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ThyssenKrupp Says Cautious With Its Outlook For Current Fiscal Year

German industrial and technology group thyssenKrupp AG (TYEKF.PK) said that it has been cautious with its outlook for the current fiscal year.

At the annual general meeting, Martina Merz, chief executive officer of the company, said that the company is not delivering the performance that shareholders expect from it. The company is in the red, it has had a negative cash flow for years. In the past fiscal year alone, the company spent over one billion euros more than it earned.

The company is in an extremely tight financial situation. Paying a dividend would not be justifiable in this situation. So, the company is proposing that no dividend be paid for the past fiscal year.

The company will be implementing or have already implemented its plans to improve performance in all businesses, and further results will be visible. But it will take two to three years for this restructuring to be reflected in the group's figures, Merz said.

Merz noted that the forthcoming restructuring expenses will actually have a negative impact on earnings.

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