Annual Report 2012 - Knorr-Bremse AG.

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170 STATEMENT OF CHANGES IN GROUP EQUITY Statement of Changes in Group Equity in Compliance with GAS 7 (German Accounting Standard) Changes in group equity 2012 Capital stock Capital reserves Retained earnings Net income Minority interests Knorr-Bremse Group in EUR thousands (TEUR) As at Dec. 31, 2011 67,600 153 431,730 263,924 138,968 902,375 Dividend payments (156,000) (28,933) (184,933) Net income 2012 254,807 40,220 295,027 Transfers to retained earnings 121,713 (121,713) 0 Currency fluctuations (5,583) (5,572) (11,155) Other fluctuations (12,345) 6,238 (6,107) As at Dec. 31, 2012 67,600 153 535,515 241,018 150,921 995,207 Changes in group equity 2011 Capital stock Capital reserves Retained earnings Net income Minority interests Knorr-Bremse Group in EUR thousands (TEUR) As at Dec. 31, 2010 67,600 153 313,008 262,556 110,544 753,861 Dividend payments (156,000) (21,415) (177,415) Net income 2011 291,098 38,198 329,296 Transfers to retained earnings 133,730 (133,730) 0 Currency fluctuations (1,371) 1,031 (340) Other fluctuations (13,637) 10,610 (3,027) As at Dec. 31, 2011 67,600 153 431,730 263,924 138,968 902,375 Group equity includes capital differences arising on foreign currency translation in the amount of TEUR -6,859, of which TEUR -846 relates to minority interests. Other changes in minority interests result primarily from the purchase of former minority interests in Heine Resistors GmbH, Dresden/Germany. Following the purchase, the Group holds a 100% interest as at the balance sheet date.
INDEPENDENT AUDITOR’S REPORT 171 Independent Auditor’s Report We have audited the consolidated financial statements prepared by Knorr-Bremse Aktiengesellschaft, Munich – comprising the balance sheet, income statement, notes to the financial statements, cash flow statement, statement of changes in equity and segment report – as well as the group management report for the business year from January 1 to December 31, 2012. The preparation of the consolidated financial statements and the group management report in accordance with German commercial law is the responsibility of the parent company’s management. Our responsibility is to express an opinion on the consolidated financial statements and on the group management report based on our audit. We conducted our audit of the consolidated financial statements in accordance with § 317 HGB [German Commercial Code] and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with German principles of proper accounting and in the group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consolidated financial statements and the group management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the annual financial statements of those entities included in consolidation, the determination of entities to be included in consolidation, the accounting and consolidation principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and group management report. We believe that our audit provides a reasonable basis for our opinion. Our audit has not led to any reservations. In our opinion, based on the findings of our audit, the consolidated financial statements comply with the legal requirements and give a true and fair view of the net assets, financial position and results of operations of the Group in accordance with these requirements. The group management report is consistent with the consolidated financial statements and as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of future development. Munich, March 1, 2013 KPMG AG Wirtschaftsprüfungsgesellschaft signed Rupprecht, Independent auditor signed Peth, Independent auditor
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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 122 and 123: 120 Report Market successes // Rail
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Page 133: Corporate Responsibility Employees
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Page 170 and 171: 168 SEGMENT REPORT Segment Report i
Page 174 and 175: 172 CONSOLIDATED BALANCE SHEET Cons
Page 176: Contact Knorr-Bremse AG Moosacher S
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