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1.4 To our shareholders ThyssenKrupp stock How to contact contact us, our financial calendar and other information can be be found at at the the end of the Annual Report or or online at at www.thyssenkrupp.com IR work dominated by Group strategy Dialogue between our investor relations team and the capital market was dominated by two themes in the reporting year: increased transparency as a consequence of the new organizational structure of the Group with eight business areas, and the plan for the further strategic development of the Group adopted in May 2011. We mainly made use of traditional instruments such as roadshows and investor conferences to commence or deepen our dialogue with as many institutional investors as possible. These activities were centered on financial centers in Europe and the USA. As our shares are still often seen as a steel stock, in addition to investor conferences focusing on metals and mining we also took part in engineering and capital goods conferences. This helps us position the Group appropriately on the capital market. Field trips for investors and analysts to various Group locations rounded out our IR activities. These visits gave participants a far deeper insight into our operations and their high quality. A particular focus in the past fiscal year was our new steel processing site in Alabama. The analyst briefing we held in December 2010 as part of the plant opening met with a very positive response. A similar event was staged at our new steel mill in Brazil in October 2011. In the future, the Group’s operating activities will also be brought more to the fore at our Capital Markets Days. The business areas of the Technologies division will present themselves at the first such event in December 2011. We likewise made regular presentations on the Group to private investors at numerous events. They were also a key target group for the investor relations pages on our website. In addition, our telephone hotline was intensively used by private investors. 44
Management report on the Group Management report on the Group The Group’s performance in the reporting year, our Strategic Way Forward and the main opportunities and risks we face going forward are the central topics of the management report on the Group. Information on the organizational structure of the Group, the performance of the business areas and the non-fi nancial performance indicators round out the picture of your Company. Management report on the Group 2.1 Profi le and strategy 49 – 56 — Capability profi le and organizational structure 49 — The Group’s Strategic Way Forward 50 — Corporate program impact 53 — Value-based management 54 2.2 Consolidated results of operations 57 – 70 — Summarized assessment by the Executive Board of business performance and target achievement 57 — General economic conditions 57 — Business performance in the Group 60 — Sales markets and marketing 66 — Procurement of raw materials and energy 67 2.3 Results of operations of the business areas 71 – 84 — Steel Europe 71 — Steel Americas 73 — Materials Services 75 — Elevator Technology 76 — Plant Technology 78 — Components Technology 79 — Marine Systems 80 — Stainless Global (discontinued operation) 82 — Corporate at ThyssenKrupp AG 84 2.4 Financial position 85 – 92 — Capital expenditures 85 — Net fi nancial debt 87 — Analysis of the statement of cash fl ows 88 — Central fi nancing and maintenance of liquidity 89 — Analysis of the statement of fi nancial position 90 — Assets not recognized and off -balance fi nancing instruments 92 2.5 Non-fi nancial performance indicators 93 – 101 — Sustainability 93 — Innovations 94 — Employees 96 — Environment and climate 99 — Corporate citizenship 101 2.6 Subsequent events 101 2.7 Expected developments and associated opportunities and risks 102 – 119 — Economic outlook 102 — Expected results of operations 104 — Expected fi nancial and liquidity situation 106 — Opportunity report 106 — Risk report 108 2.8 Legal information 120 – 124 — Corporate governance declaration 120 — Compensation report 120 — Disclosure of takeover provisions 120
Page 1: Annual Report 2010/2011 At the cent
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