Annual Report 2012 - Knorr-Bremse AG.

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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%.
Notes to the Consolidated Financial Statements 161 Capital stock The capital stock of Knorr-Bremse AG is divided up into 2,600,000 bearer shares, each with a nominal value of EUR 26. Stella Vermögensverwaltungs-GmbH and KB Holding GmbH, both based in Grünwald/Germany, have informed Knorr-Bremse AG that directly or indirectly, they hold a majority interest in Knorr-Bremse AG. 11 Capital reserves Capital reserves are unchanged from the previous year. Like the legal reserve, they are subject to the restrictions of § 150 of the German Corporation Law (AktG). 12 Retained earnings In addition to the legal reserve, Retained earnings include the accumulated earnings of the companies included in consolidation, where these have not been distributed. Furthermore this heading reflects all Group items that exert an influence on shareholders’ equity. 13 The legal reserves amounted to TEUR 8,607 (2011: 8,883). The statutory reserves (TEUR 7,147) rose by TEUR 278 compared to the previous year (TEUR 6,869). Miscellaneous retained earnings amounted to TEUR 519,761 (2011: 415,978) at the balance sheet date. Pension plan accruals Pension plan accruals are valued according to the provisions of the German Accounting Law Modernization Act. 2012 TEUR 2011 TEUR Pension plan accruals 202,202 199,667 14 The shortfall in cover for pension funds in United Kingdom amounted to TEUR 6,862 as at year-end 2012. Other accrued liabilities 2012 TEUR 2011 TEUR Provisions for taxes 81,394 78,940 Miscellaneous accruals 639,598 564,351 15 Total 720,992 643,291 The taxation provisions include projected income tax payments for the year under review or, where the fiscal year diverges from the financial year, an income tax charge allocated on an accrual basis. Tax charges are also shown for preceding assessment periods. Miscellaneous accruals relate primarily to warranty and product liability commitments, personnel costs, restructuring activities, anticipated losses on contracts and other risks in connection with current operations, as well as invoices outstanding.
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Knorr-Bremse Group Annual Report 20
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Main Majority-owned Subsidiaries of
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Supervisory Board 3 Overview 04 06
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2012 at a Glance 5 January Rolf Hä
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Executive Board 7 Klaus Deller Dr.
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Supervisory Board 9 Wolfgang Hubert
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Supervisory Board 11 and the compan
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14 The State and Development of Kno
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16 Development of the Knorr-Bremse
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18 velopment network continued. Thu
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20 Overall assessment of the econom
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22 Regional developments by divisio
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24 In this market environment, the
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26 to falling exports but also to s
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28 Research and development As a te
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30 Corporate responsibility and sus
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32 implicit in the changing state o
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34 Outlook In the next two years, K
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Report Despite a volatile business
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Report 39 YOU CHOSE TO DEFINE NEW C
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Report 41 partners and customers as
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Report 43 aiming to use them as a f
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Itupeva, Brazil Westminster, USA
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48 Report Site-specific projects //
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PRODUCTS TRADE FAIRS Technological
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60 Report ProduCts // Rail vehicle
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66 Report ProduCts // Commercial ve
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Report 73 PRODUCTS TRADE FAIRS Trad
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Report 75 Dr. Dieter Wilhelm, Membe
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Report 77 Heinz Hermann Thiele, own
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Report 79 Expo Ferroviaria 2012, Tu
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Report 81 tive service strategies -
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Report 85 Service Knorr Excellence
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Report 87 RailServices is a byword
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Report 89 the Sirio platform of Ita
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Report 91 largest mass transit oper
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Report 93 to roll out its service c
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Report 95 Bendix expands remanufact
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Report 97 NEO Version 5 is introduc
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100 Report Knorr Excellence A progr
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102 Report Knorr Excellence
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104 Report External ratings
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MARKET SUCCESSES Passion “We are
Page 112 and 113: 110 Report Market successes // Rail
Page 124 and 125: 122 Report Market successes // Comm
Page 133: Corporate Responsibility Employees
Page 136 and 137: 134 Report Corporate Responsibility
Page 143 and 144: Report 141 Corporate Responsibility
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Page 147 and 148: Report 145 Knorr-Bremse certified i
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Page 152 and 153: 150 Notes to the Consolidated Finan
Page 168 and 169: 166 • Commodity contracts are use
Page 170 and 171: 168 SEGMENT REPORT Segment Report i
Page 172 and 173: 170 STATEMENT OF CHANGES IN GROUP E
Page 174 and 175: 172 CONSOLIDATED BALANCE SHEET Cons
Page 176: Contact Knorr-Bremse AG Moosacher S
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