Annual Report 2012 - Knorr-Bremse AG.

Management Report
In fiscal 2012, the Knorr-Bremse Group was again able to report sales
of more than EUR 4 billion. In a tough international business environment,
sales showed a modest 1% rise to reach EUR 4.30 billion (2011:
EUR 4.24 billion). The Rail Vehicle Systems division posted a slight
increase in sales, which totaled EUR 2.22 billion in 2012 (2011: EUR
2.19 billion). In the year under review, growth was driven by the
North American region, where both the passenger and freight
markets were buoyant. Knorr-Bremse’s Commercial Vehicle Systems
division reported sales of EUR 2.10 billion in 2012, also just ahead of
the prior-year level (2011: EUR 2.07 billion). The division posted
growth in North America and Asia, offsetting a weakening secondhalf
market environment in Europe in particular.