Annual Report 2012 - Knorr-Bremse AG.

160
Notes to the Consolidated Financial Statements
6
Inventories
2012 TEUR 2011 TEUR
Materials and supplies 198,088 244,436
Work in process 54,989 58,010
Finished products, merchandise 195,072 214,838
less advances received on orders (177,738) (227,500)
Total 270,411 289,784
7
Receivables and other assets
2012 TEUR 2012 TEUR 2011 TEUR
Remaining term
more than 1 year
in total
in total
Accounts receivable, trade 4,191 663,928 695,183
Other assets 8,225 100,237 109,341
Total 12,416 764,165 804,524
8
Cash and cash equivalents
This item includes cash at bank, checks and cash on hand.
9
Prepaid expenses
Group prepaid expenses amounted to TEUR 15,507 (2011: TEUR 12,337).
10
Deferred taxes
At the balance sheet date deferred tax assets amounted to TEUR 53,533 (2011: TEUR 63,030). No deferred
tax liabilities were reported for the current or previous years.
In compliance with the legal requirements, deferred tax assets and liabilities are stated at the netted
amount.
Of the deferred tax assets, TEUR 26,235 (2011: TEUR 32,728) relate to deferred taxes on individual balance
sheets of group companies and TEUR 27,298 (2011: TEUR 30,302) relate to consolidation entries
affecting net income. Deferred tax assets on individual balance sheets result primarily from temporary
differences in accrued liabilities, receivables and other assets. Deferred tax assets relating to consolidation
adjustments are primarily the result of eliminating unrealized intercompany profits. Deferred tax
liabilities relate solely to deferred taxes on individual balance sheets of group companies.
At individual company level and at Group level, deferred taxes are stated at the projected tax rate in the
respective countries at the time of realization. Tax rates range from 0% to 40%, while the rate on consolidation
activities is ca. 35%.