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3.6 Consolidated financial statements Notes to the consolidated financial statements 3.6 Consolidated financial statements Notes to the consolidated financial statements million € For the fiscal year ended Sept. 30, 2011 Steel Europe Steel Americas Materials Services Elevator Technology Plant Technology Components Technology Marine Systems Stainless Global* Corporate 190 Consolidation Group External sales 10,663 734 14,005 5,249 3,968 6,895 1,491 6,016 71 0 49,092 Internal sales within the Group 2,151 405 771 4 36 13 2 723 72 (4,177) 0 Total sales 12,814 1,139 14,776 5,253 4,004 6,908 1,493 6,739 143 (4,177) 49,092 Income from companies accounted for using the equity method 42 0 4 1 2 0 22 3 0 0 74 Aggregate investment in investees accounted for using the equity method 332 0 66 1 9 14 162 15 9 0 608 Interest income 30 29 122 64 99 80 39 27 415 (599) 306 Interest expense (92) (106) (128) (25) (32) (77) (19) (59) (947) 599 (886) EBIT 1,133 (3,145) 478 801 506 543 213 (785) (377) (355) (988) Segment assets 9,564 8,455 9,616 5,981 5,889 6,113 4,205 6,722 17,092 (30,034) 43,603 Depreciation and amortization expense 530 391 134 74 36 285 19 175 41 (10) 1,675 Impairment losses of intangible assets, property, plant and equipment and investment property 14 1,685 48 0 0 10 0 800 11 0 2,568 Impairment losses of investments accounted for using the equity method and of financial assets 0 0 3 0 8 0 4 0 0 0 15 Reversals of impairment losses of intangible assets, property, plant and equipment and investment property 0 0 2 0 0 58 0 0 0 0 60 Segment liabilities 5,635 4,993 5,610 3,373 4,708 3,736 3,117 6,133 25,389 (29,473) 33,221 Significant non-cash items (150) (6) (6) (87) (66) (84) (47) (11) (46) (10) (513) Capital expenditures (intangible assets, property, plant, equipment and investment property) 410 1,368 95 93 44 361 14 266 34 (24) 2,661 *Discontinued operation
The reconciliations of sales, income from companies accounted for using the equity method, interest expense and of EBIT to EBT according to the statement of income are presented below: million € Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Sales as presented in segment reporting 42,621 49,092 - Sales of Stainless Global (5,901) (6,739) + Sales of Stainless Global to Group companies 595 723 + Sales of Group companies to Stainless Global 396 280 Sales as presented in the statement of income 37,711 43,356 Sales in the amount of €280 million (2009/2010: €396 million) result from sales of Group companies to Stainless Global. These business relationships shall also be continued after the disposal. They mainly relate to services provided by the Steel Europe business area to Stainless Global. million € Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Income from companies accounted for using the equity method as presented in segment reporting 56 74 - Income form companies accounted for using the equity method of Stainless Global 0 (3) Income from companies accounted for using the equity method as presented in the statement of income 56 71 million € Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Interest expense as presented in segment reporting 645 886 - Interest expense of Stainless Global (2) (6) Interest expense as presented in the statement of income 643 880 million € Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 EBIT as presented in segment reporting - Depreciation of capitalized borrowing costs eliminated 1,346 (988) in EBIT (15) (42) + Interest income 347 306 - Interest expense (645) (886) + Other financial income/(expense), net - Items of other financial income/(expense), net assigned 82 10 to EBIT based on economic classification 20 22 EBT - Group 1,135 (1,578) - EBT Stainless Global 70 827 EBT as presented in the statement of income 1,205 (751) Consolidated financial statements 190 | 191 The aggregate investment in investees accounted for using the equity method reconciles to the aggregate amount according to the statement of financial postion as presented below: million € Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Aggregate investment in investees accounted for using the equity method as presented in segment reporting 522 608 - aggregate investment in investees accounted for using the equity method that are held for sale 0 (15) Aggregate investment in investees accounted for using the equity method as presented in the statement of financial position 522 593 In presenting information for geographical areas, allocation of sales is based on the location of the customer. Allocation of segment assets and capital expenditures is based on the location of the assets. Capital expenditures are presented in line with the definition of the cash flow statement. The geographical segment “Other EU” comprises of all member states of the European Union (besides Germany) as of the current reporting date. European countries which are currently not member of the European Union are part of the “Other countries” segment. The “Americas” segment includes the countries of the Nafta and of South America. The “Asia/Pacific” segment consists of Asia and Australia. Due to the high volume of customers and the variety of business activities, there are no individual customers that generate sales values that are material to the Group’s consolidated net sales.
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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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Letter to shareholders Dr.-Ing. Hei
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Letter to shareholders To assist ou
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