‘We lag far behind our ambitions in many areas,’ said Thyssenkrupp CEO Martina Merz, emphasizing the urgency of restructuring after the group’s full-year net loss shot up almost five-fold
in September, were down 13.3% at 11.71 euros. They earlier touched an 11-week low of 11.54 euros.
“Some of what I’ve seen and heard has been sobering. We lag far behind our ambitions in many areas,” she said.Thyssenkrupp’s adjusted earnings before interest and tax tumbled 44% to 802 million euros and the company said it expected a similar level for 2019/20. It reported negative free cash flow before mergers and acquisitions of 1.1 billion euros in 2018/19 and warned that would get worse this financial year.
The conglomerate, whose activities include making car parts building fertilizer plants, proposed scrapping its dividend for the first time in six years, a move backed by top investor, the Alfried Krupp von Bohlen und Halbach Foundation.
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