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3.6 Consolidated financial statements Notes to the consolidated financial statements Components Technology This business area offers efficient and innovative components for the automotive, construction and engineering sectors as well as for wind turbines. Marine Systems This business area is a supplier for naval surface vessels, submarines and premium-segment yachts. After the restructuring and the consummation of the disposals the business area will focus its activities on the construction of naval vessels. Stainless Global This business area is a supplier of flat stainless steel products and high performance materials such as nickel alloys and titanium. The business area also includes the new stainless steel mill in the USA. This segment is classified as a discontinued operation. Corporate Corporate comprises the Group’s head office including management of the business areas. It also includes the business services activities in the areas of finance, communications, IT and human resources. In addition, part of Corporate is real estate not used in operating that is managed and utilized centrally as well as inactive companies that could not be assigned to an individual business area. Corporate EBIT consists of: million € Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Corporate administration (223) (302) Pension expenses (25) 19 R&D promotion (17) (7) Risk and insurance services 11 9 Special items (3) (28) Other Corporate companies (11) (8) EBIT Corporate Headquarters (268) (317) EBIT Business Services (6) (12) EBIT IT-Services (2) (17) EBIT Real Estate (15) (31) EBIT Corporate (291) (377) Consolidation Consolidation essentially contains the elimination of intercompany profits in inventories and the reversal of intercompany interest income. The accounting principles for the segments are the same as those described for the Group in the summary of significant accounting principles. In accordance with the management approach which is applicable to segment reporting all figures presented are inclusive of disposal groups and discontinued operations. As of October 01, 2010 ThyssenKrupp switched its key earnings performance indicator from EBT to EBIT. Contrary to the previous EBT the new indicator EBIT can not be taken directly from the consolidated statement of income prepared in accordance with the IFRS rules. Factors that can only be optimized and assessed at Group level – in particular non-operating financial income/expense and income taxes – are disregarded in assessing operating units. Details on the definition of the new earnings indicator are presented in the “Value based management” chapter of the management report to the Group. Prior year figures have been adjusted accordingly; this refers in particular to the changed presentation of capitalized borrowing costs which were recognized in the statement of income within other financial income/expense and are included now in interest expense. Inter-segment pricing is determined on an arm’s length basis.
million € For the fiscal year ended Sept. 30, 2010 Steel Europe Steel Americas Materials Services Elevator Technology Plant Technology Consolidated financial statements Components Technology Marine Systems Stainless Global* Corporate 188 | 189 Consolidation Group External sales 9,032 68 12,142 5,178 3,889 5,710 1,208 5,306 88 0 42,621 Internal sales within the Group 1,738 0 621 10 42 14 3 595 43 (3,066) 0 Total sales 10,770 68 12,763 5,188 3,931 5,724 1,211 5,901 131 (3,066) 42,621 Income from companies accounted for using the equity method 30 0 3 1 2 0 20 0 0 0 56 Aggregate investment in investees accounted for using the equity method 267 0 68 1 5 13 146 15 8 (1) 522 Interest income 39 86 57 53 91 54 34 14 590 (671) 347 Interest expense (109) 58 (107) (29) (33) (85) (49) (59) (903) 671 (645) EBIT 731 (600) 463 646 401 252 145 (57) (291) (344) 1,346 Segment assets 9,433 9,020 7,660 5,435 5,372 5,596 4,132 5,393 16,852 (25,181) 43,712 Depreciation and amortization expense 579 37 142 72 35 277 24 160 35 0 1,361 Impairment losses of intangible assets, property, plant and equipment and investment property 4 6 3 6 2 37 7 0 10 0 75 Impairment losses of investments accounted for using the equity method and of financial assets 0 0 2 0 0 0 5 0 0 0 7 Reversals of impairment losses of intangible assets, property, plant and equipment and investment property 5 0 0 0 0 1 3 0 0 0 9 Segment liabilities 5,761 7,124 5,113 3,268 4,306 3,398 3,308 3,759 23,054 (25,767) 33,324 Significant non-cash items (65) (1) (15) (93) (106) (179) (24) (39) (26) (20) (568) Capital expenditures (intangible assets, property, plant, equipment and investment property) 286 2,054 125 70 32 272 8 344 206 11 3,408 *Discontinued operation
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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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Making tomorrow possible Our engine
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Engineering

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