Annual Report 2010 - Knorr-Bremse AG.

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114 RepoRt | KnoRR-BReMSe GRoUp Further improvement in external ratings Knorr-Bremse’s rapid and rigorous reaction to the onset of the economic crisis in the fall of 2008 paid renewed dividends in terms of the Group’s external creditworthiness rating in 2010: Two prominent rating agencies not only reaffirmed the Group’s investment grade status, they also upped their ratings again. In the opinion of the rating agencies Moody’s and Standard & Poor’s, Knorr- Bremse has steered a safe course through the crisis. Moody’s initially retained its 2009 rating of Baa1, but raised the outlook from “stable” to “positive”. Standard & Poor’s awarded Knorr Bremse a rating upgrade from “BBB+/Outlook positive” to “A-/Outlook stable”. Standard & Poor’s had already seen the potential for an upgrade a year earlier, despite a very difficult market environment. With its 2009 financial indicators, on which the 2010 rating was based, Knorr-Bremse was able to demonstrate that it had been able to realize that potential.
RepoRt 115 Two pillars provide mutual support A key role here is played by the fact that the Group’s two separate business areas, rail vehicles and commercial vehicles, are subject to different economic cycles that can take very different courses – in terms of time and from one region to the next. Thus in times of crisis the two pillars provide mutual support and mitigate the overall impact of the cyclical global market. The fact that the company’s product portfolio has been expanded beyond the core field of braking also helps to safeguard its longterm future. Its innovative products in the areas of engine management, HVAC, power electronics or automatic door systems stand for reliable leading-edge technology at its finest. International strategy a stability factor In 2010 Knorr-Bremse maintained its global strategic focus with a broad-based position in numerous markets. Knorr-Bremse invested not only in product development but also in strategically important production facilities such as the new Rail Vehicle Systems plant in Budapest, Hungary, or the new Commercial Vehicle Systems plant in Liberec, Czech Republic. The agencies rated this diversification in terms of both regions and product groups as an additional stability factor in mitigating the effects of cyclical crises. Dependable planning Knorr-Bremse’s documented continuity in meeting or exceeding agreed targets over a long period of time was considered by the rating agencies proof of a solid and consistent management performance. A moderate financial policy is key to this management approach. The Group’s balance sheet structure and cash flow generation are geared to stability and sustainability and supported by an appropriate volume of short and medium-term committed lines of credit that are by no means taken up in full. Should the need arise, however, these credit facilities could bridge the gap between cash flow generation and cash requirements, ensuring the flexibility that the company needs if it is to generate a rapid response. Appropriate level of debt The rating agencies both affirm that Knorr-Bremse’s credit facilities are strictly aligned with the company‘s core business and in keeping with its economic capabilities. No speculation takes place. Through their ratings, Moody’s und Standard & Poor’s confirm that in times of crisis and of larger external acquisitions, the Group is always capable of generating sufficient cash flow to ensure that its level of net debt remains appropriate or, as was the case in 2010, can be transformed into net liquidity.
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Annual Report | 2010 Knorr-Bremse G
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Main Majority-owned Subsidiaries of
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1/Overview 04 06 08 10 12 2010 at a
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Knorr-Bremse Rail Vehicle Systems i
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EXECUTIVE BOARD 7 Dr. Dieter Wilhel
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SUPERVISORY BOARD 9 Heinz Hermann D
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SUPERVISORY BOARD 11 Statements and
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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 the Daxing site a new production
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20 Overall assessment of the econom
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22 Regional developments by divisio
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24 for example, procured another 18
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26 ket also throttled back domestic
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28 Research and development As a te
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30 Social responsibility and sustai
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32 Report on risks and opportunitie
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34 Outlook In 2011 the Knorr-Bremse
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2/ Report Against a background of g
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40 RepoR t | RAIL Ve HICLe SYSteMS
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50 RepoRt | RAIL VeHICLe SYSteMS As
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58 RepoRt | RAIL VeHICLe SYSteMS
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60 RepoRt | RAIL VeHICLe SYSteMS In
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62 HIGHLIGHt RepoRt | RAIL VeHICLe
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Page 81 and 82: Commercial Vehicle Systems Followin
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Page 85 and 86: RepoRt 81 Partner with an excellent
Page 87 and 88: RepoR t 83 Market Successes Against
Page 89 and 90: RepoR t 85 North America Bendix bec
Page 91 and 92: RepoRt 87 Consistent performance th
Page 93 and 94: RepoRt 89 Asia Successes in China K
Page 95 and 96: RepoR t 91 PACCAR quality award The
Page 97 and 98: RepoR t 93 Projects During 2010 Kno
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Page 101 and 102: RepoRt 97 Focus on value creation A
Page 103 and 104: RepoR t 99 Products Reliable, safe,
Page 105 and 106: RepoR t 101 Tire Pressure Monitorin
Page 107 and 108: RepoRt 103 20-inch disc brake for C
Page 109 and 110: RepoR t 105 Service Knorr-Bremse’
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Page 139 and 140: 3/ Notes to the Consolidated Financ
Page 141 and 142: NOTES TO THE CONSOLIDATED FINANCIAL
Page 159 and 160: CONSOLIDATED CASH FLOW STATEMENT 15
Page 161 and 162: SEGMENT REPORT 157 Fiscal Year 2010
Page 163 and 164: INDEPENDENT AUDITOR’S REPORT 159
Page 165 and 166: CONSOLIDATED STATEMENT OF INCOME 16
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Annual Report 2010 - Knorr-Bremse AG.

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