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3.6 Consolidated financial statements Notes to the consolidated financial statements 23 Related parties Based on the notification received in accordance with German Securities Trade Act (WpHG) Art. 21 as of December 21, 2006, the Alfried Krupp von Bohlen und Halbach Foundation holds an interest of 25.10% in ThyssenKrupp AG; based on a voluntary notification of the Foundation as of October 05, 2011, the interest in ThyssenKrupp AG amounts to 25.33% as of September 30, 2011. Outside the services and considerations provided for in the by-laws (Article 21 of the Articles of Association of ThyssenKrupp AG), there are no other significant delivery and service relations except for the following transactions. In million € Year ended Sept. 30, 2010 2006/2007, a Group subsidiary received a €2 million elevator modernization contract from an entity belonging to the Alfried Krupp von Bohlen und Halbach Foundation. Based on this contract, a Group subsidiary realized sales of €0.1 million in 2009/2010. In 2009/2010 and 2010/2011, the Group has business relations with non-consolidated subsidiaries, associates and joint ventures. Transactions with these related parties result from the delivery and service relations in the ordinary course of business; the extent of the business relations is presented in the following table: Sales Supplies and services Receivables Payables Year ended Sept. 30, 2011 Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Non-consolidated subsidiaries 1 1 0 1 2 1 1 2 Associates 54 56 1 36 43 29 31 27 Joint ventures 241 296 1,300 2,222 62 71 178 248 ESG Legierungen GmbH is classified as a related party due to the fact that a close member of the family of a former Executive Board member and current Supervisory Board member of ThyssenKrupp AG is a managing director. In 2010/2011 the Group realized sales of €0.5 million (2009/2010: €0.7 million) with ESG Legierungen GmbH from the sale of zinc. In the same period the Group did not purchase any goods from ESG (2009/2010: Purchase of zinc alloy with a value of €0.1 million). The transactions were carried out at market conditions and resulted in trade accounts receivable of €45 thousand (2010: trade accounts payable of €90 thousand) as of September 30, 2011. The Heitkamp & Thumann Group located in Düsseldorf and the Heitkamp Baugruppe located in Herne are classified as related parties due to the fact that a member of the Supervisory Board has significant influence on both Groups. In 2010/2011 the ThyssenKrupp Group realized sales of €23.2 million (2009/2010: €18.6 million) with the Heitkamp & Thumann Group from the sale of steel and stainless material as well as from industrial servicing and with the Heitkamp Baugruppe sales of €0.3 million (2009/2010: €0.3 million). In the same period ThyssenKrupp did not purchase anything (2009/2010: goods with a value of €7 thousand) from the Heitkamp & Thumann Group and goods with a value of €1.9 million (2009/2010: €0.2 million) from the Heitkamp Baugruppe. The transactions were carried out at market conditions. As of September 30, 2011, the transactions with the Heitkamp & Thumann Group resulted in trade accounts Sept. 30, 2010 Sept. 30, 2011 Sept. 30, 2010 Sept. 30, 2011 receivable of €1.7 million (2010: €1.7 million) and trade accounts payable of €15 thousand (2010: €22 thousand), the transactions with the Heitkamp Baugruppe resulted in trade accounts receivable of €5 thousand (2010: €7 thousand) and trade accounts payable of €0.3 million (2010: €7 thousand). Compensation of current Executive and Supervisory Board members The Group’s key management personnel compensation which has to be disclosed in accordance with IAS 24 comprises of the compensation of the current Executive and Supervisory Board members. Compensation of the current Executive Board members is as follows: Thousand € Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Short-term benefits (without share-based compensation) 8,249 8,833 Post-employment benefits 2,726 3,149 Share-based compensation 4,060 5,015 Service cost and past service cost resulting from the pension obligations of the current members of the Executive Board are disclosed as post-employment benefits. The disclosure of share-based compensation refers to the fair value at grant date.
3.6 Consolidated financial statements Notes to the consolidated financial statements In addition, in fiscal year 2010/2011, the Executive Board members did not receive any payments from share-based compensation (2009/2010: 0). As of September 30, 2010 and 2011, respectively, no loans or advance payments were granted to members of the Executive Board; also as in the previous year no contingencies were assumed for the benefit of Executive Board members. Compensation of the current Supervisory Board members is as follows: Thousand € Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Short-term benefits 1,774 1,788 Long-term benefits 0 0 In addition, members of the Supervisory Board of ThyssenKrupp AG received compensation of €90 thousand in fiscal 2010/2011 (2009/2010: €80 thousand) for supervisory board mandates at Group subsidiaries. As of September 30, 2010 and 2011, respectively, no loans or advance payments were granted to members of the Supervisory Board; also as in the previous year no contingencies were assumed for the benefit of Supervisory Board members. For individualized presentation and further details of Executive and Supervisory Board compensation refer to the presentation of the audited compensation report which is part of the “Corporate Governance” chapter of the annual report. Compensation of former Executive and Supervisory Board members Total compensation paid to former members of the Executive Board and their surviving dependants amounted to €14.6 million (2009/2010: €14.5 million). Under IFRS an amount of €192.7 million (2010: €190.6 million) is accrued for pension obligations benefiting former Executive Board members and their surviving dependants. Former Supervisory Board members who left the Supervisory Board prior to October 01, 2010 did not receive any proportional payment from the long-term compensation component in 2010/2011 (2009/2010: 0). Consolidated financial statements 186 | 187 24 Segment reporting Since the implementation of the new organizational structure as of October 01, 2009, the Group is organized in the following eight business areas that represent the Group’s activities within materials and technologies. The business areas are in line with the internal organizational and reporting structure and represent the segments in accordance with IFRS 8. Prior year figures have been adjusted accordingly. Steel Europe This business area brings together the premium flat carbon steel activities, from intelligent material solutions to finished parts. Steel Americas This business area includes the production, processing and marketing of high-quality steel products in North and South America. It contains mainly the steelmaking and processing plants in Brazil and USA. Materials Services The business area activities comprise materials distribution, logistics and services, and the provision of technical services. In addition to rolled steel, stainless steel, tubes and pipes, nonferrous metals and plastics, Materials Services also offers services from processing and logistics to warehouse and inventory management through to supply chain management. The business area offers technical and infrastructure services in the areas of railway and construction equipment, industrial plants and steel mills. Elevator Technology This business area is active in the construction, modernization and servicing of elevators, escalators, moving walks, stair and platform lifts as well as passenger boarding bridges. Alongside a full range of installations for the volume market, the business area also delivers customized solutions. Plant Technology This business area is a supplier of chemical plants, refineries, cement plants, innovative solutions for the mining and handling of raw materials and minerals, production systems and assembly lines for the automotive industry.
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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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