The Thyssenkrupp steel and industrial group believes that the planned split will mean significant costs. The new financial year 2018/19 (from the end of September), net income and free cash flows would be charged by preliminary calculations with a sum of three digits of a million euro, the company said on Wednesday. Thyssenkrupp wants to share himself in two parts: in one company for the industrial sectors, and another for the business of materials. The Annual General Meeting is to vote on the divide in January 2020.
The timetable designed by the ThyssenKrupp stock market chart envisages that the new companies will be fully operational independently by October 1st, 2019. The Group intends to submit the disclosure report to & # 39 ; r next annual conference conference in the coming year. The appointment of the two board teams will be decided in the spring of 2019.
The department hopes that Thyssenkrupp will hope to increase the value of individual businesses, for example by raising reserves in the elevator business. In addition, companies should become more competitive on their own and be able to make faster decisions.
A higher surplus is expected in the new financial year
Despite the burdens, Thyssenkrupp expects a significantly higher net income for the new year compared to the previous year. It is said to increase the gains of continuous operations as well as the positive effects of completing the joint venture with Tata Steel more than making sure about the burden. Expected operating earnings prospects (EBIT) do not include the results of the steel business. The joint venture, whose approval is still expected by the European competition authority, sees Thyssenkrupp on a timetable.
In ongoing operations, Thyssenkrupp expects to adjust EBIT to increase from € 706 million to more than € 1 billion. The proposed savings should also contribute to the increase.
Surplus below expected in the last financial year
Reduced net income from 271 million to 60 million euros, adapted for steel activities sold in America. The reason for this was the problem with projects in the shipping and shipping construction, quality problems in the joint business, high costs of raw materials for coders and provisions for the ongoing anti-bad action.
For this reason, Thyssenkrupp had dropped in anticipation for the second time in early November. The net income was again lower than what was predicted by Thyssenkrupp, with a final forecast of around EUR 100 million. However, shareholders should accept a dividend unchanged from € 0.15 per share.
EBIT has modified to reduce from 1.72 to 1.55 billion euros. Originally, Thyssenkrupp had set a range of € 1.8 to 2 billion in the EBIT. The Group achieved higher savings of 890 million euros than originally planned with 750 million euros.
Disagree on the Supervisory Board for Chief Financial Officer Daimler Uebber
CEO Thyssenkrupp, Guido Kerkhoff, is applying for the investors to scare after the fall in earnings and share price. "We are clearly committed to current performance goals and actions are being taken with businesses to deliver," the manager announced when presenting the figures.
Kerkhoff announced that the joint steel drive drive and division of the group would intend and trim the production lines of business. "The department reduces complexity and allows both companies to respond more independently, faster and more effectively to customers and markets, and to target investors with different directions."
But Kerkhoff has another building site: According to information from the manager of the magazine, the Supervisory Board on Tuesday could not agree to appoint the Daimler CFO Bodo Uebber. Only the former Bosch manager Martina Merz will now be in possession of one of the two vacancies on the board.
Read the interview on manager's magazine premium:
Who has the power in Thyssenkrupp, Mr. Pellens?
According to reports, the Krupp Foundation (about 21 per cent of capital) represented by the Ursula Gathering Foundation, and employee representatives around Vice President of Supervisory Board Markus Grolms were tired that Uebber wanted to take over the chairmanship of the Supervisory Board after the election.
mg / rtr, dpa-afx