The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Jason Fairclough - BofA Global Research - Analyst
: Yes. It's this Teams. So we're Zoom people, sorry about that. Look, two quick questions for me, guys. First one is on Elevator.
Second one is on Marine. First one, I think, is hopefully a simple question. What is the actual euro carrying value of the Elevator investment today?
Why don't I just stop there?
Question: Jason Fairclough - BofA Global Research - Analyst
: Okay, great. Second, just on Marine, there's been a few different stories out there suggesting what the path is now. Obviously the Carlyle bid
foundered last year, it seems on lack of government engagement.
So the latest we hear or the latest we read is maybe IPO plus dividend in specie. Is that something you can confirm?
Question: Jason Fairclough - BofA Global Research - Analyst
: And in terms of actually going ahead with that IPO, is there still a requirement here for the government to take a stake before that IPO can go
ahead, or is this something that can happen without government involvement?
Question: Jason Fairclough - BofA Global Research - Analyst
: Okay. And again, just to come back to it, so is the medium-term plan to hold the rest of the shares or is it actually to dividend those out to shareholders?
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FEBRUARY 13, 2025 / 10:00AM, TKAG.DE - Q1 2025 thyssenkrupp AG Earnings Call
Question: Jason Fairclough - BofA Global Research - Analyst
: Okay, so just so that I'm clear then, Miguel, you want to hold it or you want to spin these things eventually?
Question: Jason Fairclough - BofA Global Research - Analyst
: Okay. I mean, just a comment. One of the, let's say criticisms that historically is that it's a conglomerate, right? So if you list another business and
then it just sits there, that again sounds like a recipe for ongoing de-rating. Why not just list it and then spin the shares?
Question: Jason Fairclough - BofA Global Research - Analyst
: Okay, I like that answer. Thank you, sir, and thanks for the questions. Yeah.
Question: Jason Fairclough - BofA Global Research - Analyst
: All right, so I love starting and ending. That's great. Thank you, sir. maybe a simple question. I'm trying to think about freeing up capital as you get
the government on board, which allows you to sort of release the capital associated with the guarantees in the Marine business.
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FEBRUARY 13, 2025 / 10:00AM, TKAG.DE - Q1 2025 thyssenkrupp AG Earnings Call
So my question is, I guess, if we think about bringing the government into that business, how much capital becomes available that's trapped today?
Question: Jason Fairclough - BofA Global Research - Analyst
: So it doesn't directly free up capital, but if we think about it then in terms of financing capacity, can you put a EUR number on the financing capacity
that becomes available, if you get that kind of guarantee removed?
Question: Jason Fairclough - BofA Global Research - Analyst
: Okay. That's helpful. Just last comment and I guess to end the call, your cash, net cash is over EUR4 billion. Your market cap is EUR3 billion. I sort
of mentioned this before, but you could just buy the whole company back, right?
Question: Jason Fairclough - BofA Global Research - Analyst
: Okay. Thank you very much. I appreciate your thoughts, Miguel. Yeah.
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FEBRUARY 13, 2025 / 10:00AM, TKAG.DE - Q1 2025 thyssenkrupp AG Earnings Call
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