Annual Report 2012 - Knorr-Bremse AG.
Annual Report 2012 - Knorr-Bremse AG.
Annual Report 2012 - Knorr-Bremse AG.
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
166<br />
• Commodity contracts are used to hedge risks associated with steel and aluminum price fluctuations.<br />
The contracts are valued at market price.<br />
• Options are valued using recognized models for calculating option prices (e.g. Black-Scholes).<br />
Paid option premiums are carried under Other assets. As at the balance sheet date, the book value of<br />
call option premiums paid out amounted to EUR 3.0 million.<br />
27<br />
Research and development expenditure<br />
In fiscal year <strong>2012</strong>, Group expenditure on research and development amounted to TEUR 249,729 (2011:<br />
TEUR 208,823).<br />
28<br />
Miscellaneous<br />
The Group financial statements are published in the official electronic Federal Gazette and in the Commercial<br />
Register at the local first-instance court in Munich, Germany. Under the terms of § 264 (3) of the<br />
German Commercial Code (HGB), the subsidiary companies <strong>Knorr</strong>-<strong>Bremse</strong> Systeme für Nutzfahrzeuge<br />
GmbH, Munich/Germany, <strong>Knorr</strong>-<strong>Bremse</strong> Systeme für Schienenfahrzeuge GmbH, Munich/Germany, and<br />
Hasse & Wrede GmbH, Berlin/Germany, are exempt from the obligation to publish their figures pursuant<br />
to § 325 of the German Commercial Code.<br />
29<br />
Total remuneration of the Supervisory Board and Executive Board<br />
The total remuneration of members of the Supervisory Board amounted to TEUR 333 and the total remuneration<br />
of the Executive Board to TEUR 3,888. Pension commitments to former members of the<br />
Executive Board and their surviving dependents are covered by an accrual of TEUR 24,769; payments in<br />
the fiscal year amounted to TEUR 3,379.<br />
Munich, March 1, 2013<br />
<strong>Knorr</strong>-<strong>Bremse</strong> <strong>AG</strong><br />
Executive Board<br />
Klaus Deller<br />
Dr. Dieter Wilhelm<br />
Dr. Lorenz Zwingmann