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3.6 Consolidated financial statements Notes Notes to to the the consolidated financial financial statements Year ended Sept. 30, 2010 6th installment MTI 7th installment MTI 8th installment MTI Maturity Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2012 Averaging period Oct. 01 to Dec. 31, 2010 Oct. 01 to Dec. 31, 2011 Oct. 01 to Dec. 31, 2012 ThyssenKrupp stock price as of balance sheet date €23.92 €23.92 €23.92 €0.45 on Jan. 24, 2011 Assumed dividend payment(s) per stock until maturity — €0.45 on Jan. 24, 2011 €0.50 on Jan. 23, 2012 Average dividend yield — 1.71% 1.91% Average interest rate (averaging period) 0.76% 1.32% 1.52% Fair value as of Sept. 30, 2010 - without caps €23.89 €23.42 €22.92 - with caps €23.89 €23.42 €22.92 Year ended Sept. 30, 2011 7th installment MTI 8th installment MTI 1st installment LTI Maturity Dec. 31, 2011 Dec. 31, 2012 Dec. 31, 2013 Averaging period Oct. 01 to Dec. 31, 2011 Oct. 01 to Dec. 31, 2012 Oct. 01 to Dec. 31, 2013 ThyssenKrupp stock price as of balance sheet date €18.55 €18.55 €18.55 €0.45 on Jan. 23, 2012 Assumed dividend payment(s) per stock until maturity — €0.45 on Jan. 23, 2012 €0.45 on Jan. 21, 2013 Average dividend yield — 2.21% 2.34% Average interest rate (averaging period) 1.26% 1.57% 1.52% Fair value as of Sept. 30, 2011 - without caps €18.50 €18.07 €17.62 - with caps €18.50 €18.07 €17.62 In the 2nd quarter of 2010/2011, the 6th installment of the MTI expired without any payment due to the decline of the average ThyssenKrupp EVA over the three-year performance period compared to the average ThyssenKrupp EVA over the previous three fiscal year period. In the 2nd quarter of 2009/2010, also the 5th installment of the mid-term incentive plan expired without any payment due to a downtrend of ThyssenKrupp EVA. In total, the Group recorded an expense of €10.5 million from the incentive plans in 2010/2011 (2009/2010: €4.4 million); thereof €0.4 million (2009/2010: €0.2 million) are presented in income/(loss) of discontinued operations. The liability arising from the MTI and LTI amounts to €14.9 million as of September 30, 2011 (2010: €4.4 million). In February 2006, the Group implemented a Share Purchase Program for selected executive employees who are not beneficiaries of the midterm incentive plan. Under the Program the beneficiaries are entitled to purchase up to a fixed amount ThyssenKrupp shares at a discount. In March 2008 it was decided to renew the Program for fiscal year 2007/2008. Under the Program, again selected executive employees are entitled to purchase up to a fixed amount ThyssenKrupp shares at a discount. The realization of the new Program was postponed until the fiscal year 2009/2010. After the first tranche of the Group’s Share Purchase Program of fiscal year 2007/2008 had been settled in December 2009, the second tranche of the Group’s Share Purchase Program was settled in March 2010. The Group recorded compensation expense from the Program of €0.9 million in 2009/2010 of which € 0.1 million are presented in income/(loss) of discontinued operations. In September 2010 the renewal of the Program for fiscal year 2009/2010 was decided and in February 2011 it was settled. It resulted in compensation expense of €8.6 million of which 0.4 million are presented in income/(loss) of discontinued operations. As of September 30, 2011 and 2010, respectively, no obligation exists from the Program. In September 2010 the structure of the variable compensation for members of the Executive Board of ThyssenKrupp AG was modified. 25% of the performance bonus granted for each fiscal year will now be converted into ThyssenKrupp AG stock rights to be paid out after a three-year lock-up period. The number of stock rights is calculated by dividing 25% of the performance bonus by the average ThyssenKrupp share price in the 4th quarter of the fiscal year for which the performance bonus is granted. After expiration of three fiscal years, the 164
3.6 Consolidated financial statements Notes to the consolidated financial statements payout amount is calculated by multiplying the number of stock rights by the average ThyssenKrupp share price in the 4th quarter of the 3rd fiscal year. In addition, for each stock right the dividend amount which would have been paid for these three fiscal years is also paid out. Insofar as the Executive Board members of ThyssenKrupp AG are granted an additional bonus alongside the performance bonus, as in 2009/2010 and 2010/2011, respectively, 55% of this additional bonus will also be converted into stock rights and treated in accordance with the performance bonus model. In the 3rd quarter ended June 30, 2011, the structure of the variable compensation for additional executive employees was modified. 20% of the performance bonus granted for the respective fiscal year will be obligatorily converted into ThyssenKrupp AG stock rights to be paid out after the expiration of three fiscal years based on the average ThyssenKrupp share price in the 4th quarter of the 3rd fiscal year. The Group recorded expenses of €3 million (2009/2010: €3 million) associated with this compensation component; the resultant obligation as of September 30, 2011 amounts to €6 million (2010: 3). Employee share purchase program In the 3rd quarter of 2010/2011, the Group primarily offered eligible members of its domestic workforce the right to purchase up to €270 in ThyssenKrupp shares at a 50% discount as part of an employee share purchase program. The program resulted in the Group recording compensation expense of €6.1 million (2009/2010: €6.1 million); thereof €0.5 million (2009/2010: €0.5 million are presented in income/(loss) of discontinued operations. Consolidated financial statements 15 Accrued pension and similar obligations million € Sept. 30, 2010 164 | 165 Sept. 30, 2011 Accrued pension liability 6,669 6,007 Accrued postretirement obligations other than pensions 1,257 1,080 Other accrued pension-related obligations Reclassification due to the presentation as liabilities 285 210 associated with assets held for sale/disposal (125) (357) Total 8,086 6,940 Accrued pension and similar obligations in the amount of €6,455 million (2010: €7,455 million) have a remaining term of more than 1 year. Accrued pension liability The Group maintains defined benefit pension plans and defined contribution plans that cover the majority of the employees in Germany, the USA and Great Britain. In some other countries, eligible employees receive benefits in accordance with the respective local requirements. The obligations resulting from defined benefit pensions plans in Canada as of September 30, 2010 were transferred to insurance companies in 2010/2011. In Germany, benefits generally take the form of pension payments that are indexed to inflation. Benefits for some senior staff are based on years of service and salary during a reference period, which is generally three years prior to retirement. Other employees receive benefits based on years of service. In addition, ThyssenKrupp offers certain German employees the opportunity to participate in a defined benefit program which allows for the deferral of compensation which earns interest at a rate of 6.00% per year. In the USA, hourly paid employees receive benefits based on years of service. Salaried employee benefits are typically based on years of service and salary history. In Great Britain, employee benefits are based on years of service and an employee’s final salary before retirement.
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Annual Report 2010/2011 At the cent
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Our mission statement We are Thysse
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Our capabilities Material We combin
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Making tomorrow possible Our engine
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Letter to shareholders Dr.-Ing. Hei
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Letter to shareholders To assist ou
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Contents Our mission statement C2 F
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To our shareholders To our sharehol
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To our shareholders Wilhelm Segerat
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Management report on the Group Mana
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IPO: Sale of a company to investors
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Fully consolidated group companies
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Fully consolidated group companies
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Equity-stated companies (*=Joint Ve
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4.8 Additional information Contact
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