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2.2 Management report on the Group Consolidated results of operations 2.2 Management report on the Group Consolidated results of operations 74 million vehicles are to to be produced worldwide in in 2011, up 4% from the year before before. Automotive – Global automotive production is expected to increase by 4% to more than 74 million cars and light trucks in 2011. In the USA, strong catch-up demand caused a sharp 11% rise in production. In China, government curbs restricted growth to just 3%. The other BRIC countries, however, are reporting high growth rates. According to current estimates Western Europe will produce 15.0 million cars and light trucks in 2011, 3% more than the year before. Most of this growth was attributable to auto manufacturers in Germany, whose production was up year-on-year by over 6% to 6.1 million units. They profited from growth in exports and higher new registrations. The market for heavy trucks in Germany was also positive. Machinery – In the machinery sector, rising capital spending virtually worldwide led to high growth rates in 2011. Only in Japan is production expected to fall by 2% on account of the natural disaster and its aftermath. Production growth of 15% is forecast in China and 13% in the USA. The German machinery industry reported high order intake in 2011. Strong growth in domestic and foreign demand at the beginning of the year slowed slightly from the summer months. Overall a 15% rise in production is forecast for 2011. Capacity utilization is now back above the long-term average. The situation for the German plant engineering sector and for elevators and escalators also improved. Construction – The construction industry continued to show a very mixed regional picture in 2011. Emerging markets such as China, India and Brazil recorded higher growth. In the industrialized countries construction activity remained mainly weak. The situation on the US property market in particular remained difficult. The German construction industry was robust. Commercial and above all housing construction showed a positive trend; the situation in public-sector construction remained weaker. German construction output is expected to increase by 3.6% overall in 2011. Business performance in the Group ThyssenKrupp performed successfully in its operating business in the past fiscal year. Strong demand for our products and services led to an appreciable rise in orders and sales. In addition, our measures to improve our earnings structure took hold. Adjusted earnings before interest and taxes (adjusted EBIT) reached €1.8 billion – an increase of 42%. 60
Management report on the Group 2.2 Management report on the Group Consolidated results of operations Pages 49-51 49–51 ThyssenKrupp in figures 60 | 61 2009/2010 2010/2011 Change in % Order intake million € 41,250 50,247 22 Sales million € 42,621 49,092 15 EBITDA million € 2,769 3,385 22 EBIT million € 1,346 (988) – – EBIT margin % 3.2 (2.0) — Adjusted EBIT million € 1,241 1,762 42 Adjusted EBIT margin % 2.9 3.6 — EBT million € 1,135 (1,578) – – Adjusted EBT million € 1,030 1,172 14 Employees (Sept. 30) 177,346 180,050 2 The corporate, organizational and contractual conditions for creating a separate Stainless Global were established effective September 30, 2011; the business area is therefore now shown as a discontinued operation. More details on this can be found in the section headed “Profile and strategy”. Strong rise in orders and sales Sales and in particular order intake increased steeply in 2010/2011. The Group’s order intake climbed yearon-year by 22% to €50.2 billion. All business areas contributed to this growth. Demand for carbon and stainless steel, automotive components and in naval shipbuilding was particularly strong. Based on continuing operations, order intake was 22% higher at €45.1 billion. Order intake by business area in million € 2009/2010 2010/2011 Change in % Steel Europe 10,986 12,344 12 Steel Americas 69 1,293 ++ Materials Services 12,805 14,768 15 Elevator Technology 5,099 5,281 4 Plant Technology 3,859 4,475 16 Components Technology 5,653 6,921 22 Marine Systems 531 2,977 461 Corporate 132 143 8 Order intake of the business areas 39,134 48,202 23 Consolidation (2,121) (3,084) — Order intake of continuing operations 37,013 45,118 22 Stainless Global 5,121 6,045 18 Consolidation (884) (916) — Group order intake 41,250 50,247 22
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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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