Annual Report 2010 - Knorr-Bremse AG.

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• Currency hedging contracts are valued on the basis of reference rates, taking account of
forward premiums and discounts.
• Cross currency swaps are valued analogously to pure interest rate contracts or currency
hedging contracts, on the basis of discounted, projected cash flows using market interest
rates and reference rates for the remaining life spans of the instruments.
• Commodity contracts are used to hedge risks associated with steel and aluminum price
fluctuations. The contracts are valued at market price.
• Options are valued using recognized models for calculating option prices (e. g. Black-Scholes).
Paid option premiums are carried under “Other assets”. As at the balance sheet date, the book value of
call option premiums paid out amounted to MEUR 2.0.
27
Research and development expenditure
In fiscal year 2010, Group expenditure on research and development amounted to TEUR 175,284 (2009:
TEUR 152,610).
28
Miscellaneous
The Group financial statements are published in the official electronic Federal Gazette and in the Commercial
Register at the local first-instance court in Munich, Germany. Under the terms of § 264 (3) of the
German Commercial Code (HGB), the subsidiary companies Knorr-Bremse Systeme für Schienenfahrzeuge
GmbH (Munich/Germany) and Hasse & Wrede GmbH (Berlin/Germany) are exempt from the
obligation to publish their figures pursuant to § 325 of the German Commercial Code.
29
Total remuneration of the Supervisory Board and Executive Board
The total remuneration of members of the Supervisory Board amounted to TEUR 257 and the total remuneration
of the Executive Board to TEUR 4,651. Pension commitments to former members of the
Executive Board and their surviving dependents are covered by an accrual of TEUR 24,228; payments in
the fiscal year amounted to TEUR 2,926.
Munich, March 2, 2011
Knorr-Bremse AG
Executive Board
Dr. Raimund Klinkner
Chairman
Klaus Deller
Dr. Dieter Wilhelm
Dr. Lorenz Zwingmann