Annual Report 2003 2004

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202 Glossary A Average collection period Trade accounts receivable divided by sales, multiplied by 360 (the lower the ratio, the faster customers pay) C Capital employed Interest-bearing invested capital Cash flow from operating activity Cash receipts/payments, unless caused by investing or financing activities Corporate governance Designation in international parlance for company management and company controlling focused on responsible, long-term value creation Cost of capital Strategically defined minimum return required by capital providers D dax Deutscher Aktien-Index (German Stock Index), compiled by Deutsche Börse. The index reflects the performance of the 30 largest and strongestselling German stocks, including ThyssenKrupp stock Delisting Full or partial withdrawal of a stock corporation from the stock exchange, e.g. withdrawal of listing on a foreign stock exchange Downstream activities Further processing operations carried out on flat steel to add value, e.g. coating, steel service center operations, production of tailored blanks E ebit Earnings before interest, taxes ebitda Earnings before interest, taxes, depreciation and amortization ebt Earnings before taxes Economic value added (eva) Difference between roce and cost of capital, multiplied by capital employed. If eva is positive, returns are higher than the cost of capital Emerging markets Emerging economic regions, particularly of the Third World E-procurement Purchasing materials using modern electronic media, particularly the internet Equity ratio Ratio of balance sheet equity capital to balance sheet total (the higher the ratio, the lower the indebtedness) F Fair disclosure Disclosure of all information to all stakeholders of an exchange-listed company at the same time First-stage processing Initial processing of materials in service centers (e.g. blanking, surface treatment) Free cash flow (before dividend) Net cash from operating activities less net cash used in investing activities G Gearing Ratio of financial payables to equity capital (the lower the ratio, the higher the share of equity in the interest-bearing capital employed) Gross margin (absolute) Net sales less cost of sales I Internal financing strength Ratio of cash flow from operating activity to cash flow from investing activity Inventory turnover Inventories divided by sales, multiplied by 360 (the lower the ratio, the faster the inventory turnover) Investment grade A rating is expressed in a combination of alphanumeric symbols and represents a company’s credit standing as assessed by the rating agency. Ratings can be roughly divided into two categories: “Investment grade” (adequate protection) and “Non-investment grade” (speculative). L Long Term Management Incentive Plan (ltmi) Scheme awarding stock appreciation rights to Group executives as a capital-market oriented compensation element. The value of the stock appreciation rights is linked to the performance of ThyssenKrupp stock and the Dow Jones stoxx M Mid Term Incentive Plan (mti) Mid-term variable compensation for executive board members through stock rights. Criteria are duties, personal performance and overall board performance as well as the business situation and prospects of the company compared with benchmarks O One-stop shopping Delivery of all products and services from one source R roce Return on capital employed S smc Sheet Molded Compound, fiber reinforced plastic material Scrap surcharge Surcharge linked to development of scrap prices T Tailored blank Metal blank comprising individual steel sheets of different grade, gauge and finish which are welded together and are suitable for deep drawing ThyssenKrupp best Program to improve efficiency in all areas of the company. Best stands for “business excellence in service and technology” V Volatility Intensity of price fluctuations of a stock, currency or bulk commodity compared to the market development
List of abbreviations A aicpa American Institute of Certified Accountants AktG German Stock Corporation Act apb Accounting Principles Board Opinion arb Accounting Research Bulletin C con Statement of Financial Accounting Concepts D dj stoxx Dow Jones stoxx E eitf Emerging Issues Task Force eps Earnings per share F fasb Financial Accounting Standards Board fin FASB Interpretation H hgb German Commercial Code I ifrs International Financial <strong>Report</strong>ing Standards it Information Technology K KonTraG German Law on Control and Transparency in Business L ltmi Long Term Management Incentive Plan M md&a Management’s Discussion and Analysis of Results of Operations and Financial Condition MitbestG German Codetermination Law mti Mid Term Incentive Plan P PoC Percentage of Completion R roce Return on Capital Employed S sab Staff Accounting Bulletin sec Securities and Exchange Commission sfas Statement of Financial Accounting Standards sop Statement of Position U us gaap United States Generally Accepted Accounting Principles W wacc Weighted Average Capital Cost WpHG German Securities Trading Act 203 Additional information Glossary/List of abbreviations
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Future Technology. ThyssenKrupp Ann
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C/2 ThyssenKrupp in brief ThyssenKr
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I Letter to stockholders Your Thyss
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III Letter to stockholders What are
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03-22 To our stockholders 23-50 Bus
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04 0 To our stockholders In fall 20
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06 Executive Board and Supervisory
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08 Report by the Supervisory Board
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10 The Annual General Meeting re-el
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12 Dr. h.c. Friedel Neuber, member
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14 Executive Board compensation is
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16 Supervisory Board compensation i
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18 ThyssenKrupp stock Climbing more
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20 ThyssenKrupp stock is included i
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22 Our ir work won several awards.
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24 Business performance ThyssenKrup
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26 World crude steel production exc
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28 Order intake and sales improved
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30 Crude steel production at Thysse
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32 Market position in Asia signific
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34 Chemical and cement plant busine
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36 The contracts on the German ship
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38 The use of e-procurement reduced
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40 Our products and processes contr
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42 Steelmaking base in Duisburg mod
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44 All segments increased their ear
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46 distribution will be adjusted ac
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48 The boom on the steel market wil
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50 No supply bottlenecks are expect
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52 Our future potential ThyssenKrup
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54 The ThyssenKrupp Innovation Cont
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56 NewSteelBody attracting major in
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58 ThyssenKrupp moving walks are fa
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60 Zinc helps reinforced concrete l
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62 ThyssenKrupp supports Tongji Uni
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64 The best projects cover a broad
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66 Several university chairs are su
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68 More than 60,000 visitors made o
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70 Business areas and segments Thys
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72 Steel aims to defend its leading
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74 Automotive sees growth potential
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76 Exploiting cross-selling potenti
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78 The shipyards in Hamburg, Emden
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80 More than 125,000 articles avail
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82 Extensive improvement programs a
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84 How hard is it to turn TECHNOLOG
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86 Education Environment Knowledge
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88 1 Innovation. Materials Steel sh
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90 OFFERING PROTECTION The view thr
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92 PROMOTING EFFICIENCY Innovative
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94 2 SUSANNE SCHLEGEL, NOTHELFER In
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96 SIMPLIFYING PROCESSES Thanks to
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98 INCREASING COST EFFECTIVENESS WO
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100 3 Innovation. Communication Fir
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102 CREATING UNDERSTANDING From the
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104 UNLOCKING POTENTIAL Complex tec
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106 What idea do you have?
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108 Financial report Some people re
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110 The results of Stainless Steel
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112 compared to the previous year,
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114 The roce is compared to the wei
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116 The discontinued operations use
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118 Trade accounts payable increase
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120 summarized first by currency an
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122 The strongly export-dependent G
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124 In order to further lower the d
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126 Auditors’ Report We have audi
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128 ThyssenKrupp ag Consolidated Ba
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130 ThyssenKrupp ag Consolidated St
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132 Notes to the consolidated finan
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134 Research and development costs
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136 Accrued pension and similar obl
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138 actuarially equivalent to the b
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140 The final purchase price alloca
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142 In September 2004, the Steel se
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144 Due to the fact that the Group
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146 The following table reconciles
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148 NOTES TO THE CONSOLIDATED BALAN
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150 Consolidated Fixed Assets Sched
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Page 166 and 167: 154 The contractual maturities of d
Page 168 and 169: 156 Dividend proposal The Executive
Page 170 and 171: 158 million € Change in projected
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Page 174 and 175: 162 in % Weighted-average assumptio
Page 176 and 177: 164 Restructuring measures are bein
Page 178 and 179: 166 As of September 30, 2004, Thyss
Page 180 and 181: 168 The terms of these guarantees d
Page 182 and 183: 170 The intention of currency hedgi
Page 184 and 185: 172 The notional amounts of the der
Page 186 and 187: 174 30 Segment reporting According
Page 188 and 189: 176 Segment information by products
Page 190 and 191: 178 Segment information by geograph
Page 192 and 193: 180 OTHER INFORMATION 33 Earnings p
Page 194 and 195: 182 Inventory valuation Lower of co
Page 196 and 197: 184 Scope of consolidation Under Ar
Page 198 and 199: 186 3. OTHER DIRECTORSHIPS HELD BY
Page 200 and 201: 188 4. OTHER DIRECTORSHIPS HELD BY
Page 202 and 203: 190 5. WAIVE OF DISCLOSURE PURSUANT
Page 204 and 205: 192 ThyssenKrupp Federn GmbH Hagen
Page 206 and 207: 194 Additional information Any info
Page 208 and 209: 196 ThyssenKrupp Group Ecomomic val
Page 210 and 211: 198 Company (as of September 30, 20
Page 212 and 213: 200 Company (as of September 30, 20
Page 216 and 217: 204 Contact/2005/2006 dates For mor
Page 219 and 220: Ideas are soon forgotten if you don
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Annual Report 2003 2004

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