Annual Report 2010 - Knorr-Bremse AG.

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154 • 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
CONSOLIDATED CASH FLOW STATEMENT 155 Consolidated Cash flow Statement in Compliance with GAS 2 (German Accounting Standard) Cash funds are comprised of the Group’s cash and cash equivalents, and marketable securities. 2010 TEUR 2009 TEUR Result for the period (including minority interests in consolidated 239,381 98,729 results) Depreciation and amortization on intangibles and fixed assets 148,941 117,673 Increase in accruals 134,927 53,634 Profit on disposals of intangibles, fixed assets and investments 1,908 4,057 Decrease (2009: increase) in inventories, receivables and other (208,489) 112,850 assets not related to investing or financing activities Increase (2009: decrease) in payables and other liabilities not 139,716 (40,544) related to investing or financing activities Cash flows from operating activities 456,384 346,399 Disbursements for investments in intangible assets (8,344) (6,467) Proceeds from disposals of intangible assets 1,294 1,197 Disbursements for investments in fixed assets (105,025) (94,148) Proceeds from disposals of fixed assets 2,313 9,188 Disbursements for investments in financial assets (27,347) (16,344) Disbursements for the acquisition of consolidated companies and other business units (42,672) (11,595) Cash flows from investing activities (179,781) (118,169) Proceeds from additions to shareholders’ equity 956 17,608 Disbursements to company owners and minority shareholders (64,737) (124,104) Proceeds from borrowings 43,557 80,903 Disbursements for the redemption of borrowings (118,491) (107,968) Cash flows from financing activities (138,715) (133,561) Change in cash funds resulting from exchange rate movements and changes in group structure 20,335 1,347 Changes in cash funds resulting from cash-relevant 158,223 96,016 transactions Cash funds at the beginning of the period 154,656 58,640 Cash funds at the end of the period 312,879 154,656
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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
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RepoRt 97 Focus on value creation A
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RepoR t 99 Products Reliable, safe,
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RepoR t 101 Tire Pressure Monitorin
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Page 114 and 115: 110 RepoR t | KnoRR-BR e MSe GR o U
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Page 139 and 140: 3/ Notes to the Consolidated Financ
Page 141 and 142: NOTES TO THE CONSOLIDATED FINANCIAL
Page 157: NOTES TO THE CONSOLIDATED FINANCIAL
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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