thyssenkrupp AG Q3 2022 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Christian Obst - Baader-Helvea Equity Research - Analyst : I have 2 questions, of course. One is on the -- some kind of a technical one, is on the free cash flow guidance. It's going down from EUR 1.4 billion, EUR 1.5 billion, EUR 1 billion release that you end up with EUR 400 million. And this is already including your cash from M&A of approximately EUR 500 million, right? So you are not reaching some kind of a reported breakeven.

Question: Christian Obst - Baader-Helvea Equity Research - Analyst : But you had -- in your 9 months figures, you have a cash in from M&A. So the mainly of ASP of approximately EUR 500 million, right?

Question: Christian Obst - Baader-Helvea Equity Research - Analyst : No, in cash flow statement. So this is not before and after M&A, right?

Question: Christian Obst - Baader-Helvea Equity Research - Analyst : So in your cash flow from investments, you have proceeds from disposals of EUR 575 million.

Question: Christian Obst - Baader-Helvea Equity Research - Analyst : And this is included in the guidance, also? Or will this come off of them, of the current guidance before the M&A? This is the question.

Question: Christian Obst - Baader-Helvea Equity Research - Analyst : So if I would assume a free cash flow before M&A at the end of the year of, let's say, EUR 500 million minus, then I have to add this EUR 575 million, and you come out with the reported free cash flow, let's say, of approximately EUR 70 million. That's the right (inaudible).

Question: Christian Obst - Baader-Helvea Equity Research - Analyst : Okay. Yes. That's a (inaudible) And then -- and the second one is on the net financial results. So it was quite negative with EUR 280 million, which is approximately EUR 140 million minus the net interest, and minus EUR 140 million from a negative effect from the equity. So EUR 280 million negative. So what is the guidance for the full year? And is there any possibility that you will see some kind of a massive improvement of that number in the years to come? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 11, 2022 / 12:00PM, TKAG.DE - Q3 2022 thyssenkrupp AG Earnings Call

Question: Christian Obst - Baader-Helvea Equity Research - Analyst : Because this 3 -- if i calculate the 9 months figure and say that for the full year, it will be minus EUR 350 million. This would be the reverse numbers I have seen in the net financial result over the last few years.

Question: Christian Obst - Baader-Helvea Equity Research - Analyst : Okay. Then maybe getting a little bit more into detail. What is the main position from the minus EUR 140 million from the result from (inaudible) equity?

Question: Christian Obst - Baader-Helvea Equity Research - Analyst : Okay. Then this EUR 140 million should be some kind of a one-off if interest rates stay stable.