Annual Report 2010 - Knorr-Bremse AG.

150
16
Liabilities
2010 TEUR 2010 TEUR 2009 TEUR
Remaining term
less than 1 year
Accounts payable, banks 3,053 110,615 167,346
Accounts payable, trade 492,022 492,782 337,768
Other liabilities:
Liabilities from accepted bills 114 114 488
Miscellaneous liabilities 96,626 111,353 62,191
(thereof for taxes) (37,281) (37,281) (22,743)
(thereof for social security) (11,530) (11,530) (10,144)
in total
in total
96,740 111,467 62,679
Total liabilities 591,815 714,864 567,793
(thereof with a remaining term of more than
(101,758) (102,662)
5 years)
17
Contingencies and miscellaneous financial commitments
2010 TEUR 2009 TEUR
Warranties 8,601 7,288
Guarantees 8,474 9,937
Land charge 11,000 11,000
Leasing commitments 195,697 183,292
The Knorr-Bremse Group has entered into leasing contracts primarily for office buildings and production
facilities in which the leased asset is assignable to the lessor. These off-balance-sheet leasing transactions
represent an alternative form of finance to borrowing. Commitments associated with these
leasing agreements are carried under miscellaneous financial commitments and amount to TEUR
195,697; maturities range from one year (TEUR 30,587), to between one and five years (TEUR 82,096), to
over five years (TEUR 83,014). The agreements do not include any unusual termination or renewal options.
A long-term purchase agreement exists between Group company Bendix Spicer Foundation LLC, Elyria,
Ohio/USA and Gorilla Brake & Components, Inc., Brantford, Ontario/Canada. Under the terms of this
agreement, Bendix Spicer Foundation LLC undertakes to purchase from Gorilla Brake & Components, Inc.
85% of the spare part deliveries made within the latter company’s regional sphere of influence. Thanks
to the risk management system in place, the risk of a claim arising on contingent liabilities is rated as
minimal.
18
Other operating income
Other operating income consists primarily of gains on currency exchange, income from the reversal of
reserves, income from disposals of fixed assets and rental income. The heading also carries gains on
currency differences amounting to TEUR 70,799 (2009: TEUR 37,946), as well as income relating to other
accounting periods in the amount of TEUR 16,016, primarily from the reversal of reserves.