Engineering

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.