Engineering

Management report on the Group
2.4 Management report on the Group Financial position
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At €5,059 million, trade accounts receivable were €823 million lower than on September 30, 2010.
The decrease was mainly due to a €834 million higher reclassification to assets held for sale/disposal.
The €107 million reduction in other current financial assets was mainly due to the accounting for derivatives.
The €83 million decrease in other current non-financial assets related in particular to reimbursement rights
in connection with non-income-based taxes, which were partly offset by higher advance payments in
connection with the purchase of inventories.
Current income tax assets were down by €181 million.
Assets held for sale/disposal increased by €4,968 million to €5,762 million. Of this substantial increase,
€4,625 million related to the disposal of the Stainless Global business area initiated in fiscal year
2010/2011, and €451 million to the sale of the Xervon group in the Materials Services business area
initiated in August 2011.
Total equity stood at €10,382 million on September 30, 2011, almost unchanged from a year earlier. The
net loss of €1,783 million in the reporting year as well as dividend payments (€252 million) and net
unrealized losses from derivative financial instruments (€83 million after taxes) recognized in other
comprehensive income resulted in a sharp decrease in total equity. This was partly offset by a
€1,624 million increase in connection with the sale of treasury shares in July 2011. Further increases
came from net actuarial gains from pensions and similar obligations (€388 million after taxes) recognized
in other comprehensive income and net unrealized gains from foreign currency translation (€50 million).
The €518 million decrease in non-controlling interest was mainly due to the negative earnings at
ThyssenKrupp CSA.
Non-current liabilities decreased in total by €820 million. This included a €1,146 million reduction in accrued
pension and similar obligations, of which €548 million from updated interest rates for the revaluation of
pension and healthcare obligations at September 30, 2011, and €245 million from payments to plan assets
and plan closures; in addition, an increased reclassification to liabilities associated with assets held for
sale/disposal resulted in a decrease of €232 million. Non-current financial debt increased by €337 million.
Taking into account offsetting effects, current liabilities increased overall by €717 million.
The €278 million decline in other current provisions related mainly to provisions for onerous contracts and
provisions for restructuring measures. Current financial debt was €1,100 million lower mainly due to the
repayment of a €750 million bond and a €399 million higher reclassification to liabilities associated with
assets held for sale/disposal. The €604 million decrease in trade accounts payable was mainly due to the
€1,392 million higher reclassification to liabilities associated with assets held for sale/disposal; this was
partly offset by increases due to the good business situation in the reporting year. The €284 million decline
in other current financial liabilities was partly due to a €215 million higher reclassification to liabilities
associated with assets held for sale/disposal. Higher customer advance payments in connection with