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2.3 Management report on on the Group Results of of operations of of the the business areas areas Components Technology order intake Components Technology EBIT in million €, quarter on quarter rate of change in million €, quarter on quarter rate of change Q1 1,169 Q1 Q2 + 14% 1,337 Q2 Q3 + 18% 1,584 Q3 Q4 (1)% 1,563 Q4 2009/2010 2009/2010 Q1 + 2% 1,602 Q1 Q2 + 12% 1,795 Q2 Q3 + 1% 1,811 Q3 Q4 (5)% 1,713 Q4 2010/2011 Profit doubled Components Technology further strengthened its earnings in 2010/2011, achieving EBIT of €543 million, more than double the prior-year figure. The earnings include a €40 million impairment reversal at the US foundry group Waupaca. Due to the improved sales situation in the USA and numerous customer orders the Etowah plant in Tennessee, idled during the demand crisis, was reopened. Adjusted EBIT at €503 million also showed a significant increase from the prior year. Key factors in the substantial improvement in earnings were our good operating performance as well as our restructuring measures. These structural measures sustainably reduced cost levels and improved profitability. Compared with the prior year, EBIT margin increased from 4.4% to 7.9%. Marine Systems Marine Systems in figures 2010/2011 2009/2010 2010/2011 Change in % Order intake million € 531 2,977 461 Sales million € 1,211 1,493 23 EBIT million € 145 213 47 EBIT margin % 12.0 14.3 — Adjusted EBIT million € 72 213 196 Adjusted EBIT margin % 5.9 14.3 — Employees (Sept. 30) 5,488 5,295 (4) After the restructuring of the shipyards the Marine Systems business area will focus exclusively on naval shipbuilding in the future as part of the Group’s strategic development. In the reporting year we continued the ship repair and component manufacturing operations, which are classified as held for sale, and worked through yacht orders to a limited extent. + 28% (10)% (15)% + 127% (10)% + 24% + 14% 80 57 73 66 56 127 114 141 161
Management report on the Group 2.3 Management report on the Group Results of operations of the business areas Order intake in naval shipbuilding rose rose to to almost €3 billion in in the reporting year. 80 | 81 Higher order intake and sales Marine Systems increased its order intake significantly, from €531 million in the prior year to almost €3.0 billion in the reporting year. The biggest single project was the order placed by Turkey for six U 214 submarine material packages worth around €2.2 billion. The order intake also includes €295 million from the contractual agreement with Greece. Sales increased year-on-year from €1.2 billion to €1.5 billion. At the beginning of the reporting year we handed over the second Class 209-PN submarine to the Portuguese Navy. In July 2011 this was followed by the first of two extensively modernized submarines for the Singapore Navy. The Hamburg shipyard began production of the Class F125 frigates for the German Navy. Technical difficulties with the propulsion systems have delayed the delivery of the Class K130 corvettes for the German Navy, which will now take place in mid-2012. The repair and components business, which is classified as held for sale, performed positively. Earnings improved EBIT improved from €145 million in the prior year to €213 million. The reasons for the pleasing increase were mainly positive one-time effects from the above-mentioned settlement with Greece and agreements with other customers. The lack of work in the civil shipbuilding operations had a negative impact. EBIT margin increased year-on-year from 12.0% to 14.3%. The adjusted EBIT of the prior year included nonoperating expense of €58 million as well as the deconsolidation effect of Hellenic Shipyards in Greece. Marine Systems order intake Marine Systems EBIT in million €, quarter on quarter rate of change in million €, quarter on quarter rate of change Q1 110 Q1 Q2 + 26% 139 Q2 Q3 (22)% 108 Q3 Q4 + 61% 174 Q4 2009/2010 2009/2010 Q1 + 145% 426 Q1 Q2 (65)% 149 Q2 Q3 ++ 2.155 Q3 Q4 (89)% 247 Q4 2010/2011 2010/2011 + 13% (56)% ++ (55)% + 83% (26)% (66)% 16 18 8 103 46 84 62 21
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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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To our shareholders To our sharehol
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