Annual Report 2012 - Knorr-Bremse AG.
Annual Report 2012 - Knorr-Bremse AG.
Annual Report 2012 - Knorr-Bremse AG.
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Notes to the Consolidated Financial Statements 161<br />
Capital stock <br />
The capital stock of <strong>Knorr</strong>-<strong>Bremse</strong> <strong>AG</strong> is divided up into 2,600,000 bearer shares, each with a nominal<br />
value of EUR 26. Stella Vermögensverwaltungs-GmbH and KB Holding GmbH, both based in Grünwald/Germany,<br />
have informed <strong>Knorr</strong>-<strong>Bremse</strong> <strong>AG</strong> that directly or indirectly, they hold a majority interest<br />
in <strong>Knorr</strong>-<strong>Bremse</strong> <strong>AG</strong>.<br />
11<br />
Capital reserves<br />
Capital reserves are unchanged from the previous year. Like the legal reserve, they are subject to the<br />
restrictions of § 150 of the German Corporation Law (AktG).<br />
12<br />
Retained earnings<br />
In addition to the legal reserve, Retained earnings include the accumulated earnings of the companies<br />
included in consolidation, where these have not been distributed. Furthermore this heading reflects<br />
all Group items that exert an influence on shareholders’ equity.<br />
13<br />
The legal reserves amounted to TEUR 8,607 (2011: 8,883). The statutory reserves (TEUR 7,147) rose by<br />
TEUR 278 compared to the previous year (TEUR 6,869). Miscellaneous retained earnings amounted to<br />
TEUR 519,761 (2011: 415,978) at the balance sheet date.<br />
Pension plan accruals<br />
Pension plan accruals are valued according to the provisions of the German Accounting Law Modernization<br />
Act.<br />
<strong>2012</strong> TEUR 2011 TEUR<br />
Pension plan accruals 202,202 199,667<br />
14<br />
The shortfall in cover for pension funds in United Kingdom amounted to TEUR 6,862 as at year-end<br />
<strong>2012</strong>.<br />
Other accrued liabilities<br />
<strong>2012</strong> TEUR 2011 TEUR<br />
Provisions for taxes 81,394 78,940<br />
Miscellaneous accruals 639,598 564,351<br />
15<br />
Total 720,992 643,291<br />
The taxation provisions include projected income tax payments for the year under review or, where the<br />
fiscal year diverges from the financial year, an income tax charge allocated on an accrual basis. Tax<br />
charges are also shown for preceding assessment periods. Miscellaneous accruals relate primarily to<br />
warranty and product liability commitments, personnel costs, restructuring activities, anticipated losses<br />
on contracts and other risks in connection with current operations, as well as invoices outstanding.