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2.1 Management report on the Group Profile and and strategy commented upon for the whole Group and for the continuing operations; where not otherwise stated we report on the Group as a whole. However, forward-looking statements relate exclusively to the continuing operations. The strategic management of the Group is the responsibility of corporate headquarters at ThyssenKrupp AG. ThyssenKrupp AG was founded in 1999 as a stock corporation under German law and has dual domiciles in Duisburg and Essen. The headquarters are located in Essen in the ThyssenKrupp Quarter. The Executive Board of ThyssenKrupp AG sets the strategy for the Group’s development, directs the business areas and is responsible for central corporate functions. In addition to their own directorates, members of the Executive Board are responsible for specific world regions. Their duties also include executive development and talent management. The Group’s Strategic Way Forward Following the successful turnaround in fiscal year 2009/2010, we defined a new strategy for the Group in the reporting year. Market and customer focus, coupled with innovation and engineering expertise, form the framework for sustainable success. Global trends are our growth base Business opportunities for ThyssenKrupp Driver Demand (“more”) Business opportunities Demand (“better”) Constraints Demographic change Urbanization Globalization More consumer and capital goods More infrastructure and buildings More resource and energy consumption Resources Leading engineering expertise in Material Mechanical Plant Infrastructure Reduction in CO 2 emissions, renewable energies Efficient infrastructure and methods/ processes Efficient resource and energy utilization, alternative energies The economic strength of the emerging countries, above all Brazil, India and China, is growing rapidly. Global trends such as demographic change, increasing urbanization and globalization of trade flows provide major impetus for steadily rising demand. The world needs “more” – whether it’s consumer and capital goods, infrastructure, energy or raw materials. 50 Climate change Finite resources Political framework conditions
IPO: Sale of a company to investors on the stock market. S IPO: p i n Sale - o ff : of Separation a company of to part investors of a company and on the distribution stock market. of its shares. Management report on the Group 2.1 Management report on the Group Profile and strategy Spin-off: Separation of part of a company and distribution of its shares to the shareholders of the parent. 50 | 51 Rising demand is faced with constraints, above all the finite availability of resources and the need to protect our environment. Global climate change is leading to stricter rules for industry, requiring efficient use of resources and raw materials. So the world doesn’t just need “more”, above all it needs “better” solutions: better use of resources, more efficient infrastructure, greener production processes and more efficient consumer and industrial goods. This opens up significant opportunities for ThyssenKrupp. With our broad and leading engineering expertise in many areas we can meet demands for both “more” and “better” – in the industrialized countries and also in the emerging markets – and so create clear competitive advantages both for us and for our customers worldwide. Key points of the Strategic Way Forward Against this global background, on May 13, 2011 ThyssenKrupp AG decided on an integrated program for the further strategic development of the Group. The main aims of the Strategic Way Forward are to reduce the Group’s debt, enable sustainable growth, increase earning power, and create value. It involves focusing our portfolio and divesting businesses for which there are stronger strategic alternatives. It will strengthen our financial base and provide new flexibility to expand strategically promising businesses. The strategy is driven by a corporate culture based on transparency, responsibility and clear leadership. For us, transparency means measuring our actions against clear indicators. Responsibility means shaping a sustainable future for the Group. By leadership we mean defining clear strategic goals and creating the framework for implementing them successfully. Our aim is to rank among the best in the market in each of our businesses over the long term. First measures as part of the Strategic Way Forward have now been initiated or already completed: – In a move towards portfolio optimization the Group will divest the operations of the Stainless Global business area. The corporate, organizational and contractual conditions for the carve out of Stainless Global were established effective September 30, 2011: The new entity – called Inoxum – has a holding company structure with a functional board performing strategic tasks and directing the operating units. In what form the actual separation is subsequently carried out is being examined with an open mind. The options are an IPO, a spin-off or a sale. As a separate entity Inoxum will be able to develop its competitive position with greater flexibility in the future – also with a view to potential strategic partnerships. – The negotiations with the Abu Dhabi MAR group on the complete takeover of the civil shipbuilding activities and a joint venture in naval surface ship building were ended by mutual consent. The scope of the transaction is now restricted exclusively to the civil part of the former HDW-Gaarden with the transfer of around 180 employees and corresponding assets. Talks are currently being conducted on the sale of the civil operations of Blohm + Voss – the yacht building and repair and components businesses in Hamburg; Marine Systems will concentrate on military shipbuilding in the future. The restructuring of the shipyard site in Emden was completed at the beginning of the reporting year with the sale of ThyssenKrupp Fahrzeugtechnik.
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Annual Report 2010/2011 At the cent
Page 4 and 5: Our mission statement We are Thysse
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Page 10 and 11: Letter to shareholders Dr.-Ing. Hei
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4.8 Additional information Contact
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