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2.4 Management report on the Group Financial position Issuer ratings since 2001 We have been rated by Moody’s and Standard & Poor’s since 2001 and by Fitch since 2003. <strong>ThyssenKrupp</strong>’s credit standing is currently rated by the agencies as follows: Long-term rating 90 Short-term rating Outlook Standard & Poor’s BB+ B stable Moody’s Baa3 Prime-3 stable Fitch BBB- F3 stable Experience shows that ratings upgrades lead to lower refinancing costs, while downgrades generally have a negative effect. Regaining investment grade status with Standard & Poor’s therefore remains an important goal. Analysis of the statement of financial position Compared with September 30, 2010, total assets decreased slightly by €109 million to €43,603 million. Compared with September 30, 2010, non-current assets decreased significantly by a total of €3,576 million. There was a €3,673 million reduction in property, plant and equipment. This decrease was mainly due to the reclassification of €2,394 million to assets held for sale/disposal due to the disposal of the Stainless Global business area initiated in fiscal year 2010/2011 (€2,269 million) and the sale of the Xervon group in the Materials Services business area initiated in August 2011 (€125 million); in addition, depreciation in the Steel Americas business area exceeded additions by €1,342 million, particularly as a result of the €1,685 million impairment charges recorded in this area. The €485 million decline in intangible assets was mainly due to goodwill impairment of €338 million as well as a €144 million increased reclassification to assets held for sale/disposal. The €253 million increase in other non-current non-financial assets was mainly due to the recognition of reimbursement rights in connection with non-income-based taxes. This was partly offset by a €350 million increase in deferred tax assets due mainly to losses outside Germany. Current assets increased in total by €3,467 million. Inventories stood at €8,105 million on September 30, 2011, down €157 million from the prior year. Increases resulting mainly from the good business situation in the reporting period and the ramp-up of production at the new steel plants in Brazil and the USA were offset in particular by decreases from a €1,890 million higher reclassification to assets held for sale/disposal. In addition, inventories at the Marine Systems business area declined due to the delivery of a submarine to the Greek Navy and there were writedowns of excess inventory held in the Steel Americas business area due to the ramp-up.
Management report on the Group 2.4 Management report on the Group Financial position 90 | 91 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 <strong>ThyssenKrupp</strong> 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
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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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Our capabilities Material We combin
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Making tomorrow possible Our engine
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Letter to shareholders Dr.-Ing. Hei
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Letter to shareholders To assist ou
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Contents Our mission statement C2 F
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To our shareholders To our sharehol
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Solutions for many sectors In the f
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To our shareholders Wilhelm Segerat
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4.8 Additional information Contact
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