Annual Report 2012 - Knorr-Bremse AG.

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166 • Commodity contracts are used to hedge risks associated with steel and aluminum price fluctuations. The contracts are valued at market price. • Options are valued using recognized models for calculating option prices (e.g. Black-Scholes). Paid option premiums are carried under Other assets. As at the balance sheet date, the book value of call option premiums paid out amounted to EUR 3.0 million. 27 Research and development expenditure In fiscal year 2012, Group expenditure on research and development amounted to TEUR 249,729 (2011: TEUR 208,823). 28 Miscellaneous The Group financial statements are published in the official electronic Federal Gazette and in the Commercial Register at the local first-instance court in Munich, Germany. Under the terms of § 264 (3) of the German Commercial Code (HGB), the subsidiary companies Knorr-Bremse Systeme für Nutzfahrzeuge GmbH, Munich/Germany, Knorr-Bremse Systeme für Schienenfahrzeuge GmbH, Munich/Germany, and Hasse & Wrede GmbH, Berlin/Germany, are exempt from the obligation to publish their figures pursuant to § 325 of the German Commercial Code. 29 Total remuneration of the Supervisory Board and Executive Board The total remuneration of members of the Supervisory Board amounted to TEUR 333 and the total remuneration of the Executive Board to TEUR 3,888. Pension commitments to former members of the Executive Board and their surviving dependents are covered by an accrual of TEUR 24,769; payments in the fiscal year amounted to TEUR 3,379. Munich, March 1, 2013 Knorr-Bremse AG Executive Board Klaus Deller Dr. Dieter Wilhelm Dr. Lorenz Zwingmann
CONSOLIDATED CASH FLOW STATEMENT 167 Consolidated Cash Flow Statement in Compliance with GAS 2 (German Accounting Standard) Cash funds are comprised of the Group’s cash and cash equivalents, and marketable securities. 2012 TEUR 2011 TEUR Result for the period (including minority interests in consolidated 295,027 329,296 results) Depreciation and amortization on/Additions to intangibles and fixed 159,840 164,625 assets Increase in accruals 87,846 110,699 Income from disposals of intangibles, fixed assets and investments 2,032 (25,542) Decrease (2011: increase) in inventories, receivables and other 52,109 (70,092) assets not related to investing or financing activities Decrease (2011: increase) in payables and other liabilities not (81,460) 33,315 related to investing or financing activities Cash flows from operating activities 515,394 542,301 Disbursements for investments in intangible assets (8,375) (10,472) Proceeds from disposals of intangible assets 154 854 Disbursements for investments in fixed assets (157,428) (148,391) Proceeds from disposals of fixed assets 3,841 36,669 Disbursements for investments in financial assets (2,809) (6,855) Proceeds from disposals of financial assets 3,089 592 Disbursements for the acquisition of consolidated companies and other business units Proceeds from disposals of consolidated companies and other business units (7,836) (52,423) 194 Cash flows from investing activities (169,170) (180,026) Proceeds from additions to shareholders’ equity 210 114 Disbursements to company owners and minority shareholders (184,933) (177,415) Proceeds from borrowings 8,091 59,463 Disbursements for the redemption of borrowings (10,138) (36,938) Cash flows from financing activities (186,770) (154,776) Change in cash funds resulting from exchange rate movements and changes in group structure (7,979) 12,018 Changes in cash funds resulting from cash-relevant 151,475 219,517 transactions Cash funds at the beginning of the period 532,396 312,879 Cash funds at the end of the period 683,871 532,396 Interest paid out in fiscal year 2012 amounted to TEUR 5,832 (2011: TEUR 7,588), interest received to TEUR 10,323 (2011: TEUR 11,759). Income tax paid out in 2012 amounted to TEUR 116,251 (2011: TEUR 111,577), tax refunds received to TEUR 6,893 (2011: TEUR 12,760).
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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
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110 Report Market successes // Rail
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Page 118 and 119: 116 Report Market successes // Rail
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Page 133: Corporate Responsibility Employees
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