Highlights^1,2,3

• Business year 2009/10 the most difficult in decades due to the economic climate. Gradual economic recovery since summer 2009, the extent and speed of which varies significantly across the regions and industries.
• The sustainability of the upswing will largely depend on the effects of the strained financial situation in many economies, and further economic development in the emerging markets, especially China.
• Extremely challenging economic environment compared to 2008/09 resulting in a decline in revenue of 27.1% from EUR 11,724.9 million to EUR 8,550.0 million.
• Despite the economic slump EBITDA and EBIT remain highly positive at EUR 1,004.3 million
  (–41.3%) and EUR 352.0 million (–64.4%).
• EBITDA positive in all four individual quarters across both the Group and the divisions.
• Group EBIT only slightly negative in the first quarter, at EUR –26.3 million, massive development over the course of the year to a final EUR 176.8 million (fourth quarter).
• Economic slump results in decline in profits before tax of 73.8%, from EUR 700.0 million to EUR 183.3 million, and profit for the period⁴ of 69.5%, from EUR 611.6 million to EUR 186.8 million.
• Earnings per share at EUR 0.65 significantly below last year’s figure (EUR 3.26 per share) but still clearly positive.
• Dividend reduced from EUR 1.05 per share to EUR 0.50 per share (recommendation to the Annual General Meeting), nevertheless 2.2% dividend yield (measured against annual average rate).
• At EUR 1,019.2 million, highest free cash flow in the Group’s history.
• Massive reduction in the gearing ratio from 88.2% (March 31, 2009) to 71.3% in spite of difficult economic conditions and dividend paid to shareholders and hybrid capital owners.
• Widespread and consistently implemented crisis management significantly reduces the break-even point both for the Group and each individual division, and leads to an above average increase in results over the course of the business year 2009/10 compared to revenue development. EBITDA and EBIT margins in the fourth quarter 2009/10 again back up, at 15.1% and 7.8%.
• A cost optimization and efficiency program being implemented across the Group is targeted at generating EUR 600 million (2012/13) in sustainable cost savings.
• The number of employees (core employees and temporary personnel, excluding apprentices) dropped by –10.2%, from 47,182 to 42,357 employees as compared to the beginning of the crisis in September 2008.
• The (purely accounting) effects of the purchase price allocation (ppa) arising from the BÖHLER-UDDEHOLM acquisition adversely affected the operating result (EBIT) of the Group and the Stainless Steel Division by EUR 116.4 million in the business year 2009/10 so that EBIT before ppa amounts to EUR 468.4 million; this represents an EBIT margin before ppa of 5.5%.

1 Pursuant to IFRS, all stated figures are after purchase price allocation (ppa). Please refer to the inside cover of the Annual Report 2007/08 for more details about ppa.

2 Retroactively adjusted according to IFRS 5 in the Automotive Division—Resumption of the division’s plastics operations and the company Amstutz Levin & Cie in continuing company operations.

3 Unless otherwise expressly stated, all comparative figures refer to the business year 2008/09.

4 Before minority interests and interest on hybrid capital.