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The following table shows the current assessment of credit quality by both agencies: Moody’s Investor Service Standard & Poor’s Long-term financial debt Baa1 BBB+ Short-term financial debt – A-2 Heraeus published a credit rating from Moody’s for the first time in financial year 2007. The rating “Baa1” from Moody’s is at the top of category B and is therefore just a step below category A. The rating outlook from Moody’s is an estimate with regard to the probable medium-term development of the issuer’s credit rating. The categories are “positive,” “stable,” and “negative.” Moody’s evaluated Heraeus’ outlook as “stable.” No evaluation was requested from Moody’s for short-term credit quality. Standard & Poor’s gives the long-term credit quality of Heraeus a “BBB+” rating based on expected future financial strength and continued improvement in business development. This classification corresponds to the highest credit quality in category B. Standard & Poor’s rating outlook also refers to the evaluation of the probable medium-term development of the issuer; the outlook was rated as “stable.” Standard & Poor’s rates Heraeus’ short-term credit quality as “A-2.” This is the thirdhighest rating within the Standard & Poor’s system of short-term corporate credit ratings. 55
56 notes to tHe Consolidated inCome statement (15) Revenue Revenue attributable to the individual business groups is as follows: in € million 2012 2011 Precious metals 1,468.2 1,949.1 Materials and technologies 1,541.1 1,645.3 Sensors 417.5 408.0 Dental products 307.0 306.1 Biomaterials and medical products 80.8 74.7 Quartz glass 315.9 348.2 Specialty light sources 92.5 103.0 Others 4.9 5.8 Product revenue 4,227.9 4,840.2 Precious metal trading revenue 15,989.0 21,342.6 Revenue 20,216.9 26,182.8 The revenue broken down by region totals: in € million 2012 2011 Germany 606.4 750.5 Europe excluding Germany 670.4 675.4 The Americas 672.7 681.6 Asia 2,176.6 2,642.5 Others 101.8 90.2 Product revenue 4,227.9 4,840.2 Precious metal trading revenue 15,989.0 21,342.6 Revenue 20,216.9 26,182.8 Precious metal trading revenue is generated primarily with customers at key international precious metal trading centers. Because of these business processes, a breakdown of precious metals trading revenue by region is neither purposive nor indicative.
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Consolidated Financial statements 2
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02 Consolidated Balance sheet of He
Page 5 and 6: 04 Consolidated income statement of
Page 7 and 8: 06 Consolidated Cash Flow statement
Page 9 and 10: 08 notes to the Consolidated Financ
Page 11 and 12: 10 lead to a shift between two item
Page 13 and 14: 12 In business combinations, the ac
Page 15 and 16: 14 Application of new or amended st
Page 17 and 18: 16 aCCoUntinG poliCies Cash and cas
Page 19 and 20: 18 The precious metal trading stock
Page 21 and 22: 20 asset item UseFUl liFe in YeaRs
Page 23 and 24: 22 The classification depends on th
Page 25 and 26: 24 If hedging transactions used to
Page 27 and 28: 26 Pension Regulation II 2001, whic
Page 29 and 30: 28 Scope of consolidation The conso
Page 31 and 32: 30 of Midwest Instrument Company, a
Page 33 and 34: 32 It was possible to cover the pre
Page 35 and 36: 34 (3) The following table shows th
Page 37 and 38: 36 (5) Intangible assets in € mil
Page 39 and 40: 38 Other intangible assets At € 0
Page 41 and 42: 40 In financial year 2012, impairme
Page 43 and 44: 42 (8) (9) Other non-current assets
Page 45 and 46: 44 (10) Trade payables Trade payabl
Page 47 and 48: 46 Non-current provisions for perso
Page 49 and 50: 48 The provisions for pensions and
Page 51 and 52: 50 The fair value of the plan asset
Page 53 and 54: 52 Of the total expenses for pensio
Page 55: 54 in € million deC. 31, 2012 deC
Page 59 and 60: 58 (17) Other operating income Othe
Page 61 and 62: 60 (20) Financial result The financ
Page 63 and 64: 62 The following deferred tax asset
Page 65 and 66: 64 The item “Change in other net
Page 67 and 68: 66 Interest rate swaps come under t
Page 69 and 70: 68 addition, credit lines with vari
Page 71 and 72: 70 Values of derivative financial i
Page 73 and 74: 72 in € million deC. 31, 2012 FIN
Page 75 and 76: 74 Notes to the income statement Th
Page 77 and 78: 76 Analysis of maturities The follo
Page 79 and 80: 78 otHeR disClosURes Contingent lia
Page 81 and 82: 80 Auditor’s expenses The expense
Page 83 and 84: 82 name oF CompanY ReGisteRed oFFiC
Page 85 and 86: 84 name oF CompanY ReGisteRed oFFiC
Page 87 and 88: 86 aUditoR’s RepoRt We have audit
Page 90: Heraeus Holding GmbH Corporate Comm
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