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 />
ThyssenKrupp AG bears an additional liability from the transfer of<br />
businesses <strong>and</strong> internal transfer of pension obligations. In the prior<br />
year these obligations were reported under contingencies/other<br />
obligations. In the past fiscal year these obligations were reported for<br />
the first time under miscellaneous assets <strong>and</strong> correspondingly<br />
recognized directly in equity under pension obligations in the amount<br />
of €764 million.<br />
08 Liabilities<br />
million €<br />
Tax provisions exist mainly for income taxes.<br />
Miscellaneous provisions cover all identifiable risks. They mainly<br />
include obligations from liability <strong>and</strong> litigation risks, outst<strong>and</strong>ing<br />
invoices <strong>and</strong> future obligations in the personnel sector as well as<br />
provisions for leave <strong>and</strong> long-service bonuses.<br />
Sept. 30,<br />
2010<br />
Sept. 30,<br />
2011 within 1 year<br />
Maturity<br />
more than 1<br />
up to 5 years<br />
Bonds 2,500 1,750 0 1,750<br />
Liabilities to<br />
financial institutions 1,441 1,727 21 1,706<br />
Liabilities to<br />
affiliated companies 17,925 28,202 23,151 5,051<br />
Payments received<br />
on account of orders 2 3 3 0<br />
39<br />
more than<br />
5 years<br />
Trade accounts payable 33 25 22 2 1<br />
Liabilities to companies<br />
in which investments are held 34 72 72 0<br />
Miscellaneous liabilities 316 171 158 13<br />
amount thereof for loans (99) (0) 0.0 0.0<br />
amount thereof for taxes (27) (2) 2 0.0<br />
Other liabilities 385 271 255 15 1<br />
On March 29, 2011 a bond (par value €750 million) with a term of<br />
seven years <strong>and</strong> an interest rate of 5.00% p.a. was repaid.<br />
Liabilities to financial institutions include both fixed-interest <strong>and</strong><br />
variable interest loans with terms of one to five years <strong>and</strong> interest rates<br />
of between 0.8% p. a. <strong>and</strong> 6.2% p. a.<br />
Liabilities to affiliated companies mainly concern deposits by<br />
subsidiaries in the Group’s financial clearing scheme. They include<br />
loans granted by ThyssenKrupp Finance Nederl<strong>and</strong> B.V. to<br />
ThyssenKrupp AG in connection with the bond placements in<br />
February/April 2009. The sharp increase is mainly due to loans<br />
granted among others by subsidiaries Krupp Hoesch Stahl GmbH <strong>and</strong><br />
Vermögensverwaltungsgesellschaft TAUS mbH.<br />
Miscellaneous liabilities at September 30, 2010 included a zero coupon<br />
bond with a par value of €100 million which was repaid on reaching<br />
maturity at November 29, 2010.<br />
Also included are accrued interest liabilities of €79 million <strong>and</strong> liabilities<br />
to the workforce.<br />
09 Deferred income<br />
Deferred income includes a €5 million paid-in-surplus as well as swaps<br />
for the next accounting period.<br />
10 Contingencies<br />
million €<br />
Sept. 30,<br />
2010<br />
Sept. 30,<br />
2011<br />
Contingencies under Group <strong>and</strong><br />
bank warranty declarations 13,696 12,476<br />
Other contingencies 850 1<br />
Of the €12,476 million total contingencies under Group <strong>and</strong> bank<br />
warranty declarations, €11,898 million relates to liabilities of affiliated<br />
companies. The year-on-year reduction in contingencies under Group<br />
<strong>and</strong> bank warranty declarations is in connection with the due fulfillment<br />
of orders by the Group companies.
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