1、Interimreport 1st quarter2023/2024October 1,2023 December 31,2023 thyssenkrupp interim report 1st quarter 2023/2024 thyssenkrupp in figures 2 thyssenkrupp in figures Group 1st quarter ended Dec.31,2022 1st quarterendedDec.31,2023Changein%Order intake million 9,177 7,973(1,204)(13)Sales million 9,018

2、 8,181(837)(9)EBITDA million 485 238(247)(51)EBIT2)million 246(185)(431)-EBIT margin%2.7(2.3)(5.0)-Adjusted EBIT1),2)million 168 84(84)(50)Adjusted EBIT margin%1.9 1.0(0.8)(45)Income/(loss)before tax million 167(232)(399)-Net income/(loss)or earnings after tax million 98(305)(402)-attributable to th

3、yssenkrupp AGs shareholders million 75(314)(389)-Earnings per share(EPS)0.12(0.50)(0.62)-Operating cash flows million(137)(424)(287)-Cash flow for investments million(227)(107)12053 Cash flow from divestments million 14 3218+Free cash flow3)million(350)(499)(149)(43)Free cash flow before M&A3)millio

4、n(365)(531)(166)(45)Net financial assets(Dec.31)million 3,258 3,79653817 Total equity(Dec.31)million 14,476 11,607(2,869)(20)Gearing(Dec.31)%4)4)Employees(Dec.31)97,323 99,9732,6503 1)See preliminary remarks.2)See reconciliation in segment reporting(Note 08).3)See reconciliation in the analysis of t

5、he statement of cash flows.4)Due to the strongly positive total equity and the reported net financial assets,the gearing key ratio is negative and the significance of the gearing key ratio is thus of no relevance.THYSSENKRUPP STOCK/ADR MASTER DATA AND KEY FIGURES ISIN Number of shares(total)shares 6

6、22,531,741Shares(Frankfurt,Dsseldorf stock exchanges)DE 000 750 0001Closing price end Dec.2023 6.31ADR(over-the-counter-trading)US88629Q2075Stock exchange value end Dec.2023million 3,928Symbols Shares TKA ADR TKAMY thyssenkrupp interim report 1st quarter 2023/2024 Contents 3 Contents 02 thyssenkrupp

7、 in figures 04 Interim management report 04 Preliminary remarks 05 Report on the economic position 05 Summary 06 Macro and sector environment 10 Segment reporting 16 Results of operations and financial position 20 Compliance 21 Forecast,opportunity and risk report 21 2023/2024 forecast 23 Opportunit

8、ies and risks 24 Condensed interim financial statements 25 thyssenkrupp group statement of financial position 27 thyssenkrupp group statement of income 28 thyssenkrupp group statement of comprehensive income 30 thyssenkrupp group statement of changes in equity 32 thyssenkrupp group statement of cash

9、 flows 34 thyssenkrupp group selected notes to the financial statements 49 Review report 50 Additional information 50 Contact and 2024/2025 financial calendar Our fiscal year begins on October 1 and ends on September 30 of the following year.thyssenkrupp interim report 1st quarter 2023/2024 Interim

10、management report|Preliminary remarks 4 Preliminary remarks This report follows the internal management model applied by thyssenkrupp in fiscal year 2023/2024.As a consequence of the thyssenkrupp Groups new segment structure,which was resolved in the 4th quarter of fiscal year 2022/2023 and introduc

11、ed effective October 1,2023,there have been the following reporting changes compared with the prior year:The former Multi Tracks segment was dissolved as of October 1,2023.Since October 1,2023,the bearings business Rothe Erde(reported separately as the Bearings segment as of September 30,2023),Uhde,

12、Polysius and thyssenkrupp nucera(all three reported in the Multi Tracks segment until September 30,2023)have been bundled in the new Decarbon Technologies segment.In addition,the new Decarbon Technologies segment contains thyssenkrupp Immobilien Verwaltungs GmbH,which was previously assigned to the

13、Steel Europe segment.Since October 1,2023,the Automation Engineering and Springs&Stabilizers businesses(assigned to the former Multi Tracks segment until September 30,2023)have been part of the Automotive Technology segment.The same applies to the Forged Technologies business(reported as a separate

14、segment as of September 30,2023).Since October 1,2023,the investment in TK Elevator held by thyssenkrupp since the sale of the Elevator Technology business at the end of July 2020 has been assigned to“reconciliation”in the segment reporting(included in the former Multi Tracks segment in the 2022/202

15、3 fiscal year).thyssenkrupp Transrapid GmbH,which was previously part of the Marine Systems segment,has also been assigned to“reconciliation”in the segment reporting since October 1,2023.Corresponding adjustments have been made for these changes in the recognition and presentation of the data for th

16、e prior-year quarter.For further details of the investment in TK Elevator,see also Note 08(Segment reporting)and Note 07(Financial instruments).In fiscal year 2022/2023,a divestment process was initiated for the activities of thyssenkrupp Industries India,which is part of the Decarbon Technologies s

17、egment.These activities met the criteria set forth in IFRS 5 for recognition as a disposal group for the first time in the 1st quarter of 2023/2024.Therefore,the assets and liabilities relating to these activities have to be presented separately in the statement of financial position as of December

18、31,2023.Hedge accounting for CO2 forward contracts in the Steel Europe segment was discontinued at the start of the 2022/2023 fiscal year.Since then,changes in fair value have no longer been recognized directly in equity and thus outside of profit and loss but in cost of sales in the statement of in

19、come.The resulting effects were recognized as a special item for the first time for the 1st half of fiscal year 2022/2023 fiscal year;since then they have no longer had any impact on the key performance indicator adjusted EBIT.The adjusted EBIT for the Steel Europe segment and the thyssenkrupp group

20、 for the 1st quarter of the 2022/2023 fiscal year was therefore amended retrospectively;in both cases,this amendment reduced adjusted EBIT by a total of 87 million compared with the amount previously reported.The business performance is presented by segment.Interim management report thyssenkrupp int

21、erim report 1st quarter 2023/2024 Interim management report|Report on the economic position 5 Report on the economic position Order intakemillion Salesmillion EBIT1)million Adjusted EBIT1),2)million Employees 1st quarterendedDec.31,20221st quarterendedDec.31,20231st quarterendedDec.31,20221st quarte

22、rendedDec.31,20231st quarterendedDec.31,20221st quarter ended Dec.31,2023 1st quarterendedDec.31,20221st quarterendedDec.31,2023Dec.31,2022Dec.31,2023Automotive Technology2)2,0471,8541,8841,8633142 464830,89331,753Decarbon Technologies2)1,028(25)19(17)14,82914,981Materials Services 3,3482

23、,8573,2462,86022(13)202616,04016,233Steel Europe2)3,0352,3972,9452,446186(143)906926,22226,923Marine Systems2)31718 19177,1317,793Corporate Headquarters 2122(44)(61)(43)(57)609631Reconciliation2)(404)(309)(414)(323)16(3)17(3)1,5991,659Group 9,1777,9739,0188,181246(185)1688497,32399,973 1)

24、See reconciliation in segment reporting(Note 08).2)See preliminary remarks.Summary In the 1st quarter,adjusted EBIT and FCF before M&A were in line with the expectations for the full year Performance of the group in the 1st quarter compared with the prior year Order intake and sales lower than in th

25、e prior year,mainly due to price-and demand-induced declines at Materials Services and Steel Europe;increase in submarine orders at Marine Systems Adjusted EBIT down year-on-year,mainly due to declines at Decarbon Technologies and Steel Europe;earnings increases at Automotive Technology and Material

26、s Services Net income down year-on-year,mainly due to the operating performance and impairment losses,e.g.,as a result of higher capital costs FCF before M&A below prior year and negative due to stronger increase in net working capital “APEX”performance program,which bundles the groups established a

27、nd new transformation and performance measures;implementation on schedule:initial positive earnings effects from these measures 1st quarter performance of the segments compared with the prior year:Automotive Technology:lower order intake,especially in the construction machinery business and at Autom

28、otive Body Solutions;stable sales and improvement in adjusted EBIT,partly due to lower material costs and the positive effects of price negotiations and measures to improve efficiency;countered by inflation-driven increase in personnel expenses Decarbon Technologies:lower order intake overall but hi

29、gher sales,principally due to high order intake in prior periods;adjusted EBIT down year-on-year,driven mainly by different effects in the individual businesses thyssenkrupp interim report 1st quarter 2023/2024 Interim management report|Report on the economic position 6 Material Services:drop in sal

30、es driven principally by prices and demand;adjusted EBIT higher than in the prior year,mainly due to positive effects from cost-cutting measures;volumes below the prior-year level as a consequence of the downward trend in the direct-to-customer business Steel Europe:price-driven reduction in sales;a

31、djusted EBIT also down year-on-year due to lower sales revenues,despite reduction in raw material and energy costs Marine Services:higher order intake driven principally by extension of existing orders in the submarine business;sales and adjusted EBIT down year-on-year as a consequence of typical fl

32、uctuations in business Corporate Headquarters:lower adjusted EBIT,mainly as a result of expenses in connection with the“APEX”performance program and shifts in the timing of internal cross-charging and general and administrative expenses Full-year forecast for the groups adjusted EBIT and FCF before

33、M&A confirmed;altered for,e.g.,sales and net income In the Annual Report 2022/2023,the group confirmed its medium-term targets:adjusted EBIT margin of between 4%and 6%,significantly positive FCF before M&A,and resumption of a reliable dividend payment for the company as a whole Macro and sector envi

34、ronment Tentative economic recovery driven by Asia with inflation declining slightly but increasing uncertainty resulting from geopolitical crises and the US elections Global economic development still sluggish,especially in North America and Europe,with some bright spots in other parts of Asia outs

35、ide of China;sluggish economic recovery in China following bottoming out of the crisis in the local real estate sector;central banks in the USA and the euro zone not expected to return to target interest rate levels before 2025;political uncertainty due to upcoming presidential elections in the USA

36、Growth in global economic output projected to slow to 2.7%in 2023;growth expectation for 2024 lower at 2.3%Continued low growth momentum expected in 2024 with increases of 0.3%in Germany and 0.7%in the European Union;slightly better outlook for the USA in 2024(1.7%growth);subdued momentum in China(4

37、.7%);projected robust growth of 6.9%in India in 2024 Risks and uncertainties:continued economic pressure due to continuation of the central banks policy of higher interest rates than in recent years;risk of disruption of global logistics flows due to armed conflicts in the Middle East;possibility of

38、 further escalation and prolongation of the war in Ukraine;uncertainty about the future development of many other geopolitical trouble spots and trade conflicts;risk of recurrent floods and natural catastrophes,for example,as a result of climate change;ongoing risks resulting from high energy,materi

39、al and raw material prices,especially in industrialized regions thyssenkrupp interim report 1st quarter 2023/2024 Interim management report|Report on the economic position 7 GROSS DOMESTIC PRODUCT Real change compared to previous year in%20231)20241)European Union 0.50.7 Germany(0.2)0.3 USA 2.41.7 B

40、razil 3.01.9 Japan 1.90.7 China 5.44.7 India 6.96.5 Middle East&North Africa 1.52.0 World 2.72.3 1)Calendar year,forecast(partly)Source:S&P Global Market Intelligence,Global Economy(January 2024)Automotive Global volume sales of cars and light trucks up significantly year-on-year in 2023;production

41、also clearly positive and back around the pre-Covid level of 2019 for the first time Positive global volume sales forecast for 2024,with worldwide production slightly below the prior-year level Europe:production and volumes sales significantly positive year-on-year in 2023;production expected to be

42、slightly lower in 2024,volume sales around the prior-year level North America:significant increase in production and volume sales in 2023;positive volume sales anticipated for 2024,with production around the prior-year level China:significant year-on-year rise in production and volumes sales in 2023

43、;volume sales expected to be positive in 2024,with production around the prior-year level Machinery Germany:real sales growth of only about 1.0%projected for 2023 due to weak global demand for exports and,as a consequence,a substantial drop in order backlogs;even weaker growth in sector sales of 0.6

44、%expected in 2024 USA:projected reduction of around 2.9%in machinery production in 2023 as a result of the economically induced investment restraint;potential tailwind from fiscal support measures(especially the Inflation Reduction Act)and possible pause in interest rate hikes by the Fed;nevertheles

45、s further 2.4%drop in sales forecast for 2024 China:4.1%growth in machinery production in 2023;order intake and capacity utilization below expectations;slightly more positive outlook for 2024 with 4.9%growth driven by rising export orders and domestic investment thyssenkrupp interim report 1st quart

46、er 2023/2024 Interim management report|Report on the economic position 8 Construction Germany:stabilization of construction activity at a low level expected from the 2nd half of 2024,with slight real sales growth of 1.3%in 2024 following contraction of 0.4%in 2023;weak order intake for residential a

47、nd commercial real estate;partly offset by investment in infrastructure USA:no recovery from the sharp downturns since 2022,with real sales growth of 1.0%in 2023;investment in infrastructure is the main driver,while residential construction remained weak despite lower interest rates:further recovery

48、 with growth of 2.7%expected for 2024 China:growth of 7.0%expected for 2023 due to catch-up effects following weak prior year;stagnation forecast for 2024 with only 0.1%growth as a consequence of the downward trend in residential construction,with investment in infrastructure remaining stable;risks

49、from the possible impact of forced insolvency of the Evergrande group Steel Global demand for finished steel expected to be up 1.8%in 2023;high inflation rates and interest rates continue to weigh on economic development and demand for steel in many economies;increase in demand in 2023 in,for exampl

50、e,China(+2.0%),India(+8.6%)and Turkey(+19%)but drop in demand in,for example,the EU 27(5.5%),the USA(1.1%)and Japan(2.0%);moderate growth of 1.9%in global demand for finished steel forecast for 2024;China,in particular,is holding back the development due to stagnation at the prior-year level;growth

51、of around 6%expected in the EU 27 EU demand for high quality flat carbon steel at prior-year level overall in Q4 2022/2023;low demand momentum coinciding with high import volumes at start of the new fiscal year Continuous decline in spot market prices for flat steel since May 2023;declining demand a

52、nd high import volumes kept flat steel prices low in Q4 2022/2023;slight recovery in prices since October;higher raw material prices,in Q1 2022/2024 significantly above the level in the previous quarter and prior-year period Market environment still extremely challenging as a result of the ongoing g

53、lobal economic weakness,high albeit declining inflation,various geopolitical crisis and increasing protectionism on international markets thyssenkrupp interim report 1st quarter 2023/2024 Interim management report|Report on the economic position 9 IMPORTANT SALES MARKETS 20231)20241)Vehicle producti

54、on,million cars and light trucks2)World 90.189.6 Western Europe(incl.Germany)11.210.9 Germany 4.34.4 North America(USA,Mexico,Canada)15.615.8 USA 10.310.7 Mexico 3.83.8 Japan 8.68.1 China 28.628.7 India 5.45.6 Brazil 2.22.3 Machinery production,real,in%versus prior year World 1.52.9 European Union 0

55、.31.2 Germany 1.00.6 USA(2.9)(2.4)Japan(6.0)(0.4)China 4.14.9 India 5.46.3 Construction output,real,in%versus prior year World 4.31.2 European Union 1.00.8 Germany(0.4)1.3 USA 1.02.7 Japan 5.20.1 China 7.00.1 India 11.00.3 Demand for steel,in%versus prior year World 1.81.9 European Union(5.5)6.0 Ger

56、many(10.0)10.6 USA(1.1)1.6 China 2.00.0 1)Calendar year,forecast(partly)2)Passenger cars and light commercial vehicles up to 6t Sources:S&P Global Market Intelligence,Comparative Industry(January 2024),S&P Global Mobility,LV Production(January 2024),Oxford Economics,worldsteel thyssenkrupp interim r

57、eport 1st quarter 2023/2024 Interim management report|Report on the economic position 10 Segment reporting Automotive Technology Performance in the 1st quarter AUTOMOTIVE TECHNOLOGY IN FIGURES1)1st quarterendedDec.31,20221st quarterendedDec.31,2023Change in%Order intake million 2,0471,854(9)Sales mi

58、llion 1,8841,863(1)EBITDA million 1181212 EBIT million 314236 Adjusted EBIT million 46486 Adjusted EBIT margin%2.42.6 Investments million 718216 Employees(Dec.31)30,89331,7533 1)See preliminary remarks.Order intake Lower than in the prior year due to declines in the construction machinery business a

59、nd at Automotive Body Solutions;automotive serial business largely stable given overall robust development of the global automotive industry Negative USD and CNY exchange rate effects Sales At prior-year level;sales reflect order intake in the automotive serial business;declining development in the

60、construction machinery business Adjusted EBIT Above the prior year,mainly due to cost reductions on the materials side(e.g.,electronic starting products);by contrast,inflation-driven increase in personnel expenses Positive effects from“APEX”measures,principally from negotiation of new prices and a l

61、arge number of measures to improve efficiency(e.g.,optimization of cycle times,shorter tooling times,reduction in reject costs,etc.)Main special items Mainly impairment losses in the Steering unit due to higher cost of capital Investments Focus on investments for order-related projects,with the goal

62、 of supporting cost and profitability targets and leveraging growth opportunities thyssenkrupp interim report 1st quarter 2023/2024 Interim management report|Report on the economic position 11 Decarbon Technologies Performance in the 1st quarter DECARBON TECHNOLOGIES IN FIGURES1)1st quarterendedDec.

63、31,20221st quarterendedDec.31,2023Change in%Order intake million 1,021644(37)Sales million 8489006 EBITDA million 4412(73)EBIT million 18(25)-Adjusted EBIT million 19(17)-Adjusted EBIT margin%2.2(1.9)Investments million 1412(12)Employees(Dec.31)14,82914,9811 1)See preliminary remarks.Order intake Do

64、wn year-on-year in all businesses except thyssenkrupp nucera Significant decline in orders from the wind energy and construction machinery sectors at Rothe Erde,mainly attributable to lower order intake in China Temporary low level at Uhde,significantly below the prior year Significantly below prior

65、 year at Polysius,mainly due to lower order intake in India thyssenkrupp nucera still on a growth track,with higher order intake Sales Above the prior year,with heterogeneous developments in the various businesses Rothe Erde down on prior year,mainly due to declines in the wind energy and constructi

66、on machinery sectors;party offset by tunnel boring machines Uhde at the prior-year level Significant rise at Polysius compared with the prior year driven by the production of new installation businesses in India and a major project in France Significant increase in sales at thyssenkrupp nucera as a

67、result of two major alkali water electrolysis(AWE)projects Adjusted EBIT Lower than in the prior year with declines in all businesses Rothe Erde down on prior year due to lower volumes and price pressure in the wind energy business,partly offset by measures to improve efficiency Uhde significantly l

68、ower than in the prior year due to non-conformity costs Polysius almost at prior-year level;sales increase had low earnings impact due to simultaneous inflation-driven rise in costs thyssenkrupp nucera down year-on-year with negative earnings contribution attributable to expansion of the AWE busines

69、s and the expected increase in costs for growth plans Support from“APEX”measures,especially efficiency improvements and optimization of procurement thyssenkrupp interim report 1st quarter 2023/2024 Interim management report|Report on the economic position 12 Main special items Mainly impairment loss

70、es at thyssenkrupp Industries India in connection with the sale process;partly offset by the reversal of a restructuring provision at Uhde Investments Low level normal for the season;Rothe Erde as main driver with predominantly growth-related investment to increase production capacity in the wind en

71、ergy business thyssenkrupp interim report 1st quarter 2023/2024 Interim management report|Report on the economic position 13 Materials Services Performance in the 1st quarter MATERIALS SERVICES IN FIGURES 1st quarterendedDec.31,20221st quarterendedDec.31,2023Change in%Order intake million 3,3482,857

72、(15)Sales million 3,2462,860(12)EBITDA million 56595 EBIT million 22(13)-Adjusted EBIT million 202630 Adjusted EBIT margin%0.60.9 Investments million 1712(31)Employees(Dec.31)16,04016,2331 Order intake Below the prior-year level,principally due to lower prices,especially for finished steel and stain

73、less steel,and lower demand in Europe Substantial drop in orders in the warehousing and direct-to-customer business;less pronounced declines at the automotive-related service centers Sales Year-on-year drop due to lower prices and volumes Significant reduction in sales in materials distribution;decl

74、ine in service center business less pronounced;stable sales from direct-to-customer business despite lower volumes Overall reduction in volumes of materials and raw materials versus prior year(1.8 million tons vs.2.1 million tons);direct-to-customer business below the high prior-year level;warehousi

75、ng volumes constant with increases in the automotive-related service center business and declines in the warehousing business Adjusted EBIT Above the prior year and still positive,mainly because of lower freight costs and cost-cutting measures Significantly positive earnings contributions from servi

76、ce centers,Aerospace and direct-to-customer business Support from ongoing efficiency measures bundled in the“APEX”program,e.g.,lower costs for external services in the field of digital services and further network optimization Main special items Mainly asset impairments in the warehousing business I

77、nvestments Progress payments in connection with the construction of the new sites in Mexico and the USA(Texas)and for expansion of our processing capacities in the USA(Wisconsin)Modernization and replacement investment at warehousing and service units;continuing digital transformation thyssenkrupp i

78、nterim report 1st quarter 2023/2024 Interim management report|Report on the economic position 14 Steel Europe Performance in the 1st quarter STEEL EUROPE IN FIGURES1)1st quarterendedDec.31,20221st quarterendedDec.31,2023Change in%Order intake million 3,0352,397(21)Sales million 2,9452,446(17)EBITDA

79、million 25669(73)EBIT million 186(143)-Adjusted EBIT1)million 9069(23)Adjusted EBIT margin%3.12.8 Investments million 110(9)-Employees(Dec.31)26,22226,9233 1)See preliminary remarks.Order intake Down year-on-year due to declining spot market prices;slight drop in order volume to 2.1 million tons,mai

80、nly driven by lower demand from automotive customers Sales Below the prior year,mainly as a result of a sharp drop in prices Shipment volumes 1.9 million tons,stable compared with prior-year level Adjusted EBIT Down year-on-year;lower raw material and energy costs more than negated by significantly

81、lower sales Support from“APEX”measures,e.g.,efficiency improvements in production,energy and logistics and further cost improvements and procurement successes Main special items Impairment losses of 183 million due to the higher cost of capital Expenses of 29 million,mainly due to the measurement of

82、 CO2 forward contracts Investments Progress with dismantling work and preparation of the site for construction of the direct reduction plant with two integrated electric smelters in Duisburg;initial construction work planned for the 2nd quarter of 2023/2024 Major investment in Bochum as part of the

83、Steel Strategy 20-30 to support rising demand for high-quality electrical steel:new double-reversing mill taken into service in the 1st quarter;new annealing and isolating line being assembled In all,positive investment balance thanks to receipt of funding for construction of the direct reduction pl

84、ant in the reporting period thyssenkrupp interim report 1st quarter 2023/2024 Interim management report|Report on the economic position 15 Marine Systems Performance in the 1st quarter MARINE SYSTEMS IN FIGURES1)1st quarterendedDec.31,20221st quarterendedDec.31,2023Change in%Order intake million 128

85、529+Sales million 507433(15)EBITDA million 32335 EBIT million 17183 Adjusted EBIT million 1917(11)Adjusted EBIT margin%3.84.0 Investments million 1510(36)Employees(Dec.31)7,1317,7939 1)See preliminary remarks.Order intake Higher than in the prior year,mainly due to substantial extension of two exist

86、ing orders in the submarine business and higher order intake for maintenance,service and marine electronics Sales Below prior year,mainly due to typical fluctuations in project business Adjusted EBIT Below prior year,reflecting the development of sales Stabilization of older low-margin orders,new or

87、ders secured Positive effects of“APEX”measures,including efficiency improvements in the areas of materials,processes and human resources Main special items No material special items Investments Continued modernization of the Kiel shipyard to optimize project execution,increase efficiency,create tech

88、nical conditions for building larger boats in line with the market trend and sustainably improve profitability Continued development of the Wismar site for possible expansion of capacity thyssenkrupp interim report 1st quarter 2023/2024 Interim management report|Report on the economic position 16 Co

89、rporate Headquarters Performance in the 1st quarter Adjusted EBIT Below the prior year,mainly as a result of expenses in connection with the“APEX”performance program and timing shifts in internal accounting and general and administrative expenses By contrast,lower expenses for adjustments of provisi

90、ons for share-based compensation Main special items Higher expenditure in connection with M&A transactions Investments No material investments Results of operations and financial position Analysis of the statement of income Income/(loss)from operations Significant drop in sales overall in the first

91、3 months of the reporting year compared with the prior-year period;declines predominantly in the materials businesses in the Materials Services and Steel Europe segments;cost of sales also lower,mainly as a result of the reduced cost of materials and lower depreciation and amortization as a result o

92、f impairment losses recognized in the previous year;countered mainly by the recognition of higher impairment losses in the Steel Europe segment in the reporting period(154 million)and higher personnel expenses;gross profit of 797 million in the reporting period and gross margin of 9.7%therefore lowe

93、r than in the prior year Overall increase in selling expenses,mainly due to recognition in the reporting period of impairment losses in the Materials Services segment(36 million)and the Steel Europe segment(6 million),higher impairment losses on financial assets,and higher personnel expenses;offset

94、in particular by sales-related drop in costs for freight,insurance and customs duties Increase in general and administrative expenses mainly influenced by impairment losses recognized in the Steel Europe segment(21 million)in the reporting segment,an increase in consultancy and IT expenses and highe

95、r personnel expenses.Increase in other income,mainly as a result of higher income in connection with compensation for electricity prices in the Steel Europe segment Increase in other expenses principally as a result of the impairment loss recognized on goodwill in the reporting period in connection

96、with the thyssenkrupp Industries India disposal group(9 million)Deterioration in other gains and losses,mainly due to losses from the sale of property,plant and equipment in the reporting period thyssenkrupp interim report 1st quarter 2023/2024 Interim management report|Report on the economic positi

97、on 17 Financial income/(expense),net and income tax(expense)/income Overall reduction in the net negative financial income/(expense),principally as a result of improvement in interest on net financial assets;by contrast,lower income from investments accounted for using the equity method,mainly due t

98、o higher losses resulting from the valuation of the Elevator investment and an overall reduction in income related to the interest-free loans acquired in connection with the sale of the Elevator activities Slight increase in income tax expense overall;tax expense in the reporting quarter despite neg

99、ative earnings mainly attributable to tax expense on positive earnings in foreign countries,whereas negative earnings,especially in Germany as a result of impairment losses in the Steel Europe segment,do not result in lower taxes Earnings per share(EPS)Net income in the first 3 months of the reporti

100、ng year down 402 million,giving a loss of 305 million Earnings per share(taking into account the earnings attributable to thyssenkrupp AGs shareholders)therefore decreased by 0.62 to(0.50)in the first 3 months of the reporting year Analysis of the statement of cash flows Operating cash flow Operatin

101、g cash flow negative in the first 3 months of the reporting year and also lower than in the prior year,mainly due to the overall increase in net working capital and the significant reduction in net income for the period before depreciation,amortization,and impairment losses Cash flows from investing

102、 activities Net cash outflows for investing activities lower than in the prior-year period overall,mainly as result of proceeds from government grants in the reporting period in connection with construction of the direct reduction plant in the Steel Europe segment,which started in the prior year Cas

103、h inflows from disposals in line with the prior-year level overall in the reporting period Cash flows from financing activities Cash flows from financing activities down slightly year-on-year in the reporting period Free cash flow and net financial assets RECONCILIATION TO FREE CASH FLOW BEFORE M&A

104、million 1st quarterendedDec.31,20221st quarterendedDec.31,2023Change Operating cash flows(consolidated statement of cash flows)(137)(424)(287)Cash flow from investing activities(consolidated statement of cash flows)(213)(75)138 Free cash flow(FCF)(350)(499)(149)/+Cash inflow/cash outflow resulting f

105、rom material M&A transactions 9(21)(30)Adjustment due to IFRS 16(24)(11)13 Free cash flow before M&A(FCF before M&A)(365)(531)(166)thyssenkrupp interim report 1st quarter 2023/2024 Interim management report|Report on the economic position 18 FCF before M&A below prior year and negative due to strong

106、er increase in net working capital Decrease in net financial assets at December 31,2023 to 3.8 billion compared with September 30,2023 mainly due to negative FCF Available liquidity of 7.9 billion(6.7 billion cash and cash equivalents and 1.2 billion undrawn committed credit lines)Rating RATING Long

107、-term ratingShort-term ratingOutlook Standard&Poors BBBstable Moodys Ba3Not Primepositive Fitch BB-Bpositive In December 2023,Moodys rating agency left its rating unchanged but raised the outlook from stable to positive thyssenkrupp discontinued rating by Fitch as of December 31,2023 Analysis of the

108、 statement of financial positionTotal non-current assets Reduction in intangible assets,mainly due to reclassifications to assets held for sale in connection with the thyssenkrupp Industries India disposal group and the impairment losses recognized in the Steel Europe segment in the reporting period

109、 Overall decline in property,plant and equipment mainly due to impairment losses recognized in the reporting period in the Steel Europe segment(180 million)and currency translation;by contrast,additions exceeded depreciation Decrease in investments accounted for using the equity method,mainly due to

110、 the subsequent measurement in the first 3 months of the reporting period of the ordinary shares recognized here in connection with the Elevator investment Overall reduction in other financial assets mainly due to reclassification to assets held for sale in connection with the thyssenkrupp Industrie

111、s India disposal group;countered,above all,by subsequent measurement of the interest-free loans recognized here in connection with the Elevator investment Reduction in other non-financial assets primarily due to lower advance payments on property,plant and equipment Current assets Significant rise i

112、n inventories,mainly caused by the development of business and sales in the materials business in the Steel Europe segment and the automotive businesses in the Automotive Technology segment;reduced by reclassifications to assets held for sale in connection with the thyssenkrupp Industries India disp

113、osal group Significant reduction in trade accounts receivable,mainly attributable to the development of business and sales in the materials businesses in the Materials Services and Steel Europe segments and in the Automotive Technology segment;increases at Marine Systems Decline in contract assets,m

114、ainly as a result of the execution of construction contracts by Marine Systems and reclassification to assets held for sale in connection with the thyssenkrupp Industries India disposal group thyssenkrupp interim report 1st quarter 2023/2024 Interim management report|Report on the economic position

115、19 Reduction in other financial assets,mainly due to lower claims in the Automotive Technology segment in connection with materials and components passed through to customers as part of agent activities and the recognition of commodity derivatives to hedge recognized assets again future cash flow fl

116、uctuations affecting earnings Overall reduction in other non-financial assets,principally as a result of the decrease in advance payments in connection with the operating business and reclassifications to assets held for sale in connection with the thyssenkrupp Industries India disposal group;by con

117、trast,in particular,higher refund claims in connection with non-income taxes Significant reduction in cash and cash equivalents in the first 3 months of the reporting year,mainly as a consequence of the negative free cash flow;in addition,mainly reclassifications to assets held for sale in connectio

118、n with the thyssenkrupp Industries India disposal group and repayments of financial debt Increase in assets held for sale as of December 31,2023 due to reclassifications of non-current assets and,above all,current assets in connection with the thyssenkrupp Industries India disposal group Total equit

119、y Considerable decline compared with September 30,2023,mainly due to losses recognized in cumulative other comprehensive income resulting from remeasurement of pensions and similar obligations,currency translation,cash flow hedges and the net loss in the reporting period.Non-current liabilities Incr

120、ease in provisions for pensions and similar obligations primarily due to losses resulting from the remeasurement of pensions mainly as a result of the lower pension discount rate in Germany Slight reduction in financial debt,principally as a result of the reclassification of lease liabilities to cur

121、rent financial liabilities Current liabilities Lower provisions for current employee benefits and other provisions,influenced in particular by lower additions than utilizations and reversals Overall reduction in financial debt principally attributable to repayments;offset by the reclassification of

122、lease liabilities outlined above Decrease in trade accounts payable mainly related to the materials businesses in the Materials Services segment and reclassification to liabilities associated with assets held for sale in connection with the thyssenkrupp Industries India disposal group Overall reduct

123、ion in other financial liabilities mainly related to accounting for currency and commodity derivatives;countered above all by higher interest payables Overall decline in contract liabilities,mainly as a result of the execution of construction contracts by Marine Systems and the plant engineering bus

124、inesses in the Decarbon Technologies segment;further reductions attributable to reclassification to liabilities associated with assets held for sale in connection with the thyssenkrupp Industries India disposal group Overall decline in other non-financial liabilities mainly due to reduction in perso

125、nnel-related liabilities and higher liabilities in connection with non-income taxes Increase in liabilities associated with assets held for sale as a result of the reclassification as of December 31 2023 of non-current and,above all,current liabilities in connection with the thyssenkrupp Industries

126、India disposal group thyssenkrupp interim report 1st quarter 2023/2024 Interim management report|Compliance 20 Compliance Strong values as foundation of our work particularly in difficult economic environment;anchored in Mission Statement,Code of Conduct and Compliance Commitment Continuous implemen

127、tation and enhancement of the thyssenkrupp compliance management system in the core compliance areas corruption prevention,antitrust law,data protection,prevention of money laundering,and trade compliance Close involvement of Compliance in various questions relating to legal sanctions and implementa

128、tion of the German Act on Corporate Due Diligence Obligations in Supply Chains and,as in the past,in M&A activities to advise on various antitrust issues More information on compliance at thyssenkrupp in the 2022/2023 Annual Report and on the website thyssenkrupp interim report 1st quarter 2023/2024

129、 Interim management report|Forecast,opportunity and risk report 21 Forecast,opportunity and risk report 2023/2024 forecast Basic conditions and key assumptions The realignment of the portfolio was implemented at the beginning of fiscal year 2023/2024 and the structure of thyssenkrupp was simplified(

130、see Preliminary remarks in the management report).The prior-year sales and adjusted EBIT figures for the Automotive Technology and Decarbon Technologies segments are therefore presented on a pro forma basis.The forecast assumes no effects from additional portfolio measures.The expected economic cond

131、itions and the main assumptions on which our forecast is based can be found in the section headed“Macro and sector environment”in the“Report on the economic position.”For the corresponding opportunities and risks see the“Opportunity and risk report,”which follows this section.We also expect a contin

132、uation of the challenging market environment and further volatile price levels on sales and procurement markets(e.g.,for raw materials and energy).The development of sales and earnings could therefore be exposed to corresponding fluctuations.Expectations for 2023/2024 Based on the expected economic

133、conditions as of the date of this forecast and the underlying assumptions,we consider the following view on fiscal year 2023/2024 to be appropriate.Compared with the previous forecast in the Annual Report 2022/2023,the expectations for the group have been amended as follows:Sales are now expected to

134、 be at the prior-year level(previously:slightly above the prior year),mainly because of the reduction in expected volumes at Steel Europe and Materials Services.For net income,we now anticipate an increase to around break-even(previously:increase to a positive figure in the low to mid three-digit mi

135、llion euro range),principally as a result of interest rate-induced impairment losses in the 1st quarter of 2023/2024.In line with this,we have also adjusted our expectations for tkVA to an increase to a negative figure of around 1 billion(previously:increase to a negative figure in the high three-di

136、git million euro range)and for ROCE to an increase to a figure in the low to mid single-digit percentage range(previously:increase to a figure in the mid single-digit percentage range).For further information on the expected development of our key performance indicators,please refer to the Forecast,

137、opportunity and risk report in the Annual Report 2022/2023.thyssenkrupp interim report 1st quarter 2023/2024 Interim management report|Forecast,opportunity and risk report 22 EXPECTATIONS FOR THE SEGMENTS AND THE GROUP Fiscal year 2022/2023 Forecast for fiscal year 2023/2024 Steel Europe Sales milli

138、on 12,375 Significantly below the prior year(previously:slightly below the prior year)Adjusted EBIT million 320 Increase;figure in the mid three-digit million euro range Marine Systems Sales million 1,8321)Significantly above the prior year Adjusted EBIT million 731)Increase;figure in the high two-d

139、igit million euro range Automotive Technology Sales million 7,9102)At the prior-year level(previously:slightly above the prior year)Adjusted EBIT million 2662)Increase;figure in the low to mid three-digit million euro range Decarbon Technologies Sales million 3,4382)Significantly above the prior yea

140、r Adjusted EBIT million 282)Largely stable Materials Services Sales million 13,613 Slightly below the prior year(previously:at the prior-year level)Adjusted EBIT million 178 Increase;figure in the low three-digit million euro range Corporate Headquarters Adjusted EBIT million (169)Decrease;negative

141、figure in the low three-digit million euro range Group Sales million 37,536 At the prior-year level(previously:slightly above the prior year)Adjusted EBIT million 703 Increase to a figure in the high three-digit million euro range Capital spending including IFRS 16 million 1,823 Significantly below

142、the prior year Free cash flow before M&A million 363 Decrease;figure in the low three-digit million euro range Net income million (1,986)Increase to around break-even(previously:increase to a positive figure in the low to mid three-digit million euro range)tkVA million (2,818)Increase to a negative

143、figure of around 1 billion(previously:increase to a negative figure in the high three-digit million euro range)ROCE%(9.3)%Increase to a figure in the low to mid single-digit percentage range(previously:increase to a figure in the mid single-digit percentage range)Note on the forecast for sales and c

144、apital spending including IFRS 16:“Significantly”indicates a change of at least+/5%1)Excluding Transrapid GmbH,which has been allocated to“Reconciliation”in the segment reporting since October 1,2023 2)Pro forma thyssenkrupp interim report 1st quarter 2023/2024 Interim management report|Forecast,opp

145、ortunity and risk report 23 Opportunities and risks Opportunities Opportunities arising from the transformation of our company through the specific alignment with future-oriented areas for our technologies In particular,enormous potential for further growth in connection with the green transformatio

146、n,for example,in the areas of hydrogen,green chemicals,renewable energies,e-mobility,and sustainable supply chains.Risks No risks that threaten ability to continue operating as a going concern Risk of disruption of global logistics flows as a result of armed conflicts in the Middle East;possible fur

147、ther escalation and prolongation of the war in Ukraine Continued risks from high energy,material and raw material prices,especially in industrial regions Uncertainty about the future development of many geopolitical crises and trade conflicts Ongoing economic pressure from continuation of the centra

148、l banks policy of higher interest rates than in recent years Risk of recurrent floods and natural catastrophes,for example,as a result of climate change Risks from new or altered legal framework affecting business activities in the markets of relevance to us Risks resulting from temporary efficiency

149、 losses in production as a result of restructurings in connection with our company transformation Risks of cost and schedule overruns in the execution of major projects and long-term orders Risks from a rising number of attacks on IT infrastructure;countermeasure:further continuous expansion of info

150、rmation security management and security technologies In addition,the detailed comments on opportunities and risks in the 2022/2023 Annual Report remain valid.thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group 24 Condensed interim finan

151、cial statements of the thyssenkrupp group 25 thyssenkrupp group statement of financial position 27 thyssenkrupp group statement of income 28 thyssenkrupp group statement of comprehensive income 30 thyssenkrupp group statement of changes in equity 32 thyssenkrupp group statement of cash flows 34 thys

152、senkrupp group selected notes 49 Review report thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group statement of financial position 25 thyssenkrupp group statement of financial position ASSETS million Note Sept.30,2023D

153、ec.31,2023Intangible assets 1,8281,784Property,plant and equipment(inclusive of investment property)4,9544,814Investments accounted for using the equity method 382354Other financial assets 980961Other non-financial assets 634426Deferred tax assets 495495Total non-current assets 9,2728,833Inventories

154、 7,5537,986Trade accounts receivable 4,7654,244Contract assets 1,7581,523Other financial assets 568469Other non-financial assets 1,8671,838Current income tax assets 168196Cash and cash equivalents 13 7,3396,629Assets held for sale 02 0350Total current assets 24,01923,235Total assets 33,29132,068 See

155、 accompanying notes to financial statements.thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group statement of financial position 26 EQUITY AND LIABILITIES million Note Sept.30,2023Dec.31,2023Capital stock 1,5941,594Addi

156、tional paid-in capital 6,6646,664Retained earnings 2,9722,117Cumulative other comprehensive income 608402thereof relating to disposal groups (1)Equity attributable to thyssenkrupp AGs stockholders 11,83810,778Non-controlling interest 854829Total equity 12,69311,607Provisions for pensions and similar

157、 obligations 03 5,4746,050Provisions for other non-current employee benefits 258245Other provisions 04 407414Deferred tax liabilities 1642Financial debt 05 1,3131,276Other financial liabilities 1314Other non-financial liabilities 00Total non-current liabilities 7,4828,041Provisions for current emplo

158、yee benefits 159140Other provisions 04 1,1121,018Current income tax liabilities 144165Financial debt 05 1,7121,653Trade accounts payable 4,2703,926Other financial liabilities 906884Contract liabilities 3,2552,980Other non-financial liabilities 1,5581,502Liabilities associated with assets held for sa

159、le 02 0152Total current liabilities 13,11712,420Total liabilities 20,59920,461Total equity and liabilities 33,29132,068 See accompanying notes to financial statements.thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group

160、 statement of income 27 thyssenkrupp group statement of income million,earnings per share in Note 1st quarter endedDec.31,20221st quarter endedDec.31,2023Sales 08,09 9,0188,181Cost of sales (7,851)(7,383)Gross Margin 1,167797Research and development cost (54)(55)Selling expenses (591)(627)General an

161、d administrative expenses (350)(397)Other income 10 98153Other expenses (33)(47)Other gains/(losses),net 4(8)Income/(loss)from operations 242(184)Income from companies accounted for using the equity method 11(19)(31)Finance income 204246Finance expense (261)(263)Financial income/(expense),net (75)(4

162、9)Income/(loss)before tax 167(232)Income tax(expense)/income (69)(72)Net income/(loss)98(305)Thereof:thyssenkrupp AGs shareholders 75(314)Non-controlling interest 229Net income/(loss)98(305)Basic and diluted earnings per share based on 12 Net income/(loss)(attributable to thyssenkrupp AGs shareholde

163、rs)0.12(0.50)See accompanying notes to financial statements.thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group statement of comprehensive income 28 thyssenkrupp group statement of comprehensive income million 1st quar

164、ter endedDec.31,20221st quarter endedDec.31,2023Net income/(loss)98(305)Items of other comprehensive income that will not be reclassified to profit or loss in future periods:Other comprehensive income from remeasurements of pensions and similar obligations Change in unrealized gains/(losses),net 58(

165、547)Tax effect 12Other comprehensive income from remeasurements of pensions and similar obligations,net 59(545)Unrealized gains/(losses)from fair value measurement of equity instruments Change in unrealized gains/(losses),net 61Tax effect 00Net unrealized gains/(losses)61Share of unrealized gains/(l

166、osses)of investments accounted for using the equity-method 22Subtotals of items of other comprehensive income that will not be reclassified to profit or loss in future periods 67(542)Items of other comprehensive income that could be reclassified to profit or loss in future periods:Foreign currency t

167、ranslation adjustment Change in unrealized gains/(losses),net(336)(118)Net realized(gains)/losses 00Net unrealized gains/(losses)(336)(118)Unrealized gains/(losses)from fair value measurement of debt instruments Change in unrealized gains/(losses),net(1)6Net realized(gains)/losses 00Tax effect 00Net

168、 unrealized gains/(losses)(1)6Unrealized gains/(losses)from impairment of financial instruments Change in unrealized gains/(losses),net 00Net realized(gains)/losses(3)0Tax effect 20Net unrealized gains/(losses)(1)0Unrealized gains/(losses)on cash flow hedges Change in unrealized gains/(losses),net 7

169、660Net realized(gains)/losses 171Tax effect 5(1)Net unrealized gains/(losses)9861Share of unrealized gains/(losses)of investments accounted for using the equity-method(102)2Subtotals of items of other comprehensive income that could be reclassified to profit or loss in future periods(342)(49)thyssen

170、krupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group statement of comprehensive income 29 million 1st quarter endedDec.31,20221st quarter endedDec.31,2023Other comprehensive income(274)(591)Total comprehensive income(177)(895)

171、Thereof:thyssenkrupp AGs shareholders(171)(899)Non-controlling interest(5)4 See accompanying notes to financial statements.thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group statement of changes in equity 30 thyssenkr

172、upp group statement of changes in equity Equity attributable to thyssenkrupp AGs stockholders million,(except number of shares)Number of sharesoutstandingCapital stock Additional paid-in capitalRetained earningsBalance as of Sept.30,2022 622,531,7411,594 6,6644,777Net income/(loss)75Other comprehens

173、ive income 61Total comprehensive income 136Gains/(losses)resulting from basis adjustment Profit attributable to non-controlling interest Balance as of Dec.31,2022 622,531,7411,594 6,6644,914 Balance as of Sept.30,2023 622,531,7411,594 6,6642,972Net income/(loss)(314)Other comprehensive income (543)T

174、otal comprehensive income (857)Gains/(losses)resulting from basis adjustment Profit attributable to non-controlling interest Other changes 2Balance as of Dec.31,2023 622,531,7411,594 6,6642,117 See accompanying notes to financial statements.thyssenkrupp interim report 1st quarter 2023/2024 Condensed

175、 interim financial statements of the thyssenkrupp group|thyssenkrupp group statement of changes in equity 31 Equity attributable to thyssenkrupp AGs stockholders Cumulative other comprehensive income Cash flow hedges Foreign currencytranslationadjustmentFair value measurement of debt instruments Fai

176、r value measurement of equity instrumentsImpairment offinancial instrumentsDesignated risk component Hedging costsShare of investments accounted for using the equity methodTotal Non-controlling interestTotal equity52415 779215(26)35214,202 54014,742 75 2298(305)0 6(1)71 24(102)(247)(28)(274)(305)0 6

177、(1)71 24(102)(171)(5)(177)(73)(73)(73)0(17)(17)21815 1379213(2)25013,958 51814,476 21121 210253(43)14411,838 85412,693 (314)9(305)(109)3 1047 132(585)(6)(591)(109)3 1047 132(899)4(895)(163)(163)(163)0(27)(27)2(1)010324 220137(30)14710,778 82911,607 thyssenkrupp interim report 1st quarter 2023/2024 C

178、ondensed interim financial statements of the thyssenkrupp group|thyssenkrupp group statement of cash flows 32 thyssenkrupp group statement of cash flows million 1st quarter endedDec.31,20221st quarter endedDec.31,2023Net income/(loss)98(305)Adjustments to reconcile net income/(loss)to operating cash

179、 flows:Deferred income taxes,net 1614Depreciation,amortization and impairment of non-current assets 239430Reversals of impairment losses of non-current assets(19)(22)(Income)/loss from companies accounted for using the equity method,net of dividends received 1931(Gain)/loss on disposal of non-curren

180、t assets(2)12Changes in assets and liabilities,net of effects of acquisitions and divestitures and other non-cash changes Inventories(476)(531)Trade accounts receivable 495492 Contract assets 80127 Provisions for pensions and similar obligations(16)34 Other provisions(45)(97)Trade accounts payable(6

181、38)(267)Contract liabilities 246(207)Other assets/liabilities not related to investing or financing activities(134)(137)Operating cash flows(137)(424)Purchase of investments accounted for using the equity method and non-current financial assets 00Expenditures for acquisitions of consolidated compani

182、es net of cash acquired(3)0Capital expenditures for property,plant and equipment(inclusive of advance payments)and investment property(217)(293)Capital expenditures for intangible assets(inclusive of advance payments)(7)(7)Proceeds from government grants 0193Proceeds from disposals of investments ac

183、counted for using the equity method and non-current financial assets 10Proceeds from disposals of previously consolidated companies net of cash disposed 027Proceeds from disposals of property,plant and equipment and investment property 145Cash flows from investing activities(213)(75)Proceeds from li

184、abilities to financial institutions 1647Repayments of liabilities to financial institutions(77)(67)Lease liabilities(34)(34)Proceeds from/(repayments on)loan notes and other loans(10)(57)Proceeds from capital increase 0(4)Profit attributable to non-controlling interest(17)(27)Other financial activit

185、ies 5232Cash flows from financing activities(70)(109)thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group statement of cash flows 33 million 1st quarter endedDec.31,20221st quarter endedDec.31,2023Net increase/(decrease

186、)in cash and cash equivalents(420)(608)Effect of exchange rate changes on cash and cash equivalents(57)(17)Cash and cash equivalents at beginning of reporting period 7,6387,339Cash and cash equivalents at end of reporting period 7,1606,715thereof cash and cash equivalents within the disposal groups

187、85 Additional information regarding cash flows from interest,dividends and income taxes which are included in operating cash flows:Interest received 2766Interest paid(7)(8)Dividends received 01Income taxes(paid)/received(67)(67)See accompanying notes to financial statements.thyssenkrupp interim repo

188、rt 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group selected notes 34 thyssenkrupp group selected notes Corporate information thyssenkrupp Aktiengesellschaft(“thyssenkrupp AG”or“Company”)is a publicly traded corporation domiciled in Duisburg a

189、nd Essen in Germany.The condensed interim consolidated financial statements of thyssenkrupp AG and its subsidiaries for the period from October 1,2023 to December 31,2023,were reviewed and authorized for issue in accordance with a resolution of the Executive Board on February 12,2024.Basis of presen

190、tation The accompanying groups condensed interim consolidated financial statements have been prepared pursuant to section 115 of the German Securities Trading Act(WpHG)and in conformity with IAS 34“Interim financial reporting”.They are in line with the International Financial Reporting Standards(IFR

191、S)and its interpretations adopted by the International Accounting Standards Board(IASB)for interim financial information effective within the European Union.Accordingly,these financial statements do not include all of the information and footnotes required by IFRS for complete financial statements f

192、or year-end reporting purposes.The accounting principles and practices as applied in the groups condensed interim consolidated financial statements as of December 31,2023 correspond to those pertaining to the most recent annual consolidated financial statements with the exception of the recently ado

193、pted accounting standards.A detailed description of the accounting policies is published in the notes to the consolidated financial statements of our annual report 2022/2023.Review of estimates and judgments The preparation of the group financial statements requires management to make judgments,esti

194、mates and assumptions that affect the application of policies and reported amounts of assets and liabilities,income and expenses.All estimates and assumptions are made to the best of managements knowledge and belief in order to fairly present the groups financial position and results of operations;t

195、hey are reviewed on an ongoing basis.This applies in particular to the possible impacts of the war in Ukraine and possible disruption of global logistics flows due to armed conflicts in the Middle East.In view of this and given the ratio of market capitalization to the thyssenkrupp groups equity,mat

196、erial goodwill and other intangible assets and property,plant and equipment were tested for impairment.In the 1st quarter ended December 31,2023,an impairment loss of 5.0 million was recognized on technical machinery and equipment in the electric steering gear product area in the Automotive Technolo

197、gy segments Steering business unit and an impairment loss of 3 million was recognized in the column EPS product area.The main reason for these impairment losses was the increase in the cost of capital.In the steering gear product area,the recoverable amount relevant for the determination of the impa

198、irment loss is the value in use,which amounts to 386 million,calculated by applying a discount rate(after tax)of 9.08%.In the column EPS product area,too,the recoverable amount relevant for determining the impairment loss is the value in use,which amounts to a total of 166 million and was calculated

199、 by applying a discount rate(after tax)of 9.06%.However,6 million of the impairment losses calculated in this way could not be recognized as the minimum carrying amount specified in IAS 36.105 had already been reached.Due to the fall in demand in the warehousing business,particularly due to the weak

200、 economy in Germany and the associated lower expectations of future earnings,an impairment loss of 37 million had to be recognized in the Materials Germany business field of the Distribution Services business unit in the Materials Services segment in the 1st quarter ended December 31,2023.Of this am

201、ount,thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group selected notes 35 6 million relate to development costs,15 million to buildings and 16 million to technical machinery and equipment.The recoverable amount releva

202、nt for determining the impairment loss is the value in use,which was calculated by applying a discount rate(after tax)of 7.32%.The total value in use was 421 million.In the 1st quarter ended December 31,2023,an impairment loss had to be recognized in the Steel Europe segment mainly due to the increa

203、se in the cost of capital.Applying a discount rate(after tax)of 8.54%to future cash flows,the total carrying amount of 3,841 million as of December 31,2023 resulted in a relevant value in use of 3,655 million.The resulting impairment loss required to be recognized at Steel Europe amounts to approxim

204、ately 183 million.Of this amount,81 million relates to technical machinery and equipment,60 million to construction in progress,17 million to buildings,13 million to land,9 million to other equipment,factory and office equipment,2 million to development costs and 1 million to other intangible assets

205、.The underlying value in use is based on the current assumptions for the course of business up to 2034/2035,taking into account the effects of the green transformation that has been initiated.Thereafter,a simple projection is used for the period to 2063.The current measurement environment remains ch

206、aracterized by uncertainties regarding the economic environment and the dynamic development of the cost of capital.In addition to the items mentioned above,uncertainties arise from numerous other geopolitical crises and trade conflicts on current business performance,including the earnings outlook t

207、hat already existed on September 30,2023.Going forward,the developments and impacts on business performance,for example continued high inflation rates and a continuation of the central banks high interest rate policy compared to the last few years,recurrent flooding or natural catastrophes,for examp

208、le,as a consequence of climate change,and persistently high energy,material and raw material prices,especially in the industrialized regions,are subject to considerable uncertainty from todays perspective;for further details see the presentation of economic conditions in the report on the economic p

209、osition in the interim management report.01 Recently adopted accouting standards In fiscal year 2023/2024,thyssenkrupp adopted the following standards and amendments to existing standards that do not have a material impact on the groups consolidated financial statements:IFRS 17“Insurance Contracts”,

210、issued in May 2017,including Amendments to IFRS 17“Amendments to IFRS 17”,issued in June 2020 Amendments to IAS 1“Presentation of Financial Statements and IFRS Practice Statement 2:Disclosure of Accounting Policies”,issued in February 2021 Amendments to IAS 8“Accounting policies,Changes in Accountin

211、g Estimates and Errors:Definition of Accounting Estimates”,issued in February 2021 Amendments to IAS 12“Income Taxes:Deferred Tax related to Assets and Liabilities arising from a Single Transaction”,issued in May 2021 Amendments to IFRS 17“Insurance Contracts.Initial Application of IFRS 17 and IFRS

212、9 Comparative Information”,issued in December 2021 Amendments to IAS 12“Income Taxes:International Tax Reform Pillar Two Model Rules”,issued in May 2023 thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group selected note

213、s 36 02 thyssenkrupp Industries India disposal group In connection with the refocusing of thyssenkrupps portfolio,in the 2022/2023 fiscal year a divestment process was initiated by the Decarbon Technologies segment for thyssenkrupps approximately 55%interest in thyssenkrupp Industries India Ltd.,whi

214、ch meets the criteria set out in IFRS 5 for recognition as a disposal group for the first time in the 1st quarter ended December 31,2023.Therefore,the assets and liabilities attributable to these operations are presented separately in the statement of the financial position as of December 31,2023 in

215、 the line items“assets held for sale”and“liabilities associated with assets held for sale”,respectively.thyssenkrupp Industries India operates in the mining,cement,energy,and sugar plants business areas.An agreement to sell thyssenkrupps shares to a consortium of co-owners who are already invested i

216、n this company was signed on January 22,2024.Closing of this disposal is expected in the 3rd quarter of the present fiscal year after fulfillment of the necessary closing conditions,especially after the transaction was approved by the Competition Control Authority of India.In connection with the ini

217、tiated sale immediately before the initial classification as a disposal group it has been ensured that the measurement of the assets is in accordance with IAS 36.This has not resulted in any impairment.Following initial classification as a disposal group,the measurement of the disposal group at fair

218、 value less costs to sell resulted in impairment loss of 9 million relating to intangible assets.The impairment loss was recognized in other expenses in the 1st quarter ended December 31,2023.The non-recurring measurement at fair value less costs to sell is based on the negotiated purchase price.The

219、 assets and liabilities of the disposal group as of December 31,2023 are presented in the following table;(1)million of cumulative other comprehensive income presented within equity is attributable to the disposal group.THYSSENKRUPP INDUSTRIES INDIA DISPOSAL GROUP million Dec.31,2023Intangible asset

220、s 20Property,plant and equipment(inclusive of investment property)8Other financial assets 41Deferred tax assets 3Inventories 38Trade accounts receivable 29Contract assets 88Other current financial assets 2Other current non-financial assets 38Cash and cash equivalents 85Assets held for sale 350Provis

221、ions for pensions and similar obligations 3Provisions for current employee benefits 1Other current provisions 13Current income tax liabilities 1Trade accounts payable 65Contract liabilities 55Other current non-financial liabilities 13Liabilities associated with assets held for sale 152 thyssenkrupp

222、interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group selected notes 37 03 Provision for pensions and similar obligations Based on updated interest rates and fair value of plan assets,an updated valuation of pension obligations was p

223、erformed as of December 31,2023:PROVISIONS FOR PENSIONS AND SIMILAR OBLIGATIONS million Sept.30,2023Dec.31,2023Pension obligations 5,2945,868Partial retirement 150159Other pension-related obligations 3026Reclassification due to the presentation as liabilities associated with assets held for sale 0(3

224、)Total 5,4746,050 The Group applied the following weighted average assumptions to determine pension obligations:WEIGHTED AVERAGE ASSUMPTIONS Sept.30,2023 Dec.31,2023 in%Germany Other countriesTotalGermany Other countriesTotalDiscount rate for accrued pension obligations 4.20 3.834.113.30 3.313.30 04

225、 Other provisions The restructuring provisions included in other provisions decreased by 15 million to 79 million compared with September 30,2023.Additions in the amount of 3 million,mainly relating to the Steel Europe and Material Services segments,were outweighed mainly by amounts utilized.05 Fina

226、ncial debt In December 2023,Moodys rating agency left its rating unchanged but raised the outlook from stable to positive.thyssenkrupp discontinued rating by Fitch as of December 31,2023.thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp grou

227、p|thyssenkrupp group selected notes 38 06 Contingencies and commitments Contingencies thyssenkrupp AG as well as,in individual cases,its subsidiaries have issued or have had guarantees in favor of business partners or lenders.The following table shows obligations under guarantees where the principal

228、 debtor is not a consolidated group company:CONTINGENCIES Maximum potential amount of future payments as ofProvision as ofmillion Dec.31,2023Dec.31,2023Performance bonds 140Payment guarantees 201Other guarantees 50Total 391 The thyssenkrupp group has issued or has had issued guarantees for TK Elevat

229、or GmbH and its subsidiaries in favor of their customers which decreased by 5 million to 9 million as of December 31,2023 compared to September 30,2023.The buyer consortium has undertaken to indemnify thyssenkrupp against expenses in connection with the guarantees until they are fully discharged.As

230、additional security,thyssenkrupp has received guarantees in the same amount from the buyer.The basis for possible payments under the guarantees is always the non-performance of the principal debtor under a contractual agreement,e.g.late delivery,delivery of non-conforming goods under a contract or n

231、on-performance with respect to the warranted quality.All guarantees are issued by or issued by instruction of thyssenkrupp AG or subsidiaries upon request of the principal debtor obligated by the underlying contractual relationship and are subject to recourse provisions in case of default.If such a

232、principal debtor is a company owned fully or partially by a foreign third party,the third party is generally requested to provide additional collateral in a corresponding amount.Commitments and other contingencies The groups existing purchasing commitments from energy supply contracts decreased to 1

233、.3 billion as of December 31,2023,a drop of 0.5 billion compared with September 30,2023.Furthermore due to the high volatility of iron ore prices,in the Steel Europe segment the existing long-term iron ore and iron ore pellets supply contracts are measured for the entire contract period at the iron

234、ore prices applying as of the respective balance sheet date.Compared with September 30,2023,purchasing commitments remain unchanged at 0.9 billion.In the Steel Europe segment,there was a purchase commitment of 1,488 million as of December 31,2023(September 30,2023:1,450 million)relating to the const

235、ruction of the direct reduction plant.This is covered to a significant extent by grants from the federal government and the state of North Rhine-Westphalia.In this context,the thyssenkrupp group received payments under government grants totaling 193 million in the 1st quarter ended December 31,2023.

236、In the arbitration proceedings filed by the Greek government against thyssenkrupp Industrial Solutions AG,thyssenkrupp Marine Systems GmbH and the Greek shipyard Hellenic Shipyards(HSY),in which Industrial Solutions previously held a majority interest,and against the present majority shareholder of

237、HSY,the arbitration court dismissed the claims against the thyssenkrupp companies in a partial ruling in September 2023.The Greek government has not appealed this partial ruling and the deadline for appeal has now passed.The arbitration proceedings in this matter therefore now only relate to claims

238、against the other defendants.The thyssenkrupp thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group selected notes 39 companies are still formally party to the proceedings only because a decision on the allocation of the

239、 legal costs will only be taken uniformly at the end of the proceedings.A provision of a low six-digit amount has been recognized for this.As a result,the proceedings no longer meet the criteria for contingencies that have to be specified individually and will consequently not be included in future

240、reporting.There have been no material changes to the other commitments and contingencies since the end of fiscal year 2022/2023.07 Financial instruments The carrying amounts of trade accounts receivable measured at amortized cost,other current receivables as well as cash and cash equivalents equal t

241、heir fair values due to the short remaining terms.For money market funds and trade accounts receivable measured at fair value,the carrying amount equals the fair value.For the preference shares in connection with the Elevator investment,which are classified as equity instruments,the option was exerc

242、ised to recognize them at fair value in equity(without recycling)due to their significance.Miscellaneous other financial assets include the loans from the elevator transaction,which are measured at amortized cost;see also Note 08.The other equity and debt instruments are in general measured at fair

243、value income-effective,which is based to the extent available on market prices as of the balance sheet date.When no quoted market prices in an active market are available,equity and debt instruments are measured by discounting future cash flows based on current market interest rates over the remaini

244、ng term of the financial instruments.The fair value of foreign currency forward transactions is determined on the basis of the middle spot exchange rate applicable as of the interim balance sheet date,and taking account of forward premiums or discounts arising for the respective remaining contract t

245、erm compared to the contracted forward exchange rate.Common methods for calculating option prices are used for foreign currency options.The fair value of an option is influenced not only by the remaining term of an option,but also by other factors,such as current amount and volatility of the underly

246、ing exchange or base rate.Interest rate swaps and cross currency swaps are measured at fair value by discounting expected cash flows on the basis of market interest rates applicable for the remaining contract term.In the case of cross currency swaps,the exchange rates for each foreign currency,in wh

247、ich cash flows occur,are also included.The fair value of commodity futures is based on published price quotations.It is measured as of the interim balance sheet date,both internally and by external financial partners.Since the beginning of the fiscal year 2022/2023,fluctuations in the fair value of

248、CO2 forward contracts have no longer been recognized directly in equity in other comprehensive income as part of hedge accounting but income effective in the statement of income under cost of sales.The carrying amounts of trade accounts payable and other current liabilities equal their fair values d

249、ue to the short remaining term.The fair value of fixed rate non-current liabilities equals the present value of expected cash flows.Discounting is based on interest rates applicable as of the balance sheet date.The carrying amounts of floating rate liabilities approximately correspond to their fair

250、values.thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group selected notes 40 Financial liabilities measured at amortized cost with a carrying amount of 7,024 million as of December 31,2023(September 30,2023:7,405 milli

251、on)have a fair value of 7,011 million(September 30,2023:7,382 million)that was determined based on fair value measurement attributable to level 2.Financial assets and liabilities measured at fair value could be categorized in the following three level fair value hierarchy:FAIR VALUE HIERARCHY AS OF

252、SEPT.30,2023 million Sept.30,2023Level 1 Level 2Level 3Financial assets at fair value Fair value recognized in profit or loss Derivatives not qualifying for hedge accounting 480 480Equity instruments 138 50Fair value recognized in equity Trade accounts receivable 1,181 1,181 Equity instruments 72 72

253、Debt instruments(measured at fair value)4848 00Derivatives qualifying for hedge accounting 320 320Total 1,39456 1,26672Financial liabilities at fair value Fair value recognized in profit or loss Derivatives not qualifying for hedge accounting 1110 1110Cash equivalents 2,6602,660 Fair value recognize

254、d in equity Derivatives qualifying for hedge accounting 210 210Total 2,7922,660 1320 FAIR VALUE HIERARCHY AS OF DEC.31,2023 million Dec.31,2023Level 1 Level 2Level 3Financial assets at fair value Fair value recognized in profit or loss Derivatives not qualifying for hedge accounting 660 660Equity in

255、struments 138 50Fair value recognized in equity Trade accounts receivable 879 879 Equity instruments 73 73Debt instruments(measured at fair value)1111 00Derivatives qualifying for hedge accounting 90 90Total 1,05119 95973Financial liabilities at fair value Fair value recognized in profit or loss Der

256、ivatives not qualifying for hedge accounting 720 720Cash equivalents 2,3602,360 Fair value recognized in equity Derivatives qualifying for hedge accounting 80 80Total 2,4402,360 800 thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thy

257、ssenkrupp group selected notes 41 The fair value hierarchy reflects the significance of the inputs used to determine fair values.Financial instruments with fair value measurement based on quoted prices in active markets are disclosed in level 1.In level 2 determination of fair values is based on obs

258、ervable inputs,e.g.foreign exchange rates.Level 3 comprises financial instruments for which the fair value measurement is based on unobservable inputs using recognized valuation models.In the reporting quarter there were no reclassifications between level 1 and level 2.Changes of the equity instrume

259、nts included in level 3 were as follows:RECONCILIATION LEVEL 3 FINANCIAL INSTRUMENTS million Balance as of Sept.30,2023 72Changes income non-effective 1Balance as of Dec.31,2023 73 The equity instruments based on individual measurement parameters and recognized at fair value solely comprise the pref

260、erence shares in Vertical Topco I S.A.,Luxembourg,from the investment in TK Elevator.The fair value of the preference shares is determined on the basis of a financial valuation model(discounted cash flow method),which takes account of the contractually-based expected future cash flows from the prefe

261、rence shares.The value of the preference shares is determined by discounting the fixed interest rate with a capitalization interest rate,the amount of which is based on the risk/return structure observable on the capital market on the reporting date.The value of the preference shares is therefore su

262、bject to capital market-related fluctuations.As of December 31,2023,a risk-adjusted discount rate of 11.40%was applied(Sept.30,2023:11.05%).The measurement result is reported directly in equity under other comprehensive income under the item“Fair value measurement of equity instruments”.Impairment o

263、f trade accounts receivable and contract assets The expected default rates for trade accounts receivable are mainly derived from external credit information and ratings for each counterparty,which allows more accurate calculation of the probability of default compared with the formation of rating cl

264、asses.The customer risk numbers assigned by trade credit insurers and the creditworthiness information provided by credit agencies are translated into an individual probability of default per customer using a central allocation system.This individual probability of default per customer is used unifo

265、rmly throughout the thyssenkrupp group.The information is updated quarterly.If no rating information is available at counterparty level,an assessment is made based on the average probability of default for each segment plus an appropriate risk premium.For the group financial statements as of Decembe

266、r 31,2023,the latest external credit information and ratings were used,which already take into account current expectations of the possible effects of the war in the Ukraine.Therefore,no additional adjustment of impairment is necessary in this model.The defaults refer in particular to insolvency cas

267、es that could not be derived from the rating information in the prior year.thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group selected notes 42 08 Segment reporting Segment reporting follows thyssenkrupps internal con

268、trol concept.As a consequence of the thyssenkrupp groups new segment structure,which was resolved in the 4th quarter of fiscal year 2022/2023 and introduced effective October 1,2023,there have been the following reporting changes compared with the prior year:The former Multi Tracks segment was disso

269、lved effective October 1,2023.The bearings business Rothe Erde(reported separately as the Bearings segment as of September 30,2023),Uhde,Polysius,and thyssenkrupp nucera(all three allocated to the former Multi Tracks segment until September 30,2023)have been bundled in the new Decarbon Technologies

270、segment since October 1,2023.In addition,the new Decarbon Technologies segment contains thyssenkrupp Immobilien Verwaltungs GmbH,which was previously assigned to the Steel Europe segment.Since October 1,2023,the Automation Engineering and Springs&Stabilizers businesses(assigned to the former Multi T

271、racks segment until September 30,2023)have been part of the Automotive Technology segment.The same applies to the Forged Technologies business(reported as a separate segment as of September 30,2023).Since October 1,2023,the investment in TK Elevator held by thyssenkrupp since the sale of the Elevato

272、r Technology business at the end of July 2020 has been assigned to Special Units within the“Reconciliation”in the segment reporting(included in the former Multi Tracks segment in the 2022/2023 fiscal year).For information on the components of this investment,please see below in this Note.thyssenkrup

273、p Transrapid GmbH,which was previously part of the Marine Systems segment,has been reported within Service Units within the“Reconciliation”in the segment reporting since October 1,2023.Prior-year figures have been adjusted accordingly.Segment information for the 1st quarter ended December 31,2022 an

274、d 2023,respectively is as follows:SEGMENT INFORMATION million AutomotiveTechnologyDecarbonTechnologiesMaterials Services SteelEuropeMarineSystemsCorporate Headquarters ReconciliationGroup1st quarter ended Dec.31,2022 External sales 1,8838403,175 2,6055090 79,018Internal sales within the group 2871 3

275、40(2)2(421)0Sales 1,8848483,246 2,9455072(414)9,018EBIT 311822 18617(44)16246Adjusted EBIT1)461920 9019(43)17168 1st quarter ended Dec.31,2023 External sales 1,8618952,795 2,1914330 48,181Internal sales within the group 1564 25502(327)0Sales 1,8639002,860 2,4464332(323)8,181EBIT 42(25)(13)(143)18(61

276、)(3)(185)Adjusted EBIT 48(17)26 6917(57)(3)84 1)The presentation of the 1st quarter ended December 31,2022 has been adjusted for Steel Europe and for the Group.In the 1st half ended March 31,2023 the definition of the key performance indicator adjusted EBIT was amended in respect of the special item

277、s to be taken into account.This was due to the fact that hedge accounting for CO2 forward contracts in the Steel Europe segment was discontinued at the beginning of the 2022/2023 fiscal year.As a result,changes in fair value are no longer recognized directly in equity but in the statement of income

278、under cost of sales.The resulting effects are treated as a special item in the thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group selected notes 43 statement of income and therefore no longer impact the key performanc

279、e indicator adjusted EBIT.The presentation of the 1st quarter ended December 31,2022 has been adjusted for Steel Europe and for the Group retrospectively.Compared with September 30,2023,average capital employed decreased by 148 million to 1,000 million at Decarbon Technologies,by 205 million to 3,46

280、3 million at Materials Services and by 1,838 million to 3,563 million at Steel Europe as of December 31,2023.The column“Reconciliation”breaks down as following:BREAKDOWN RECONCILIATION million Service UnitsSpecial Units ConsolidationReconciliation1st quarter ended Dec.31,2022 External sales 61 07Int

281、ernal sales within the group 557(483)(421)Sales 618(483)(414)EBIT 4(6)1816Adjusted EBIT 5(6)1817 1st quarter ended Dec.31,2023 External sales 41(1)4Internal sales within the group 587(392)(327)Sales 628(393)(323)EBIT 5(6)(1)(3)Adjusted EBIT 4(6)(1)(3)thyssenkrupps investment in TK Elevator comprises

282、 of several financing instruments which are accounted for as follows:Ordinary shares(with voting rights)in Vertical Topco I S.A.,Luxembourg.Due to the existence of significant influence,the ordinary shares are treated and reported as an investment accounted for using the equity method in accordance

283、with the requirements of IAS 28.Amortization of the acquisition cost is recognized in financial income from companies accounted for using the equity method in the statement of income.Preference shares(with voting rights)in Vertical Topco I S.A.,Luxembourg.The preference shares are treated as an equi

284、ty instrument in accordance with IAS 32 and IFRS 9 and reported under other non-current financial assets.Subsequent measurement is at fair value,with changes in fair value recognized directly in equity(without recycling).Interest-free loans(borrower:Vertical Topco I S.A.,Luxembourg).The interest-fre

285、e loans are treated as debt instruments in accordance with IAS 32 and IFRS 9 and likewise reported under other non-current financial assets.They are measured at amortized cost,with income effects from subsequent measurement recognized in finance income/finance expense under financial income/expense

286、in the statement of income.thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group selected notes 44 The reconciliation of the earnings figure adjusted EBIT to income/(loss)before tax as presented in the statement of incom

287、e is presented below:RECONCILIATION ADJUSTED EBIT TO INCOME/(LOSS)BEFORE TAX million 1st quarter endedDec.31,20221st quarter endedDec.31,2023Adjusted EBIT as presented in segment reporting 16884Special items 78(269)EBIT as presented in segment reporting 246(185)+Non-operating income/(expense)from co

288、mpanies accounted for using the equity method(27)(40)+Finance income 204246 Finance expense(261)(263)Items of finance income assigned to EBIT based on economic classification 0(1)+Items of finance expense assigned to EBIT based on economic classification 411Income/(loss)group(before tax)167(232)In t

289、he 1st quarter ended December 31,2023,the special items mainly comprised impairment losses and losses on the measurement of CO2 forward contracts in the Steel Europe segment,impairment losses in the warehousing business in the Materials Services segment,and impairment losses in the Steering business

290、 unit in the Automotive Technology segment.In the 1st quarter ended December 31,2022,the special items mainly comprised gains from the measurement of CO2 forward contracts in the Steel Europe segment and impairment losses in the Steering business unit at Automotive Technology.thyssenkrupp interim re

291、port 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group selected notes 45 09 Sales Sales and sales from contracts with customers are presented below:SALES million AutomotiveTechnologyDecarbonTechnologiesMaterials Services SteelEuropeMarineSystem

292、sCorporate Headquarters ReconciliationGroup1st quarter ended Dec.31,2022 Sales from sale of finished products 1,396297448 2,70580(305)4,548Sales from sale of merchandise 165352,765 4540(28)2,986Sales from rendering of services 7480185 53122(37)369Sales from construction contracts 2124161 04350(1)1,0

293、62Other sales from contracts with customers 30190 139500(2)236Subtotal sales from contracts with customers 1,8778463,399 2,9425092(374)9,201Other sales 72(153)3(2)0(40)(183)Total 1,8848483,246 2,9455072(414)9,0181st quarter ended Dec.31,2023 Sales from sale of finished products 1,389246394 2,26890(2

294、34)4,071Sales from sale of merchandise 150372,227 2311(27)2,412Sales from rendering of services 6866185 49121(36)346Sales from construction contracts 2205369 04090(4)1,171Other sales from contracts with customers 33140 10310(3)149Subtotal sales from contracts with customers 1,8628992,814 2,4434322(3

295、04)8,149Other sales 1145 310(19)32Total 1,8639002,860 2,4464332(323)8,181 thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group selected notes 46 SALES FROM CONTRACTS WITH CUSTOMERS BY CUSTOMER GROUP million AutomotiveTe

296、chnologyDecarbonTechnologiesMaterials Services SteelEuropeMarineSystemsCorporate Headquarters ReconciliationGroup1st quarter ended Dec.31,2022 Automotive 1,6677518 79501 413,028Trading 11612386 275(1)1 66855Engineering 65286321 7430 0749Steel and related processing 225573 1,00300(452)1,151Constructi

297、on 07170 1300(6)185Public sector 0320 25010 8534Packaging 0043 41400 8465Energy and utilities 0364 18300 2252Other customer groups 275041,303 18460(42)1,983Total 1,8778463,399 2,9425092(374)9,2011st quarter ended Dec.31,2023 Automotive 1,6488466 74401(4)2,863Trading 886488 51011(192)902Engineering 1

298、01271225 5700 0656Steel and related processing 116425 47800(92)828Construction 06137 900 1153Public sector 0314 24290(1)447Packaging 0328 35100(1)382Energy and utilities 0332 14100 0176Other customer groups 23584998 14930(16)1,742Total 1,8628992,814 2,4434322(304)8,149 thyssenkrupp interim report 1s

299、t quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group selected notes 47 SALES FROM CONTRACTS WITH CUSTOMERS BY REGION million AutomotiveTechnologyDecarbonTechnologiesMaterials Services SteelEuropeMarineSystemsCorporate Headquarters ReconciliationGrou

300、p1st quarter ended Dec.31,2022 German-speaking area1)5221211,048 1,6111321(315)3,120Western Europe 271116519 6481090(27)1,636Central and Eastern Europe 7436499 23000(21)818Commonwealth of Independent States 132 100 07North America 5461121,089 27111(34)1,986South America 105147 29770 4237Asia/Pacific

301、 1642113 8460(1)224Greater China 29420248 2200 11576India 159034 1740 2162Middle East&Africa 3310941 1051400 7435Total 1,8778463,399 2,9425092(374)9,2011st quarter ended Dec.31,2023 German-speaking area1)49592932 1,2741451(242)2,697Western Europe 272135429 5971070(39)1,500Central and Eastern Europe

302、14314369 20000(15)712Commonwealth of Independent States 133 200 09North America 54689904 21531(5)1,753South America 874723 30840(1)271Asia/Pacific 153875 7450 1182Greater China 27411524 1200(1)422India 1214640 2750 0230Middle East&Africa 1822015 77430(1)373Total 1,8628992,814 2,4434322(304)8,149 1)G

303、ermany,Austria,Switzerland,Liechtenstein Of the sales from contracts with customers 2,264 million(prior year:1,385 million)results from long-term contracts and 5,885 million(prior year:7,816 million)from short-term contracts in the 1st quarter ended December 31,2023,1,595 million(prior year:1,844 mi

304、llion)relates to sales recognized over time,and 6,554 million(prior year:7,356 million)to sales recognized at a point in time in the 1st quarter ended December 31,2023.10 Other income Other income includes income from electricity price compensation and further income from premiums and from grants.11

305、 Financial income/(expense),net The line item“Income from investments accounted for using the equity method”includes expenses in the amount of 40 million(prior year:27 million)in the 1st quarter ended December 31,2023 from ordinary shares in Vertical Topco I S.A.,Luxembourg,which are part of the Ele

306、vator investment(cf.Note 08).thyssenkrupp interim report 1st quarter 2023/2024 Condensed interim financial statements of the thyssenkrupp group|thyssenkrupp group selected notes 48 12 Earnings per share Basic earnings per share are calculated as follows:EARNINGS PER SHARE(EPS)1st quarter ended Dec.3

307、1,2022 1st quarter ended Dec.31,2023 Total amountin million Earnings per share in Total amountin million Earnings pershare in Net income/(loss)(attributable to thyssenkrupp AGs shareholders)750.12(314)(0.50)Weighted average shares 622,531,741 622,531,741 There were no dilutive securities in the peri

308、ods presented.13 Additional information to the statement of cash flows The liquid funds considered in the statement of cash flows can be derived from the balance sheet position“Cash and cash equivalents”as following:RECONCILIATION OF LIQUID FUNDS million Dec.31,2022 Sept.30,2023Dec.31,2023Cash 1,468

309、 2,6412,337Cash equivalents 5,692 4,6994,293Cash and cash equivalents according to the balance sheet 7,160 7,3396,629Cash and cash equivalents of disposal groups 0 085Liquid funds according to statement of cash flows 7,160 7,3396,715 As of December 31,2023 cash and cash equivalents of 37 million(Dec

310、ember 31,2022:16 million;September 30,2023:104 million)result from the joint operation HKM.Essen,February 12,2024 thyssenkrupp AG The Executive Board Lpez Burkhard Dinstuhl Henne Keysberg thyssenkrupp interim report 1st quarter 2023/2024 Review report 49 Review report To thyssenkrupp AG,Duisburg and

311、 Essen We have reviewed the condensed interim consolidated financial statements of thyssenkrupp AG,Duisburg and Essen comprising the consolidated statement of financial position,the consolidated statement of income and the consolidated statement of comprehensive income,the consolidated statement of

312、changes in equity,the consolidated statement of cash flows and selected notes together with the interim group management report of thyssenkrupp AG,for the period from October 1,2023 to December 31,2023 that are part of the quarterly financial report according to 115 WpHG“Wertpapierhandelsgesetz”:“Ge

313、rman Securities Trading Act”.The preparation of the condensed interim consolidated financial statements in accordance with International Accounting Standard IAS 34“Interim Financial Reporting”as adopted by the EU,and of the interim group management report in accordance with the requirements of the W

314、pHG applicable to interim group management reports,is the responsibility of the Companys management.Our responsibility is to issue a report on the condensed interim consolidated financial statements and on the interim group management report based on our review.We performed our review of the condens

315、ed interim consolidated financial statements and the interim group management report in accordance with the German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprfer(IDW).Those standards require that we plan and perform the review so

316、that we can preclude through critical evaluation,with a certain level of assurance,that the condensed interim consolidated financial statements have not been prepared,in material respects,in accordance with IAS 34,“Interim Financial Reporting”as adopted by the EU,and that the interim group managemen

317、t report has not been prepared,in material respects,in accordance with the requirements of the WpHG applicable to interim group management reports.A review is limited primarily to inquiries of company employees and analytical assessments and therefore does not provide the assurance attainable in a f

318、inancial statement audit.Since,in accordance with our engagement,we have not performed a financial statement audit,we cannot issue an auditors report.Based on our review,no matters have come to our attention that cause us to presume that the condensed interim consolidated financial statements have n

319、ot been prepared,in material respects,in accordance with IAS 34,“Interim Financial Reporting”as adopted by the EU,or that the interim group management report has not been prepared,in material respects,in accordance with the requirements of the WpHG applicable to interim group management reports.Dsse

320、ldorf,February 13,2024 KPMG AG Wirtschaftsprfungsgesellschaft Marc Ufer Dr.Markus Zeimes Wirtschaftsprfer Wirtschaftsprfer German Public Auditor German Public Auditor thyssenkrupp interim report 1st quarter 2023/2024 Additional information|Contact and 2024/2025 financial calendar 50 Contact and 2024

321、/2025 financial calendar For more information please contact:Communications Phone:+49 201 844536043 Fax:+49 201 844536041 Email: Investor Relations Email: Institutional investors and analysts Phone:+49 201 844536464 Fax:+49 201 8456531000 Private investors Phone:+49 201 844536367 Fax:+49 201 8456531

322、000 Published by thyssenkrupp AG thyssenkrupp Allee 1,45143 Essen,Germany Postfach,45063 Essen,Germany Phone:+49 201 8440 Fax:+49 201 844536000 Email: 2024/2025 financial calendar May 15,2024 Interim report 1st half 2023/2024(October to March)August 14,2024 Interim report 9 months 2023/2024(October

323、to June)November 19,2024 Annual report 2023/2024(October to September)January 31,2025 Annual General Meeting February 13,2025 Interim report 1st quarter 2024/2025(October to December)This interim report was published on February 14,2024.Produced in-house using firesys.Forward-looking statements This

324、 document contains forward-looking statements that reflect managements current views with respect to future events.Such statements are subject to risks and uncertainties that are beyond thyssenkrupps ability to control or estimate precisely,such as the future market environment and economic conditio

325、ns,the behavior of other market participants,the ability to successfully integrate acquired businesses and achieve anticipated synergies and the actions of government regulators.Therefore,the actual results may differ materially from the results explicitly presented or implicitly contained in this f

326、inancial report.The forward-looking statements contained in this financial report will not be updated in the light of events or developments occurring after the date of the report.Rounding differences and rates of change Percentages and figures in this report may include rounding differences.The sig

327、ns used to indicate rates of change are based on economic aspects:Improvements are indicated by a plus(+)sign,deteriorations are shown in brackets().Very high positive and negative rates of change(100%or(100)%)are indicated by+and respectively.Variances for technical reasons Due to statutory disclos

328、ure requirements the Company must submit this financial report electronically to the Federal Gazette(Bundesanzeiger).For technical reasons there may be variances in the accounting documents published in the Federal Gazette.German and English versions of the financial report can be downloaded from the internet at .In the event of variances,the German version shall take precedence over the English translation.Additional information