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