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2.4 Management report on the Group Financial position Investments at the Gelsenkirchen site focused on promising, high-quality electrical steel grades; the third expansion phase has now begun. With demand for imported coal expected to rise, work commenced on extending the coal terminal at the port of Rotterdam. Steel Americas – Steel Americas spent €1,369 million with depreciation of €391 million. The main investments in Brazil were for the completion of coke battery B, the start-up of the second blast furnace and the second melt shop line, as well as pollution control measures. Capital expenditures at the US plant related primarily to the construction of a pickling line and four hot-dip galvanizing lines. Materials Services – Capital expenditures for property, plant and equipment and intangible assets amounted to €95 million at Materials Services, while depreciation came to €134 million. Investments were mainly used to maintain existing operations and expand our steel mill services in America and Europe. Elevator Technology – The business area spent €93 million on property, plant and equipment and intangible assets; depreciation was €74 million. In addition to replacement capital expenditure, Elevator Technology completed the new elevator plant in Madrid, optimized production in the USA and invested in customer-oriented IT solutions. Plant Technology – Capital expenditures of €44 million mainly went toward maintaining and expanding production capacities, as well as the use of new technologies. Depreciation came to €36 million. In the area of base chemicals, the business area acquired the high-temperature Winkler coal gasification process, which ideally complements the existing gasification processes. Also in the area of coal gasification, a joint venture was established with South Korea’s largest energy utility KEPCO. The joint company KEPCO-Uhde Inc. aims to promote the commercial use of PRENFLO-PSG technology for coal gasification. The investment in a multipurpose biotechnology plant to produce lactic acid marks our entry into the production of bioplastics. In addition, Plant Technology expanded its strategically important locations in China and India. Components Technology – Components Technology spent €361 million on property, plant and equipment and intangible assets, with depreciation at €285 million. The main investments were made in Europe, China, the USA, Brazil, and India. For example, camshaft production capacities were increased, and the production facilities for advanced electromechanical steering systems expanded. Work started on construction of a new crankshaft plant in the Chinese city of Nanjing: From October 2012 the plant will employ around 650 people and produce more than 360,000 truck crankshafts per year. In Chengdu, China, and in São Paulo, Brazil, we expanded our spring and stabilizer manufacturing operations. With the market for wind turbines also favorable, we continued our investment program for the production of slewing bearings. Marine Systems – With depreciation at €19 million, spending amounted to €14 million; this was mainly replacement capital expenditure. Stainless Global – The discontinued business area Stainless Global invested €266 million in property, plant and equipment and intangible assets in the reporting year; depreciation amounted to €175 million. The new integrated stainless mill at the Calvert site in the USA was officially opened on December 10, 2010. In the Nirosta group, a skin-pass mill was replaced at the Dillenburg cold rolling plant, while VDM expanded bar production capacities at its Reno/USA facility. Stainless Global continued to implement its fire protection programs. Beyond this, most capital expenditures were aimed at maintaining existing operations and upgrading individual equipment items. 86
Management report on the Group 2.4 Management report on the Group Financial position Page 52 Page 52 Net financial debt 86 | 87 In the reporting year, our net financial debt was once again dominated by our investments in Brazil and the USA. Our net working capital also increased as a result of significantly higher orders and inventories. Net financial debt stood at €3,578 million at the end of the fiscal year, €202 million lower than the figure on September 30, 2010. After reaching a high in the 2nd quarter 2010/2011, net financial debt fell significantly. The situation over the course of the year is shown in the graphic below. Progression of net financial debt 2010/2011 in million € 3,780 5,814 6,492 6,249 A key factor in in the reduction of our net debt was the the sale of treasury shares shares in July July 2011, which which resulted in a cash inflow of around €1.6 billion. We report on this in more detail in the section “Profile and strategy”. There was a further inflow of €776 million from operating cash flow; €424 million came from minor disposals. The impact of individual factors on our net financial debt in 2010/2011 is shown in the following graphic: Net financial debt in million € Net financial debt Sept. 30, 2010 Gearing 36.4% 3,578 Sept. 30, 2010 Dec. 31, 2010 Mar. 31, 2011 June 30, 2011 Sept. 30, 2011 Operating cash flows – total – (3,780) + 776 Investments – total – Free cash flow: (1,571) – total – Divestments – total – Dividend ThyssenKrupp AG (2,771)* + 424** (209) + 1,631 Sale of treasury shares Miscellaneous Net financial debt Sept. 30, 2011 * incl. cash and cash equivalents acquired For technical reasons in part not to scale ** incl. cash and cash equivalents disposed of + 351 Gearing 34.5% (3,578)
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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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Engineering

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