Financial Statements and Management Report - Thyssenkrupp
Financial Statements and Management Report - Thyssenkrupp
Financial Statements and Management Report - Thyssenkrupp
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2.3 <strong>Financial</strong> statements Notes<br />
Also in fiscal 2010/2011 ThyssenKrupp AG acquired the remaining<br />
51% shareholding in Vermögensverwaltungsgesellschaft S+S mbH at a<br />
purchase price of €315 million <strong>and</strong> subsequently merged this company<br />
into ThyssenKrupp Real Estate GmbH. This led to an addition of €612<br />
million for ThyssenKrupp Real Estate GmbH <strong>and</strong> a disposal of the same<br />
amount for Vermögensverwaltungsgesellschaft S + S mbH.<br />
Amortization of financial assets <strong>and</strong> securities classed as operating<br />
assets included €315 million impairment of shares of subsidiaries <strong>and</strong><br />
shares in funds of €12 million.<br />
Loans to affiliated companies<br />
In the past fiscal year new long-term loan agreements were concluded<br />
between ThyssenKrupp AG <strong>and</strong> individual Group companies <strong>and</strong><br />
existing loan agreements were increased.<br />
Additions to loans totaled €3,316 million. This included both new intra-<br />
Group loans, among others to ThyssenKrupp Dienstleistungen GmbH<br />
<strong>and</strong> Thyssen Stahl GmbH, <strong>and</strong> increases of loans, mainly to<br />
ThyssenKrupp Technologies Beteiligungen GmbH. This was partly<br />
offset by €776 million in expiring loan agreements (mainly<br />
ThyssenKrupp Marine Systems AG <strong>and</strong> ThyssenKrupp Facilities<br />
Services GmbH), so ThyssenKrupp AG’s net loans increased by €2,540<br />
million to €7,967 million.<br />
Securities classed as financial assets (pension fund)<br />
Under the trust agreement between ThyssenKrupp AG <strong>and</strong><br />
ThyssenKrupp Pension-Trust e.V., the pension fund h<strong>and</strong>les the<br />
external (prorated) full funding <strong>and</strong> (additional) bankruptcy protection<br />
of pension credits <strong>and</strong> the settlement of pension claims existing at the<br />
time of bankruptcy. In fiscal 2010/2011 shares were purchased in the<br />
amount of €9 million <strong>and</strong> sold in the amount of €15 million. These<br />
securities were recognized at their fair value at the balance-sheet date.<br />
The total amount at September 30, 2011 was €192 million.<br />
The following parts of the pension obligations are secured through the<br />
trust assets:<br />
- the part that exceeds the part of the employer-financed pension<br />
plan which is, due to statutory regulation, protected against<br />
bankruptcy by Pensions-Sicherungsverein a.G.,<br />
- the part that affects the benefits from deferred compensation<br />
agreements,<br />
- the part that affects the benefits of the KOMBI-PAKT pension<br />
scheme II.<br />
The primary aim of this is to meet the aforesaid claims of pension<br />
beneficiaries where they are not guaranteed through statutory<br />
bankruptcy protection by Pensions-Sicherungsverein a.G.<br />
Furthermore, a trust agreement exists between ThyssenKrupp AG<br />
(trustor) <strong>and</strong> ThyssenKrupp Sicherungsverein für Arbeitnehmer-<br />
Wertguthaben e.V. (trustee). The object of this agreement is the<br />
bankruptcy protection of benefits in the meaning of § 8 a Partial<br />
Retirement Act (AltersteilzeitG) <strong>and</strong> in the event of bankruptcy settling<br />
the beneficiaries’ claims for payment of the due partial retirement<br />
benefits against the trustor or one of its subsidiaries in the meaning of<br />
§ 18 Stock Corporation Act (AktG).<br />
In fiscal year 2010/2011 ThyssenKrupp Sicherungsverein für<br />
Arbeitnehmer-Wertguthaben e.V. acquired securities with a value of<br />
€8 million. These securities were recognized at their fair value at the<br />
balance-sheet date. The total amount at September 30, 2011 is €162<br />
million.<br />
03 Receivables <strong>and</strong> other assets<br />
million €<br />
Sept. 30,<br />
2010<br />
with more<br />
than 1 year<br />
remaining<br />
to maturity<br />
Sept. 30,<br />
2011<br />
36<br />
with more<br />
than 1 year<br />
remaining<br />
to maturity<br />
Receivables<br />
from affiliated<br />
companies 6,050 0 9,113 0<br />
Receivables from affiliated companies relate mainly to current<br />
receivables under the Group’s central financial clearing scheme. In<br />
addition, in line with the amendments under the Accounting Law<br />
Modernization Act (BilMoG) ThyssenKrupp AG recognized pension<br />
obligations transferred to third parties internally (without transfer of<br />
liability) under provisions for pensions <strong>and</strong> similar obligations (Note 6),<br />
<strong>and</strong> recognized the indemnification right created by transfer of<br />
responsibility for meeting the obligations as miscellaneous assets in<br />
the amount of €764 million.<br />
million €<br />
Sept. 30,<br />
2010<br />
with more<br />
than 1 year<br />
remaining<br />
to maturity<br />
Sept. 30,<br />
2011<br />
with more<br />
than 1 year<br />
remaining<br />
to maturity<br />
Receivables from<br />
companies in which<br />
investments are<br />
held 1 0 1 0<br />
Other assets 78 0 849 2<br />
Other receivables <strong>and</strong><br />
other assets 79 0 850 2