Annual Report 2012 - Knorr-Bremse AG.

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20 Overall assessment of the economic position of the Group economic efficiency were defined and launched in the year under review. The consolidated balance sheet total rose 3.3% in 2012 to EUR 2,615.0 million (2011: EUR 2,530.4 million), largely influenced by the rise in liquid funds. At year-end 2012, total assets represented 60.8% of sales. As a proportion of the balance sheet total, intangibles, fixed assets, and investments were down from 32.7% in the prior year to 31.7%. Working capital, defined as the sum of inventories and accounts receivable, minus accounts payable trade, stood at EUR 463.0 million at year-end (2011: EUR 470.6 million) or 39 days’ sales (2011: 40 days). The equity ratio rose by 2.4 percentage points from 35.7% to 38.1%. Of the Group’s total assets, 49.9% are tied up in the European region, 22.5% in the Americas, and 27.6% in the Asia/Australia region. The increase in net liquidity to EUR 551.0 million was achieved primarily by an inflow of funds from gross cash flow in the amount of EUR 515.4 million. Substantial capital requirements were generated in 2012 by capital expenditure (EUR 165.8 million) and dividends (EUR 184.9 million). The ratio of net liquidity to shareholders’ equity stood at 55.4%, compared to 44.0% in 2011. Knorr-Bremse’s robust strategic positioning, the positive development of the company’s business and its excellent working capital management were confirmed by the external rating agencies Standard & Poor’s and Moody’s, who have been rating the Knorr-Bremse Group since 2000. Both Moody’s and Standard & Poor’s confirmed their prior-year ratings of “A3/Outlook stable” and “A-/Outlook stable” respectively. This means that Knorr- Bremse remains the only family-owned company in the Standard & Poor’s Global Automotive Suppliers Ranking 2012 to be awarded an “A” rating. Within the general economic environment described above, the Knorr-Bremse Group maintained its overall position with regard to its assets and financial status, and was able to further improve its liquidity position. The Group’s profitability was ensured by rigorous cost management and above all by the internal optimization of processes and structures. With an equity ratio of 38.1% and net liquidity of EUR 551.0 million, the structure of the Group’s assets is extremely stable. Knorr-Bremse AG As the parent company, Knorr-Bremse AG performs the role of service provider and holding company, as well as a strategic management function on the operational side. Falling income from investments in associated and related companies, resulting from reduced transfer of profits from the Rail Vehicle Systems division, meant that income before taxation decreased to EUR 134.9 million in the year under review (2011: EUR 183.2 million). Along with interests in affiliated companies, the balance sheet of Knorr-Bremse AG largely reflects receivables from and payables to Group companies and these are centrally administered, partly within the framework of a cash-pooling process managed by Knorr-Bremse AG. Knorr-Bremse AG acts as an in-house bank for its subsidiaries around the world. This includes handling the central hedging of market price risks. The subsidiaries contract their hedging transactions with Knorr-Bremse AG, which in turn hedges part or all of the net residual risk for the Group with external banks. With the aid of the global process standardization and transparency achieved through Knorr Excellence, Knorr- Bremse AG is able to efficiently control its own business and that of the associated and related companies.
Management Report 21 Appropriation of retained earnings Knorr-Bremse AG posted unappropriated retained earnings of EUR 241.0 million in 2012 (2011: EUR 263.9 million). The Annual Shareholders’ Meeting will be asked to approve the proposal that an amount of EUR 156.0 million from the unappropriated retained earnings of Knorr- Bremse AG be used to pay a dividend of EUR 60.00 (2011: EUR 60.00) per dividend-bearing share with a par value of EUR 26.00, with the balance to be carried forward to new account. Relations with affiliated companies KB Holding GmbH, Grünwald, Germany, directly holds more than half the share capital of Knorr-Bremse AG. Pursuant to § 312 German Corporation Law (AktG), a report on relations with affiliated companies has been drawn up which includes the following statement: “In the legal transactions listed in the Report on Relations with Affiliated Companies, in accordance with the circumstances known to us at the time at which the said transactions took place, our company received appropriate counterperformance in each case.” The report was verified by the Auditors and received their unqualified opinion. Assets Liabilities Balance sheet total in EUR millions 2,530.4 2,615.0 2,530.4 2,615.0 Balance sheet total in EUR millions Fixed assets/intangibles 30% 29% 36% 38% Shareholders’ equity Investments 3% 3% 8% 8% Pension accruals Current assets/ Prepaid expenses 46% 42% 51% 49% Short-term debt Liquid assets 21% 26% 5% 5% Borrowings 2011 2012 2011 2012 Structure of assets, liabilities and finances of the Knorr-Bremse Group
Page 1 and 2: Knorr-Bremse Group Annual Report 20
Page 3 and 4: Main Majority-owned Subsidiaries of
Page 5 and 6: Supervisory Board 3 Overview 04 06
Page 7 and 8: 2012 at a Glance 5 January Rolf Hä
Page 9 and 10: Executive Board 7 Klaus Deller Dr.
Page 11 and 12: Supervisory Board 9 Wolfgang Hubert
Page 13: Supervisory Board 11 and the compan
Page 16 and 17: 14 The State and Development of Kno
Page 18 and 19: 16 Development of the Knorr-Bremse
Page 20 and 21: 18 velopment network continued. Thu
Page 24 and 25: 22 Regional developments by divisio
Page 26 and 27: 24 In this market environment, the
Page 28 and 29: 26 to falling exports but also to s
Page 30 and 31: 28 Research and development As a te
Page 32 and 33: 30 Corporate responsibility and sus
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Page 36 and 37: 34 Outlook In the next two years, K
Page 39 and 40: Report Despite a volatile business
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Page 50 and 51: 48 Report Site-specific projects //
Page 59: PRODUCTS TRADE FAIRS Technological
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70 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 95 Bendix expands remanufact
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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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Corporate Responsibility Employees
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134 Report Corporate Responsibility
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Report 141 Corporate Responsibility
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Report 143 Staffing levels also dec
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Report 145 Knorr-Bremse certified i
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Report 147 Leadership excellence Kn
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150 Notes to the Consolidated Finan
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166 • Commodity contracts are use
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168 SEGMENT REPORT Segment Report i
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170 STATEMENT OF CHANGES IN GROUP E
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172 CONSOLIDATED BALANCE SHEET Cons
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Contact Knorr-Bremse AG Moosacher S
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