thyssenkrupp AG — Interim / Quarterly Report 2014

May 13, 2014

THYSSENKRUPP AG 1ST HALF October 01, 2013 – March 31, 2014

Developing the future.

Contents

InterimReport1sthalf2013/2014—October01,2013–May31,2014

InterimManagement Report

02 ThyssenKruppinfigures

03 ThyssenKruppinbrief

04 Strategicdevelopment oftheGroup

07 Groupreview

12 Expecteddevelopments

14 Businessareareview

24 Resultsofoperationsand financialposition

27 Subsequentevents

28 ThyssenKruppstock

29 Rating

29 Innovations

30 Employees

30 Compliance

31 Macroand sectorenvironment

34 Opportunitiesandrisks

Condensedinterim financialstatements

37 Consolidatedstatement offinancialposition

38 Consolidatedstatement ofincome

39 Consolidatedstatement ofcomprehensiveincome

40

Consolidatedstatement ofchangesinequity

41 Consolidatedstatement ofcashflows

42 Selectednotestothe consolidatedfinancial statements

61 Reviewreport

62 Responsibilitystatement Further information

63 ReportbytheSupervisory BoardAuditCommittee

64 Contactand 2014/2015dates

Thisinterimreportwaspublishedon May13,2014.

ThyssenKruppinfigures

GroupContinuingOperations¹

		1sthalf 2012/2013	1sthalf 2013/2014	Change	Change in%	2ndquarter 2012/2013	2ndquarter 2013/2014	Change	Change in%
Orderintake	million€	20,176	20,891	715	4	10,113	10,220	107	1
Netsalestotal	million€	18,729	19,404	675	4	9,540	10,295	755	8
EBITDA	million€	595	1,066	471	79	226	598	372	165
EBIT	million€	42	537	495	++	2523	327	379	++
EBITmargin	%	0.2	2.8	2.6	—	20.53	3.2	3.7	—
AdjustedEBIT	million€	297	555	258	87	193	309	116	60
AdjustedEBITmargin	%	1.6	2.9	1.3	—	2.0	3.0	1.0	—
EBT	million€	23193	139	458	++	22433	369	612	++
Income/2loss32netoftax3	million€	22063	15	221	++	21293	272	401	++
attributabletoThyssenKruppAG'sshareholders	million€	21943	19	213	++	21313	271	402	++
Basicearningspershare	€	20.383	0.03	0.41	++	20.253	0.48	0.73	++
Operatingcashflow	million€	216	22093	24253	--	162	23563	25183	--
Cashflowfromdisposals	million€	984	1,046	62	6	50	1,023	973	++
Cashflowforinvestments	million€	26213	24523	169	27	22873	22203	67	23
Freecashflow	million€	579	385	21943	2343	2753	447	522	++
Employees2March313		155,473	160,786	5,313	3	155,473	160,786	5,313	3

¹³Prior-yearfigureshavebeenadjusted.

FullGroup²

		1sthalf 2012/2013	1sthalf 2013/2014	Change	Change in%	2ndquarter 2012/2013	2ndquarter 2013/2014	Change	Change in%
Orderintake	million€	21,315	20,891	24243	223	10,113	10,220	107	1
Netsalestotal	million€	19,952	19,404	25483	233	9,540	10,295	755	8
EBITDA	million€	666	1,251	585	88	223	596	373	167
EBIT	million€	113	722	609	539	2533	325	378	++
EBITmargin	%	0.6	3.7	3.1	—	20.63	3.2	3.8	—
AdjustedEBIT	million€	226	555	329	146	191	309	118	62
AdjustedEBITmargin	%	1.1	2.9	1.8	—	2.0	3.0	1.0	—
EBT	million€	22543	324	578	++	22423	367	609	++
Netincome/2loss3	million€	21453	200	345	++	21273	270	397	++
attributabletoThyssenKruppAG'sshareholders	million€	21323	204	336	++	21293	269	398	++
Basicearningspershare	€	20.263	0.37	0.63	++	20.253	0.48	0.73	++
Operatingcashflow	million€	22	22093	22313	--	162	23563	25183	--
Cashflowfromdisposals	million€	983	1,046	63	6	49	1,023	974	++
Cashflowforinvestments	million€	27193	24523	267	37	22863	22203	66	23
Freecashflow	million€	286	385	99	35	2753	447	522	++
Netfinancialdebt2March313	million€	5,298	3,960	21,3383	2253	5,298	3,960	21,3383	2253
Totalequity2March313	million€	4,247	3,183	21,0643	2253	4,247	3,183	21,0643	2253
Employees2March313		155,473	160,786	5,313	3	155,473	160,786	5,313	3

²³Prior-yearfiguresforallincomefiguresandtotalequityhavebeenadjusted.

BusinessAreas

		Orderintake million€		million€	Netsalestotal	million€	EBIT AdjustedEBIT million€		Employees
	1sthalf 2012/2013	1sthalf 2013/2014	1sthalf 2012/2013	1sthalf 2013/2014	1sthalf 2012/2013	1sthalf 2013/2014	1sthalf 2012/2013	1sthalf 2013/2014	March31, 2013	March31, 2014
ComponentsTechnology	2,684	3,012	2,705	2,983	106	122	103	138	27,698	28,354
ElevatorTechnology	3,249	3,382	2,920	3,025	304	292	315	338	48,150	49,316
IndustrialSolutions	3,597	3,483	2,734	2,881	339	368	320	372	18,427	19,081
MaterialsServices	5,753	6,256	5,738	6,059	21213	80	98	90	26,230	30,653
SteelEurope	5,023	4,704	4,765	4,463	19	72	39	81	27,773	26,397
SteelAmericas33	1,069	1,183	989	1,073	21663	118	21663	2433	4,068	4,037
Corporate	98	85	98	84	22513	23153	22173	22223	3,127	2,948
Consolidation	21,2973	21,2143	21,2203	21,1643	21883	22003	21953	21993
ContinuingOperations	20,176	20,891	18,729	19,404	42	537	297	555	155,473	160,786

	million€			Orderintake Netsalestotal million€		million€	EBIT AdjustedEBIT million€
	2ndquarter 2012/2013	2ndquarter 2013/2014	2ndquarter 2012/2013	2ndquarter 2013/2014	2ndquarter 2012/2013	2ndquarter 2013/2014	2ndquarter 2012/2013	2ndquarter 2013/2014
ComponentsTechnology	1,360	1,573	1,360	1,555	64	67	62	75
ElevatorTechnology	1,633	1,581	1,388	1,481	133	159	146	163
IndustrialSolutions	1,595	1,188	1,428	1,593	198	195	180	199
MaterialsServices	2,988	3,414	2,923	3,320	21573	37	58	56
SteelEurope	2,620	2,430	2,512	2,389	2103	52	9	62
SteelAmericas33	509	574	501	535	2443	117	2443	2263
Corporate	43	43	43	42	21393	21993	21203	21193
Consolidation	26353	25833	26153	26203	2973	21013	2983	21013
ContinuingOperations	10,113	10,220	9,540	10,295	2523	327	193	309

33Prior-yearfiguresforEBITandAdjustedEBIThavebeenadjusted.

ThyssenKruppinbrief

ThyssenKrupp has around 161,000 employees in nearly 80 countries working with passion and expertise to develop solutions for sustainable progress. Their skills and commitment are the basis of our success. In fiscal year 2012/2013 ThyssenKruppgeneratedsalesofaround€39billion.

For us, innovations and technical progress are key factors in managing global growth and using finite resources in a sustainable way. With our engineering expertise in the areas of "Mechanical", "Plant" and "Material", we enable our customerstogainanedgeintheglobalmarketandmanufactureinnovativeproductsinacost-andresource-friendlyway.

ThyssenKruppstockmasterdata

ISIN2InternationalStockIdentificationNumber3 Stockexchanges Symbols
		DE0007500001
		Frankfurt2PrimeStandard3,Düsseldorf
	Bloomberg2Xetratrading3	TKAGY
Reuters2Xetratrading3		TKAG.DE
Frankfurt,Düsseldorfstockexchanges		TKA

The Steel Americas business area, having been classified as a discontinued operation in accordance with IFRS at September30,2012,was reclassifiedasacontinuingoperationatSeptember30,2013;theprior-yearfigureshavebeen adjusted accordingly.Within SteelAmericas, ThyssenKruppSteelUSAwas reported as a disposal group until itssale on February 26, 2014. Following the disposal of the discontinued operation Stainless Global at the end of the 1st quarter 2012/2013 as a result of the combination with the Finnish company Outokumpu, income was recorded in the 1st half 2013/2014 which is directly related to this and represents the discontinued operations. The 29.9% financial interest in Outokumpuobtainedaspartofthetransactionwasaccountedforbytheequitymethoduntiltheannouncementofitssale onNovember29,2013anditsequitymethodincomewasnotincludedinEBITduetoitsnon-operatingnature;thesalewas closedonFebruary28,2014.

StrategicdevelopmentoftheGroup

Demographic change,the globalization of goodsflows andthe rapid growth of mega citiesmeanthat global demand is risingallthetime.Theworldneeds"more"consumerandcapitalgoods,infrastructure,energyandrawmaterials.However, thisgrowingdemandissetagainstthefinitenatureofnaturalresources.Concernsabouttheclimateandtheenvironment aswell as stricter statutory requirements callfor "better" solutions. Theworld does not just need "more", but above all "better":We needtouse resourcesmoreefficiently, reducetheenvironmentalimpact ofproducing consumerandcapital goods,andbuildmoresustainableinfrastructure.

Thankstoitsengineeringexpertise,ThyssenKruppofferssolutionstothesechallengesandwithitscapitalgoods,materials, industrialprocessesandservicesalreadymeetsrequirementsfor"more"and"better"inmanyareas–bothinindustrialized countriesandinemergingmarkets.Ourtechnologicalexpertiseandthehighqualityofourproductsandservicescreatevalue forourcustomersandgiveusaclearcompetitiveedge.

To align ThyssenKrupp more closely with these trends as a diversified industrial group we launched our Strategic Way ForwardinMay2011.Thepillarsofthisholisticprogramareastrongerperformanceorientation,changesinourcorporate culture,leadershipandstructure,andcontinuousportfoliooptimization.Thiswillstrengthenourfinancialbaseandgiveus the freedom to expand our activities strategically. We took further important steps in implementing the Strategic Way Forwardinthe1sthalf2013/2014.WiththesaleofThyssenKruppSteelUSAandtheslabsupplycontractforThyssenKrupp CSA,the ending offinancial links with Outokumpu andthe successful capital increase we significantly reduced our risk profile,strengthenedourkeyfinancialratiosandsecuredvalueforthecompany.

SaleofThyssenKruppSteelUSAcompleted

OnFebruary26,2014wecompletedthesaleoftheThyssenKruppSteelUSA rollingandcoatingplantinCalvert/Alabamatoa consortium of ArcelorMittal and Nippon Steel & Sumitomo Metal Corporation. On completion ofthetransaction we received a purchase price of US\$1.55 billion; added to this came preliminary purchase price adjustments, in particular for increased net workingcapital.Atthesametimeavaluablelong-termslabsupplycontractwasagreedthatwillprovideasustainablesolutionfor theThyssenKruppCSAsteelmillinBrazil.TheconsortiumwillpurchasetwomilliontonsofslabsperyearfromThyssenKruppCSA upto2019.Theagreementwillreliablysecureaminimum40percentcapacityutilizationofthemillforseveralyears.Inaddition, strongerpenetrationoftheslabmarketsinSouthandNorthAmericawillfurtherincreaseThyssenKruppCSA'scapacityutilization. Withthesaleandtheslabsupplycontractwehavecreatedimportantconditionsforfurtherimprovementstoourcashflowprofile andkeyfinancial ratios.Following completion ofthesale,we are now concentrating onfurther operating improvements atthe Brazilianplant,whereclearprogresshasalreadybeenmadeintechnicalperformanceandefficiency.

ThyssenKrupp CSA will remain in the Steel Americas business area, which will continue to be stated separately in our financialreports.

EndingofallfinanciallinkswithOutokumpu

OnFebruary28,2014wetransferredtoOutokumputhefinancialreceivablecreatedinconnectionwiththeInoxumsaleandin return acquired the companies VDM and AST as well as a number of European stainless steel service centers from Outokumpu.Inaddition,tofulfillthe requirementsoftheEUCommissionwedisposedofour29.9%interestinOutokumpu andendedallotherfinanciallinkswithOutokumpu.WithinThyssenKrupptheacquiredcompanieshavebeenintegratedinto theMaterialsServicesbusinessareatotakeadvantageofthemarketpresenceoftheexistingdistributionnetwork.Weare currentlyanalyzingthebusinessmodelsandplansofVDMandASTindetail;togetherwiththemanagementasustainable industrialplanbackedbyextensivemeasureswillbefinalizedbythesummer.

Moredetailsonthetransactionscanbefoundinthe2012/2013AnnualReport,section"ProfileandStrategy".

InadditiontotheportfoliooptimizationprogramadoptedinMay2011wearealsoworkingonfurtherdivestmentprojectsas part of our stronger focus on performance. The sale of the grain-oriented electrical steel business of the Steel Europe business area with plants in Gelsenkirchen, Germany, Isbergues, France, and Nashik, India, is in the marketing phase. In addition,the restructuringactivitiesinitiatedlastfiscalyearintheconstructionequipmentcomponentsbusiness HBercoIof the Components Technology business area are being continued in order to securethe sustainability of the business and supportitsintendedsale.

Thedisposalprocessforthe"Railway/Construction"unitinitiatedbytheMaterialsServicesbusinessareainMay2013was stoppedinMarch2014followinganin-depthreviewofthepurchasebids.Theprofitableconstructionequipmentoperations willberepositionedwithintheMaterialsServicesbusinessareafollowingabusinessmodelanalysis.Therailwayequipment business, negatively impacted by the rail cartel and subject to extreme cost pressure, will not be continued. The sites concernedwillbeindividuallysoldorclosed.

In view of the announcement by the Swedish government that future naval shipbuilding programs will be carried out nationally,webegantalkswithSaabinmid-April2014onasaleoftheSwedishshipyardThyssenKruppMarineSystems AB Hformerly KockumsI. Any transaction would be subject to regulatory approval. We plan to concentrate our naval shipbuildingoperationsatthesitesinKiel,HamburgandEmden.

Expansionofimportantgrowthareas

Inthereportingperiodwefurtherstrengthenedthestrategicallyimportantareasofengineeringandelevators,investingin particularinorganicgrowth:

• InNovember2013theIndustrialSolutionsbusinessareasignedanagreementtosetupajointventurewithIndustrieDe Nora,aproviderofelectrochemicaltechnologiesbasedinMilan,Italy.Bycombiningtheirengineering,procurementand construction activities in the field of electrolysis plants, the two partners will widen their technology platforms and increase proximity to customers as well as global presence. The agreement is subject to approval by the competent competitionauthorities.
• To better exploit global market opportunities in engineering, an important growth area for the Group, the previously separateengineeringcompaniesThyssenKruppUhdeandThyssenKruppResourceTechnologiesHpreviouslycreatedfrom ThyssenKrupp Polysius and ThyssenKrupp FördertechnikI were combined under the roof of ThyssenKrupp Industrial Solutions in January 2014. Integration and regionalization are central elements in achieving our growthtargets inthe engineeringbusinessandincreasingefficiency.Byfocusingourcompetenciesinaglobalenterpriseweaimtooptimally exploitmarketpotentialinthegrowthregions.
• Aswell asfurtherstrengtheningitsservice businessthroughacquisitionsworldwide,theElevator Technology business areainvestedinexpandingandmodernizingitsplants.InGermanytheNeuhausensiteisbeingexpandedintoastate-ofthe-arttechnologypark.Inaddition,weplantobuilda researchanddevelopmentcenterinRottweiltotestandcertify elevators for the tallest buildings in the world. In China a new multi-function building is being built at the Songjiang elevatorplant,dueforcompletionbymid-2014,andinZhongshanweareinthefinalplanningphaseofanewelevator plantwithtesttower.InIndiaconstructionworkhasstartedonastate-of-the-artmanufacturingcenterinPune.Weare alsomodernizingourfacilitiesintheUSAandBrazil.
• In the Components Technology business area the expansion of new manufacturing sites in the automotive growth markets continued. In December 2013 we opened a new plant in Chengdu HChinaI to build automotive springs and stabilizers for the Chinese market. In February 2014 construction work started on a further plant for cylinder head modulesinPoçosdeCaldas HBrazilI.Productionisscheduledtobeginin2015.Twofurtherplantsforsteeringsystems andcylinderheadmodulesinChinaarenearingcompletionandwillstartproductionshortly.
• TheMaterialsServicesbusiness areaexpanded itsservice and processingcapacitiesthroughacquisitions.Inaddition, targeted investment was made in growth markets; in March 2014 a new service center was opened in Alabama to strengthenmaterialsdistributioninNorthAmerica.

Wealsofurtherintensifiedourresearchanddevelopmenteffortsinthereportingperiod.ForinstanceweinitiatedaGroupwide product development process called ProductLifecycleManagement. The aimistosystematically optimize all phases ofthe productlifecycle,fromdesignandsaletousageandrecycling.Acollaborative researchprogramwassetupwithpartners fromindustryandacademiatodevelopanewtechnologytouseprocessgases,inparticularCO2,asa rawmaterial–a technologywithpositiveimplicationsforclimateprotectionandsignificantmarketpotential.Wearealsofurtherexpanding theshare ofservices in our businesswiththelaunchofaGlobalServiceInitiative.Undertheinitiative newservice-focused businessmodelswillbedevelopedtotapintoadditionalmarketsegments.

Corporateprogram"impact2015"makingfurtherprogress

The corporate program impact combines performance-enhancing initiatives andmeasuresto supportthe Group's Strategic WayForward.Theaimoftheefficiencyprogram"impact2015"istoachieveacumulativepositiveEBITeffectof€2.3billion from performance measures in the three fiscal years 2012/2013 through 2014/2015. We already achieved savings of €600million inthe pastfiscal year, significantly exceeding our €500milliontarget. Inthe 1st half 2013/2014further EBIT effectsof€490millionwereachieved.Wearethereforeconfidentthatwecanmeetoursavingstargetof€850millionforthe currentyear.

Important contributions are being made by the Groupwide purchasing initiative synergize+ and programs in the business areasthatarebeingcontinuedorlaunchedthisfiscalyear.Theyincludeanewprogramtoimproveproductionsystemsinthe ComponentsTechnologybusinessarea.Theaimistoincreasetheefficiencyandproductivityoftheover80production sitesoftheComponentsTechnologygroupworldwide.

ACTcreatesnewGroupleadershipstructurewithcompetitivecosts

With the corporate initiative ACT H"Achieve Change@ThyssenKrupp"I ThyssenKrupp is optimizing its leadership and businessstructuresandassociatedprocesses.ACTsupportsculturechangeandimprovementstoperformance,efficiency andprofitabilitythroughouttheGroup.Extensivecompetitiveanalysesandbenchmarkstudieshaveidentifiedsavingsand optimizationopportunitiesamountingtoaround€250millionasaresultofthenewstructuresandprocesses.Mostofthese effectsaretobeachievedbytheendoffiscalyear2014/2015.Thenumberofemployeesinadministrativefunctionsisto be reduced by roughly3,000fromits presentlevel of15,000.In aninitialstepthecorporatefunctionsweresignificantly reduced in number and reorganized. Corporate headquarters and the head offices of the business areas have been operatinginthenewstructuresinceOctober01,2013.Thenew,moreefficientstructuresandprocessesarecurrentlybeing implementedinthebusinessunitsofthebusinessareasandregions.Inasecondstep,keyfunctionscurrentlyperformed locallywillbecombinedandorganizedefficientlyandcompetitivelyina"GlobalSharedServices"unit.Thisconcernssiteindependent activities such as certain accounting, IT, real estate management and human resources functions. In the negotiations with the codetermination bodies an agreement in principle was reached in early May. The outcome is still subjecttoapprovalonbothsides.Inaddition,theGroup'sstructurewillbe routinely reviewedinthefutureaspartofthe annualstrategyprocessinordertoensureitiscontinuouslyenhancedandadaptedinlinewithchangingconditions.

Focusongovernanceandcompliance

ThyssenKrupp has made a clear commitmentto compliance with laws and internal policies: Any violations, in particular antitrustorcorruptionviolations,willbemetwithzerotolerance.Allreportsofmisconductwillbeinvestigated.

TheSupervisoryBoardhasselectedcorporategovernanceandcomplianceaskeyareasofitswork.EffectiveFebruary01, 2014theSupervisoryBoardappointedDr.DonatusKaufmannas amember oftheExecutiveBoard.Heheadsthenewly created Legal and Compliance directorate. This further reinforces our decision to intensify compliance activities in the Group.

Moreinformationonourcomplianceactivitiescanbefoundinthesection"Compliance".

Groupreview

Operatingandstrategicmilestonesachieved

ThyssenKruppachieveditsoperatingandstrategictargetsforthe2ndquarter2013/2014and1sthalf2013/2014:

AdjustedEBITfromcontinuingoperationsinbothquarterswasmorethan€100millionhigheryear-on-yearandinthe1st halfasawholecameto€555million,87%upfromtheprioryearandfullyinlinewithouroutlookforthefiscalyear;this reflects ourstronger performancefocusand progressinimplementingthemeasuresundertheimpactprogram. The2nd quartercontributed€309milliontoadjustedEBIT,anincreaseof26%fromthepriorquarter.AllbusinessareasexceptSteel Americasmadeclearpositivecontributionsineachquarter;thelossesatSteelAmericaswereloweryear-on-yearinboth quarters and decreased in total by more than €100 million. All the capital goods businesses increased their earnings compared with the 2nd quarter and 1st half of the prior year; at €848 million their profits in the first six months were significantlyhigherthanthoseofthematerialsbusinesses,whichalsogeneratedclearpositiveearningsof€128millionin totaleven includingSteel Americas.Adjusted EBIT atCorporate inthe 1st half cameto €H222Imillion and consolidation €H199Imillion.InthefirstsixmonthsofthefiscalyearthefullGroupgeneratednetincomeattributabletotheshareholders ofThyssenKruppAGof€204million;the2ndquartercontributed€269milliontothis.

Asexpected,freecashflowfromcontinuingoperationsbeforedivestmentsat€H661Imillioninthe1sthalf2013/2014was slightly lower year-on-year due to the compensation payment to Deutsche Bahn and the preparatory measures for the relining of blastfurnace Schwelgern 2. However,thankstothesuccessful capital increase atthe beginning ofDecember 2013 andthe cash inflowsfromthesuccessful completion oftheOutokumputransaction andthesale of ThyssenKrupp SteelUSA,thefullGroup'snetfinancialdebtdecreasedcomparedwiththeendoffiscal2012/2013from€5.0billionto€4.0 billion,equity increasedfrom €2.5 billionto €3.2 billion, and gearingwas reducedsignificantly by around 76 percentage pointsto124.4%.Thesefiguresalsoalreadyincludeacashoutflowof€279millionresultingfromthewinding-downofthe non-operatingUS-basedsubsidiaryTheBuddCompanyinaChapter11case.Inthisconnectionhealthcareobligationsof €691millionwerealsoshed,meaningnomorecashoutflowswillresultfromtheseinthefuture.

Withcash,cashequivalentsandcommittedundrawncreditlinestotaling€8.8billionatMarch31,2014andabalancedand extendedmaturityprofile,ThyssenKruppissolidlyfinanced.

Capitalgoodsbusinessesdrivegrowthinordersandsales

ThyssenKruppheldupwelloverallinacontinuingchallengingeconomicclimateinthe1sthalf2013/2014;keydriversfor thegrowthinordersandsaleswerethesolidperformancesofthecapitalgoodsbusinesses.

in million $\epsilon$
1st quarter			10,063
1st half			20,176
9 months			29,577
12 months			38,636
	2012/2013
1st quarter			10,671
1st half			20,891
	2013/2014

Order intake from continuing operations came to €20.9 billion in the 1st half, up 4% year-on-year despite negative exchange rateeffects; onacomparable basis,i.e.excludingcurrencyandportfolioeffects, orderintakeincreased by6% year-on-year. 2nd quarter order intake was €10.2 billion, up slightly year-on-year. On a comparable basis it gained 2%. Comparedwiththepriorquarter,whichprofitedfromamajororderfromAsiaforMarineSystems,ordersdeclinedslightly.

Onacomparablebasisallthecapitalgoodsbusinessesmatchedorexceededtheirprior-yearorderintakeinthefirstsix months.ComponentsTechnologyrecordedparticularlystronggainsinbothquartersandanoverallincreaseof15%inthe 1sthalf;thedemandrecoveryforautocomponentsstrengthenedandtheslightimprovementinindustrialcomponentsfrom theweakprior-yearlevelscontinued.OrderintakeatElevatorTechnologywasmainlydrivenbyimproveddemandinChina, theUSAandSouthKorea, gainingyear-on-year onacomparable basisin bothquarters.IndustrialSolutionsmatchedits prior-year performance on a comparable basis. Orders in hand at Elevator Technology and Industrial Solutions cameto around€19billionintotalatMarch31,2014,formingastrongbaseforprofitablesalesgrowthinthesebusinesses.

Orderintakeinthebusinessareasofthematerialsactivitieswasinfluencedbyportfoliomeasures:WitheffectfromMarch 01,2014MaterialsServicesincludesthecontributionsoftheVDMandASTgroupstransferredfromOutokumpu,butona comparable basis orders improved due to higher volumes – aided in particular by numerous sales initiatives. Against continuinghighpricepressure,newordersatSteelEuropeweredownyear-on-year,partlyasaresultofthedisposalofthe tailored blanks business, but gained quarter-on-quarter – as at Materials Services – not least due to seasonal factors. OrdersatSteelAmericasincreaseddespitethesaleofThyssenKruppSteelUSAattheendofFebruary2014;ThyssenKrupp CSAincreaseditsorderintakeyear-on-yearby13%inthefirstsixmonths2013/2014duetopositivevolumeeffects.

Salesfromcontinuingoperations,at€19.4billioninthe1sthalfand€10.3billioninthe2ndquarter 2013/2014, were higher year-on-year in all business areas except Steel Europe where sales fell due to disposals. On a comparable basis sales increasedyear-on-yearby7%inthe1sthalfand9%inthe2ndquarter,profitinginparticularfromstronggrowthandhigh orders in hand in the capital goods operations. In the 2nd quarter all business areas increased their sales quarter-onquarterduetoseasonalandvolumeeffects–exceptforsmallseasonaldeclinesatElevatorTechnologyandflatsalesat SteelAmericas.

OrderintakeandsalesofthefullGroupinthe1sthalf2013/2014wereloweryear-on-yearasthe1stquarteroftheprior yearstillincludedthediscontinuedoperationStainlessGlobal.

in million $\epsilon$
1st quarter			9,189
1st half			18,729
9 months			28,649
12 months			38,559
	2012/2013
1st quarter			9,109
1st half			19,404
	2013/2014

impactprogramhavinganeffect–adjustedEBITupsignificantly

Inastilldifficultandhighlycompetitiveclimate,adjustedEBITfromcontinuingoperationsincreasedsignificantlyyear-onyearandquarter-on-quarterto€555millioninthe1sthalfand€309millioninthe2ndquarter2013/2014.

InallthecapitalgoodsoperationsadjustedEBITwashigheryear-on-yearinboththe2ndquarterandthe1sthalf.Components TechnologyandIndustrialSolutionsalsoimprovedtheirearningsquarter-on-quarter.ComponentsTechnologyprofitedmainlyfrom performance improvements due to restructuring and efficiency measures initiated in the prior year, while Industrial Solutions benefitedfromtheinitialrecognitionofrevenuesandearningsfromanumberofmajorcontractsmainlyinProcessTechnologies. AtElevatorTechnologyearningswereslightlylowerquarter-on-quarterforseasonalreasonsbutearningsandmarginsincreased year-on-yearinbothquartersduetothepositiveeffectsofperformanceandrestructuringmeasures;adjustedEBITmarginwas0.4 percentagepointshigheryear-on-yearinthe1sthalfand0.5percentagepointshigherat11.0%inthe2ndquarter.

Aidedbynumerousefficiencymeasuresandsalesinitiatives,1sthalfadjustedEBITatMaterialsServiceswasroughlylevel withtheprioryeardespitecontinuinghighpricepressureandintensecompetition.AtSteelEurope,themeasuresunderthe "Best-in-ClassReloaded"programhelpedindoublingadjustedEBITcomparedwiththefirstsixmonthsoftheprioryear.At both Materials Services and Steel Europe adjusted EBIT in the 2nd quarter was up quarter-on-quarter, mainly due to seasonalandvolumeeffects.SteelAmericasremainednegativeinthereportingperiodwithadjustedEBITof€H43Imillion. ThankstoefficiencyandvolumegainsandpositiveeffectsfrommarketpricesintheUSA,however,thelosseswerereduced bymorethan€100millioncomparedwiththeprioryear,whichalsoprofitedfromapositivenon-periodtaxeffect.Adjusted EBIT deteriorated slightly quarter-on-quarter; declining contributionsfrom ThyssenKrupp Steel USAwere partly offset by operatingimprovementsandpositivetranslationeffectsatThyssenKruppCSA.

IncludingthediscontinuedoperationstheGroup'sadjustedEBITincreasedfrom€226millionto€555millioninthe1sthalf 2013/2014.Themainreasonswereimprovementsinthecontinuingoperationsandtheabsenceoftheoperatinglossesat StainlessGlobalfromthe1stquarteroftheprioryearwiththecompletionofthedisposal.

EBITandfinancialpositionimpactedbyspecialitems

Inthe1sthalf2013/2014EBITfromcontinuingoperationswasimpactedbynetspecialitemsof€18million.Thespecial itemsinthe1stquarterrelatedinparticulartorestructuringprovisionsatElevatorTechnologyandComponentsTechnology as well as expenses at Corporate in connection with portfolio measures. These were partly offset by a disposal gain at MaterialsServicesandincomefromtheupdatedvaluationofalong-termfreightagreementatSteelAmericas.Thespecial itemsinthe2ndquartercametoanet€H18ImillionandrelatedinparticulartoincomefromthesaleofThyssenKruppSteel USA at Steel Americas and incomefromthe deconsolidation ofthe non-operating US subsidiary The Budd Company at Corporate.ThiswaspartlyoffsetatCorporatebyalossonthesaleoftheOutokumpushareholdinginthe2ndquarter,but thiswasinturnlargelyoffsetbycorrespondingfinancialincomeofalmostthesameamountduetoderecognitionofashare derivativeHseealsoNote02I.

SpecialitemsfromContinuingOperations

Mio€	1sthalf 2012/2013	1sthalf 2013/2014	Change in%	2ndquarter 2012/2013	2ndquarter 2013/2014	Change in%
EBIT13	42	537	++	2523	327	++
+/-Disposallosses/gains	233	2613	--	2	2633	--
+Restructuringexpenses	45	90	100	32	40	25
+Impairment	4	213	--	5	0	--
+Othernon-operatingexpenses	234	10	2963	228	7	2973
-Othernon-operatingincome	2253	2203	20	2223	223	91
AdjustedEBIT13	297	555	87	193	309	60

¹³Prior-yearfigureshavebeenadjusted.

After special items, EBIT from continuing operations came to €537million in the 1st half. The prior-year figure was €42million.After-taxearningsfrom continuing operations increased accordinglyfrom €H206Imillionto €15million;they increasedquarter-on-quarterinthe2ndquarterfrom€H256Imillionto€272million.Inadditiontooperatingimprovements the main reason was the charge to net financial income/expense of €276 million attributable to the Outokumpu shareholdinginthe1stquarter,whichwaspartlyoffsetinthe2ndquarterbytheabovefinancialincomeof€224million.

OnthisbasisthefullGroupgeneratednetincomeattributabletotheshareholdersofThyssenKruppAGof€204millionin thefirst sixmonths ofthefiscal year, ofwhichthe 2nd quarter contributed €269million. The net incomeforthe period includedincomeinthe1sthalfattributabletothediscontinuedoperationsinthenetamountof€185million.Thismainly stemsfromthe 1st quarter 2013/2014fromthe reversal of provisionsforthe obligationto offset any negativefinancial consequencesforOutokumpuundermergercontrolrequirementsinconnectionwiththesaleofInoxumtoOutokumpu.

Earningspershareimprovedyear-on-yearfrom€H0.26Ito€0.37inthe1sthalf2013/2014andcameto€0.48inthe2nd quarter.

Netfinancialdebtfurtherreduced

Asexpected,freecashflowfromcontinuingoperationsbeforedisposalsat€H661Imillioninthe1sthalf2013/2014was slightly lower year-on-year due to the compensation payment to Deutsche Bahn and the preparatory measures for the relining of blastfurnace Schwelgern 2.Including disposals, in particularthe cash inflowsfromthesale of ThyssenKrupp SteelUSA,thefreecashflowofthefullGroupcameto€385million;theprior-yearfigure,whichincludedthecashinflows fromtheInoxumtransaction,was€286million.

ThefullGroup'snetfinancialdebtatMarch31,2014cameto€3,960million,downbothfromayearearlierH€5,298millionI andSeptember30,2013H€5,038millionI.

Netfinancialdebtiscalculatedasthedifferencebetweenthecashandcashequivalentsshowninthestatementoffinancial positionpluscurrentotherfinancialassetsavailableforsale,andnon-currentandcurrentfinancialdebt;thecorresponding assetsintendedforsaleofthedisposalgroupsandthediscontinuedoperationsarealsotakenintoaccount.

ThyssenKrupp AG has agreements with banks which contain certain conditions in the event that the gearing ratio Hnet financialdebttoequityIintheconsolidatedfinancialstatementsexceeds150%attheclosingdateHSeptember30I.

AtMarch31,2014thegearingratiowas124.4%,around76percentagepointslowerthanatSeptember30,2013andback below the gearing limit of 150%. The main reasons for the improvement were the capital increase carried out in early December2013andtheproceedsfromthesaleofThyssenKruppSteelUSAinFebruary2014.

At March 31, 2014 the Group's available liquidity amounted to €8.8billion, consisting of €5.1billion cash and cash equivalents and €3.7billion undrawn committed credit lines. There is thus sufficient scope to cover upcoming debt maturities.Thegrossfinancialliabilitiesrepayableuptotheendofthenextfiscalyear2014/2015amountto€2.7billion. ThyssenKruppisthussolidlyfinanced.

Capitalincreasesuccessfullyplaced

On December02, 2013 the Executive Board decided to increase the capital stock of ThyssenKrupp AG by a nominal €131,709,191.68, i.e. around 10% of the capital stock, by issuing 51,448,903 new shares excluding shareholders' subscriptionrights.OnDecember03,2013thenewlyissuedshareswereplacedwithGermanandinternationalinstitutional investorsatapriceof€17.15pershareinanacceleratedbookbuildingprocess.Theplacementresultedingrossproceeds of €882.3million, which contributed to strengthening equity and reducing net financial debt. The capital stock of ThyssenKruppAGisnow€1,448,801,144.32andisdividedinto565,937,947noparbearershares.

Theplacementpriceof€17.15wasbasedontheofferssubmittedbyinstitutionalinvestorsintheacceleratedbookbuilding process.Theplacementpricewasthereforeclosetothestockmarketprice.Itrepresentedadiscountofonly2.75%tothe previous day's Xetra closing price, much less than the maximum 5% discount allowed. Thanks to the liquid trading in ThyssenKruppshares,allshareholdershadthechancetomaintaintheir percentageshareholding bybuyingthe requisite shares onthestockmarket on approximatelythesame conditions. Thespeed ofthe placement andthefactthat itwas almostthreetimesoversubscribedbymainlylong-terminvestorsconfirmsthetrustofthecapitalmarketinthelong-term strategyofThyssenKrupp.

Bondsuccessfullyissued

OnFebruary 19, 2014 ThyssenKrupp AG issued a €1.25 billion bondwith amaturity of 5 years and 8months under its €10 billion debt issuance program.With an order book of over €6 billionthe bondwas verywell received bythe capital market. The bond carries a coupon of 3.125% p.a. at an issue price of 99.201%. The issuetook advantage ofthe good marketenvironmentandachievedahistoricallyfavorablecouponforThyssenKrupp.Italsoextendedthematurityprofileof thecompany'sfinancialdebtandstrengthenedthecapitalmarketshareofitsfinancingmix.Theminimumdenominationof €1,000meansitiseligibletobeboughtbyretailinvestors.

Newsyndicatedcreditfacilityagreed

OnMarch28,2014ThyssenKruppagreedanew€2.0billionsyndicatedcreditlinewithitsfinancialpartners.Thefacilityhas aninitialtermtoMarch28,2017.Attheendofthefirstandsecondyearsitcanbeextendedbyayearineachcasewiththe approvalofthelenders.Thenewcreditlinereplacesthe€2.5billioncreditfacilitythatwouldhaveexpiredinJuly2014.

Capitalexpendituresdownyear-on-year

In the 1st half 2013/2014 ThyssenKrupp invested a total of €452 million, compared with €719 million in the 1st half 2012/2013. €99million ofthe declinewas attributabletothe discontinued operations and resultedfromthe absence of expendituresatStainlessGlobaloncompletionofthedisposal.

Inthefirst six months ofthe currentfiscal yearwe spent €193million onthe capital goods businesses, including €138 millionatComponentsTechnology.Themajorityofthebudgetforourcomponentsbusiness relatestothegrowth regions BICandNAFTA;forexampleweopenedanewspringsandstabilizersfactoryinChengdu HChinaIinDecember2013and startedconstructionofafurtherplantforcylinderheadmodulesinPoçosdeCaldas HBrazilIinFebruary2014.Itwillstart productionin2015.TwofurtherplantsforsteeringsystemsandcylinderheadmodulesinChinaarenearingcompletionand will begin production shortly. Elevator Technology invested in expanding and modernizing its plants as well as further strengtheningitsservicebusinessthroughacquisitions.IndustrialSolutionsinvestedmainlyinitsResource Technologies businessinservicecentersinBrazilandChileandafabricationsiteinAustralia.Weinvestedatotalof€238millioninour materialsoperations.Ofthis,€154millionwenttoSteelEurope,includingforthereliningofblastfurnaceSchwelgern2in thesummer,and€55milliontoSteelAmericas.MaterialsServicesexpandeditsserviceandprocessingcapacitiesthrough smalleracquisitionsandopenedanewservicecenterinAlabamaandanewprocessingcenterinBulgaria.

Expecteddevelopments

ThefollowingforecastrelatestothecontinuingoperationsoftheGroupafterthereintegrationofSteelAmericas.Itincludes thedisposalgroupThyssenKruppSteelUSAuptotheclosingofthesaleattheendofFebruary2014.TheVDMandAST groupstransferredfromOutokumputoThyssenKruppattheendofFebruary2014arealsoincluded:

Salesandearnings–Fromthepresentperspective,theGroup'sbusinessperformanceinthe2013/2014fiscalyearwillbe characterizedbyamoderaterecoveryoftheglobaleconomy.Theapparenttrends–theendoftheeconomicdownturnin theeurozoneandstabilizationofthepaceofgrowthoutsideEurope–cannotyetberegardedascertain.

Basedontheassumptionsof

• generallyslowgrowthinthecoremarketsforourmorecyclicalmaterialsandcomponentsbusinessesinthedeveloped worldregionsandcontinuinggrowthintheemergingeconomies,
• nomajordislocationsontherawmaterialsmarkets,and
• visibilitynotextendingmuchbeyondaquarterforlargepartsofourmaterialsandcomponentsbusinessesinthecurrent economicenvironment

ourcurrentexpectationsforThyssenKruppinfiscal2013/2014areasfollows:

• TheGroup'ssalesonacomparablebasisshouldgrowyear-on-yearbyamidtohighersingle-digitpercentagerate.

• Capitalgoodsbusinesses:ThehighorderbacklogsatElevatorTechnologyandIndustrialSolutionssecuretheexpected sales growth well into the fiscal year. At Components Technology the new plants in China and India should deliver increasingsalescontributions.

• Materialsbusinesses:AtMaterialsServicesselectivegrowthinitiativesandtheintegrationoftheVDMandASTgroupsare expectedto resultinhighersales,whilesales atSteelEuropewill beslightlylowerdueto portfoliomeasures.AtSteel Americas,continuingtechnicaloptimizationandincreasingpenetrationoftheslabmarketsinNorthandSouthAmerica shouldoffsettheabsenceofThyssenKruppSteelUSA'ssalesfollowingthedisposal.

• AdjustedEBITfortheGroupshouldalmostdoubleyear-on-yearHadjustedEBIT2012/2013:€586million,restatedI.Apart fromSteelAmericasallbusinessareaswillmakepositivecontributions.Asaresultofoperatingprogress,SteelAmericas' losswillagaindeclinesignificantly.Inaddition,theexpectedgrowthinourhighlyprofitablecapitalgoodsbusinessesand our Groupwide efforts to enhance performance under the impact program will contribute to improving the Group's earnings. Elevator Technology in particular will further improve its earnings and margin. An earnings improvement is likewiseexpectedatIndustrialSolutions.InourmaterialsbusinessesweexpectSteelEurope–despitecontinuingstrong competition–todeliverahigherearningscontributionduetoefficiencygainsfromthe"Best-in-ClassReloaded"project.

Our goal in the subsequent years continues to be to strengthen our equity through a return to net profit; for fiscal 2013/2014,weexpectasignificantimprovementtowardsbreak-even.Wewillalsoworkhardtoimprovecashgeneration fromoperatingactivitiesonasustainablebasisandfurtherreducenetfinancialdebt.

Ourfinancingandliquiditywillremainonasolidbasisinfiscal2013/2014andabletocushionfluctuationsresultingfrom suddeneconomicchanges.Inadditiontothesuccessfulcapitalincrease,theproceedsfromthesaleoftheThyssenKrupp SteelUSArollingandcoatingplantinCalvert/Alabamasignificantlyreduceournetfinancialdebtandgearing;inaddition, the stringent implementation of our Strategic Way Forward and the efficiency measures under impact will substantially improvetheearningsandcompetitiveprofileoftheGroup.CapitalspendingintheGroupasawholeisexpectedtobeatthe prior-yearlevel.

Fiscalyear2014/2015

Inthe2014/2015fiscalyearwewillcontinuetoworkonthestructuralimprovementoftheGroupandrigorouslyimplement our integrated strategic development plan. This may include among other things targeted growth stimulus and further portfoliooptimization.Assumingtheglobaleconomycontinuesitsmoderate recovery,theeconomicdownturnintheeuro zone is over and the pace of growth outside Europe stabilizes, we expect our sales to increase further in line with the generalgrowthoftheeconomy.Risingsalesandstructuralimprovementsshouldhaveacorrespondinglypositiveimpacton earnings. In 2014/2015 we additionally expectfurther significant improvements onthe earnings side as a result ofthe corporate programs initiated, in particular "impact 2015", and the continuous stimulus to efficiency provided by benchmarking. We therefore also expect an improvement in the equity and financing situation in 2014/2015. More informationonourcorporateprogramscanbefoundinthesection"StrategicdevelopmentoftheGroup".

Businessareareview

ComponentsTechnology

ComponentsTechnologyinfigures

		1sthalf 2012/2013	1sthalf 2013/2014	Change in%	2ndquarter 2012/2013	2ndquarter 2013/2014	Change in%
Orderintake	million€	2,684	3,012	12	1,360	1,573	16
Sales	million€	2,705	2,983	10	1,360	1,555	14
EBIT13	million€	106	122	15	64	67	5
EBITmargin	%	3.9	4.1	—	4.7	4.3	—
AdjustedEBIT13	million€	103	138	34	62	75	21
AdjustedEBITmargin	%	3.8	4.6	—	4.6	4.8	—
Employees2March313		27,698	28,354	2	27,698	28,354	2

¹³Prior-yearfigureshavebeenadjusted.

TheComponents Technology business area produces andmarkets high-tech componentsworldwideforthe automotive andmachinerysectors.Intheautosectortheproductrangeincludesassembledcamshafts,cylinderheadmoduleswith integratedcamshafts,andcrankshaftsHPowertrainI,steeringanddampingsystems,springsandstabilizersaswellasthe assembly of axle modules HChassisI. In the machinery sector Components Technology supplies components for constructionequipment,windturbinesandnumerousgeneralengineeringapplications.Thisbroadspectrumofproducts is based on years of experience in both forging and cold forming. Together with expertise in machining and complex assembly processes, Components Technology has development and manufacturing know-how for high-performance componentsalongtheentirevaluechain.

Orderintakeandsaleshigher

Components Technology continued itsstrong 1st quarter performance intothe 2nd quarter and achieved order intake of €3billion inthe 1st half, ayear-on-year increase of 12%, or 15% on a comparable basis.Inthe 2nd quarter alone new ordersincreasedbyaround16%to€1.6billiondespitenegativecurrencytranslationeffectsmainlyfromtheUSdollarand Brazilianreal;onacomparablebasisthegrowthwas19%.Thedemandrecoveryforcarandtruckcomponentsinwestern Europe strengthened. The positive trend on the car markets in China and the NAFTA region also continued, although demand in the USA was weaker at the start of the year due to the severe winter; demand for trucks and off-highway vehicleswashigher.ThemarketinIndiaremainedweakduetoeconomicuncertainty.AtPowertrainandChassis,business wasstrongerinthemid-sizeandpremiumsegmentspartlyasaresultofnewproductlaunches.Thebuild-outofournew plants,aboveallinAsiaandSouthAmerica,continuestomakegoodprogress.InFebruary2014thefoundationstonewas laidfor a new plantto produce automotive components in Poços de Caldas inBrazil.When complete itwillmanufacture morethanamillioncylinderheadmodulesayeartoallowmoreefficientengineassemblyforautomotivemanufacturers.In the industrial components business the slight recovery from the weak prior-year levels continued. Demand in China in particularresultedinhigherordersforwindturbinecomponents.Howevertherewasnoreversalintheweakdemandtrend forconstructionequipmentcomponentsinwesternEurope.

Followingthetrend in orders, 1st half sales also increased significantly year-on-year, by 10%to around €3 billion; on a comparablebasissaleswere13%higher.2ndquartersalesimprovedyear-on-yearby14%andonacomparablebasisby 17%.Comparedwiththeseasonallyweaker1stquarter,ordersandsaleswerearound9%higher.

Earningsandmarginhigher

At €138million inthe 1st half and €75million inthe 2nd quarter, adjusted EBIT ofComponents Technologywas higher year-on-year, reflecting increased sales and above all performance improvements due to restructuring and efficiency measuresintroducedintheprioryearunderthecorporateprogramimpact.Theresultsalsoincludestartupcostsfornew plantsandnewproducts.AdjustedEBITmarginincreasedto4.8%inthe2ndquarter.

EBITwasimpactedbyspecialitemsinthe1sthalf,mainlyresultingfromrestructuringexpensesforpersonnelmeasuresin the construction equipment components business HBercoI and impairment of an equity-method investment as part of a disposalprocess.

*FiguresforQ12012/2013toQ12013/2014havebeenadjusted.

TheconstructionequipmentcomponentsbusinessisnolongerreportedasadisposalgroupatMarch31,2014;asaresult, €6millionamortizationanddepreciationnotchargedsinceOctober01,2012hastoberecovered,including€2millionfor the1sthalf2013/2014HseealsoNote02I.Therestructuringactivitiesbegunlastfiscalyeararebeingcontinuedinorderto securethesustainabilityofthebusinessandsupportitsintendedsale.

ElevatorTechnology

ElevatorTechnologyinfigures

		1sthalf 2012/2013	1sthalf 2013/2014	Change in%	2ndquarter 2012/2013	2ndquarter 2013/2014	Change in%
Ordersinhand2March313	million€	3,766	3,834	2	3,766	3,834	2
Orderintake	million€	3,249	3,382	4	1,633	1,581	233
Sales	million€	2,920	3,025	4	1,388	1,481	7
EBIT	million€	304	292	243	133	159	20
EBITmargin	%	10.4	9.7	—	9.6	10.7	—
AdjustedEBIT	million€	315	338	7	146	163	12
AdjustedEBITmargin	%	10.8	11.2	—	10.5	11.0	—
Employees2March313		48,150	49,316	2	48,150	49,316	2

TheElevatorTechnologybusinessareasuppliespassengerandfreightelevators,escalatorsandmovingwalks,passenger boardingbridges,stairandplatformliftsaswellasprovidingservicefortheentireproductrange.Over900locationsform atight-knitsalesandservicenetworkkeepingusclosetocustomers.

OrdergrowthdrivenbyimproveddemandinChina,theUSAandSouthKorea

Due to negative exchange rate effects, order intake at €1.6 billion in the 2nd quarter was down slightly year-on-year; however on a comparable basis order intake increased slightly reflecting a continuing strong operating performance. Comparedwiththe 1st quarter orderswere lowerforseasonal reasons.Inthe 1st half 2013/2014 new orders increased year-on-year by 4%to €3.4 billion – mainly driven by improved demand in China,the USA and South Korea. Excluding negativeexchangerateeffectstheincreasewas9%.DemandinEuropewassteady,despitedelaystosomemajorprojects. Ordersinhandincreasedyear-on-yearandquarter-on-quarter.

Salesstrong,particularlyinAsia

Driven by the strong order intake, 1st half sales also increased significantly year-on-year to €3.0billion, gaining 8% excluding negative exchange rate effects. 2nd quarter sales came to €1.5 billion, up 7% year-on-year despite negative exchangerateeffects,onacomparablebasistheincreasewas12%.WhereassalesinEuropewereslightlyhigheryear-onyear, we again recorded double-digit growth rates in Asia – particularly in China – mainly dueto high demandfor new installations.Likeorders,2ndquartersaleswerealsolowerquarter-on-quarterforseasonalreasons.

Elevator Technology order intake		Elevator Technology adjusted EBIT
in million $\epsilon$ , quarter on quarter rate of change		in million $\epsilon$ , quarter on quarter rate of change
Q1	1,616	Q1		169
Q2	1,633 $+1\%$	Q2	(14)%	146
Q 3	1,696 $+4%$	Q3	$+18%$	172
Q 4	1,575 (7)%	Q4	$+9%$	188
2012/2013		2012/2013
Q1	1,801 $+14%$	Q1	(7)%	175
Q2	1,581 (12)%	Q2	(7)%	163
2013/2014		2013/2014

Performanceprogramhavinganeffect

Inthe1sthalf2013/2014ElevatorTechnologyimproveditssalesandadjustedEBITmarginyear-on-yearandincreasedits adjustedEBITby7%to€338milliondespitenegativeexchangerateeffects.Theearningsandmarginimprovementmainly reflectsastrong operating performanceandthe positiveeffectsofperformance optimizationand restructuringmeasures underthecorporateprogramimpact.2ndquarteradjustedEBITwasslightlylowerquarter-on-quarterforseasonalreasons, butincreasedyear-on-yearby12%to€163million.Comparedwiththeprioryear,adjustedEBITmarginincreasedby0.4 percentagepointsinthe1sthalfandby0.5percentagepointsto11.0%inthe2ndquarter.

EBIT cameto €292million inthe 1st half. It includes special items of €46million,mainlyfor restructuring measures in Europeinthe1stquarter.

IndustrialSolutions

IndustrialSolutionsinfigures

		1sthalf 2012/2013	1sthalf 2013/2014	Change in%	2ndquarter 2012/2013	2ndquarter 2013/2014	Change in%
Ordersinhand2March313	million€	16,440	15,082	283	16,440	15,082	283
Orderintake	million€	3,597	3,483	233	1,595	1,188	2263
thereofMarineSystems13	million€	227	1,360	499	45	59	31
Sales	million€	2,734	2,881	5	1,428	1,593	12
thereofMarineSystems13	million€	703	762	8	400	444	11
EBIT	million€	339	368	9	198	195	223
EBITmargin	%	12.4	12.8	—	13.9	12.2	—
AdjustedEBIT	million€	320	372	16	180	199	11
AdjustedEBITmargin	%	11.7	12.9	—	12.6	12.5	—
Employees2March313		18,427	19,081	4	18,427	19,081	4

¹³includingothershareholdingsandconsolidation

UndertheGroup'sstrategicdevelopmentprogram,wereachedkeymilestonesintheintegrationandregionalizationofthe plantengineering business. To betterexploit globalmarket opportunities inengineering asamajor growth areaforthe Group, in January 2014 we combined the previously separate companies ThyssenKrupp Uhde and ThyssenKrupp Resource Technologies Hcreated from ThyssenKrupp Polysius and ThyssenKrupp FördertechnikI under the roof of ThyssenKrupp Industrial Solutions. As a global, integrated engineering and construction company, ThyssenKrupp IndustrialSolutionsfocusesmarketstrategy,presentsasinglefacetothecustomerandsupportstheglobalexchangeof knowledgeandengineeringandprojectmanagementcapabilitiesacrossallitsbusinesses.Thiswillhelpusachieveour growthtargetsandincreaseefficiency.

In addition to the plant engineering operations, managed by the two business units Process Technologies Hpreviously UhdeI and Resource Technologies Hpreviously Polysius and FördertechnikI, the Industrial Solutions business area also comprises the Marine Systems and System Engineering business units. The product portfolio encompasses chemical plantsand refineries HProcessTechnologiesI,equipmentforthecementindustryandinnovativesolutionsforthemining andprocessingof rawmaterialsHResourceTechnologiesI,navalshipbuilding HMarineSystemsI,andproductionsystems fortheautoindustryHSystemEngineeringI.

Orderintakeathighlevelandstrongsalesgrowthin1sthalf

IndustrialSolutionscontinuestoperformatahighlevel.1sthalforderintakewasagainhighat€3.5billion,largelystable versustheprioryearHdown3%Iandalmostunchangedonacomparablebasis.Asexpected,2ndquarterordersweredown fromthehighlevelofthe2ndquarter2012/2013,whichprofitedfrommajorcontractsinthecementbusiness.Salescame to €2.9 billion in the 1st half and €1.6 billion in the 2nd quarter 2013/2014, increasing year-on-year by 5% and 12% respectively–orby9%and16%respectivelyonacomparablebasis.Theybenefitedfromtheinitialrecognitionofrevenues fromanumberofmajorcontracts,particularlyatProcessTechnologies.

ProcessTechnologieswasunabletomatchitsveryhighorderintakeofthe1sthalf2012/2013,whichwasmainlydrivenby theshalegasboomandlargeordersforfertilizerplantsintheUSA.2ndquarternewordersincreasedsignificantlyquarteron-quarter;amongotherthingswewonafollow-upcontractforafertilizerplantinHungary.

Resource Technologies recorded brisk demandforcementplants.Despite continuedweak demandfor newequipmentin theminingsector,orderintakewasroughlylevelwiththe1sthalf2012/2013.Wewonacontracttobuildaturnkeycement plant in Algeria in the 2nd quarter. This major order validates our strategy of combining technological expertise with a strong presence in the growth regions, allowing the company to profit from infrastructure expansion particularly in the emergingmarkets.

The market for System Engineering weakened in the 1st half, but we continue to see good project opportunities in productionsystemsforboththeautomotiveandaerospaceindustries.

ThehighlevelofnewordersatMarineSystemsinthe1sthalf2013/2014wasmainlyduetoamajorcontractreceivedin the 1st quarter to supply two submarines to Singapore. In view of the announcement by the Swedish government that futurenavalshipbuildingprogramswillbecarriedoutnationally,webegantalkswithSaabinmid-April2014onasaleof the Swedish shipyard ThyssenKrupp Marine Systems AB Hformerly KockumsI. Any transaction would be subject to regulatoryapproval.WeplantoconcentrateournavalshipbuildingoperationsatthesitesinKiel,HamburgandEmden.

The generally solid order situation ofthe Industrial Solutions business area gives us a continuing high order backlog of €15.1billion,providinglong-termplanningcertaintyandcapacityutilizationforthenexttwotothreeyears.

naastriai oonations oraer mtane		maastrial oolations aajasted Ebri
in million $\epsilon$ , quarter on quarter rate of change		in million $\epsilon$ , quarter on quarter rate of change
Q1	2,002	Q1		140
Q2 $(20)\%$	1,595	Q2	$+29%$	180
Q3 (51)%	779	Q3	(13)%	156
Q4 $+16%$	907	Q4	$+5%$	164
2012/2013		2012/2013
Q1 $+153%$	2,295	Q1	$+5%$	173
Q2 (48)%	1,188	Q2	$+15%$	199
2013/2014		2013/2014

Significantearningsimprovement,continuinggoodmarginquality

2ndquarteradjustedEBITat€199millionwasupsignificantlyquarter-on-quarterandyear-on-year.Total1sthalfadjusted EBITcameto€372million,fullyinlinewithexpectations.Theclearearningsimprovementprofitedfromorderbillingsinthe fertilizer business of Process Technologies and efficiency gains in all business units. 1st half adjusted EBITmargin also increasedyear-on-yearandwas againwellwithinthe doubledigittargetcorridorat12.9% H1sthalf2012/2013:11.7%I. 1sthalfearningswereimpactedslightlybyspecialitemsof€H4Imillion,mainlyduetorestructuringmeasures.

MaterialsServices

MaterialsServicesinfigures

		1sthalf 2012/2013	1sthalf 2013/2014	Change in%	2ndquarter 2012/2013	2ndquarter 2013/2014	Change in%
Orderintake	million€	5,753	6,256	9	2,988	3,414	14
Sales	million€	5,738	6,059	6	2,923	3,320	14
EBIT	million€	21213	80	++	21573	37	++
EBITmargin	%	22.13	1.3	—	25.43	1.1	—
AdjustedEBIT	million€	98	90	283	58	56	233
AdjustedEBITmargin	%	1.7	1.5	—	2.0	1.7	—
Employees2March313		26,230	30,653	17	26,230	30,653	17

With some 500 locations in 35 countries, the Materials Services business area specializes in materials distribution includingtechnicalservices.InconnectionwiththeendingofallfinanciallinkswithOutokumputhefullVDMgroup,theAST groupwith its plants andtheItalianservice center aswell asfurtherstainlesssteelservice centers inGermany,France, SpainandTurkeyweretransferredfromOutokumputoThyssenKruppandassignedtotheMaterialsServicesbusinessarea witheffectfromFebruary28,2014.ASTinparticularistoprofitfromthebusinessarea'sglobaldistributionorganizationin thefuture.

Shipmentsupsignificantlythankstobroadsalesinitiatives–slightdemandimprovementinsomeareas

Thebusinessarea'sinternationalpositioningcombinedwithitsfocusonabroadmixofcustomersandsectorsagainpaid clear dividends inthe 1st half 2013/2014.Warehouse shipments ofmetals increased significantly in almost all regions thankstointensivesalesinitiatives.Withover2.8milliontonsweachievedyear-on-yeargrowthof8%inthefirstsixmonths of the fiscal year, almost matching the record level of before the 2008 financial crisis. Almost everywhere we sold significantlymorematerialscomparedwithboththe2ndquarter2012/2013andthe1stquarterofthecurrentfiscalyear. Despite intense competitionwe increasedthe volume of direct-to-customer andtrading business by around 13%to 1.8 milliontons inthe 1st half 2013/2014.Shipments of rawmaterialssuch as coke/coal,special ores,minerals, alloys and metalsincreasedbywellover100%to1.9milliontons;onlyshipmentsofalloysandmetalsdeclinedslightlyyear-on-year duetotheveryweakstainlesssteelmarket.

Thebusinessarea'skeyfinancialindicatorsareaffectedbytheinclusionoftheVDMandASTgroupsasofMarch01,2014. Salesandorderintakeareeachaffectedtothetuneofaround€300million.

1st half order intake at almost €6.3 billionwas 9% higher year-on-year; on a comparable basisthe increasewas 6%.A comparisonofthe2ndquartersshowsasimilarpicture.Salescametoover€3.3billioninthe2ndquarter,up14%year-onyear,andalmost€6.1billioninthe1sthalf,up6%.Onacomparablebasistheincreaseswereonly7%and3%respectively, despite significantly higher volumes. The main reasonforthis was prices,whichwere completely unsatisfactory in both warehousinganddirect-to-customerbusiness.Averagepricesforrolledsteelandparticularlyforstainlesssteel,nonferrous metalsandplasticswerewellbelowprior-yearlevels.Thesamewastrueofmostrawmaterials.SinceFebruary2014both nickelandstainlesssteelpriceshavebeenshowingslightsignsofrecovery.

Inconnectionwiththehighgrowthinvolumestherewasanabove-averageincreaseinsalesinourmaterialstradingand metallurgical products businesses, while the plastics business also recorded double-digit growth. Services for the aerospaceindustry remainedstableatahighlevel.Thesamewastrueofourservicecenterbusinessfortheautomotive sector,withshipmentssignificantlyhigher.

After an intensive review ofthe purchase bids andtalkswith potential buyers,the disposal process initiated inthe past fiscalyearfortheRailway/ConstructionunitwasstoppedinMarch2014.NoneoftheoffersmetThyssenKrupp'sfinancial expectations.Againstthis background a decisionwasmadeto discontinuethe railway activities dueto a lack of growth prospects. The profitable construction businesswill be continued and repositionedfollowing an analysis ofthe business model.

The performance programs in connection with impact – primarily aimed at optimizing our logistics network, operating structureandadministration–werecontinuedwithhighintensityworldwide;inallregionsandbusinessunitsthenumberof employees was adjusted in line withthe market situation. In Germany andthe rest of Europe numerous companies are beingcombined;ouroperationsinRussiaandSlovakiaarebeingrestructured.

ThetransferofVDM,ASTandthestainlesssteelservicecentersaddedmorethan5,000peopletotheMaterialsServices workforce. The integration of the service centers in Germany, France, Spain and Turkey into the existing business area organization is largely completed.We are currently carrying out a detailed analysis ofthe businessmodels and plans of VDMandAST;togetherwiththemanagement,asustainableindustrialplanbackedbyextensivemeasureswillbefinalized bythissummer.

AdjustedEBITlargelystableindifficultpriceandcompetitiveenvironment

Thankstointensivesalesinitiativesandperformanceprograms,adjustedEBITof€90millioninthe1sthalfand€56million in the 2nd quarter 2013/2014 was largely level with the corresponding prior-year periods and represented a clear improvementontheseasonallyweaker1stquarter.Itincludesanegativecontributionof€3millionfromthenewactivities includedfromMarch01,2014.EBITcameto€80millioninthe1sthalf2013/2014,ayear-on-yearimprovementof€200 million.The1sthalf2012/2013wasimpactedbyspecialitemsof€219million,mainlyforexpenseinconnectionwiththe rail cartel. The €10million special items inthe currentfiscal year mainly comprise a disposal gain inthe rawmaterials tradingbusinessandvariousrestructuringexpenses,inparticularforthebusinessactivitiesandorganizationinRussia.

SteelEurope

SteelEuropeinfigures

		1sthalf 2012/2013	1sthalf 2013/2014	Change in%	2ndquarter 2012/2013	2ndquarter 2013/2014	Change in%
Orderintake	million€	5,023	4,704	263	2,620	2,430	273
Sales	million€	4,765	4,463	263	2,512	2,389	253
EBIT	million€	19	72	279	2103	52	++
EBITmargin	%	0.4	1.6	—	20.43	2.2	—
AdjustedEBIT	million€	39	81	108	9	62	589
AdjustedEBITmargin	%	0.8	1.8	—	0.4	2.6	—
Employees2March313		27,773	26,397	253	27,773	26,397	253

TheSteelEuropebusinessareastandsforthedevelopment,productionandmarketingofpremiumflatcarbonsteel,mainly in the European market. Key customers are the auto industry and other steel-using sectors. The range also includes productsforattractivespecialistmarketssuchasthepackagingindustry.

Ordersandsalesdownduetodisposalsandlowerprices

Inthe1sthalf2013/2014SteelEurope'sbusinessvolumewasdownslightlyyear-on-year,mainlyduetodisposals.Ona comparablebasis,operatingperformancewaslargelystable,influencedbyhigherandsteadiervolumesbutalsocontinuing pressureonpricesandmargins.Orderintakecameto€4.7billion,down6%fromtheprior-yearperiod;onacomparable basisorderswerestable.Averagepricesforneworderswerelowerthanayearearlier.Ordervolumesstabilizedattheprioryearlevel,withasignificantquarter-on-quarterimprovementinthe2ndquarternotleastduetoseasonalfactors.

Salesinthe1sthalfwere6%loweryear-on-yearat€4.5billion.Onacomparablebasis–inparticularexcludingthesold tailoredblanksbusiness–saleswerestable.Averagenetsellingpricesdecreasedduetoweakpricesonthespotmarket. However,shipmentsincreasedby2%,or4%excludingportfoliochanges.Thesituationimprovednoticeablyinthecourseof the reporting period. Sales volumes in the 2nd quarter were 20% higher quarter-on-quarter. This was mainly due to improvedworkloadsatourcustomers,aboveallintheautomotiveandpackagingindustriesandatservicecenters.

Increasedcrudesteelproductioninpreparationforblastfurnacerelining

At6.6milliontons,crudesteelproductioninthereportingperiodincludingsuppliesfromHüttenwerkeKruppMannesmann HHKMIwas17%higheryear-on-year.Inpreparationfortheplannedrelininglaterthisyearofblastfurnace2inSchwelgern, thenewlyrelinedblastfurnace9wasfiredupagaininOctober2013.ForthesamereasonslabprocurementfromHKMwas increased.Withaslightimprovementintheordersituation, rolledsteelproductionforcustomersincreasedby5%overall year-on-yearto6.1milliontons.Withindividualcoatinglinesalreadyclosed,thedownstreamprocessingoperationsmainly hadagoodworkload.

"Best-in-ClassReloaded"takingeffect:EBITsignificantlyhigherindifficultmarketenvironment

AdjustedEBITinthe1sthalf2013/2014cameto€81million,doubletheprior-yearfigure.ExcludingtheprofitfromTailored Blanksstillcontainedayearearlier,theoperatingearningsimprovementwasevenmorepronounced.AdjustedEBITmargin increasedfrom0.8%to1.8%.At€62million,2ndquarteradjustedEBITshowedasubstantialimprovementbothyear-onyearand–forseasonalandvolumereasons–quarter-on-quarter,despiteadeclineinaveragesellingprices.Specialitems had little impact on earnings; EBIT in the first six months 2013/2014 came to €72 million. Despite this clear increase, earningsremainedatanunsatisfactorylevel,mainlyduetoinadequateaveragesellingprices.

With market conditions expected to remain difficult inthe future – especially with regardto steel prices – management continues to focus on implementing the measures under the "Best-in-Class Reloaded" program. Many of the cost and efficiencytargets identified underthis program have already been metto a significant degree inthe current yearwith a positive impact on earnings. These efforts are being continued rigorously. Inthis context we have initiatedthe planned disposal process for the grain-oriented electrical steel production operations, including the electrical steel operations in Nashik,India.Cost-cuttingmeasureswillbesupplementedbydifferentiationinitiativesandintensifiedsalesefforts;anewly launchedprojectistargetedatfurtheroptimizingstrategicsalesmanagement.

SteelAmericas

SteelAmericasinfigures

		1sthalf 2012/2013	1sthalf 2013/2014	Change in%	2ndquarter 2012/2013	2ndquarter 2013/2014	Change in%
Orderintake	million€	1,069	1,183	11	509	574	13
Sales	million€	989	1,073	8	501	535	7
EBIT13	million€	21663	118	++	2443	117	++
EBITmargin	%	—	11.0	—	—	21.9	—
AdjustedEBIT13	million€	21663	2433	74	2443	2263	41
AdjustedEBITmargin	%	—	—	—	—	—	—
Employees2March313		4,068	4,037	213	4,068	4,037	213

¹³Prior-yearfigureshavebeenadjusted.

WithitssteelmillinBrazilHThyssenKruppCSAItheSteelAmericasbusinessareasuppliestheAmericanmarketwithhighqualityslabs.AspartoftheStrategicWayForwardThyssenKrupphaddecidedtoselltheThyssenKruppSteelUSArolling andcoatingplantinCalvert/Alabama;acontractonthesalewassignedwithaconsortiumofArcelorMittalandNipponSteel &SumitomoMetalCorporationonNovember29,2013,andtheclosingtookplaceonFebruary26,2014.Theagreement alsoincludesalong-termslabsupplycontractfortheBraziliansteelmill.Consequently,theSteelAmericasbusinessarea– whichhadbeenclassifiedasadiscontinuedoperationinaccordancewithIFRS–wasreclassifiedasacontinuingoperation atthe end ofthe 2012/2013fiscal year;withinthe business area, ThyssenKrupp Steel USAwas reported as a disposal groupuntiltheendofFebruary2014.

Steel Americas order intake		Steel Americas adjusted EBIT
in million €, quarter on quarter rate of change		in million $\epsilon$ , quarter on quarter rate of change*
Q1	560	Q 1	(122)
Q2	509 (9)%	Q2	(44) $+64%$
Q 3	496 (3)%	Q3	(193) $-9/6$
Q 4	491 $(1)\%$	Q 4	(136) $+30%$
2012/2013		2012/2013
Q1	609 $+24%$	Q 1	(17) $+88%$
Q2	574 (6)%	Q 2	(26) (53)%
2013/2014		2013/2014

*FiguresforQ12012/2013toQ12013/2014havebeenadjusted.

Increasesinorders,salesandproduction

At€1.2billion,orderintakeinthe1sthalf2013/2014wasup11%year-on-year.Inthe2ndquarter,orderswere13%higher year-on-year and 6% lower quarter-on-quarter. The contributions from ThyssenKrupp Steel USA are included up to the closingofthesaleattheendofFebruary2014.Thankstohighervolumes,orderintakeatThyssenKruppCSAinthefirstsix months2013/2014wasup13%year-on-year.1sthalfsalesofSteelAmericasat€1.1billionwere8%higherthanayear earlier,mainly reflectinghighershipmentsand prices; onacomparablebasissales increased by12%.2nd quartersales wereup7%year-on-year,againduetoimprovedvolumesandprices,andremainedalmostunchangedquarter-on-quarter despite the absence of sales contributions from ThyssenKrupp Steel USA following the closing. The Brazilian steel mill raisedslabproductionto2.0milliontonsinthereportinghalf,14%higherthanayearearlier.1.4milliontonsofslabswere suppliedtotheUSprocessingplant,andthankstointensifiedsaleseffortsinNorthandSouthAmerica0.6milliontonsof slabsweresoldtocustomersoutsidetheGroup,doubletheprior-yearfigure.

Clearimprovementinearnings

Adjusted EBIT in the 1st half 2013/2014 improved by more than €100 million year-on-year to €H43I million. This clear improvement was due in particular to higher and more efficient capacity utilization, lower costs, structurally improved reducingagentconsumption,savingsmeasuresfromtheimpactcorporateprogram,andpositivepriceeffectsontheNorth Americanflatsteelmarket.2ndquarteradjustedEBITalsoshowedayear-on-yearimprovement,eventhoughtheprior-year periodprofitedstronglyfromapositivenon-periodtaxeffect.Quarter-on-quarter,adjustedEBITwasslightlylower;declining contributions from ThyssenKrupp Steel USA were partly offset by operating improvements and positive exchange rate effectsatThyssenKruppCSA.

EBITcameto€118millioninthe1sthalfand€117millioninthe2ndquarter,asignificantincreasebothyear-on-yearand quarter-on-quarter; in addition to operating improvements, this was mainly due to high positive special items from the disposaloftheUSsiteinCalvertandpositivespecialitemsfromtheupdatedvaluationofalong-termfreightagreement.

Thenetheadcountwasonlyslightlylowerinthe1sthalf2013/2014,mainlyreflectingthereallocationatthebeginningof thefiscalyearofasteelmillserviceproviderworkingforThyssenKruppCSAfromMaterialsServicestoSteelAmericasand thesaleoftheThyssenKruppSteelUSArollingandcoatingplantinFebruary2014.

CorporateatThyssenKruppAG

Corporate comprises the Group's head office and the shared service activities. The Group is managed centrally by ThyssenKrupp AG as corporate headquarters. To achieve greater global integration, the Group has adopted a threedimensionalmanagementstructureHnetworkorganizationImadeupofoperatingbusinesses,functionsandregions.Aspart ofthisnewmanagementmodel,regionalheadquartersarenowoperatinginBrazil,India,ChinaandtheAsia/Pacificregion. TheregionalheadquartersinNorthAmericahasbeenfullyoperationalsincethebeginningofthepriorfiscalyear.

The shared services activities comprise Business Services Hfinance and human resourcesI, IT and Real Estate including non-operatingrealestate.SalesofservicesbyCorporatecompaniestoGroupcompaniesandexternalcustomerscameto €84millioninthe1sthalf,€14millionlessthanintheprior-yearperiod.

AdjustedEBITatCorporateinthe1sthalf2013/2014was€H222Imillioncomparedwith€H217Imillionayearearlier.Higher expensesforcorporateinitiatives,inparticularthedataandprocessharmonizationprogramHdaprohI,werepartlyoffsetby costreductionsunderimpact.EBITcameto€H315Imillioninthe1sthalfcomparedwith€H251Imillionayearearlierand wasimpactedbynetspecialitemsof€93million.

The special items related in particular to a gain from the deconsolidation of the non-operating US company The Budd Company in connection with its winding-down in a Chapter 11 case and a loss from the completion of the sale of the investmentinOutokumpu.

StainlessGlobal2discontinuedoperation3

ThemergeroftheStainlessGlobalbusinessareawiththeFinnishcompanyOutokumpuwascompletedonDecember28, 2012.Inthe 1st quarter 2012/2013 upto itsexitfromtheGroup, StainlessGlobal achieved order intake of €1.3 billion, salesof€1.4billionandEBITof€72million.Aftertheexit,incomeandexpenseswererecordedinthe1sthalf2013/2014 whichweredirectlyassociatedwiththesaleofStainlessGlobalandresultedinnetEBITof€185million.Theserelatemainly tothe 1st quarter 2013/2014 and reflectthe reversal of provisions recognized in connectionwiththe sale of Inoxumto Outokumpu for the obligation to offset any negative financial consequences for Outokumpu under merger control requirements.

Resultsofoperationsandfinancialposition

Analysisofthestatementofincome

At€19,404million,netsalesfromcontinuingoperationsinthe1sthalf2013/2014were€675millionor4%higherthana yearearlier.Costofsalesfromcontinuingoperationsincreasedby€450millionor3%andthusatalowerratethansales. TheincreasewasmainlyduetohighermaterialexpenseandhigherrestructuringexpenseintheElevatorTechnologyand SteelEuropebusinessareas.Grossprofitfromcontinuingoperationsimprovedcorrespondinglyby€225millionto€2,986 million,whilegrossprofitmarginwasunchangedat15%.

The main contributors to the €14 million rise in research and development costs from continuing operations were the ElevatorTechnologyandIndustrialSolutionsbusinessareas.

The€53millionincreaseingeneralandadministrativeexpensesresultedmainlyfromrestructuringexpenseincurredinthe reportingperiodintheElevatorTechnologybusinessareaandhigherconsultingexpenses.

The€249milliondecreaseinotherexpensesfromcontinuingoperationsrelatedmainlytotheprovisionsrecognizedinthe prioryearintheMaterialsServicesbusinessareainconnectionwiththerailcartel.

Othergainsattributabletocontinuingoperationswere€297millionhigherthanayearearlier.Thiswasmainlyduetothe winding-downinthereportingperiodofthenon-operatingUScompanyTheBuddCompanyandthesaleofThyssenKrupp SteelUSA.

The€380millionriseinfinancingincomefromcontinuingoperationswasmainlytheresultofhigherexchangerategainsin connection with finance transactions. The €589 million increase in financing expense from continuing operations was mainly due to higher currency losses in connection with finance transactions and to the loss from the sale of the shareholdinginOutokumpuOyj.

Theincomefromcontinuingoperations HbeforetaxIof€139million resultedintaxexpensefromcontinuingoperationsof €124million in the reporting period, mainly in connection with non-tax-deductible expense from the Outokumpu shareholdinganditssaleand–asintheprioryear–valuationallowancesfordeferredtaxassets.

Aftertakingintoaccountincometaxes,incomefromcontinuingoperationscameto€15million.

The discontinued operations achieved income of €185 million inthe reporting period compared with €61 million a year earlier. The €124million increasewasmainly dueto a €270million improvement in current incometo €185million;this mainly reflectsthe reversal ofthe provisionfor possibleeffectsfrommerger control requirements in connectionwiththe saleofInoxumtoOutokumpu.Thiswaspartlyoffsetbythe€146milliongainonthedisposalofthestainlesssteelbusiness recognizedonlyintheprior-yearperiod.

Includingtheafter-taxincomefromdiscontinuedoperations,netincomeof€200millionwaspostedinthereportingperiod, comparedwithanetlossof€145millionayearearlier.

Inthereportinghalfyear,earningspersharebasedonthenetincomeattributabletotheshareholdersofThyssenKruppAG came to €0.37, a year-on-year improvement of €0.63. Earnings per share from continuing operations came to €0.03, comparedwitha€0.38lossayearearlier.

Analysisofthestatementofcashflows

The amountstaken into account inthe statement of cashflows correspondtothe item "Cash and cash equivalents" as reported in the statement of financial position and also include the cash and cash equivalents relating to the disposal groups including the discontinued operations until the time of their actual sale. For the 1st quarter 2012/2013 the discontinuedoperationsincludecashflowsattributabletotheoperationsofStainlessGlobal.

Inthereportingperiodtherewasanetcashoutflowfromoperatingactivitiesof€209million,comparedwithacashinflow of €22million a year earlier.Ofthe €231 million overall deterioration, €426million relatedtothe continuing operations, whichrecordedacashoutflowof€209millioninthereportingperiodcomparedwitha€216millioncashinflowintheprioryearperiod.Thedeteriorationwasdueinparticulartoanincreaseincapitalemployedinoperatingassetsandliabilities.

Investing activities resulted in a net cash inflow of €594 million, compared with a cash inflow of €264 millionthe year before. The main reasons for the €330 million difference were the €169 million decrease in capital expenditures for property,plantandequipmentandintangibleassetsinthecontinuingoperationsaswellastheabsenceofthe€99million capital expenditures in the discontinued operations reported a year earlier. Proceeds from disposals of consolidated companiesinthereportingperiodrelatedmainlytothesaleofThyssenKruppSteelUSA,whiletheprioryearwasimpacted in particular by the sale of the stainless steel business to Outokumpu. In addition, the winding-down of the previously consolidated non-operatingUS company TheBuddCompanyinaChapter11case resultedina€279million disposal of cashandcashequivalentsinthe2ndquarter2013/2014.

Freecashflow,i.e.thesumofoperatingcashflowsandcashflowsfrominvestingactivities,rosebyatotalof€99millionto apositive€385million.Theabsence of prior-year€293millionnegativefreecashflowfromthe discontinued operations waspartlyoffsetbya€194millionreductioninfreecashflowinthecontinuingoperationsinthereportingperiod.

Cashinflowfromfinancingactivitiescameto€876million,€1,208millionlowerthanayearearlier;ofthisreduction,€238 millionreflectedtheabsenceofcashinflowsinthediscontinuedoperations.Inaddition,€970millionwasattributabletothe continuing operations and mainly reflected two partly offsetting effects: In the reporting period there were net financial borrowings of€151million,whileinthe prior-year period net borrowingscameto€2,070million.Theassociated€1,919 millionreductionwaspartlyoffsetbycashinflowsof€878millionfromthecapitalincreasecarriedoutinDecember2013.

Analysisofthestatementoffinancialposition

ComparedwithSeptember30,2013,totalassetsincreasedaltogetherby€1,131millionto€36,428million.Thisincludesa currencytranslation-relateddecreaseof€408million,mainlyduetomovementsintheUSdollarexchangerate.

Takingintoconsiderationanexchange rate-related reductionof€147million,non-currentassetsdecreasedaltogetherby €954 million. The main reason was the €968 million reduction in other financial assets as a result of the transfer to OutokumpuonFebruary28,2014ofthefinancialreceivablecreatedinconnectionwiththesaleofInoxum.Theoperations ofVDMandASTacquiredinexchangeandconsolidatedforthefirsttimewerethemainreasonforthe€439millionincrease inproperty,plantandequipment.Thedisposalofthe29.9%shareholdinginOutokumpuOyjtomeetthe requirementsof theEUinthisconnectionwasthemainreasonforthe€272milliondecreaseininvestmentsaccountedforusingtheequity method. The €201 million decrease in deferred tax assets mainly reflected the winding-down of the non-operating US companyTheBuddCompanyinaChapter11case.

Currentassetsincreasedbyatotalof€2,085million;thisincludedacurrencytranslation-relateddecreaseof€260million.

At €7,709million, inventories at March 31, 2014were €1,358 million higherthan at September 30, 2013. The risewas mainly duetothefirst-time consolidation of VDM and AST. Therewerefurther increases in particular intheComponents Technologybusinessarea,mainlyduetothereclassificationoftheformerdisposalgroupBerco,andthroughabuild-upof inventoryvolumesatSteelEurope.

Tradeaccountsreceivableincreasedaltogetherby€677millionto€5,633million.Aswellastheaforementionedfirst-time consolidationofVDMandASTandthereclassificationofBerco,thisalsoreflectedincreasedreceivablesinconnectionwith long-termconstructioncontractsintheElevatorTechnologyandIndustrialSolutionsbusinessareas.

The€329millionincreaseinothercurrentnon-financialassetswasmainlyduetoadvancepaymentsmadeinconnection withtheprocurementofinventoriesandotheradvancepaymentsaswellashigherrefundentitlementsinconnectionwith non-incometaxes.

The €1,222 million increase in cash and cash equivalents included proceeds of €878 million from the capital increase carriedoutinDecember2013andproceedsof€1,250millionfromtheissueofabondinFebruary2014.The€385million positivefree cashflow generated inthe reporting period also contributedtothe increase. Thiswas partly offset bytotal €1,034millionrepaymentsofliabilitiestofinancialinstitutions.

Assetsheldforsalewere€1,510millionlowerat€33million,mainlyasaresultofthedisposalofThyssenKruppSteelUSA andtheaforementionedreclassificationofBerco.

TotalequityatMarch31,2014was€3,183million,up€671millionfromSeptember30,2013.Themain reasonwasthe capitalincreasecarriedoutatthebeginningofDecember2013whichraisedtotalequityby€878million.Thenetincomeof €200millionforthe reportingperiodalsocontributedtotheincrease.Thiswaspartlyoffsetbythe€194millioncurrency translationlossesrecognizedinothercomprehensiveincomeandactuariallossesHaftertaxesIof€202million.Theequity ratioimprovedfrom7.1%to8.7%.

Non-currentliabilitiesdecreasedbyatotalof€763million.Thisincludeda€471millionreductioninnon-currentfinancial debt, mainly reflectingthe repayment of liabilitiestofinancial institutions. This was partly offset bythe aforementioned issueofa€1,250millionbond,whichinturnwaspartlyoffsetbythereclassificationofa€750millionbonddueinMarch 2015to currentfinancial debt. The €402million decrease in accrued pension andsimilar obligationswasmainly dueto lower provisionsfor healthcare obligations in connection withthe winding-down of The Budd Company. This was partly offsetbyanincreaseasaresultoftheupdatedinterestratesusedfortherevaluationofpensionobligationsatMarch31, 2014.

Current liabilities increased by €1,223million. This included a €213million reduction dueto currencytranslationeffects. Thenetincreasewasthe resultofvariouspartlyoffsettingeffects:The€338million reductioninothercurrentprovisions wasmainlythe result ofthe reversal of a provision recognized inthe prior yearfor possibleeffectsfrommerger control requirementsinconnectionwiththesaleofInoxumtoOutokumpu.Inaddition,aprovisionrecognizedintheprioryearwas utilizedinthereportingperiodonthebasisofasettlementreachedwithDeutscheBahninconnectionwiththerailcartel.

At€4,637million,tradeaccountspayablewereupby€924millionfromSeptember30,2013.Thiswasmainlyduetothe first-time consolidation of VDM and AST andthe reclassification ofBerco. The €608million rise in currentfinancial debt resulted in particular from the aforementioned reclassification of a bond previously classified as non-current. The €230 milliondecreasein othercurrentfinancialliabilitiesmainly reflectedthe repayment ofliabilitiestoassociated companies. Higher liabilities in connection with long-term construction contracts and a rise in advance payments received werethe mainreasonsforthe€631millionincreaseinothercurrentnon-financialliabilities.

The €257 million reduction in liabilities associated with assets held for sale mainly reflected the reclassification of the formerdisposalgroupBerco.

Subsequentevents

Therewerenoreportableevents.

ThyssenKruppstock

StockprofitsfromrigorousimplementationofStrategicWayForward

Theincreaseinthevalue of ThyssenKrupp'sstockinthefirstsixmonthsofthecurrentfiscalyearwas drivenmainly by continuing risk reduction in connection with the Strategic Way Forward. Key initiatives included the sale of the ThyssenKruppSteelUSA rolling and coating plant andtheslabsupply contractfor ThyssenKruppCSA,theending of all financiallinkswithOutokumpu,andtheGroup'ssuccessfulfinancingmeasuresontheequityanddebtside.

Not least our Capital Market Day in London in December 2013, focused on our high-growth capital goods businesses ElevatorTechnologyandIndustrialSolutions,hadapositiveimpactonthevaluationofourstock.

Sincethecapitalincrease,ThyssenKrupp'sstockhasoutperformedthebenchmarkindices.Attheendofthe2ndquarteron March31,2014,ThyssenKrupp'ssharepricestoodat€19.46,12.8%higherthanonDecember03,2013and10.1%higher than on September 30, 2013.Inthesame periodsthe DAX gained 3.6% and 11.2% andthe DJSTOXX 5.4% and 8.7% respectively.

CapitalincreasereflectsincreasinginternationalsupportforStrategicWayForward

The fast placement of the capital increase in early December 2013 and the fact that it was almost three times oversubscribedbymainlylong-terminvestorsconfirmsthetrustofthecapitalmarketinThyssenKrupp'slong-termstrategy. The placement met with strong support in particular from international institutional investors: More than two thirds of demandcamefromAnglo-Saxoninvestors,lessthan10%fromGermaninvestors.Moreover, roughly90%ofthedemand wasfrominvestorswithwhomweareinconstantandtargeteddialoguethroughourinvestorrelationsactivities.

CevianCapitalhasfurtherincreaseditsshareholdinginThyssenKrupp

OnFebruary28,2014CevianCapitalannouncedinafurtherdisclosureofvotingintereststhatithadfurtherincreasedits share in ThyssenKrupp AGto beyondthe 15% reportingthreshold. Onthis date Cevian held 15.08% ofthe Company's capitalstock,correspondingto85,321,744shares.Asa resultCevianCapitalisthesecondbiggestshareholderafterthe AlfriedKruppvonBohlenundHalbachFoundation.

Rating

We have been rated by Moody's and Standard & Poor's since 2001 and by Fitch since 2003. In December 2013 Fitch loweredThyssenKrupp'sratingfromBBB-toBB+.Ourratingsarethereforebelowinvestmentgrade.Allthreeratingshavea negative outlook.A negative outlookmeansthatthe rating agencymonitorsthe ratingmore closely andthen reviews it, normallywithinaperiodof12to18months.

	Long-term rating	Short-term rating	Outlook
Standard&Poor's	BB	B	negative
Moody's	Ba1	NotPrime	negative
Fitch	BB+	B	negative

Innovations

Solar energy and hydrogen are important components of a sustainable energy supply. Demand is growing for efficient batterycellsandbatterysystemstostoreenergy.

ThyssenKruppSystemEngineering,asubsidiaryofplantengineeringspecialistsThyssenKruppIndustrialSolutions,plans and designs production lines for energy storage systems. In Pleissa in the German state of Saxony we also operate a technical center to advance battery productiontechnology. The Center for Solar Energy and Hydrogen Research Baden-Württemberg HZSWI, one of Europe's leading energy research institutes, has commissioned ThyssenKrupp System Engineeringtoplananddesignafullyautomatedpilotlinefortheformationoflithium-ionbatterycells.ZSW'sworkincludes the research and development of technologies for the sustainable, climate-friendly provision of electricity, heat and renewablefuels.

The Materials Services business area, together with the Fraunhofer Institute for Material Flow and Logistics HIMLI and DortmundUniversityofTechnology,hasdevelopedthenewLogisticExcellenceHLExIsystemformaterialdistribution.This groundbreakinginnovationoptimizesthevariousstagesofalogisticschainsupplyingroughly150,000articlesfromstock tocustomersonajust-in-timebasis.

Withthe zinc-magnesium coatingsZM EcoProtect® and ZM PrimeProtect®,the Steel Europe business area has developed twohighlyeffectivecorrosionprotectionsolutionsforexposedautomotivebodypanelstoproductionreadiness.Zincisthe conventional corrosion protection used inthe auto industry. As ZM EcoProtect® and ZM PrimeProtect® offer significantly highercorrosionprotectionthanpurezincsolutions,coatingthicknessescanbereducedbyroughlyathirdcomparedwith conventionalgalvanizedsolutions.Thisallowssavingsoftwokilogramsofzincforamid-sizecar.

The Elevator Technology business area has launched the synergy element, a new, highly cost-efficient elevator for residential buildings. The new model is characterized by low energy consumption and has been rated energy efficiency classAundertheGermanVDI4707-1standard.synergyelementisbuiltinSpainattheMostolessitenearMadrid.

Employees

AtMarch31,2014,ThyssenKruppemployed160,786peopleworldwide,5,313or3.4%morethanayearearlier.Compared withSeptember30,2013theheadcountincreasedby3,930.Thisgrowthwasmainlyduetothetransferof5,085VDMand AST employees from Outokumpu. By contrast, the sale of ThyssenKrupp Steel USA resulted in a 1,522 decrease. The balancewasduetoamainlyoperationalincreaseinpersonnelby367employees:Areductionofapprox.700employeesat Steel Europe, Steel Americas and Corporate under various initiatives and measures as part of the impact program was offset by an increase – particularly outside Germany – of approx. 1,060 employees at our high-growth capital goods businessesaspartoftheireffortstodevelopnewcustomersandmarketsintheAmericasandAsia.Astheresultofinternal restructuring,1,412employeesmovedfromtheMaterialsServicesbusinessareatotheSteelAmericasbusinessarea.

InGermanytheheadcount roseby1,355comparedwithSeptember30,2013to59,519;withoutthetransferoftheVDM employees,theGermanworkforcewouldhavedecreased.AtMarch31,201420.0%ofallemployeeswerebasedinEurope outsideGermany,12.4%intheNAFTAregion,13.8%inSouthAmerica,15.4%inAsia–inparticularinChinaandIndia– and1.4%intherestoftheworld.

Compliance

The anticorruption and antitrust compliance program with its three pillars "inform", "identify" and "report and act" was rigorously continued and refined in the reporting period. The focus remained on implementing the structural changes introduced under the corporate program ACT. We also systematically addressed the recommendations from the special audit.

InformationonthecartelinvestigationatThyssenKruppSteelEuropeandtheassociatedbusinessriskscanbefoundinthe section"Opportunitiesandrisks".

NewExecutiveBoardmemberforLegalandCompliance

Dr.DonatusKaufmannjoinedtheExecutiveBoardofThyssenKruppAGonFebruary01,2014andtookchargeofthenew Legal andCompliance directorate.Consequentlythere have been changesto responsibilities and reporting channels;the ChiefComplianceOfficernowreportsdirectlytoDr.Kaufmann.

Furtherdevelopmentofthecomplianceprogram

We continuously optimize our compliance program to take account of current compliance developments, including the findingsfromourinternalcompliancework.Inthereportingperiodthecomplianceorganizationwasfurtheradjustedinline with the new Group structure resulting from the ACT project. For example, work continued in particular on personnel appointments. Most compliance officer positions at corporate and business area level have now been filled. Regional complianceofficerswillbeappointedinlinewithprogressintheregionalizationoftheGroup.

Complianceofficersatcorporate,thebusinessareasandintheregionsadvise,informandeducateemployeesaroundthe world about important legal requirements and internal policies and among other things carry out proactive compliance audits and investigatesuspected cases of non-compliance. The compliance officers aresupported inthe business areas and Group companies by a network of around 320 compliance managers – generally managing directors of Group companies–whoensurethecomplianceprogramisimplementedatoperatinglevelintheirareasofresponsibility.

Thebasisforthesuccessfulimplementationofthecomplianceprogramisacorporateculturethanstandsforvaluessuch as openness, transparency and credibility. Our managers bear corporate responsibility for compliance and base their actionsonthesevalues.ThyssenKrupphasaclearcommitmenttoensuringcompliancewiththelawandinternalpolicies; violations,particularlyofantitrustandanticorruptionrules,arenottoleratedunderanycircumstancesHzerotoleranceI.

Macroandsectorenvironment

Globaleconomyshowsmoderategrowthin2014-industrializednationscatchinguponemergingeconomies Globaleconomicgrowthpickedupinthecourseof2013,butat2.9%wasstilllowerthantheweakprior-yearlevel.Early indicatorsfromthe 1st quarter 2014signal amoderate recovery inthe pace of globaleconomic growththis year.Inthe industrialized nations in particular, the improvement in sentiment – based on continued highly expansionary monetary policy–pointstogrowthaccelerationofmorethan2%in2014comparedwithonlyaround1%lastyear.Intheemerging economieseconomicgrowthwillincreaseonlyslightlyfrom4.8%lastyearto4.9%in2014.Overallweexpecttheglobal economytogrowby3.4%

The euro zone economy came out of recessionthe course of last year.However,the recovery isveryslow,especially as structuraladjustmentsinsomecountriescontinuetoputabrakeontheeconomy.Followinga0.4%contractionlastyear, moderategrowthof1%isexpectedin2014.

TheGermaneconomyisexpectedtoexpandappreciablythisyear,drivenmainlybydomesticdemand.Inadditiontocapital investmentto meet replacement demand dueto rising capacity utilization and continuedfavorable financing conditions, therewillalsobeanincreaseinexpansioncapitalexpenditures.Consumerspendingwillalsoincreaseappreciablythanksto rising incomes and a solid labor market. By contrast, foreign trade is expected to generate only little growth impetus. Overall,GDPwillincreaseby1.8%in2014comparedwithonly0.4%lastyear.

TheUSeconomywillalsopickupthisyear.Inviewoftheadvanceddeleveragingprocessamongprivatehouseholdsand continuedimprovementsonthelabormarket,consumerspendingisexpectedtoaccelerate.Witheconomicconditionsmore favorable,businessspendingwillalsoincrease.Following1.9%growthin2013,theUSeconomyisexpectedtoexpandby 2.7%thisyear.

GDPinChina,whichexpandedby7.7%in2013,isexpectedtogrowby7.6%thisyear.Ontheonehand,foreigntradeis expectedtodeliverstrongergrowthimpetus.Ontheotherhand,thetargetedshifttowardsgreaterconsumption-ledgrowth isnotyetlikelytobesuccessfulenoughtooffsetweakerbusinessspending.Followingweakexpansionofjust4.6%last year, GDP growth in India will increase slightly in 2014 on the back of stronger foreign demand and the accelerated implementationofcurrentinfrastructureprojects.Butat5.4%thepaceofexpansionwillfallwellshortofthegrowthrates achievedinthepastdecade.Themoderate2.3%growthoftheBrazilianeconomyin2013isexpectedtoberepeatedthis year.Consumerspending is being boosted bythe robuststate ofthe labormarket.Reluctanceto reform is preventing a stronger increaseincapitalspending.Followingweak growth of only1.3%in2013,theRussianeconomyisexpectedto slowfurtherto1.0%thisyearduetothecontinuingcrisissituation.

Industrialactivitypickingup

Automotive–2014isexpectedtobringfurther growthintheautomotivesector.Globalsales ofcarsandlighttrucksare forecast to come to 85.6 million in 2014, a 3% increase year-on-year. While the Chinese market achieved double-digit expansionlastyear,growthisexpectedtoslowto9.3%in2014.TherewillalsobepositivedevelopmentsontheUSlight vehiclemarket,whichrecoveredwitharoughly8%increaselastyearandwillgrowbyafurther6%toroughly16.0million unitsthisyear.TheEuropeanpassengercarmarketwillachieveslightgrowthin2014forthefirsttimeinfiveyears.New registrationswillrisebyaround1%year-on-yearto18.1millionvehicles.TheGermanmarketwillachievebyfarthehighest growth.Salesof3.3millionvehicleswill representanincreaseofmorethan4%anda returntothelevelof2012.Hardly anyoftheSouthAmericanmarketsareexpectedtoexpandorcontractbyanyappreciableamount,meaningsaleswillonce againcometo5.9millionunits.

Followinga4%increaseinglobalproductionofcarsandlighttrucksto82.6millionvehiclesin2013,outputisexpectedto growbyjustunder3%thisyearto84.9millionunits.Aslastyear,theChinesemarketwillaccountforthebiggestshareof thisgrowth;Chinawillproduce22.6millionvehiclesin2014,ayear-on-yearincreaseof9%.TheMexicanmarketwillalso expand by 9%to produce 3.2million units inthe current year.Growth of almost 4% isexpectedfortheUS light vehicle market. Following aweak 2013,the Indianmarketwill once again expand by 3%this year.While our domestic German market will match its prior-year output, the rest of the ten biggest auto markets are expected to shrink. The biggest decreaseswillbeintheJapanesemarket,whichwillproduce5%oralmosthalfamillionfewervehiclesthanayearearlier. TheBrazilianmarketisalsoundergoingabriefphaseofweaknessandwillcontractbyalmost3%.

Importantsalesmarkets

	2013	2014*
Vehicleproduction,millioncarsandlighttrucks
World	82.6	84.9
WesternEurope/Turkey	12.6	12.7
Germany	5.5	5.6
USA	10.8	11.3
Japan	9.0	8.6
China	20.8	22.6
Brazil	3.4	3.3
Machineryproduction,real,in%versusprioryear
Germany	21.53	3.0
USA	2.4	3.6
Japan	1.9	12.1
China	7.7	6.1
Constructionoutput,real,in%versusprioryear
Germany	2.3	2.5
USA	4.4	8.7
China	9.0	8.4
India	3.8	7.4
Demandforfinishedsteel,milliontons
World	1,481	1,527
Germany	38	40
USA	96	99
China	700	721

*Forecast

Machinery–Followingadifficultyearoverallin2013,machineryoutputinmostcountrieswillshowgrowthin2014without achievingthehighratesofthepast.InChina,atemporaryslowingoftheeconomyandreducedcapitalspendingmeansthe Chinese machinery sector will expand by only roughly 6% this year. Following above-average increases in 2013, US machineryoutputwillgrowbyafurther3.5%thisyear.Afterproductiondecreasesin2013,theworstseemstobeoverfor mostWestEuropeancountries.Renewed,albeitmoderate,growthof2.5to3.5%isexpectedfor2014.

Germany'sexport-orientedmachinerysectorrecordeda1.5%declineinoutputin2013.Despitetheimprovementintheglobal economy,ordersinthefirsttwomonthsofthecurrentyearincreasedbyonly1%inrealterms.A2%riseinforeignorderswas offsetbya2%dropindomesticorders.However,stableorderbookscoveringalmostsixmonthsallowedproductionoutputto increasebymorethan5%atthestartoftheyear.OrdersfromtheGermanplantconstructionsectorin2013were3%higher thanayearearlier.Itisanticipatedthatorderintakewillstagnateattheprior-yearlevelin2014.Overall,Germanmachinery outputisexpectedtogrowby3%in2014.

Construction – In Europe in particular,the construction sector showed signs of weakness. In most western and eastern European countries, construction output declined again in 2013. Growth of around 4% is expected in eastern Europe in 2014,whilethewesternEuropeanconstructionsectorwilllikelystabilize.USconstructionoutputisexpectedtoexpandby around9%in2014.ConstructionoutputinGermanywillcontinuetobedrivenbystronghousingdemandin2014,whichis profitingfromlowinterestratesandapositivelabormarketsituation.ConstructionactivityinGermanywillincreaseby2.5% in2014.ConstructionoutputgrowthinChinathisyearwillbeslightlylowerthaninpreviousyearsataround8.5%.

Flatcarbonsteel–TheEuropeanmarketforflatcarbonsteelwasinitiallycharacterizedbyacontinuedrecoveryinvolumes atthebeginningof2014.Demandinparticularfromtheautomotiveindustryandtoalesserextentfromothersteel-using sectors andservice centers increased onthe back of higherworkloads.Forthis and seasonal reasons,therewas also a limited amount of stockbuilding. Shipments to the EU market by European producers in the 1st quarter 2014 were 7% higher year-on-year. Although on average importsfromthird countries remainedslightly belowthis level,they picked up againinthecourseoftheperiod.Towardstheendofthequarter,demandslowedslightly.Withmaterialsreadilyavailableat short notice, steel customers are remaining cautious. There is no need for them to cover more than their immediate requirements.In a constellationwithmorethan adequatesupply and an onlymoderate recovery in demand, itwas only possibletopushthroughtheurgentlyrequiredsteelpriceincreasesontheEuropeanmarkettoalimiteddegreeandnoton asustainablebasis.Therewasalsodownwardpressurefromatemporaryfallinrawmaterialprices.Overall,spotpricesin Europehaveshownvolatilesidewaysmovementsincethestartoftheyear.IntheUSA,theextremeweatherconditionsin the 1st quarter 2014 dampenedthe steel market. Dueto shorter supply, prices picked up strongly again in March after mainlysofteningsincetheturnoftheyear.

Againstthe background ofthe expected global economic recovery,the global steel market will also continueto grow in 2014.Demandforfinishedsteelwillprobablyrisebymorethan3%to1.53billiontons.Thisweakerexpansioncompared withpreviousyearsisattributabletoslowergrowthinmanyemergingeconomies.Inparticular,theChinesesteelmarket– which recorded 6% growth last year –willslowto 3% in 2014, andthere are increasingsigns of lastingweakness. The moderate recovery inthe EU will continue despite existing but reduced risks. Comingfrom a low level, steel demand is expectedtogrowbyaround3%thisyear.Germansteeldemandshouldrisebyasmuchasroughly5%toover40million tonsforeconomicandinventorycyclereasons.USsteelmarketgrowthisalsoexpectedtoaccelerateto4%.

Opportunitiesandrisks

Opportunities

Asaglobaldiversifiedindustrialgroupwithleadingengineeringexpertiseandinnovative,resource-conservingproductsand processes, ThyssenKrupp is systematically focused on the markets of the future. This offers strong opportunities in particular for our elevator and project businesses inthe emerging economies. Followingthefull integration of our plant engineering operationsthroughthemerger ofResourceTechnologies, Process Technologiesand ThyssenKruppIndustrial SolutionsinJanuary2014,wenowhaveaplatformfromwhichtoleveragetheglobalgrowthopportunitiesinourmarkets more systematically. In addition, the targeted continuation of our internal corporate program impact will help improve productivityandincreasevalueinallareasoftheGroup.

Theinformationonourstrategicandoperatingopportunitiespresentedonpages76-78ofthe2012/2013AnnualReport remainsvalid.

Risks

IfpositivesupportisnotforthcomingfromtheglobaleconomyandthemarketsofrelevanceforThyssenKrupp,theGroupwill faceeconomicrisks.Lowergrowthratesintheemergingeconomiesandunresolveddebtcrisesinparticularintheeurozone may diminish ourmarket prospects.We continuouslymonitor and assessthe economic situation and othercountry-specific conditionstoenableustotakeactionatanearlystage.Wecountersales risksfromdependencyonindividualmarketsand sectors by focusing systematically on the markets of the future. As a diversified industrial group with leading engineering expertise,ThyssenKrupphasaglobalpresence,enjoysgood,longstandingrelationshipswithitscustomers,andpursuesactive strategicdevelopmentofcustomersandmarkets.

ThyssenKrupp manages its liquidity and credit risks proactively. The Group'sfinancing and liquidity remain on a secure foundation in fiscal 2013/2014. At March 31, 2014 the Group had €8.8 billion in cash, cash equivalents and undrawn committedcreditlines.

We counter credit risks Hdefault risksI by entering into financial instruments with specified risk limits only with counterpartieswhohaveverygoodcreditstandingand/oraremembersofadepositguaranteescheme.Furtherfinancial riskssuchascurrency,interestrateandcommoditypricerisksare reducedbytheuseofderivativefinancialinstruments. Restrictiveprinciplesregardingthechoiceofcounterpartiesalsoapplytotheuseofthesefinancialinstruments.

ThyssenKrupphasagreementswithbankswhichcontaincertainconditionsintheeventthattheratioofnetfinancialdebt tototal equity HgearingI inthe consolidatedfinancial statements exceeds 150% atthe closing date HSeptember 30I. At March31,2014theGroup'sgearingwas124.4%.TheimprovementversusSeptember30,2013wasmainlyattributableto the capital increase carried out in early December 2013 andthe proceedsfromthe sale of ThyssenKrupp Steel USA in February2014.

AlsoinFebruary2014,ThyssenKrupptransferreditssubordinatedfinancialreceivabletoOutokumpuandinexchangetook over the VDM and AST groups and a number of European stainless steel service centers. As part of this transaction ThyssenKruppdivestedits29.9%shareholdinginOutokumpuandendedallotherfinanciallinkswithOutokumpu.Thisstep reduces risksandsecuresvaluefor ourcompany; on completion ofthetransaction,thevalueanddefault risksfromthe shareholdinginOutokumpuandfromthevendorloansgrantedwereeliminated.

Inadditiontoeconomicuncertainties,theEuropeansteelindustryisexposedtoimportpressureandovercapacitiesonthe market.Withtheintegratedoptimizationprogram"Best-in-ClassReloaded"theSteelEuropebusinessareaiscounteringthe corresponding risks to sales volumes and prices, positioning itself in less cyclical premium market segments, and thus makingakeycontributiontoachievingtheearnings,cashflow,value-addedandcompetitiveprofiledemandedofallGroup companiesaspartoftheStrategicWayForward.

Newlawsandotherchangesinthelegalframeworkatnationalandinternationallevelcouldentail risksforourbusiness activitiesiftheyleadtohighercostsorotherdisadvantagesforThyssenKruppcomparedwithourpeers.Inparticular,rising energy costs in 2014 duetothe surcharge payable under Germany's Renewable Energy Act HEEGI are already placing a significant burden on ourGermansteel productionsiteswhich is jeopardizing our international competitiveness. The risk situationisexacerbatedbythesubsidyinvestigationsinitiatedagainstGermanybytheEUCommissiononDecember18, 2013.TheEuropeanCommissionsuspectsthatthepartialexemptionofnumerouscompaniesfromtheEEGsurchargeisin contraventionofEUcompetitionlaw.IfinthisconnectionorthroughnewlegislationbytheGermangovernmentHEEG2014I thepartialexemptionfromtheEEGsurchargegrantedtoThyssenKruppandotherenergy-intensivecompaniesengagedin internationalcompetitionshouldbereducedorwithdrawn,therewillbesubstantialriskstotheasset,financialandearnings situation ofthe ThyssenKrupp'sGerman productionsites.Wesupportthe discussion process in connectionwiththe EEG andfurtherregulationeffortsthroughcloseworkingcontactswiththerelevantinstitutionsandinthiswayworktoreduce thecorresponding risks.Thecurrentenvironmental andenergysubsidy guidelinesissued bytheEUCommissionandthe draftofthenewEEG2014takeourjustifiedinterestsintoaccount;thepoliticalprocessisexpectedtobecompletedinthe summer. It is not yet possible to give any indication of when the subsidy investigations will be ended, but based on governmentstatementswecurrentlyexpectanyrisktotheGrouptobelow.

Actingonananonymoustip,theGermanFederalCartelOfficehasbeeninvestigatingThyssenKruppSteelEuropeandother companies since the end of February 2013 based on an initial suspicion of price fixing in the delivery of certain steel productstotheGermanautoindustryanditssuppliersoveraperioddatingbackto1998.ThyssenKrupphaslaunchedits owninvestigationintotheallegationswiththesupportofexternallawyers.TheamnestyprogramwecarriedoutfromApril 15toJune15,2013producednoleadsregardingtheongoinginvestigations.TheinvestigationsbytheFederalCartelOffice are ongoing. The internal investigations launched in responsetothe investigations oftheFederalCartelOffice are at an advanced stage but not yet complete. Based onthefacts currently knownto us, significant adverse consequenceswith regardtotheGroup'sasset,financialandearningssituationcannotberuledout.

In2013thepublicprosecutor'sofficeinBremenlaunchedaninvestigationintoemployeesofAtlasElektronikGmbH,among others, onsuspicion of bribingforeign officials in connectionwith commission paymentsforGreek naval projects. These payments were made before Atlas was acquired by ThyssenKrupp in 2007. Atlas reported this matter to the public prosecutorandtheBremeninternalrevenueservicein2010followingacomplianceinvestigation.AtlasElektronikisajoint companyofThyssenKruppandAirbus.Thecompanyiscooperatingfullywiththeauthoritiesandhasinitiatedaninternal investigationinconsultationwiththepublicprosecutor'soffice.Theprocessisbeingcloselysupportedbytheowners.

The various elements of our riskmanagement system are systematically gearedtothe current challenges and risks ofthe Group.ThisensuresthattherearenorisksthatcouldthreatentheabilityoftheGrouptocontinueasagoingconcern.Beyond this,thedetailedinformationcontainedintheriskreportonpages77-88ofthe2012/2013AnnualReportisstillvalid.

Wereportonpendinglawsuits,claimsfordamagesandotherrisksinNote07.

ThyssenKruppAG—Consolidatedstatementoffinancialposition

Assetsmillion€	Note	Sept.30, 2013*	March31, 2014
Intangibleassets		4,206	4,214
Property,plantandequipment		7,484	7,923
Investmentproperty		287	292
Investmentsaccountedforusingtheequitymethod		949	677
Otherfinancialassets		1,019	51
Othernon-financialassets		335	370
Deferredtaxassets		1,662	1,461
Totalnon-currentassets		15,942	14,988
Inventories,net		6,351	7,709
Tradeaccountsreceivable		4,956	5,633
Otherfinancialassets		500	426
Othernon-financialassets		2,069	2,398
Currentincometaxassets		123	206
Cashandcashequivalents		3,813	5,035
Assetsheldforsale	02	1,543	33
Totalcurrentassets		19,355	21,440
Totalassets		35,297	36,428

EquityandLiabilitiesmillion€	Note	Sept.30, 2013*	March31, 2014
Capitalstock		1,317	1,449
Additionalpaidincapital		4,684	5,434
Retainedearnings		04,0861	03,7561
Cumulativeothercomprehensiveincome		328	01871
thereofrelatingtodisposalgroups0Sept.30,2013:2;March31,2014:11
EquityattributabletoThyssenKruppAG'sstockholders		2,243	2,940
Non-controllinginterest		269	243
Totalequity		2,512	3,183
Accruedpensionandsimilarobligations	04	7,348	6,946
Provisionsforotheremployeebenefits		270	309
Otherprovisions		676	717
Deferredtaxliabilities		52	81
Financialdebt		6,955	6,484
Otherfinancialliabilities		3	3
Othernon-financialliabilities		1	2
Totalnon-currentliabilities		15,305	14,542
Provisionsforemployeebenefits		298	214
Otherprovisions		1,363	1,025
Currentincometaxliablilities		234	203
Financialdebt		1,911	2,519
Tradeaccountspayable		3,713	4,637
Otherfinancialliabilities		1,241	1,011
Othernon-financialliabilities		8,455	9,086
Liabilitiesassociatedwithassetsheldforsale	02	265	8
Totalcurrentliabilities		17,480	18,703
Totalliabilities		32,785	33,245
Totalequityandliabilities		35,297	36,428

Seeaccompanyingselectednotes.

*FigureshavebeenadjustedduetotheadoptionofIAS19RandthecatchupofdepreciationofBerco0see"Recentlyadoptedaccountingstandards"andNote21.

ThyssenKruppAG—Consolidatedstatementofincome

million€,earningspersharein€	Note	1sthalf ended March31, 2013*	1sthalf ended March31, 2014	2ndquarter ended March31, 2013*	2ndquarter ended March31, 2014
Netsales	09	18,729	19,404	9,540	10,295
Costofsales	10	015,9681	016,4181	08,0981	08,7461
Grossprofit		2,761	2,986	1,442	1,549
Researchanddevelopmentcost		01231	01371	0671	0731
Sellingexpenses		01,3771	01,3721	06991	06881
Generalandadministrativeexpenses		01,0271	01,0801	05101	05321
Otherincome		116	88	70	37
Otherexpenses		03361	0871	02891	0671
Othergains/0losses1		021	295	011	313
Income/0loss1fromoperations		12	693	0541	539
Income/0expense1fromcompaniesaccountedforusingtheequitymethod	11	031	0171	0141	14
Financeincome		182	562	81	350
Financeexpenses		05101	01,0991	02561	05341
Financialincome/0expense1,net		03311	05541	01891	01701
Income/0loss1beforeincometaxes		03191	139	02431	369
Incometax0expense1/income		113	01241	114	0971
Income/0loss1fromcontinuingoperations0netoftax1		02061	15	01291	272
Discontinuedoperations0netoftax1	02	61	185	2	021
Netincome/0loss1		01451	200	01271	270
Attributableto:
ThyssenKruppAG'sstockholders		01321	204	01291	269
Non-controllinginterest		0131	041	2	1
Netincome/0loss1		01451	200	01271	270
Basicanddilutedearningspershare	12
Income/0loss1fromcontinuingoperations0attributabletoThyssenKruppAG'sstockholders1		00.381	0.03	00.251	0.48
Netincome/0loss10attributabletoThyssenKruppAG'sstockholders1		00.261	0.37	00.251	0.48

Seeaccompanyingselectednotes.

*FigureshavebeenadjustedduetotheadoptionofIAS19R,thereclassificationofSteelAmericasasacontinuingoperation,theeliminationoftheimpairmentofSteelAmericas aswellasthecatchupofamortizationanddepreciationofThyssenKruppCSAandBerco0see"Recentlyadoptedaccountingstandards"andNote21.

ThyssenKruppAG—Consolidatedstatementofcomprehensive income

	1sthalf ended March31,	1sthalf ended March31,	2ndquarter ended March31,	2ndquarter ended March31,
million€	2013*	2014	2013*	2014
Netincome/,loss-	01451	200	01271	270
Itemsofothercomprehensiveincomethatwillnotbereclassifiedtoprofitorlossinfutureperiods:
Actuarialgains/0losses1frompensionsandsimilarobligations
Changeinactuarialgains/0losses1,net	01061	02871	27	03631
Taxeffect	33	85	071	107
Netactuarialgains/0losses1frompensionsandsimilarobligations	0731	02021	20	02561
Gains/losses resulting from asset ceiling
Changeingains/0losses1,net	081	021	061	2
Taxeffect	2	1	2	0
Netgains/0losses1resultingfromassetceiling	061	011	041	2
Shareofunrealizedgains/0losses1ofinvestmentsaccountedforusingtheequity-method	0201	3	0141	0
Subtotalofitemsofothercomprehensiveincomethatwillnotbereclassifiedtoprofitorlossinfutureperiods:	0991	02001	2	02541
Itemsofothercomprehensiveincomethatwillbereclassifiedtoprofitorlossinfutureperiods:
Foreigncurrencytranslationadjustment
Changeinunrealizedgains/0losses1,net	0121	01211	108	011
Netrealized0gains1/losses	15	0731	0	0731
Netunrealizedgains/0losses1	3	01941	108	0741
Unrealizedgains/0losses1fromavailable-for-salefinancialassets
Changeinunrealizedgains/0losses1,net	0	1	0	1
Netrealized0gains1/losses	0	0	0	0
Taxeffect	0	0	0	0
Netunrealizedgains/0losses1	0	1	0	1
Unrealized0losses1/gainsonderivativefinancialinstruments
Changeinunrealizedgains/0losses1,net	0141	9	7	0161
Netrealized0gains1/losses	2	0	021	0
Taxeffect	4	4	011	12
Netunrealizedgains/0losses1	081	13	4	041
Shareofunrealizedgains/0losses1ofinvestmentsaccountedforusingtheequity-method	5	071	12	041
Subtotalofitemsofothercomprehensiveincomethatwillbereclassifiedtoprofitorlossinfutureperiods:	0	01871	124	0811
Othercomprehensiveincome	0991	03871	126	03351
Totalcomprehensiveincome	02441	01871	011	0651
Attributableto:
ThyssenKruppAG'sstockholders	02441	01791	0251	0671
Non-controllinginterest	0	081	24	2
TotalcomprehensiveincomeattributabletoThyssenKruppAG'sstockholdersrefersto:
Continuingoperations	02941	03641	0261	0651
Discontinuedoperations	50	185	1	021

Seeaccompanyingselectednotes.

*FigureshavebeenadjustedduetotheadoptionofIAS19R,thereclassificationofSteelAmericasasacontinuingoperation,theeliminationoftheimpairmentofSteelAmericas aswellasthecatchupofamortizationanddepreciationofThyssenKruppCSAandBerco0see"Recentlyadoptedaccountingstandards"andNote21.

ThyssenKrupp—Consolidatedstatementofchangesinequity

million€ ,exceptnumberofshares-	Numberof shares outstanding	Capital stock	Additional paid incapital	Retained earnings	Foreign currency translation adjustment	Available for-sale financial assets	Derivative financial instruments	Shareof investments accounted forusingthe equity method	Total	Non controlling interest	Total equity
BalanceasofSept.30, 2012	514,489,044	1,317	4,684	02,4851	463	7	0321	32	3,986	540	4,526
Adjustmentdueto retrospectiveadoption ofIAS19R*				8					8		8
BalanceasofOct.01,2012*	514,489,044	1,317	4,684	02,4771	463	7	0321	32	3,994	540	4,534
Netincome/0loss1**				01321					01321	0131	01451
Othercomprehensive income**				0991	041	0	0141	5	01121	13	0991
Totalcomprehensive income**				02311	041	0	0141	5	02441	0	02441
Profitattributableto non-controllinginterest									0	0281	0281
Otherchanges				4					4	0191	0151
BalanceasofMarch31, 2013**	514,489,044	1,317	4,684	02,7041	459	7	0461	37	3,754	493	4,247
BalanceasofSept.30, 2013*	514,489,044	1,317	4,684	03,8161	107	3	0651	13	2,243	269	2,512
Netincome/0loss1				204					204	041	200
Othercomprehensive income				02001	01901	1	13	071	03831	041	03871
Totalcomprehensiveincome				4	01901	1	13	071	01791	081	01871
Profitattributableto non-controllinginterest									0	0201	0201
Capitalincrease	51,448,903	132	750	031					879	0	879
Otherchanges				031					031	2	011
BalanceasofMarch31, 2014	565,937,947	1,449	5,434	03,8181	0831	4	0521	6	2,940	243	3,183

Seeaccompanyingselectednotes.

*FigureshavebeenadjustedduetotheadoptionofIAS19RandthecatchupofdepreciationofBerco0see"Recentlyadoptedaccountingstandards"andNote21. **FigureshavebeenadjustedduetotheadoptionofIAS19R,thereclassificationofSteelAmericasasacontinuingoperation,theeliminationoftheimpairmentofSteelAmericas aswellasthecatchupofamortizationanddepreciationofThyssenKruppCSAandBerco0see"Recentlyadoptedaccountingstandards"andNote21.

ThyssenKrupp—Consolidatedstatementofcashflows

	1sthalf ended	1st half ended	2nd quarter ended	2ndquarter ended
million€	March31, 2013*	March31, 2014	March31, 2013*	March31, 2014
Netincome/0loss1	01451	200	01271	270
Adjustmentstoreconcilenetincome/0loss1tooperatingcashflows:
Discontinuedoperations0netoftax1	0611	01851	021	2
Deferredincometaxes,net	02421	061	01791	24
Depreciation,amortizationandimpairmentofnon-currentassets	564	541	283	277
Reversalsofimpairmentlossesofnon-currentassets	011	021	011	011
0Income1/lossfromcompaniesaccountedforusingtheequitymethod,netofdividendsreceived	2	17	14	0141
0Gain1/lossondisposalofnon-currentassets,net	0191	03251	0171	03151
Changesinassetsandliabilities,netofeffectsofacquisitionsanddivestituresandothernon-cashchanges:
-inventories	29	04971	195	115
-tradeaccountsreceivable	110	04441	03871	09771
-accruedpensionandsimilarobligations	0931	01341	0291	0921
-otherprovisions	332	01881	212	0911
-tradeaccountspayable	0361	307	181	219
-otherassets/liabilitiesnotrelatedtoinvestingorfinancingactivities	02241	507	19	227
Operatingcashflows-continuingoperations	216	02091	162	03561
Operatingcashflows-discontinuedoperations	01941	0	0	0
Operatingcashflows-total	22	02091	162	03561
	011	0	011	0
Purchaseofinvestmentsaccountedforusingtheequitymethodandnon-currentfinancialassets	061	071	051	051
Expendituresforacquisitionsofconsolidatedcompaniesnetofcashacquired	05661	04151	02611	02041
Capitalexpendituresforproperty,plantandequipment0inclusiveofadvancepayments1andinvestmentproperty	0481	0301	0201	0111
Capitalexpendituresforintangibleassets0inclusiveofadvancepayments1
Proceedsfromdisposalsofinvestmentsaccountedforusingtheequitymethodandnon-currentfinancialassets	0	46	011	32
Proceedsfromdisposalsofpreviouslyconsolidatedcompaniesnetofcashacquired	929	1,254	10	1,254
Cashandcashequivalentsdisposedofduetolossofcontrolovercompaniesconsolidatedsofarbutnotsold	0	02791	0	02791
Proceedsfromdisposalsofproperty,plantandequipmentandinvestmentproperty	54	25	41	16
Proceedsfromdisposalsofintangibleassets	1	0	0	0
Cashflowsfrominvestingactivities-continuingoperations	363	594	02371	803
Cashflowsfrominvestingactivities-discontinuedoperations	0991	0	0	0
Cashflowsfrominvestingactivities-total	264	594	02371	803
Proceedsfromissuanceofbonds	1,600	1,250	1,600	1,250
Repaymentofbonds	01,0001	0	01,0001	0
Proceedsfromliabilitiestofinancialinstitutions	2,708	611	562	88
Repaymentsofliabilitiestofinancialinstitutions	01,3961	01,6451	05301	07581
Proceedsfrom/0repaymentson1notespayableandotherloans	162	0661	01121	01201
Increase/0decrease1inbillsofexchange	041	1	0	011
Decreaseincurrentsecurities	1	0	0	1
Proceedsfromcapitalincreases	0	878	0	0
Profitattributabletonon-controllinginterest	0281	0201	0151	0141
Expendituresforacquisitionsofsharesofalreadyconsolidatedcompanies	071	0	071	0
Financingofdiscontinuedoperations	02771	0	1	0
Otherfinancingactivities	87	01331	0141	74
Cashflowsfromfinancingactivities-continuingoperations	1,846	876	485	520
Cashflowsfromfinancingactivities-discontinuedoperations	238	0	0	0
Cashflowsfromfinancingactivities-total	2,084	876	485	520
Netincreaseincashandcashequivalents-total	2,370	1,261	410	967
Effectofexchangeratechangesoncashandcashequivalents-total	16	0511	53	1
Cashandcashequivalentsatbeginningofreportingperiod-total	2,347	3,829	4,270	4,071
Cashandcashequivalentsatendofreportingperiod-total	4,733	5,039	4,733	5,039
EthereofcashandcashequivalentswithindisposalgroupsF	E0F	E4F	E0F	E4F
EthereofcashandcashequivalentswithindiscontinuedoperationsF	E47F	E–F	E47F	E–F
Additionalinformationregardingcashflowsofcontinuingoperationsfrominterest,dividendsandincometaxeswhichare includedinoperatingcashflows:
Interestreceived	56	71	26	33
Interestpaid	03281	02661	02761	02181
Dividendsreceived	3	4	1	2
Incometaxespaid	01631	02081	0601	01071

SeeNote13tothecondensedconsolidatedfinancialstatements.*FigureshavebeenadjustedduetotheadoptionofIAS19R,thereclassificationofSteelAmericasasacontinuing operation,theeliminationoftheimpairmentofSteelAmericasaswellasthecatchupofamortizationanddepreciationofThyssenKruppCSAandBerco0see"Recentlyadopted accountingstandards"andNote21.

ThyssenKruppAG—Selectednotes

Corporateinformation

ThyssenKruppAktiengesellschaft"ThyssenKruppAG"or"Company"isapubliclytradedcorporationdomiciledinDuisburg and Essen in Germany. The condensed interim consolidated financial statements of ThyssenKrupp AG and subsidiaries, collectivelythe"Group",fortheperiodfromOctober01,2013toMarch31,2014,wereauthorizedforissueinaccordance witharesolutionoftheExecutiveBoardonMay09,2014.

Basisofpresentation

The accompanying Group's condensed interim consolidatedfinancial statements have been prepared in accordancewith section37w oftheGermanSecurities TradingAct WpHGandInternationalFinancialReportingStandards IFRS andits interpretationsadopted bytheInternationalAccountingStandardsBoard IASBforinterimfinancialinformationeffective within the European Union. Accordingly, these financial statements do not include all of the information and footnotes requiredbyIFRSforcompletefinancialstatementsforyear-endreportingpurposes.

The accompanying Group's condensed interim consolidated financial statements have been reviewed. In the opinion of Management, the interim financial statements include all adjustments of a normal and recurring nature considered necessary for a fair presentation of results for interim periods. Results of the period ended March 31, 2014, are not necessarilyindicativeforfutureresults.

Thepreparation ofcondensedinterimfinancialstatementsin conformitywithIAS34InterimFinancialReporting requires Managementtomakejudgements,estimatesandassumptionsthataffecttheapplicationofpoliciesandreportedamounts ofassetsandliabilities,incomeandexpenses.Actualresultsmaydifferfromtheseestimates.

Theaccountingprinciplesandpracticesasappliedinthecondensedinterimconsolidatedfinancialstatementscorrespond tothosepertainingtothemostrecentannualconsolidatedfinancialstatementswiththeexceptionoftherecentlyadopted accounting standards. A detailed description of the accounting policies is published in the notes to the consolidated financialstatementsofourannualreport2012/2013.

Recentlyadoptedaccountingstandards

In fiscal year 2013/2014, ThyssenKrupp adopted the following standards, interpretations and amendments to already existingstandards:

InDecember2010theIASBissuedanamendmenttoIAS12"IncomeTaxes".UnderIAS12,themeasurementofdeferred taxes depends onwhetherthe carrying amount of an asset is recoveredthrough use or sale. Such assessment is often difficult, in particular when the asset is measured using the fair value model in IAS 40 for investment property. The amendmentintroducesapresumptionthatingeneralaninvestmentpropertyisrecoveredthroughsale.Theapplicationof the amended standard is compulsory for fiscal years beginning on or after January 01, 2012. In the context of the endorsement,the IASB defersthemandatory effective datefrom January 01, 2012to January 01, 2013. The amended standarddoesnothaveanyimpactontheGroup'sconsolidatedfinancialstatementsbecausecurrentlyinvestmentproperty isaccountedforatcostlessaccumulateddepreciation.

In May 2011the IASB issuedthe new standard IFRS 13 "Fair Value Measurement".IFRS 13 contains a definition offair valueandrulesonhowtodetermineitifotherIFRSstandardsrequirefairvaluemeasurement;thestandarditselfdoesnot prescribeinwhichcasesfairvalueistobeused.WiththeexceptionofthestandardsexplicitlyexcludedinIFRS13,IFRS13 definesstandarddisclosurerequirementsforallassetsandliabilitiesthataremeasuredatfairvalueandforallassetsand liabilitiesforwhichdisclosureoffairvalueinthenotestotheconsolidatedfinancialstatementsisrequired;inparticularit widensthedisclosurerequirementsfornon-financialassets.Thenewstandardiscompulsoryforfiscalyearsbeginningon orafterJanuary01,2013andshallbeappliedprospectively.Inthefirstyearofapplicationcomparativeinformationisnot required. The adoption of the new standard does not have a material impact on the Group's consolidated financial statements,butresultsinadditionaldisclosures.

In June 2011 the IASB issued amendments to IAS 19 "Employee Benefits". The amendments mainly concern the elimination of deferred recognition of actuarial gains and losses corridormethod infavour of immediate recognition in othercomprehensiveincomeinequityandtherecognitionofanetinterestexpenseorincomeresultingfromnetliabilities orassetsofapensionplanwhichisdeterminedbyusingthediscount rate.Furthermoreanimmediate recognitionofthe totalpastservicecostsisrequired,theexposureofotheradministrationcostsaspartofnetperiodicpensioncostaswell asthedistributionofcosts resultingfromtop-uppaymentstoemployeesunderearly retirementovertheperiodinwhich theyareearned.Furthermoreadditionaldisclosureregardingthecharacteristicsofpensionplansandtheassociated risks forthe entity is required. The amendmentsto IAS 19 are compulsoryforfiscal years beginning on or after January 01, 2013.Theadoptionoftheamendedstandardresultsinadditionaldisclosures.

The elimination of deferred recognition of actuarial gains and losses corridor method does not have any impacts on ThyssenKruppasactuarialgainsandlosseshavealreadybeenrecognizedinothercomprehensiveincomeinequitysofar. The adoption of IAS 19R impacted the consolidated statement of financial position and the consolidated statement of incomeaspresentedbelow:

IAS19R-Consolidatedstatementoffinancialposition

		Oct.01,2012			Sept.30,2013		March31,2013
million€	Before IAS19R adjustment	IAS19R adjustment	After IAS19R adjustment	Before IAS19R adjustment*	IAS19R adjustment	After IAS19R adjustment	Before IAS19R adjustment**	IAS19R adjustment	After IAS19R adjustment
Totalassets	38,284	041	38,280	35,300	1	35,301	38,464	0	38,464
Totalequity	4,526	8	4,534	2,519	031	2,516	4,247	021	4,245
Totalnon-currentliabilities	13,797	0121	13,785	15,301	4	15,305	16,861	2	16,863
thereof:Accruedpensionandsimilar obligations	7,708	0121	7,696	7,344	4	7,348	7,736	2	7,738
Totalequityandliabilities	38,284	041	38,280	35,300	1	35,301	38,464	0	38,464

*InclusiveofIAS19RadjustmentasofOct.01,2012.

**FigureshavebeenadjustedduetotheIAS19RadjustmentasofOct.01,2012,theeliminationoftheimpairmentofSteelAmericasaswellasthecatchupofamortizationand depreciationofThyssenKruppCSAandBerco.

IAS19R-Consolidatedstatementofincome

		YearendedSept.30,2013			1sthalfendedMarch31,2013		2ndquarterendedMarch31,2013
million€	Before IAS19R adjustment	IAS19R adjustment	After IAS19R adjustment	Before IAS19R adjustment*	IAS19R adjustment	After IAS19R adjustment	Before IAS19R adjustment*	IAS19R adjustment	After IAS19R adjustment
Income/0loss1fromoperations	07001	0101	07101	17	051	12	0521	021	0541
Financialincome/0expense1,net	09521	0441	09961	03091	0221	03311	01781	0111	01891
Income/0loss1fromoperationsbeforeincome taxes	01,6521	0541	01,7061	02921	0271	03191	02301	0131	02431
Incometax0expemse1/income	59	18	77	104	9	113	110	4	114
Income/0loss1fromoperations0netoftax1	01,5931	0361	01,6291	01881	0181	02061	01201	091	01291

*FigureshavebeenadjustedduetothereclassificationofSteelAmericasasacontinuingoperation,theeliminationoftheimpairmentofSteelAmericas aswellasthecatchupofamortizationanddepreciationofThyssenKruppCSAandBerco.

InOctober2011theIASBissuedtheIFRICinterpretation20"StrippingCostsintheProductionPhaseofaSurfaceMine". Theinterpretationregulatestheaccountingforstrippingcostsintheproductionphaseofasurfacemine.Theinterpretation clarifies under which conditions an asset must be recognized for the relating stripping measures and how initial and subsequentmeasurementofthisassethastobedetermined.Theinterpretationiscompulsoryforfiscalyearsbeginningon orafterJanuary01,2013.ThisinterpretationhasnoimpactontheGroup'sconsolidatedfinancialstatements.

In December 2011 the IASB issued an amendment to IFRS 7 "Financial Instruments: Disclosures" which requires disclosuresinthecontextofcertainoffsettingarrangements.Theobligationfordisclosureshastobeappliedregardlessof whethertheoffsettingarrangementsresultinanyactualoffsettingoftherespectivefinancialassetsandfinancialliabilities. The new disclosure requirements shall simplify comparing financial statements prepared in accordance with IFRS and financialstatementspreparedinaccordancewithUSGAAP.Theamendmentiscompulsoryforfiscalyearsbeginningonor afterJanuary01,2013andshallbeappliedretrospectively.Firsttimeadoptionimpliesextendeddisclosures.

In May 2012the IASB issuedthefourth omnibus standard "Improvementsto IFRSs" as part of its annual improvement processproject.Thisstandardslightlyadjustsfivestandards IFRS1"First-timeAdoptionofIFRS",IAS1"Presentationof Financial Statements", IAS 16 "Property, Plant and Equipment", IAS 32 "Financial Instruments: Presentation", IAS 34 "InterimFinancialReporting".TheamendmentsareeffectiveforfiscalyearsbeginningonorafterJanuary01,2013.The adoptionoftheamendmentdoesnothaveamaterialimpactontheGroup'sconsolidatedfinancialstatements.

Recentlyissuedaccountingstandards

Infiscalyear2013/2014,thefollowingstandards,interpretationsandamendmentstoalreadyexistingstandardshavebeen issuedwhichmuststillbeendorsedbytheEUbeforetheycanbeadopted:

InNovember2013theIASBissuedamendmentstoIFRS9"FinancialInstruments"HedgeAccountingandAmendmentsto IFRS9;IFRS7andIAS39.The amendmentstoIFRS9establish anewmodelthat representsasubstantialoverhaul of hedgeaccountingthatwillenableentitiestobetterreflecttheirriskmanagementactivitiesintheirfinancialstatements.In additionextensivedisclosuresarerequired.Moreoverrecognizingfairvaluechangesofliabilitiesduetocreditratingwithin equity will be possibleto be earlier adoptedwithout applyingthe complete regulations of IFRS 9. Furthermorethe IASB decidedtoabandonthemandatorydateofJanuary01,2015;anewdateshouldbedecideduponwhentheentireIFRS9 project is closer to completion. The EU has not yet endorsed the standard including the amendments. Currently, Management is not able to finally assess the impact of the adoption of the standard including the amendments – if endorsedbytheEUinthecurrentversion.

InNovember2013theIASBissuednarrow-scopeamendmentstoIAS19"EmployeeBenefits"titled"DefinedBenefitPlans: Employee Contributions Amendments to IAS 19". The amendments are applicable to recognizing contributions of employees or third parties to defined benefit plans. Hereby it will be allowed to recognize employees' or third parties' contributionsasareductionofcurrentservicecostsintheperiodinwhichthecorrespondingservicinghasbeenrenderedif thecontributionsareindependentofthenumberofyearsofemployeeservice.TheamendmentstoIAS19aretobeapplied for fiscal years beginning on or after July 01, 2014; earlier application is permitted. The EU has not yet endorsed the amendments.Currently,Managementdoesnotexpecttheamendments–ifendorsedbytheEUinthecurrentversion–to haveamaterialimpactontheGroup'sconsolidatedfinancialstatements.

InDecember2013theIASBissuedtheannualimprovementsforthe2010to2012cycleandforthecurrent2011to2013 cycleaspartofitsannualimprovementprocessproject.Inthecontextofthe2010to2012cycleclarificationsandsmaller amendmentsofsevenstandardswerepublished:IFRS2"Share-basedPayment",IFRS3"BusinessCombinations",IFRS8 "OperatingSegments",IFRS13"FairValueMeasurement",IAS16"Property,PlantandEquipment",IAS24"RelatedParty Disclosures" and IAS 38 "Intangible Assets". In the context of the 2011 to 2013 cycle clarifications and smaller amendments of four standards were published: IFRS 1 "First-time Adoption of IFRS", IFRS 3 "Business Combinations", IFRS13 "Fair Value Measurement" and IAS 40 "Investment Property". The amendments are effective for fiscal years beginning on or after July 01, 2014; earlier application is permitted. The EU has not yet endorsed the amendments. Currently,Managementdoesnotexpecttheamendments–ifendorsedbytheEUinthecurrentversion–tohaveamaterial impactontheGroup'sconsolidatedfinancialstatements.

01 Acquisitionsanddisposals

InconnectionwiththenecessaryrefinancingofOutokumpu,ThyssenKruppAGsignedacontractwithOutokumpuOyiOTK onNovember29,2013whichprovidesamongotherthingsforthetransferof100%ofthesharesinVDMandASTandother smallerstainlesssteelservicecenteractivitiesto ThyssenKrupp. Thistransferwascompleted onFebruary28,2014.The VDM group is headquartered in Germany and produces high-performance materials used among other areas in the aerospaceandenergygenerationsectors.TheItalian-basedASTgroupproducesstainlesssteel.Thetransferalsoincluded theItalianservicecenters aswellasotherstainlesssteelservicecentersinWillich Germany, Tours France,Barcelona SpainandGebze Turkey.Inadditiontothe companyshares,financial receivables of€303millionowedtoOTK bythe VDMandASTgroupswerealsoacquired.

ThenewcompaniesarebeingintegratedintheMaterialsServicesbusinessareasoastoachievemaximumbenefitfrom themarketpresenceoftheexistingdistributionnetwork.ThebusinessmodelsofVDMandASTarecurrentlybeinganalyzed withaviewtofinalizingasustainableindustrialstrategybackedbyextensivemeasuresbysummer2014.

Thepurchasepricewas€953millionattheclosingandwassettledbytransferringfromThyssenKrupptoOutokumputhe financial receivable created as part of the sale of Inoxum. The financial receivable was stated at €969 million as of December 31, 2013 andwas written down by €16millionto matchthe purchase price. The preliminary purchase price allocation resulted in a preliminary goodwill of €42 million, which includes non-separable assets such as assembled workforceandnewcontractualcustomers.

Based on the preliminary values as of the acquisition date, the acquisition affected the Group's consolidated financial statementsaspresentedbelow:

million€
Goodwill	42
Otherintangibleassets	13
Property,plantandequipment	610
Investmentproperty	11
Investmentsaccountedforusingtheequitymethod	8
Otherfinancialassets	1
Othernon-financialassets	10
Deferredtaxassets	30
Inventories	844
Tradeaccountsreceivable	413
Othercurrentfinancialassets	69
Othercurrentnon-financialassets	22
Currentincometaxassets	30
Cashandcashequivalents	10
Totalassetsacquired	2,113
Accruedpensionandsimilarobligations	132
Othernon-currentprovisions	19
Deferredtaxliabilities	71
Non-currentfinancialdebt	17
Othernon-currentnon-financialliabilities	1
Othercurrentprovisions	29
Currentincometaxliablilities	7
Currentfinancialdebt	343
Tradeaccountspayable	674
Othercurrentfinancialliabilities	114
Othercurrentnon-financialliabilities	55
Totalliabilitiesassumed	1,462
Netassetsacquired	651
Non-controllinginterest	1
Purchaseprices*	650
thereof:paidincashandcashequivalents	0

AcquisitionofVDM/ASTgroup

*withoutpurchasepriceoffinancialreceivables

SincethenewacquiredcompaniesjoinedtheThyssenKruppGroupeffectiveasofFebruary28,2014,theygeneratedsales of€0.3billionandalossbeforetaxesof€3million,whichareincludedintheconsolidatedincomestatementofthe1sthalf endedMarch31,2014and ofthe2ndquarterendedMarch31,2014, respectively.Iftheacquisitionhadtakenplace on October 01, 2013, the companies of VDM, AST and the new service centers would have contributed sales of approx. €1.5billionandlossesbeforetaxesofapprox.€75milliontotheGroup'sconsolidatedstatementofincome.

Furthermoreinthe1sthalfyearendedMarch31,2014,theGroupacquiredadditionalsmallercompaniesthatare,onan individualbasis,immaterial.Basedonthevaluesasoftheacquisitiondate,theseacquisitionsaffectedintotaltheGroup's consolidatedfinancialstatementsaspresentedbelow:

Acquisitions1sthalfendedMarch31,2014

million€ Goodwill Otherintangibleassets
	1
	2
Totalassetsacquired	3
Totalliabilitiesassumed	0
Netassetsacquired	3
Non-controllinginterest	0
Purchaseprices	3
thereof:paidincashandcashequivalents	3

The disposal ofthe Steel Americas business area was initiated as of September 30, 2012 as part ofthe Strategic Way Forward;asa resulttothechangeinthedisposalplanasofSeptember30,2013,onlyThyssenKruppSteelUSAmetthe requirementsforpresentationasadisposalgroup.ThesaleofThyssenKruppSteelUSAtoaconsortiumofArcelorMittaland NipponSteel&SumitomoMetalCorporationwasclosedonFebruary26,2014.Overall,thisdisposalandtheexitofthenonoperatingUSsubsidiaryTheBuddCompanyunderChapter11proceedingshadthefollowingimpactontheconsolidated financialstatementsonthebasisofthevaluesasoftherespectivedisposaldate:

				Disposals1sthalfendedMarch31,2014
--	--	--	--	-----------------------------------

million€
Otherintangibleassets	8
Property,plantandequipment	799
Deferredtaxassets	255
Inventories	333
Tradeaccountsreceivable	210
Othercurrentnon-financialassets	3
Cashandcashequivalents	317
Totalassetsdisposedof	1,925
Accruedpensionandsimilarobligations	691
Othernon-currentprovisions	5
Non-currentfinancialdebt	1
Othercurrentprovisions	18
Currentfinancialdebt	1
Tradeaccountspayable	107
Othercurrentfinancialliabilities	8
Othercurrentnon-financialliabilities	32
Totalliabilitiesdisposedof	863
Netassetsdisposedof	1,062
Cumulativeothercomprehensiveincome	0731
Non-controllinginterest	0
Gain/0loss1resultingfromthedisposals	316
Sellingprices	1,305
thereof:receivedincashandcashequivalents	1,292

02 Discontinuedoperationsanddisposalgroups

AspartoftheportfoliooptimizationprogramoftheconceptforthefurtherstrategicdevelopmentinMay2011,theGroup hasinitiatedthesaleofseveral businesses.Withtheexemption oftheStainlessGlobal businessareathesetransactions havenotmettherequirementsofIFRS5forapresentation.Therefore,revenuesandexpenseswillcontinuetobepresented as income from continuing operations until the date of the disposal. For entities for which the disposal has not been completedasofthebalancesheetdateoftherespectivereportingperiod,theassetsandliabilitiesofthedisposalgroups havebeendisclosedseparatelyintheconsolidatedbalancesheetofthereportingperiodinthelineitems"assetsheldfor sale"and"liabilitiesassociatedwithassetsheldforsale".

Although the disposal of the entire Steel Americas business area initiated in September 2012 met the criteria for presentation as a discontinued operationfromSeptember 30, 2012,the changetothe plan of sale as of September 30, 2013meantthattheSteelAmericasbusinessareanolongermeetsthecriteriaforpresentationasadiscontinuedoperation andinsteadisreclassifiedasacontinuingoperation.Thechangeofplanalsomeantthatinsteadoftheentirebusinessarea classifying as a discontinued operation / disposal group, only the ThyssenKrupp Steel USA portion met the criteria for presentation as a disposal group. It was therefore necessary to catch up the amortization and depreciation for the ThyssenKruppSteelCSAportionthatwas notchargedinaccordancewithIFRS5;inthe1sthalfyear of2012/2013this resultsinachargetopre-taxearningsof€72million.FurthermoretheIFRS5-impairmentofSteelAmericasasofMarch31, 2013intheamountof€683millionhasbeeneliminated.Theprior-yearpresentationoftheSteelAmericasbusinessareain theconsolidatedstatementofincomeandconsolidatedstatementofcashflowshasbeenadjustedaccordingly.

TheStainlessGlobalbusinessareametthecriteriaforpresentationasadiscontinuedoperationfromSeptember30,2011 until completion of the combination with the Finish company Outokumpu on December 28, 2012. Therefore, for the StainlessGlobalbusinessareaallincomeandexpensesuntilDecember28,2012aswellasincomeandexpensesincurred afterthedisposalbutaredirectlyrelatedtothedisposalarepresentedseparatelyintheconsolidatedstatementofincome inthelineitem"Discontinuedoperationsnetoftax".

Disposalgroups

InSeptember2012thedisposaloftheThyssenKruppTailoredBlanksgrouphasbeeninitiatedintheSteelEuropebusiness area. Tailored Blanks is supplier of body systems to the auto industry which produces tailored steel blanks. After the approvalhasbeengivenbytheresponsibleregulatoryauthorities,withtheexemptionoftheChangchuncompaniesthesale totheChinesesteelproducerWuhanIronandSteelCorporationWISCOwascompletedasofJuly31,2013;theseChinese companiesarestillsubjecttoapprovalbythelocalauthorities.Thecompletionisexpectedinfiscalyear2013/2014.

TheassetsandliabilitiesoftheChangchuncompaniesinChinawhicharestillpartofthedisposalgroupasofMarch31, 2014arepresentedinthefollowingtable:

million€	March31, 2014
Property,plantandequipment	6
Inventories	9
Tradeaccountsreceivable	11
Othercurrentnon-financialassets	3
Cashandcashequivalents	4
Assetsheldforsale	33
Currentfinancialdebt	2
Tradeaccountspayable	6
Liabilitiesassociatedwithassetsheldforsale	8

DisposalgroupTailoredBlanksChina

InadditioninSeptember2012thedisposaloftheBercogrouphasbeeninitiatedintheComponentsTechnologybusiness area. Berco is a leading global supplier of undercarriages, based mainly on forged components, for the construction machinerysectorandoffersabroadrangeofpartsandservicesforbothOEMsandtheaftermarket.Itsproductsareused inmachineryfromlargeminingequipmenttominiexcavators.Inthecontextoftheinitiateddisposalanimpairmentlossof €4milliononintangibleassetsandof€131milliononproperty,plantandequipmentwasrecognizedincostofsalesinthe 4thquarter of2011/2012 resultingfromthewrite-down oftheassetstofairvalue less coststosell.Atthesametime a deferredtaxassetof€1millionwasrecognized.Asaresultofunforeseenrestructuringrequirements,whichcouldonlybe implementedwiththe cooperation of employee and government representatives,the one-year period required by IFRS 5 extendedbeyondSeptember30,2013withoutdisadvantagetoexistingsaleopportunities.Asa resultofasharpdropin demand of unforeseen proportionsfrom key customers inthe mining and construction equipment sectors, a sale at an appropriatevaluecannolongerbeexpectedinthenearfuture.Forthis reason,effectiveMarch31,2014theassetsand liabilitiesoftheBercogrouparenolongerreportedasadisposalgroup,i.e.theyarenolongercontainedinthelineitems "Assetsheldforsale" or"Liabilitiesassociatedwithassetsheldforsale",butare onceagain allocatedtothe respective balancesheetitems.InlinewithIFRS5,thepresentationasofSeptember30,2013willnotbeadjustedaccordingly.

Followingthe reclassification ofthe Berco group as of March 31, 2014,the €6million amortization and depreciation not chargedsinceOctober01,2012duetoclassificationasadisposalgrouphastobecaughtup;ofthis,€2millionrelatesto the1sthalfyearendedMarch31,2013and€2milliontothe1sthalfyearendedMarch31,2014..

IntheSteelAmericas business areathechangetotheplan ofsaleas ofSeptember30,2013meantthat instead ofthe entirebusinessareaclassifyingasadiscontinuedoperation/disposalgroup,onlytheThyssenKruppSteelUSAportionmet thecriteriaforpresentationasadisposalgroup.

The ThyssenKrupp Steel USA disposal group comprises the ThyssenKrupp Steel USA rolling and coating plant in Calvert/Alabama.Inconnectionwiththeinitiatedsale,measurementatfairvaluelesscoststosellresultedasofSeptember 30,2013inimpairmentlossesof€2milliononintangibleassetsand€335milliononproperty,plantandequipment,which arereportedintheamountof€328millionincostofsales,€3millioninsellingexpenses,and€6millioningeneraland administrativeexpensesinthe4thquarterendedSeptember30,2013.

OnNovember29,2013ThyssenKruppsignedacontractwithaconsortiumofArcelorMittalandNipponSteel&Sumitomo MetalCorporationtheconsortiumonthesaleofthedisposalgroup.AtthebeginningofFebruary2014theapprovalofthe relevantregulatoryauthoritieshadbeenreceived.

OncompletionofthetransactiononFebruary26,2014,ThyssenKruppreceivedapurchasepriceofUS\$1.55billion;added tothis came preliminary purchase price adjustments, in particularfor increased networking capital. Atthe sametime a valuable slab supply contractwas agreed under whichthe consortium will purchase 2milliontons of slabs a yearfrom ThyssenKruppCSAuntil2019.Thesaleresultedinapreliminarygainondisposalbeforetaxesof€141million..

DiscontinuedoperationStainlessGlobalbusinessarea

As of September 2011 as part of its program for the further strategic development, the corporate, organizational and contractual conditions for creating a separate Stainless Global and consequently the conditions for the first-time presentationasadiscontinuedoperationwereestablished.

Inthe contextwiththe initiated disposal, as ofSeptember 30, 2011themeasurement of discontinued operations atfair value less coststo sell based on internal calculations and market observations resulted in an impairment loss of €510 million. Thereof, €45million appliedto goodwill andthe remaining impairment loss was allocatedto property, plant and equipment.Theexpenseisrecognizedinincome/lossofdiscontinuedoperationsofthe4thquarterof2010/2011.

On January 31, 2012, the agreement to combine the Finnish stainless steel producer Outokumpu and ThyssenKrupp's stainless steel operations was signed. The EU Commission approved the combination in November 2012 with certain conditions.BasedonthecontractwithOutokumpuabouttheintendedsale,in2011/2012themeasurementresultedinan additionalimpairmentlossof€400millionthatwasallocatedtoproperty,plantandequipment.Theexpenseof€400million in total is recognized in income/loss of discontinued operations of the year ended September 30, 2012; thereof €265 millionrefertothe1stquarterof2011/2012.

Furthermore, duetothe shut-down ofthe Krefeld melt shop bythe end of 2013, an impairment loss of €42 million on property,plantandequipmentwasrecognizedinincome/lossofdiscontinuedoperationsofthe2ndquarterof2011/2012. InMay2012,Inoxumagreedwiththerelevantworkscouncilonasocialplaninconnectionwiththeconsolidationmeasures regardingtherelocationoftheDüsseldorf-Benrathfacilityandtheconnectedpersonnelreduction.Thesocialplanincludes early retirement models and compensations for employees leaving Inoxum. Further, it includes compensations for employeesbeing relocated.ThesocialplanwillapplyaccordinglytotheplannedclosureoftheKrefeldmeltshopinthe eventtheInoxumtransactioniscompleted.AsofSeptember30,2012theoverallcostsinconnectionwiththatsocialplan havebeenrecognizedasarestructuringprovisionof€58millionintheaggregateforDüsseldorf-BenrathandKrefeld.

OnDecember28,2012thecombinationoftheStainlessGlobalbusinessareawiththeFinnishcompanyOutokumpuwas completed. With the closing of this transaction ThyssenKrupp received €1 billion in cash from Outokumpu for the contribution of Inoxum. In addition Outokumpu took on the external net financial debt and pension obligations. ThyssenKrupp holds a share of 29.9% in Outokumpu and afinancial receivable outstanding against Outokumpu with a former value of €969 million and an original maximum term of 9 years. Under the purchase agreement, this financial receivable can be adjusted by a maximum of €200 million in the event of negative financial consequences arising for Outokumpufromconditionsimposedundermergercontrollaw.

In the context of the necessary refinancing of Outokumpu ThyssenKrupp AG signed a contract with Outokumpu Oyj on November29,2013transferring100%ofthesharesofVDMandASTandofothersmalleractivitiesinthestainlesssteel service center sector to ThyssenKrupp. In exchange, the contract provided for the transfer from ThyssenKrupp to Outokumpuofthefinancial receivablecreatedinconnectionwiththeInoxumsaleandtheeliminationoftheobligationto offsetanynegativefinancialconsequencesforOutokumpuundermergercontrolrequirementsinconnectionwiththesale ofInoxumtoOutokumpuuptotheamountof€200million.

TomeettherequirementsoftheEUCommissionThyssenKruppAGwillfullydivestits29.9%interestinOutokumpuandall financiallinkswithOutokumpuGroupwillbeended.WiththeclearancebytheEUCommissiononFebruary12,2014,the approvalofalmostalltheregulatoryauthoritiesforthetransactionhasbeenreceived.TheclosingtookplaceonFebruary 28, 2014, and after a write-down of €16 million ThyssenKrupp's financial receivable from Outokumpu from the Inoxum transactionwastransferredtoOutokumpuwithafairvalueof€953million.

TheresultsoftheStainlessGlobalbusinessareathatclassifiedasadiscontinuedoperationuntilDecember28,2012are presentedinthefollowingtable.Inadditionthetableincludesincomeandexpenseincurredafterthedisposalbutdirectly relatedtothedisposalofStainlessGlobal.Inthe1sthalfyearendedMarch31,2014,thismainlyreflectstheincomefrom the reversal of provisions after there was no longer an obligation to offset any negative financial consequences for Outokumpu undermergercontrol requirements.Inthe2ndquarterendedMarch31,2013, income andexpenseincurred afterthedisposalmainlycomprisetransaction-relatedinterestincomeandtransactioncosts.

	1sthalf ended March31,	1sthalf ended March31,	2ndquarter ended March31,	2ndquarter ended March31,
million€	2013	2014	2013	2014
Netsales	1,268	0	0	0
Otherincome	12	0	3	0
Expenses	01,3611	185	021	021
Ordinaryincome/0loss1fromdiscontinuedoperations0beforetaxes1	0811	185	1	021
Incometax0expense1/income	041	0	1	0
Ordinaryincome/0loss1fromdiscontinuedoperations0netoftax1	0851	185	2	021
Gain/0loss1recognizedondisposalofdiscontinuedoperations0beforetaxes1	146	0	0	0
Incometax0expense1/income	—	—	—	—
Gain/0loss1recognizedondisposalofdiscontinuedoperations0netoftax1	146	0	0	0
Discontinuedoperations0netoftax1	61	185	2	021
thereof:
ThyssenKruppAG'sstockholders	62	185	2	021
Non-controllinginterest	011	0	0	0

DiscontinuedoperationStainlessGlobal

The29.9%shareholdinginOutokumpuobtainedafterthedisposaloftheStainlessGlobalbusinessareaisaccountedforin theconsolidatedfinancialstatementsaccordingtotheequitymethod.AsofDecember31,2012thisshareholdingisinitially reportedwith a value of €491 million, based onthe share price atthetime ofthetransaction €0.79multiplied bythe numberofOutokumpusharesreceived.Thefairvalueoftheacquiredsharesatthetimeofthetransactionwasdetermined ina purchasepriceallocationandfinalizedas ofNovember29,2013.Adjustedfortheshare inOutokumpu'slossesand effectsfromthepurchasepriceallocation,thecarryingamountoftheinvestmentasofNovember29,2013is€253million.

InconnectionwiththenegotiationswithOutokumpu,anagreementwasreachedonNovember29,2013tosellthe29.9% share inOutokumpuOyjtofulfillthe EUCommission conditions. Thismeansthat as ofthesame datethe investment in Outokumpu meets the criteria for classification as an asset held for sale. The impairment test carried out immediately beforeclassificationasanassetheldforsaleresultedinanimpairmentlossof€17milliononNovember29,2013because therecoverableamountof€236million,basedonthequotedmarketpriceforoneOutokumpushareof€0.38onNovember 29, 2013,was lowerthanthe carrying amount ofthe investment of €253million. Thefair value less costto sell ofthe OutokumpushareholdingatDecember31,2013cameto€255millionbasedontheOutokumpusharepriceof€0.41onthe balancesheetdate.Asthisfairvaluewashigherthanthecarryingamountof€253millionimmediatelybeforeclassification as an asset held for sale, the impairment loss of €17 million recognized on November 29, 2013 had to be reversed. Comparedwiththe carrying amount of €305milion as of September 30, 2013the carrying value ofthe investmentwas therefore€52millionlower.

Furthermoreinconnectionwiththeagreementasharederivativeliabilityintheamountof€224millionwasrecognizedfor thefirsttimeasofDecember31,2013,resultingfromthefactthatthepurchasepricefortheinvestmentinOutokumpuis contractuallyfixedat€0.05pershare.Takingintoaccounttheearningsimpactof€52millionresultingfromthereductionof thecarryingamountoftheinvestment,thetotalchargetofinancialincome/expense,netwas€276million.Furthermorein connectionwiththecontractasharederivativeliabilityintheamountof€224millionwasrecognizedforthefirsttimeasof December31,2013,resultingfromthefactthatthepurchasepricefortheinvestmentinOutokumpuwascontractuallyfixed at €0.05 per share. Taking into accountthe earnings impact of €52 million resultingfromthe reduction ofthe carrying amount of the investment, the total charge to financial income/expense, net was €276 million in the 1st quarter 2013/2014.InconnectionwiththedisposaloftheinvestmentonFebruary28,2014,thesharederivativewasderecognized and income of €2million recognized, reflectingthefactthat duetothe €253million limit onthe reversal of impairment lossesawrite-uptofairvaluelesscosttosellof€255millionwasnotpossibleasofDecember31,2013.Thiswaspartially offsetbyexpenseof€13millionfromtherecyclingoftheforeigncurrencytranslationadjustmentpreviouslyrecognizedas equityinothercomprehensiveincome.

03 Share-basedcompensation

Managementincentiveplans

Inthe2ndquarterendedMarch 31,2014,themembersoftheExecutiveBoard of ThyssenKruppAGwere grantedstock rights of the 4th installment of the long-term incentive plan LTI and it was decided to grant stock rights of the 4th installmentoftheLTItoadditionalexecutiveemployees.Atthesametime,inthe2ndquarterendedMarch31,2014,stock rightsgrantedinthe1stinstallmentoftheLTIexpiredwithoutanypaymentduetothedeclineoftheaverageThyssenKrupp EVAoverthethree-yearperformanceperiodcomparedtotheaverageEVAoverthepreviousthreefiscalyearperiod.Inthe 1sthalfyearendedMarch31,2014theGroup recordedexpenses of€37.4millionfromthe obligations ofthelong-term incentiveplanLTI1sthalfyearendedMarch31,2013:€2.2million.Inthe2ndquartermonthsendedMarch31,2013,the LTI resulted in an expense of €28.5million 2nd quarter ended March 31, 2013: €5.9million. Inthe periods presented, income/lossofdiscontinuedoperationsdoesnotincludeanyexpensefromtheLTI.

In September 2010thestructure ofthe variable compensationformembers ofthe ExecutiveBoard of ThyssenKrupp AG was modified. 25% of the performance bonus granted for the respective fiscal year and 55% of the additional bonus granted depending ontheeconomicsituationwillbeobligatorily convertedinto ThyssenKruppAGstock rightstobepaid outafter athree-yearlock-up periodbasedontheaverageThyssenKruppshare priceinthe4th quarterofthe3rdfiscal year.Inthe3rdquarter of2010/2011thestructureofthevariablecompensationforadditionalexecutiveemployeeswas modified. 20% of the performance bonus granted for the respective fiscal year will be obligatorily converted into ThyssenKruppAGstock rightstobepaidoutafterathree-yearlock-upperiodbasedontheaverageThyssenKruppshare priceinthe4thquarterofthe3rdfiscalyear.Thiscompensationitem resultedinexpensesof€4.9millioninthe1sthalf yearendedMarch31,2014 1st halfyearendedMarch31,2013: €0.1millionandinexpenses of €3millioninthe2nd quarterendedMarch31,20142ndquarterendedMarch31,2013:incomeof€0.3million.

04 Accruedpensionandsimilarobligations

Based on updated interest rates andfair value of plan assets, an updated valuation of accrued pension and health care obligations was performed as of March 31, 2014, taking into account these effects while other assumptions remained unchanged.

Accruedpensionsandsimilarobligations

million€	Sept.30, 2013*	March31, 2014
Accruedpensionliability	6,427	6,734
Accruedpostretirementobligationsotherthanpensions	698	8
Otheraccruedpension-relatedobligations	252	204
Reclassificationduetothepresentationasliabilitiesassociatedwithassetsheldforsale	0291	0
Total	7,348	6,946

*FigureshavebeenadjustedduetotheadoptionofIAS19R0see"Recentlyadoptedaccountingstandards"1.

TheGroupappliedthefollowingweightedaverageassumptionstodeterminepensionandpostretirementbenefitobligations otherthanpensions:

Weighted-averageassumptions

		Sept.30,2013		March31,2014
in%	Germany	Outside Germany	Total	Germany	Outside Germany	Total
Discountrateforaccruedpensionliability	3.50	3.88	3.60	3.10	3.71	3.26
Discountrateforpostretirementobligationsotherthan pensions	—	4.25	4.25	—	4.00	4.00

Thenetperiodicpostretirementbenefitcostforhealthcareobligationsisasfollows:

Netperiodicpensioncost

		1sthalf ended March31,2013*			1sthalf 2ndquarter ended ended March31,2014 March31,2013*				2ndquarter ended March31,2014
million€	Germany	Outside Germany	Total	Germany	Outside Germany	Total	Germany	Outside Germany	Total	Germany	Outside Germany	Total
Servicecost	53	18	71	45	14	59	26	9	35	23	7	30
Netinterestcost	110	7	117	102	5	107	55	4	59	51	2	53
Administrationcost	-	3	3	0	3	3	0	2	2	0	2	2
Pastservicecost	12	1	13	0	0	0	12	1	13	0	0	0
Curtailmentand settlementgains	0	0111	0111	0	0	0	0	0	0	0	0	0
Netperiodicpension cost	175	18	193	147	22	169	93	16	109	74	11	85

*FigureshavebeenadjustedduetotheadoptionofIAS19R0see"Recentlyadoptedaccountingstandards"1.

TheabovepresentednetperiodicpensioncostfordefinedbenefitplansinGermanyincludecostof€5millioninthe1sthalf yearendedMarch31,2013andof€0millioninthe2ndquarterendedMarch31,2013.Theabovepresentednetperiodic pension costfor defined benefit plans outside Germany does not include any cost inthe 1st half year ended March 31, 2013 and in the 2nd quarter ended March 31, 2013 attributable to discontinued operations. The costs incurred are presentedinincome/lossfromdiscontinuedoperationsintheconsolidatedstatementofincome.

Thenetperiodicpostretirementcostforhealthcareobligationsisasfollows:

Netperiodicpostretirementbenefitcost

million€	1sthalf ended March31, 2013	1sthalf ended March31, 2014	2ndquarter ended March31, 2013	2ndquarter ended March31, 2014
Servicecost	0	0	011	0
Netinterestcost	15	15	8	8
Administrationcost	0	0	0	0
Netperiodicpostretirementbenefitcost	15	15	7	8

05 Totalequity

Capitalstockincrease

On December 02, 2013, the Executive Board of ThyssenKrupp AG with the approval of the Executive Committee of the Supervisory Board resolved in accordance with the authorization under § 5, par. 5 of the Articles of Association of the CompanytoincreasethecapitalstockofThyssenKruppAGby10percentbyissuing51,448,903newnoparbearershares intheCompanyandtoexcludesubscriptionrights.

OnDecember03,2013theannouncedcapitalincreasewassuccessfullycompletedinanacceleratedbookbuildingprocess. Thenewly issued51,448,903no parsharesinThyssenKruppAGwereplacedwithGermanandinternationalinstitutional investorsatapriceof€17.15pershare.Theplacement resultedingrossproceedsof€882million,thetransactioncosts incurredwererecognizeddirectlyinequity.

ThiscapitalmeasurestrengthenedtheGroup'sequityandreducesnetfinancialdebt.

Authorizations

ThefollowingauthorizationswereissuedbyresolutionoftheAnnualGeneralMeetingonJanuary17,2014:

InrevocationofthepartlyusedauthorizationtoincreasethecapitalstockissuedbytheAnnualGeneralMeetingonJanuary 20,2012,theExecutiveBoardwasauthorized,withtheapprovaloftheSupervisoryBoard,toincreasethecapitalstockon one ormore occasions on or before January 16, 2019 by upto €370million by issuing upto 144,531,250 new no-par bearer shares in exchange for cash and/or contributions in kind authorized capital. The shareholders are in principle entitledtosubscription rights.However,theExecutiveBoardisauthorized,withtheapproval oftheSupervisoryBoard,to excludeshareholdersubscriptionrightsincertaincases;theoptionofexcludingsubscriptionrightsislimitedto20%ofthe capitalstock.§5,par.5oftheArticlesofAssociationofThyssenKruppAGhasbeenrewordedaccordingly.

TheExecutiveBoardwasauthorized,withtheapprovaloftheSupervisoryBoard,toissueonceorseveraltimesbearerof registeredwarrantand/orconvertiblebondsinthetotalparvalueofupto€2billionwithorwithoutlimitedterms,andto granttoorimposeontheholdersorcreditorsofconvertiblebondsconversionrightsorobligationsforno-parbearershares ofThyssenKruppAGwithatotalshareofthecapitalstockupto€250millioninaccordancewiththeconditionsofthese bonds.TheauthorizationisvaliduntilJanuary16,2019.TheExecutiveBoardisauthorized,subjecttotheapprovalofthe SupervisoryBoard,toexcludeshareholders'subscriptionrightsincertaincases.

FurthermoretheExecutiveBoardwasauthorizedtoconditionallyincreasethecapitalstockbyupto€250millionbyissueof upto97,626,250newno-parbearersharesconditionalcapital.Theconditionalcapitalincreaseservesthegrantingofnoparbearersharesuponexerciseofconversionoroption rights,uponfulfilmentofcorrespondingconversionobligationsor upon exercise of an option ofthe ThyssenKrupp AGto grant no-par shares ofthe ThyssenKrupp AG inwhole or in part insteadofpaymentofthecashamountduetotheholdersorcreditorsofconvertibleorwarrantbondsthatareissuedby ThyssenKruppAGorasubordinateGroupcompanyagainstcashcontributiononorbeforeJanuary16,2019asaresultof the authorization resolution passed bythe Annual General Meeting on January 17, 2014. New shares are issued atthe optionorconversionpricetobedeterminedineachcaseaccordingtotheabovementionedauthorizationresolution.Anew paragraph6hasbeeninsertedin§5oftheArticlesofAssociationofThyssenKruppAG.

06 Issuanceofabondandagreementofasyndicatedcreditfacility

OnFebruary19,2014ThyssenKruppissueda1.25billionEurobondwithamaturityof5yearsand8monthsdocumented undertheexisting10billionEuroDebtIssuanceProgramme.Thebondcarriesacouponof3.125%p.a.atanissuanceprice of 99.201%. With this transaction ThyssenKrupp AG made use of the good market environment, extended its maturity profileandstrengthenedthedebtcapitalmarketshareinisfinancingmix.

OnMarch28,2014ThyssenKruppAGagreedanew€2.0billionsyndicatedcreditlinewithitsfinancialpartners.Thefacility hasaninitialtermtoMarch28,2017.Attheendofthefirstandsecondyearsitcanbeextendedbyayearineachcase withtheapprovalofthelenders.Thenewcreditlinereplacesthe€2.5billioncreditfacilitythatwouldhaveexpiredinJuly 2014.Asofthereportingdatethecreditfacilityhadnotbeenused.Thecreditlinewasnotutilizedasofthebalancesheet date.

07 Contingenciesincludingpendinglawsuitsandclaimsfordamages

Guarantees

ThyssenKruppAGaswellas,inindividualcases,itssubsidiarieshaveissuedorhavehadguaranteesinfavourofbusiness partnersorlenders.Thefollowingtableshowsobligationsunderguaranteeswheretheprincipaldebtorisnotaconsolidated Groupcompany:

Contingencies
million€	Maximum potential amountof future payments asof March31, 2014	Provisionasof March31, 2014
Advancepaymentbonds	264	1
Performancebonds	109	2
Thirdpartycreditguarantee	7	0
Residualvalueguarantees	61	2
Otherguarantees	36	0
Total	477	5

Thetermsofthoseguaranteesdependonthetypeofguaranteeandmayrangefromthreemonthstotenyearse.g.rental paymentguarantees.Thebasisforpossiblepaymentsundertheguaranteesisalwaysthenon-performanceoftheprincipal debtor under a contractual agreement, e.g. late delivery, delivery of non-conforming goods under a contract or nonperformancewithrespecttothewarrantedqualityordefaultunderaloanagreement.

All guarantees are issued by or issued by instruction of ThyssenKrupp AG or subsidiaries upon request ofthe principal debtorobligatedbytheunderlyingcontractualrelationshipandaresubjecttorecourseprovisionsincaseofdefault.Ifsuch a principal debtor is a company ownedfully or partially by aforeignthird party,thethird party is generally requestedto provideadditionalcollateralinacorrespondingamount.

Commitmentsandothercontingencies

Duetothehighvolatilityofironoreprices,intheSteelEuropeandSteelAmericasbusinessareastheexistinglong-term ironoreandironorepelletssupplycontractsaremeasuredfortheentirecontractperiodattheironorepricesapplyingasof the respectivebalancesheetdate.ComparedtoSeptember30,2013,thepurchasingcommitmentsdecreasedduetothe reducedironorepricesby€1.9billionto€12.9billion.

VariousGerman companies ofthe ThyssenKruppGroup have obtainedexemptionsfromthe renewableenergysurcharge under §§ 40ff.Renewable Energy Act EEG.By decision of December 18, 2013the EUCommission opened astate aid investigation.ThyssenKruppreceivedexemptionsintheamountof€77millionfor2013andexpectsexemptionsofaround €100millionfor2014.

Therehavebeennomaterialchangestotheothercontingenciessincetheendofthelastfiscalyear.

Pendinglawsuitsandclaimsfordamages

FormerstockholdersofThyssenandofKrupphavepetitionedperArt.305UmwG ReorganizationAct–previousversion forajudicialreviewoftheshareexchangeratiosusedinthemergerofThyssenAGandFried.KruppAGHoesch-Kruppto formThyssenKruppAG.TheproceedingsarependingwiththeDüsseldorfRegionalCourt.Shouldarulingbemadeinfavour of the petitioners, the Court would require settlement to be made via an additional cash payment plus interest. The additionalpaymentalsowouldberequiredtobemadetoallaffectedstockholders,eveniftheywerenotpetitionersinthe judicial proceedings. However, the Group expects no such payments to become due as the exchange ratios were duly determined, negotiated between unrelated parties and audited and confirmed bythe auditorthat has been appointed by court, and differ only insignificantlyfromthe value ratio determined bytheexpert appointed bytheDüsseldorfRegional Court.

In connection with the rail cartel various companies of the Deutsche Bahn group DB had filed claims against ThyssenKruppGfTGleistechnik,ThyssenKruppMaterialsInternationalandfurthercartelparticipants.DBsoughtextensive information and inthis connection estimatedthetotal damages caused by all participants inthe cartel at approx. €550 millionplusinterestofapprox.€300million.AsaresultoftalksheldwithDBonthisasettlementofthelegaldisputewas agreed. In January 2014 the responsible bodies and in the case of DB the funding providers gave their approval. The settlementhasthereforeenteredintoeffect.ThesettlementpaymentwasmadeinFebruary2014.Inthemeantimefurther companieshavealsoasserted orinmostcasesannounced out-of-court claimsagainst ThyssenKrupp inconnectionwith therailcartel.ThyssenKrupphasrecognizedprovisionsforrisksinconnectionwiththeclaimsfordamages.

Claimsfor damageshave beenfiledagainstThyssenKruppAGandcompaniesoftheThyssenKruppGroupinconnection withthe elevator cartel. ThyssenKrupp is answering claimsfor damages being pursued in court. Provisionsfor litigation risks are recognized where individual claims meet the requirements of IAS 37 for probability of occurrence and can be reliablyestimated.

Actingonananonymoustip,theGermanFederalCartelOfficehasbeeninvestigatingThyssenKruppSteelEuropeAGand othercompanies based on aninitialsuspicion of pricefixing inthedelivery ofcertainsteelproductstotheGermanauto industry and its suppliers over a period dating backto 1998. ThyssenKrupp has launched its own investigation intothe allegations with the support of external lawyers. The amnesty program we carried out from April15 to June15, 2013 producednoleadsregardingtheinvestigationsoftheFederalCartelOffice.TheinvestigationsbytheFederalCartelOffice are ongoing. The internal investigations are continued inthe reporting period and are at an advanced stage but not yet complete. Based onthefacts currently knownto us, significant adverse consequenceswith regardtothe Group's asset, financialandearningssituationcannotberuledout.

Inadditionfurtherlegalandarbitrationactionsandofficialinvestigationsandproceedingsaswellasclaimshavebeenfiled againstThyssenKruppcompaniesormaybeinitiatedorfiledinthefuture.Theyincludeforexamplelegal,arbitrationand out-of-courtdisputesinconnectionwiththeconstructionaswellastheoperationoftheBraziliansteelplant,theacquisition ordisposalofcompaniesorcompanyunitswhichmayleadtopartialrepaymentofthepurchasepriceortothepaymentof damages. Furthermore, damage claims may be payable to contractual partners, customers, consortium partners and subcontractors under performance contracts. Predicting the progress and results of lawsuits involves considerable difficulties and uncertainties. This means that lawsuits not disclosed separately could also individually or together with otherlegaldisputeshaveanegativeandalsopotentiallymajorfutureimpactontheGroup'snetassets,financialposition andresultsofoperations.However,atpresentThyssenKruppdoesnotexpectpendinglawsuitsnotexplainedseparatelyin thissectiontohaveamajornegativeimpactontheGroup'snetassets,financialpositionandresultsofoperations.

08 Financialinstruments

Thefollowingtableshowsfinancialassetsandliabilitiesbymeasurementcategoriesandclasses.Financeleasereceivables andliabilities,andderivativesthatqualifyforhedgeaccountingarealsoincludedalthoughtheyarenotpartofanyIAS39 measurementcategory.

FinancialinstrumentsasofMarch31,2014

	Measurementinaccordance withIAS39
million€	Carrying amounton balancesheet March31, 2014	,Amortized- cost	Fairvalue recognized inprofit orloss	Fairvalue recognized inequity	Amortized cost	Fairvalue March31, 2014
Tradeaccountsreceivable,net0excludingfinancelease1	5,583	5,583				5,583
Loansandreceivables		5,583				5,583
Financeleasereceivables	50				50	50
Otherfinancialassets	477	362	72	43		477
Loansandreceivables		344				344
Available-for-salefinancialassets		18		13		31
Derivativesthatdonotqualifyforhedgeaccounting 0Financialassetsheldfortrading1			72			72
Derivativesthatqualifyforhedgeaccounting			0	30		30
Cashandcashequivalents	5,035	5,035				5,035
Loansandreceivables		5,035				5,035
Totaloffinancialassets	11,145
thereofbymeasurementcategoriesofIAS39:
Loansandreceivables	10,962	10,962				10,962
Available-for-salefinancialassets	31	18		13		31
Derivativesthatdonotqualifyforhedgeaccounting 0Financialassetsheldfortrading1	72		72			72
Financialdebt0excludingfinancelease1	8,942	8,942				9,321
Financialliabilitiesmeasuredatamortizedcost		8,942				9,321
Financeleaseliabilities	61				61	61
Tradeaccountspayable	4,637	4,637				4,637
Financialliabilitiesmeasuredatamortizedcost		4,637				4,637
Otherfinancialliabilities	1,014	824	130	60		1,014
Financialliabilitiesmeasuredatamortizedcost		824				824
Derivativesthatdonotqualifyforhedgeaccounting 0Financialliabilitiesheldfortrading1			130			130
Derivativesthatqualifyforhedgeaccounting			0	60		60
Totaloffinancialliabilities	14,654
thereofbymeasurementcategoriesofIAS39:
Financialliabilitiesmeasuredatamortizedcost	14,403	14,403				14,782
Derivativesthatdonotqualifyforhedgeaccounting 0Financialliabilitiesheldfortrading1	130		130			130

Thecarryingamountsoftradeaccounts receivable,othercurrent receivablesaswellascashandcashequivalentsequal theirfairvalues.Thefairvalueofloansequalsthepresentvalueofexpectedcashflowswhicharediscountedonthebasis ofinterestratesprevailingonthebalancesheetdate.

Available-for-salefinancialassetsprimarilyincludeequityanddebtinstruments.Theyareingeneralmeasuredatfairvalue, whichisbasedtotheextentavailableonmarketpricesasofthebalancesheetdate.Whennoquotedmarketpricesinan activemarketareavailableandthefairvaluecannotbereliablymeasured,equityinstrumentsaremeasuredatcost.

The fair value of foreign currency forward transactions is determined on the basis of the middle spot exchange rate applicable as ofthe balancesheet date, andtaking account offorward premiums or discounts arisingforthe respective remainingcontracttermcomparedtothecontractedforwardexchangerate.Commonmethodsforcalculatingoptionprices areusedforforeigncurrencyoptions.Thefairvalueofanoptionisinfluencednotonlybytheremainingtermofanoption, butalsobyotherfactors,suchascurrentamountandvolatilityoftheunderlyingexchangeorbaserate.

Interestrateswapsandcrosscurrencyswapsaremeasuredatfairvaluebydiscountingexpectedcashflowsonthebasisof marketinterestratesapplicablefortheremainingcontractterm.Inthecaseofcrosscurrencyswaps,theexchangeratesfor eachforeigncurrency,inwhichcashflowsoccur,arealsoincluded.

Thefairvalueofcommodityfuturesisbasedonpublishedpricequotations.Itismeasuredasofthebalancesheetdate, bothinternallyandbyexternalfinancialpartners.

Thecarryingamountsoftradeaccountsreceivableandothercurrentliabilitiesequaltheirfairvalues.Thefairvalueoffixed rateliabilitiesequalsthepresentvalueofexpectedcashflows.Discountingisbasedoninterestratesapplicableasofthe balancesheetdate.Thecarryingamountsoffloatingrateliabilitiesequaltheirfairvalues.

Financialassetsandliabilitiesmeasuredatfairvaluecouldbecategorizedinthefollowingthreelevelfairvaluehierarchy:

FairvaluehierarchyasofMarch31,2014

	Balanceasof March31,
million€	2014	Level1	Level2	Level3
Financialassetsatfairvalue
Fairvaluerecognizedinprofitorloss
Derivativesthatdonotqualifyforhedgeaccounting0Financialassetsheldfortrading1	72	0	72	0
Derivativesthatqualifyforhedgeaccounting	0	0	0	0
Fairvaluerecognizedinequity
Available-for-salefinancialassets	13	10	3	0
Derivativesthatqualifyforhedgeaccounting	30	0	30	0
Total	115	10	105	0
Financialliabilitiesatfairvalue
Fairvaluerecognizedinprofitorloss
Derivativesthatdonotqualifyforhedgeaccounting0Financialassetsheldfortrading1	130	0	60	70
Derivativesthatqualifyforhedgeaccounting	0	0	0	0
Fairvaluerecognizedinequity
Derivativesthatqualifyforhedgeaccounting	60	0	60	0
Total	190	0	120	70

Thefairvaluehierarchyreflectsthesignificanceoftheinputsusedtodeterminefairvalues.Financialinstrumentswithfair value measurement based on quoted prices in active markets are disclosed in Level 1. In Level 2 determination of fair valuesisbasedonobservableinputs,e.g.foreignexchangerates.Level3comprisesfinancialinstrumentsforwhichthefair valuemeasurementisbasedonunobservableinputs.

Thefollowingtableshowsthereconciliationoflevel3financialinstruments:

Reconciliationlevel3financialinstrumentsinmillion€

BalanceasofSept.30,20130asset/0liability11	0921
Changesrecognizedthroughprofitorloss	22
BalanceasofMarch31,20140asset/0liability11	0701

Thefinancialliability,whichis based onindividualvaluationparameters and recognized atfairvalue, comprisesafreight derivative which was valued according to the contractually agreed minimum volume on the basis of recognized hedge modelstakingintoaccountthemarketdataprevailingattheclosingdate.Theresultingincomeeffectisrecognizedinthe consolidatedstatementofincomeunder"Otherexpenses"and"Otherincome",respectively.

ThenotionalamountsandfairvaluesoftheGroup'sderivativefinancialinstrumentsareasfollows:

Derivativefinancialinstruments

million€	Notional amount Sept.30,2013	Carrying amount Sept.30,2013	Notional amount March31,2014	Carrying amount March31,2014
Assets
Foreigncurrencyderivativesthatdonotqualifyforhedgeaccounting	2,477	36	1,748	47
Foreigncurrencyderivativesqualifyingascashflowhedges	106	2	270	6
Embeddedderivatives	67	3	77	2
Interestratederivativesqualifyingascashflowhedges*	224	2	1,122	21
Commodityderivativesthatdonotqualifyforhedgeaccounting	213	9	348	23
Commodityderivativesqualifyingascashflowhedges	31	3	53	3
Total	3,118	55	3,618	102
Liabilities
Foreigncurrencyderivativesthatdonotqualifyforhedgeaccounting	1,854	68	1,814	22
Foreigncurrencyderivativesqualifyingascashflowhedges	179	6	356	4
Embeddedderivatives	65	3	95	2
Interestratederivativesqualifyingascashflowhedges*	1,095	21	192	11
Commodityderivativesthatdonotqualifyforhedgeaccounting**	388	101	598	106
Commodityderivativesqualifyingascashflowhedges	157	35	232	45
Total	3,738	234	3,287	190

*inclusiveofcrosscurrencyswaps**inclusiveofcargoderivatives

09 Segmentreporting

At January 01, 2013 the former Plant Technology and Marine Systems business areas were combined into the new Industrial Solutions business area.Industrial Solutions is a leading internationalsupplier inspecial and large-scale plant construction as well as naval shipbuilding. After the Steel Americas business area was classified as a discontinued operation asfrom September 30, 2012, itwas reclassified as a continuing operationeffectiveSeptember 30, 2013. The figuresfortheprior-yearperiodhavebeenadjustedaccordingly.

Segmentinformationforthe1sthalfyearendedMarch31,2013andMarch31,2014aswellasforthe2ndquarterended March31,2013andMarch31,2014isasfollows:

million€	Components Technology	Elevator Technology	Industrial Solutions	Materials Services	Steel Europe	Steel Americas	Corporate	Stainless Global*	Consolidation	Group
1sthalfendedMarch31,2013
Externalsales	2,699	2,919	2,724	5,572	3,895	834	41	1,268	0	19,952
InternalsaleswithintheGroup	6	1	10	166	870	155	57	134	01,3991	0
Totalsales	2,705	2,920	2,734	5,738	4,765	989	98	1,402	01,3991	19,952
EBIT	106	304	339	01211	19	01661	02511	70	01871	113
AdjustedEBIT	103	315	320	98	39	01661	02171	0701	01961	226
1sthalfendedMarch31,2014
Externalsales	2,980	3,023	2,875	5,768	3,667	1,065	26	-	0	19,404
InternalsaleswithintheGroup	3	2	6	291	796	8	58	0	01,1641	0
Totalsales	2,983	3,025	2,881	6,059	4,463	1,073	84	-	01,1641	19,404
EBIT	122	292	368	80	72	118	03151	185	02001	722
AdjustedEBIT	138	338	372	90	81	0431	02221	0	01991	555
2ndquarterendedMarch31,2013
Externalsales	1,356	1,387	1,423	2,841	2,058	461	14	0	0	9,540
InternalsaleswithintheGroup	4	1	5	82	454	40	29	0	06151	0
Totalsales	1,360	1,388	1,428	2,923	2,512	501	43	0	06151	9,540
EBIT	64	133	198	01571	0101	0441	01391	021	0961	0531
AdjustedEBIT	62	146	180	58	9	0441	01201	011	0991	191
2ndquarterendedMarch31,2014
Externalsales	1,554	1,479	1,589	3,176	1,955	530	12	-	0	10,295
InternalsaleswithintheGroup	1	2	4	144	434	5	30	-	06201	0
Totalsales	1,555	1,481	1,593	3,320	2,389	535	42	-	06201	10,295
EBIT	67	159	195	37	52	117	01991	021	01011	325
AdjustedEBIT	75	163	199	56	62	0261	01191	0	01011	309

Segmentinformation

*Discontinuedoperation

Net sales and adjusted EBIT as well as operating EBIT reconcile to EBTfrom continuing operations as presented inthe consolidatedstatementofincomeasfollowing:

Reconciliationofsales

million€	1sthalf ended March31, 2013	1sthalf ended March31, 2014	2ndquarter ended March31, 2013	2ndquarter ended March31, 2014
Salesaspresentedinsegmentreporting	19,952	19,404	9,540	10,295
-SalesofStainlessGlobal	01,4021	-	-	-
+SalesofdiscontinuedoperationstoGroupcompanies	134	-	-	-
+SalesofGroupcompaniestodiscontinuedoperations	45	-	-	-
Salesaspresentedinthestatementofincome	18,729	19,404	9,540	10,295

ReconciliationofEBITtoEBT

	1sthalf ended	1sthalf ended	2ndquarter ended	2ndquarter ended
million€	March31, 2013*	March31, 2014	March31, 2013*	March31, 2014
AdjustedEBITaspresentedinsegmentreporting	226	555	191	309
Specialitems	01131	167	02441	16
EBITaspresentedinsegmentreporting	113	722	0531	325
-DepreciationofcapitalizedborrowingcostseliminatedinEBIT	0111	0101	051	051
+Non-operatingincome/0expense1fromcompaniesaccountedforusingtheequity method	0381	0521	0381	0
+Financeincome	185	562	55	350
-Financeexpense	05211	01,0991	02261	05341
-ItemsoffinanceincomeassignedtoEBITbasedoneconomicclassification	061	0331	20	051
+ItemsoffinanceexpenseassignedtoEBITbasedoneconomicclassification	24	234	5	236
EBT-Group	02541	324	02421	367
-EBTofStainlessGlobal	0651	01851	011	2
EBTfromcontinuingoperationsaspresentedinthestatementofincome	03191	139	02431	369

*FigureshavebeenadjustedduetotheadoptionofIAS19R,thereclassificationofSteelAmericasasacontinuingoperation,theeliminationoftheimpairmentofSteelAmericas aswellasthecatchupofamortizationanddepreciationofThyssenKruppCSAandBerco0see"Recentlyadoptedaccountingstandards"andNote21.

10 Costofsales

Costofsalesforthe1sthalfyearendedMarch31,2014,includeswrite-downsofinventoriesof€40millionwhichmainly relatetotheSteelAmericas,Components TechnologyandMaterialsServicesbusinessareas.AsofSeptember30,2013, write-downs amountedto €94million.Inthe 1st half year ended March 31, 2013, cost ofsales includeswrite-downs of inventories of €21 million which mainly related to the Steel Europe, Components Technology and Materials Services businessareas.

Furthermore,costofsalesinclude€51millionrestructuringexpense,whichrelatesmostlytotheElevatorTechnologyand SteelEuropebusinessareas.

11 Income/0expense1fromcompaniesaccountedforusingtheequitymethod

Thelineitemincludesexpensesof€52millioninthe1sthalfyearendedMarch31,20141sthalfyearendedMarch31, 2013: €38million resultingfromthe investment inOutokumpu accountedfor usingthe equity method;these expenses comprisethe1stquarter2013/2014proratalossesofOutokumpufromOctober01,2013toNovember29,2013andthe measurementatfairvalue.

12 Earningspershare

Basicearningspershareiscalculatedasfollows:

Earningspershare

	1sthalfendedMarch31, 2013*		1sthalfendedMarch31, 2014		2ndquarterendedMarch31, 2013*		2ndquarterendedMarch31, 2014
	Totalamount inmillion€	Earningsper sharein€	Totalamount inmillion€	Earningsper sharein€	Totalamount inmillion€	Earningsper sharein€	Totalamount inmillion€	Earningsper sharein€
Income/0loss1fromcontinuingoperations0netoftax1 0attributabletoThyssenKruppAG'sstockholders1	01941	00.381	19	0.03	01311	00.251	271	0.48
Income/0loss1fromdiscontinuedoperations0netoftax1 0attributabletoThyssenKruppAG'sstockholders1	62	0.12	185	0.34	2	0.00	021	0.00
Income/0loss10attributabletoThyssenKruppAG's stockholders1	01321	00.261	204	0.37	01291	00.251	269	0.48
Weightedaverageshares	514,489,044		548,216,658		514,489,044		565,937,947

*FigureshavebeenadjustedduetotheadoptionofIAS19R,thereclassificationofSteelAmericasasacontinuingoperation,theeliminationoftheimpairmentofSteelAmericas aswellasthecatchupofamortizationanddepreciationofThyssenKruppCSAandBerco0see"Recentlyadoptedaccountingstandards"andNote21.

Relevantnumberofcommonsharesforthedeterminationofearningspershare

Earnings per share have been calculated by dividing net income/loss attributable to common stockholders of ThyssenKruppAG numeratorbytheweightedaveragenumberofcommonsharesoutstanding denominatorduringthe period.Sharesissued,soldorreacquiredduringtheperiodhavebeenweightedfortheportionoftheperiodthattheywere outstanding.

Inthe1sthalfyearendedMarch31,2014andinthe2ndquarterendedMarch31,2014theweightedaveragenumberof sharesincreasedasaresultofthecapitalincreasecarriedoutatthebeginningofDecember2013seeNote05.

Therewerenodilutivesecuritiesintheperiodspresented.

13 Additionalinformationtotheconsolidatedstatementofcashflows

Theliquidfundsconsideredintheconsolidatedstatementofcashflowscorrespondtothe"Cashandcashequivalents"line itemintheconsolidatedstatementoffinancialpositiontakingintoaccountthecashandcashequivalentsattributabletothe disposalgroupsinclusiveofdiscontinuedoperations.

Non-cashinvestingactivities

Inthe1sthalfyearendedMarch31,2014,theacquisitionandfirst-timeconsolidationofcompaniescreatedanincreasein non-currentassetsof€729million1sthalfyearendedMarch31,2013:€10million.Inthe2ndquarterendedMarch31, 2014theseincreasesamountedto€728million2ndquarterendedMarch31,2013:€6million.

Thenon-cashadditionofassetsunderfinanceleasesinthe1sthalfyearendedMarch31,2014amountedto€5million 1sthalfyearendedMarch31,2013:€5millionandinthe2ndquarterendedMarch31,2014to€2million2ndquarter endedMarch31,2013:€2million.

In connectionwiththesecond constructionstage ofthe"ThyssenKruppQuarter"located inEssen,therewas anon-cash addition ofproperty, plantandequipmentof€36million inthe1sthalfyearendedMarch31,2014 1st halfyearended March31,2013:€10millionandof€18millioninthe2ndquarterendedMarch31,2014 2ndquarterendedMarch31, 2013:€5million.

Non-cashfinancingactivities

Inthe1sthalfyearendedMarch31,2014,theacquisitionandfirst-timeconsolidationofcompaniesresultedinanincrease ingrossfinancialdebtof€313million1sthalfyearendedMarch31,2013:€0million;inthe2ndquarterendedMarch31, 2014theseincreasesamountedto€313million2ndquarterendedMarch31,2013:€0million.

In connectionwiththesecond constructionstage ofthe"ThyssenKruppQuarter"located inEssen,therewas anon-cash increaseinfinancialdebtof€36millioninthe1sthalfyearendedMarch31,2014 1sthalfyearendedMarch31,2013: €10millionandof€18millioninthe2ndquarterendedMarch31,20142ndquarterendedMarch31,2013:€5million.

Essen,May09,2014 ThyssenKruppAG

TheExecutiveBoard

Hiesinger

Burkhard KaufmannKerkhoff

Reviewreport

ToThyssenKruppAG,DuisburgandEssen

Wehavereviewedthecondensedconsolidatedinterimfinancialstatements-comprisingstatementoffinancialposition,the statementofincomeandstatementofcomprehensiveincome,thestatementofchangesinequity,thestatementofcash flows and selected explanatory notes – and the interim group management report of ThyssenKrupp AG, Duisburg and Essen,fortheperiodfromOctober1,2013,toMarch31,2014,whicharepartofthehalf-yearfinancialreportpursuantto §Article 37w WpHG "Wertpapierhandelsgesetz" German Securities Trading Act. The preparation of the condensed consolidatedinterimfinancialstatementsinaccordancewiththeIFRSapplicabletointerimfinancial reportingasadopted bytheEUandoftheinterimgroupmanagementreportinaccordancewiththeprovisionsoftheGermanSecuritiesTrading Act applicable to interim group management reports is the responsibility of the parent Company's Board of Managing Directors.Ourresponsibilityistoissueareviewreportonthecondensedconsolidatedinterimfinancialstatementsandon theinterimgroupmanagementreportbasedonourreview.

Weconductedour reviewofthecondensedconsolidatedinterimfinancialstatementsandtheinterimgroupmanagement reportinaccordancewithGermangenerallyacceptedstandardsforthereviewoffinancialstatementspromulgatedbythe Institut der Wirtschaftsprüfer Institute of Public Auditors in Gemany IDW and additional observed the International Standard onReview Engagements "Review ofInterimFinancialInformation Performed bytheIndependentAuditor ofthe Entity"ISRE2410.Thosestandardsrequirethatweplanandperformthereviewsothatwecanprecludethroughcritical evaluation,withmoderateassurance,thatthecondensedconsolidatedinterimfinancialstatementshavenotbeenprepared, inmaterialrespects,inaccordancewiththeIFRSapplicabletointerimfinancialreportingasadoptedbytheEUandthatthe interim group management report has not been prepared, inmaterial respects, in accordancewiththe provisions ofthe GermanSecuritiesTradingActapplicabletointerimgroupmanagementreports.Areviewislimitedprimarilytoinquiriesof company personnel and analytical procedures and therefore does not provide the assurance attainable in a financial statementaudit.Since,inaccordancewithourengagement,wehavenotperformedafinancialstatementaudit,wecannot issueanauditopinion.

Based on our review, nomatters have cometo our attentionthat cause usto presumethatthe condensed consolidated interimfinancialstatementshavenotbeenprepared,inmaterialrespects,inaccordancewiththeIFRSapplicabletointerim financialreportingasadoptedbytheEUnorthattheinterimgroupmanagementreporthasnotbeenprepared,inmaterial respects,inaccordancewiththeprovisionsoftheGermanSecuritiesTradingActapplicabletointerimgroupmanagement reports.

Essen,May12,2014

PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft

Prof.Dr.NorbertWinkeljohann VolkerLinke

GermanPublicAuditor GermanPublicAuditor

Responsibilitystatement

To the best of our knowledge, and in accordance with the applicable reporting principles for interim reporting, the condensedinterimconsolidatedfinancialstatementsgiveatrueandfairviewoftheassets,liabilities,financialpositionand profit and loss of the Group, and the Group interim management report includes a fair review of the development and performanceofthebusinessandthepositionoftheGroup,togetherwithadescriptionoftheprincipalopportunitiesand risksassociatedwiththeexpecteddevelopmentoftheGroupintheremainingmonthsoftheyear.

Essen,May09,2014

ThyssenKruppAG

TheExecutiveBoard

Hiesinger

Burkhard KaufmannKerkhoff

ReportbytheSupervisoryBoardAuditCommittee

Theinterimreportforthe1sthalfofthe2013/2014fiscalyearHOctober2013toMarch2014Iandthereviewreportbythe Group'sfinancialstatementauditorswerepresentedtotheAuditCommitteeoftheSupervisoryBoardinitsmeetingonMay 12, 2013 andexplained bythe Executive Board. The auditorswere availableto provide additional information. TheAudit Committeeapprovedtheinterimreport.

Essen,May12,2014

ChairmanoftheAuditCommittee

Prof.Dr.BernhardPellens

Contactand2014/2015dates

Contact

CorporateCommunications

Telephone+49201844-536043 Fax+49201844-536041 E-mailpress@thyssenkrupp.com

InvestorRelations E-mailir@thyssenkrupp.com

Institutionalinvestorsandanalysts Telephone+49201844-536464 Fax+492018456-531000

Privateinvestors

Infoline+49201844-536367 Fax+492018456-531000

Address

ThyssenKruppAG ThyssenKruppAllee1,45143Essen,Germany Postfach,45063Essen Telephone+49201844-0 Fax+49201844-536000 E-mailinfo@thyssenkrupp.com

2014/2015dates

August14,2014 Interimreport

9months2013/2014HOctobertoJuneI Conferencecallwithanalystsandinvestors

November20,2014 Annualpressconference Analysts'andinvestors'conference

January30,2015 AnnualGeneralMeeting

February13,2015 Interimreport 1stquarter2014/2015HOctobertoDecemberI Conferencecallwithanalystsandinvestors

May14,2015 Interimreport 1sthalf2014/2015HOctobertoMarchI Conferencecallwithanalystsandinvestors

Forward-lookingstatements

This document contains forward-looking statements that reflect management's current views with respect to future events. Such statements are subject to risks and uncertainties that are beyond ThyssenKrupp'sabilitytocontrolorestimateprecisely,suchasfuture market and economic conditions, the behavior of other market participants, the ability to successfully integrate acquired businesses and achieve anticipated synergies and the actions of government regulators.Ifanyoftheseorother risksanduncertaintiesoccur,orif theassumptions underlyingany ofthese statements prove incorrect, thenactualresultsmaybemateriallydifferentfromthoseexpressedor impliedbysuchstatements.ThyssenKruppdoesnotintendorassume any obligation to update any forward-looking statements to reflect eventsorcircumstancesafterthedateofthesematerials.

Roundingdifferencesandratesofchange

Percentages and figures in this report may include rounding differences.Thesignsusedtoindicate ratesofchangearebasedon economic aspects: Improvements are indicated by a plus 2+3 sign, deteriorations are shown in brackets 2 3. Very high positive and negative rates of change2≥1,000% or≤21003%3are indicated by ++ and−−respectively.

Variancesfortechnicalreasons

Under statutory disclosure requirements, the Company must submit thisinterim reporttotheelectronicFederalGazette2Bundesanzeiger3. Fortechnicalreasonstheremaybevariancesbetweentheaccounting documentscontainedinthisreportandthosepublishedintheFederal Gazette.

ThisEnglishversionoftheannualreportisatranslationoftheoriginal German version; inthe event of variances,the German version shall takeprecedenceovertheEnglishtranslation.

Bothlanguageversionsoftheinterimreportcanbedownloadedfrom theinternetathttp://www.thyssenkrupp.com.

ThyssenKrupp AG ThyssenKrupp Allee 1 45143 Essen, Germany www.thyssenkrupp.com