, 01:00 AM
ThyssenKrupp held up well in fiscal year 2001/2002 / Significant improvement targeted for 2002/2003
Executive Board Chairman Prof. Schulz: "We are on the right track"
ThyssenKrupp held up well overall in fiscal year 2001/2002 despite the lack of impetus from the economic environment. Business at ThyssenKrupp picked up noticeably in the course of 2001/2002. However, higher order intake and sales in the third and fourth quarters were unable to compensate for the cyclical weakness in the first half of the fiscal year. The Executive Board Chairman of ThyssenKrupp AG, Prof. Dr. Ekkehard Schulz: "There can be no doubt that we are on the right track."
- Order intake at 36.4 billion euros was 4% lower than the year before.
- The Group`s sales decreased 3% to 36.7 billion euros. The majority of sales were generated outside Germany. Foreign sales amounted to 23.7 billion euros or 65% of total sales. The biggest markets were the EU (24%) and NAFTA (25%).
- Earnings before taxes (EBT) amounted to 762 million euros, excluding disposal gains 419 million euros (previous year 1,117 million euros, excluding non-recurring effects 774 million euros). This figure includes among other things restructuring charges of 149 million euros at Automotive. After deducting taxes (175 million euros) and minority interest (33 million euros) as well as impairment of 338 million euros, net income for the year was 216 million euros (665 million euros). Earnings per share is 0.42 euros (1.76 euros), normalized earnings per share 0.48 euros (1.05 euros).
- Net financial payables were significantly reduced from 6.4 billion euros to 4.7 billion euros.
- In its meeting on December 19, 2002, the Supervisory Board accepted the proposal of the Executive Board that a dividend of 0.40 euros per share be recommended to the Annual Stockholders` Meeting. This would mean a payout ratio of 95% of consolidated net income (previous year 46%).
- The number of employees decreased by 2,262 in the past fiscal year. On September 30, 2002 ThyssenKrupp employed 191,254 people worldwide.
For the current fiscal year Schulz hopes for impetus from the market. But: "Our primary task will be to systematically continue our own efforts to increase the value of ThyssenKrupp."
Despite the continued subdued economic outlook, ThyssenKrupp expects the first half-year to follow a similar pattern to the second half of the previous fiscal year. In view of the economic and political uncertainties, it is impossible at present to make a reliable forecast for the second half of the current fiscal year. Barring these imponderables, ThyssenKrupp aims to considerably improve earnings in fiscal year 2002/2003. Schulz: "This improvement will bring us a big step closer to our goal of achieving pre-tax earnings of 1.5 billion euros in fiscal year 2003/2004."
Dr. Jürgen Claassen
Corporate Communications and Central Bureau
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