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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 The Group’s Group’s sales increased by by 15% to €49 billion in 2010/2011. Pages 71-84 71–84 The Group’s sales increased by 15% to €49.1 billion. Sales improved in all business areas and in some cases were significantly higher year-on-year. The main growth driver was business with materials and industrial components. Sales from continuing operations were 15% up from the comparable prior-year level at €43.4 billion. Sales by business area in million € 2009/2010 2010/2011 Change in % Steel Europe 10,770 12,814 19 Steel Americas 68 1,139 ++ Materials Services 12,763 14,776 16 Elevator Technology 5,188 5,253 1 Plant Technology 3,931 4,004 2 Components Technology 5,724 6,908 21 Marine Systems 1,211 1,493 23 Corporate 131 143 9 Sales of the business areas 39,786 46,530 17 Consolidation (2,075) (3,174) — Sales of continuing operations 37,711 43,356 15 Stainless Global 5,901 6,739 14 Consolidation (991) (1,003) — Group sales 42,621 49,092 15 EBIT negative due to high impairment charges ThyssenKrupp achieved earnings before interest and taxes (EBIT) of €(988) million in 2010/2011, compared with €1,346 million the year before. This decrease was due to the €(1,071) million adjusted EBIT of the new steel plants of Steel Americas in Brazil and the USA, and to necessary impairment charges above all in the Steel Americas and Stainless Global business areas. More information on this is provided in the section “Results of operations of the business areas”. With the exception of Steel Americas and Stainless Global all business areas made positive income contributions. However, the EBIT of the other business areas of the Materials division (Steel Europe and Materials Services) could not offset the losses of Steel Americas and Stainless Global, so overall Materials generated negative EBIT of €2,319 million. In the Technologies division (Elevator Technology, Plant Technology, Components Technology, Marine Systems) EBIT came to €2,063 million. This was partly offset by Corporate costs and consolidation effects of €732 million. The Group’s EBIT margin fell from 3.2% the year before to (2.0)%. Based on continuing operations, EBIT deteriorated by €1,586 million to €(188) million, and EBIT margin from 3.7% to (0.4)%. 62
Management report on the Group 2.2 Management report on the Group Consolidated results of operations EBIT for the reporting year contains special items special of items €2,751 of million. €2,751 million. EBIT by business area in million € 62 | 63 2009/2010 2010/2011 Change Steel Europe 731 1,133 55 Steel Americas (600) (3,145) – – Materials Services 463 478 3 Elevator Technology 646 801 24 Plant Technology 401 506 26 Components Technology 252 543 115 Marine Systems 145 213 47 Corporate (291) (377) (30) EBIT of the business areas 1,747 152 (91) Consolidation (349) (340) — EBIT of continuing operations 1,398 (188) – – Stainless Global (57) (785) – – Consolidation 5 (15) — Group EBIT 1,346 (988) – – Adjusted EBIT up 42% to €1,762 million EBIT for the reporting year contains special items of €2,751 million. Adjusted EBIT therefore came to €1,762 million compared with €1,241 million in the prior year. Adjusted EBIT from continuing operations was €469 million higher at €1,762 million. An impairment test at Steel Americas resulted in an impairment charge of €2,075 million, mainly for property, plant and equipment and construction in progress, and to a lesser extent transfer taxes and inventories. Materials Services incurred disposal losses of €55 million from the sale of the Xervon group, while the prior-year earnings contained an €81 million disposal gain from the sale of the Industrial Services companies. Elevator Technology recognized positive special items of €160 million in the reporting year from the partial refund of a fine imposed by the EU Commission in 2007. Components Technology reopened the temporarily idled Etowah plant in Tennessee, USA in response to the good order situation; this resulted in an impairment reversal of €40 million. Corporate recognized a provision for litigation risks of €21 million in connection with arbitration court proceedings concerning a disposal carried out several years earlier. At Stainless Global the annual goodwill impairment test resulted in an impairment loss of €290 million. In connection with the planned carve-out of Stainless Global, a fair value adjustment of €510 million also became necessary.
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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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