PDF (10.9MB) - ThyssenKrupp AG

Management report on the Group
2.4 2.4 Management Management report on on the Group Financial position
position
Financial position
We are strengthening the company and its core business with
customer-oriented investments, decreasing net debt and secured
liquidity. Our statement of cash flows provides transparency about
the sources and uses of our funds. The impact of these cash flows
on the Group’s assets and liabilities is shown in the analysis of the
statement of financial position.
Pages 51-52
50–51
Steel Steel Europe Europe invested invested €410 €410 million million – – –
mostly mostly on on maintenance maintenance and and environmental
projects.
environmental projects.
Capital expenditures
84 | 85
85
Capital expenditures at €2.8 billion
In In fiscal year 2010/2011 ThyssenKrupp invested a total of of €2,771 million, 21% less than in in the prior year.
€2,661 million was spent on property, plant and equipment and intangible assets. €110 million was used for
the acquisition of of businesses and shareholdings as well as other financial assets; the main acquisitions are
detailed in in the section “The Group’s Strategic Way Forward”.
Excluding the major projects in in Brazil and the USA, capital expenditures totaled €1,247 million, compared
with €1,188 million in in the prior year. Capital expenditures were €19 million lower than depreciation of of
€1,266 million.
Investment by business area in in million € €
2009/2010 2010/2011 Change in in %
Steel Europe 286 431 51
Steel Americas 2,054 1,369 (33)
Materials Services 188 136 (28)
Elevator Technology 81 135 67
Plant Technology 32 47 47
Components Technology 288 361 25
Marine Systems 8 14 75
Corporate 268 36 (87)
Consolidation (36) (24) —
Investments of of continuing operations 3,169 2,505 (21)
Stainless Global 344 266 (23)
ThyssenKrupp Group 3,513 2,771 (21)
Capital expenditures in in the business areas
Steel Europe – The business area’s capital expenditures on property, plant and equipment and intangible
assets reached €410 million, with depreciation at at €530 million. This was a significant increase from the low
level of of the prior year, when we invested only €286 million due to to the economic crisis. The greater part of of
our spending was for maintenance and environmental projects to to reduce emissions at at the Duisburg and
Dortmund sites. Other investments related to to hot strip mill 2 in in Duisburg, where an efficient compact cooling
system was installed for the production of of high-quality skelp. Work also started in in Duisburg on the
modernization of of hot strip mill 1. A total of of roughly €300 million is is to to be invested in in the German hot strip
mills by 2014/2015 under an overall program.