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 />
15 Writedowns of financial assets <strong>and</strong> securities classed<br />
as operating assets<br />
The €327 million writedowns of financial assets <strong>and</strong> securities classed<br />
as operating assets in the past fiscal year resulted mainly from<br />
writedowns of shares in subsidiaries.<br />
16 General administrative costs<br />
million €<br />
2009/2010 2010/2011<br />
Salaries 111 142<br />
Statutory social contributions 8 9<br />
Expense for pensions 33 17<br />
Expense for other benefits 1 0<br />
Total personnel expense 153 168<br />
Depreciation/amortization 22 29<br />
Other administrative costs 166 211<br />
thereof expense for services 48 58<br />
thereof data processing services 31 50<br />
thereof maintenance expense 17 23<br />
Total 341 408<br />
Overall ThyssenKrupp AG personnel expense is reported under the<br />
general administrative costs item in accordance with § 275 subs. 3<br />
HGB.<br />
The €67 million rise in general administrative costs is mainly<br />
attributable to an increase in administrative costs for services <strong>and</strong> data<br />
processing.<br />
At the reporting date the number of employees stood at 859, including<br />
36 trainees, 8 apprentices <strong>and</strong> 27 interns. The average number of<br />
employees at ThyssenKrupp AG in the fiscal year was 797 (prior year<br />
783).<br />
17 Other operating expense<br />
The €431 million change in other operating expense from the prior<br />
year is due to intra-Group disposal losses of €158 million <strong>and</strong> to the<br />
crediting of a compensation payment (see Other operating income) of<br />
€211 million which was passed onto a subsidiary.<br />
This transaction together with the recognition of provisions resulted in<br />
non-period other operating expense of €236 million.<br />
Other operating expense of €6 million resulted from currency<br />
translation effects.<br />
18 Net interest<br />
million €<br />
42<br />
2009/2010 2010/2011<br />
Income from loans classified<br />
as financial assets 133 258<br />
amount thereof from affiliated companies 133 258<br />
Other interest <strong>and</strong> similar income 271 246<br />
amount thereof from affiliated companies 192 183<br />
Interest <strong>and</strong> similar costs (851) (991)<br />
amount thereof to affiliated companies (522) (671)<br />
Total (447) (487)<br />
Net interest comprises interest expense <strong>and</strong> income from both intra-<br />
Group <strong>and</strong> external financing. The increase in net interest expense is<br />
mainly the result of intra-Group capital allocations at Group companies.<br />
Added to this is an interest component due to the addition of accrued<br />
interest on pension obligations in accordance with the Accounting Law<br />
Modernization Act (BilMoG) of €20 million <strong>and</strong> the addition of accrued<br />
interest on other provisions with a remaining term of more than one<br />
year of €9 million.<br />
19 Extraordinary income/expense<br />
To comply with valuation requirements following the adoption of the<br />
Accounting Law Modernization Act (BilMoG), allocations of €19 million<br />
were made to provisions for pension obligations <strong>and</strong> other provisions<br />
at October 01, 2010. This is reported under extraordinary<br />
income/expense. This was partly offset by income from the liquidation<br />
of a subsidiary in the amount of €2 million.<br />
20 Taxes on income<br />
Taxes on income relate to back payments falling due on completion of<br />
the tax inspection in the fiscal year <strong>and</strong> associated consequences as<br />
well as taxes for the reporting year. The €262 million change from the<br />
prior year is due to the absence of nonrecurring items. Under an option<br />
applying to a net deferred tax asset, deferred taxes are not included in<br />
tax expense.