Annual Report 2010 - Knorr-Bremse AG.

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148 6 Inventories 2010 TEUR 2009 TEUR Materials and supplies 184,402 132,980 Work in process 60,164 43,021 Finished products, merchandise 195,916 161,290 less advances received on orders (221,145) (204,306) Total 219,337 132,985 7 Receivables and other asset 2010 TEUR 2010 TEUR 2009 TEUR Remaining term more than 1 year Accounts receivable, trade 8,425 689,066 493,974 Other assets 7,660 92,133 96,748 in total in total Total 16,085 781,199 590,722 8 Cash and cash equivalents This item includes cash at bank, checks and cash on hand. 9 Prepaid expenses Group prepaid expenses amounted to TEUR 12,182. In the previous year (TEUR 80,765) this heading comprised primarily deferred tax assets and liabilities. Following implementation of the German Accounting Law Modernization Act, the deferred taxes reported in this item in 2009 now appear under Deferred taxes. In accordance with Article 67 (8) clause 2 subclause 1 of the Act Introducing the German Commercial Code (EGHGB), values for the previous year have not been adjusted. 10 Deferred taxes At the balance sheet date deferred tax assets amounted to TEUR 68,713 (2009: TEUR 70,382), while deferred tax liabilities totaled TEUR 1,636 (2009: TEUR 0). In compliance with the legal requirements, deferred tax assets and liabilities are stated at the netted amount. Of the deferred tax assets, TEUR 39,169 (2009: TEUR 46,137) relate to deferred taxes on individual balance sheets of group companies and TEUR 29,544 (2009: TEUR 24,245) relate to consolidation entries affecting net income. Deferred tax assets on individual balance sheets result primarily from temporary differences in accrued liabilities, receivables and other assets. Deferred tax assets relating to consolidation adjustments are primarily the result of eliminating unrealized intercompany profits. Deferred tax liabilities relate solely to deferred taxes on individual balance sheets of group companies. At individual company level and at Group level, deferred taxes are stated at the projected tax rate in the respective countries at the time of realization. Tax rates range from 0% to 40%, while the rate on consolidation activities is ca. 35%.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 149 11 Capital stock The capital stock of Knorr-Bremse AG is divided up into 2,600,000 bearer shares, each with a nominal value of EUR 26. Stella Vermögensverwaltungs-GmbH and KB Holding GmbH, both based in Grünwald/ Germany, have informed Knorr-Bremse AG that directly or indirectly, they hold a majority interest in Knorr-Bremse AG. 12 Capital reserves Capital reserves are unchanged from the previous year. Like the legal reserve, they are subject to the restrictions of § 150 of the German Corporation Law (AktG). 13 Retained earnings In addition to the legal reserve, retained earnings include the accumulated earnings of the companies included in consolidation, where these have not been distributed. Furthermore this heading reflects all Group items that exert an influence on shareholders’ equity. The legal reserve for Knorr-Bremse AG is unchanged at TEUR 6,607. Combined with TEUR 153 in capital reserves, the legal reserve stands at its statutory maximum. 14 Pension plan accruals Pension plan accruals are valued according to the provisions of the German Accounting Law Modernization Act. 2010 TEUR 2009 TEUR Pension plan accruals 192,257 160,390 As a result of adjustments made to comply with the German Accounting Law Modernization Act, a special allocation was made in the amount of TEUR 31,840. The voting option in Article 67 (1) clause 1 of the Act Introducing the German Commercial Code (EGHGB) was not used. The special allocation was made in full in 2010. The shortfall in cover for pension funds in the USA and Great Britain amounted to TEUR 23,867 as at year-end 2010. 15 Other accrued liabilities 2010 TEUR 2009 TEUR Provisions for taxes 59,109 31,829 Miscellaneous accruals 469,412 368,599 Total 528,521 400,428 The taxation provisions include projected income tax payments for the year under review or, where the fiscal year diverges from the financial year, an income tax charge allocated on an accrual basis. Tax charges are also shown for preceding assessment periods. Miscellaneous accruals relate primarily to warranty and product liability commitments, personnel costs, restructuring activities, anticipated losses on contracts and other risks in connection with current operations, as well as invoices outstanding. Use of the retention option specified in Article 67 of the Act Introducing the German Commercial Code (EGHGB) means that surplus cover for accrued liabilities amounts to TEUR 4,122.
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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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68 HIGHLIGHt RepoRt | SYSteMe RAIL
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74 HIGHLIGHt RepoRt | SYSteMe RAIL
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Commercial Vehicle Systems Followin
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RepoR t 79 Markets There was a dist
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RepoRt 81 Partner with an excellent
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RepoR t 83 Market Successes Against
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RepoR t 85 North America Bendix bec
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RepoRt 87 Consistent performance th
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RepoRt 89 Asia Successes in China K
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RepoR t 91 PACCAR quality award The
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RepoR t 93 Projects During 2010 Kno
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RepoR t 95 By the end of the year u
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
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Page 109 and 110: RepoR t 105 Service Knorr-Bremse’
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Page 114 and 115: 110 RepoR t | KnoRR-BR e MSe GR o U
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Page 122 and 123: 118 RepoRt | KnoRR-BReMSe GRoUp CSR
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Page 136 and 137: 132 RepoRt | KnoRR-BReMSe GRoUp Kno
Page 139 and 140: 3/ Notes to the Consolidated Financ
Page 141 and 142: NOTES TO THE CONSOLIDATED FINANCIAL
Page 151: 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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