Annual Report 2010 - Knorr-Bremse AG.

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158 STATEMENT OF CHANGES IN GROUP EQUITY Statement of Changes in Group Equity in Compliance with GAS 7 (German Accounting Standard) Changes in group equity 2010 Capital stock Capital reserves Retained earnings Net income Minority interests Knorr-Bremse Group in EUR thousands (TEUR) As at Dec. 31, 2009 67,600 153 153,717 232,670 78,639 532,779 Dividend payments (52,000) (9,882) (61,882) Net income 2010 208,691 30,690 239,381 Transfers to retained earnings 126,805 (126,805) 0 Currency fluctuations 37,319 4,565 41,884 Other fluctuations (4,833) 6,532 1,699 As at Dec. 31, 2010 67,600 153 313,008 262,556 110,544 753,861 Changes in group equity 2009 Capital stock Capital reserves Retained earnings Net income Minority interests Knorr-Bremse Group in EUR thousands (TEUR) As at Dec. 31, 2008 67,600 153 279,071 211,762 80,753 639,339 Dividend payments (104,000) (20,104) (124,104) Net income 2009 92,331 6,398 98,729 Withdrawals from retained earnings (32,577) 32,577 0 Currency fluctuations 17,167 (176) 16,991 Offsetting of goodwill (138,544) (138,544) Other fluctuations 28,600 11,768 40,368 As at Dec. 31, 2009 67,600 153 153,717 232,670 78,639 532,779 Group equity includes capital differences arising on foreign currency translation in the amount of TEUR -1,534, of which TEUR -1,047 relates to minority interests. Other changes in minority interests result primarily from the purchase of former minority interests in Knorr-Bremse Systems for Commercial Vehicles India Pvt. Ltd., Pune/India. Following the purchase, the Group holds a 100% interest as at the balance sheet date. Minority interests also reflect the first-time inclusion in consolidation of Heine Resistors GmbH, Dresden/Germany and Heine Resistors (Suzhou) Co. Ltd., Suzhou/China, as well as a capital increase for Knorr-Bremse KAMA Systems for Commercial Vehicles OOO, Naberezhnye Chelny/Russia.
INDEPENDENT AUDITOR’S REPORT 159 Independent Auditors’ Report We have audited the consolidated financial statements prepared by Knorr-Bremse Aktiengesellschaft, Munich, comprising the balance sheet, income statement, notes to the financial statements, cash flow statement, statement of changes in equity and segment report, together with the group management report, for the business year from January 1 to December 31, 2010. The preparation of the consolidated financial statements and the group management report in accordance with German commercial law is the responsibility of the parent company’s management. Our responsibility is to express an opinion on the consolidated financial statements and on the group management report based on our audit. We conducted our audit of the consolidated financial statements in accordance with § 317 HGB [German Commercial Code] and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with German principles of proper accounting and in the group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consolidated financial statements and the group management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the annual financial statements of those entities included in consolidation, the determination of entities to be included in consolidation, the accounting and consolidation principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and group management report. We believe that our audit provides a reasonable basis for our opinion. Our audit has not led to any reservations. In our opinion, based on the findings of our audit, the consolidated financial statements comply with the legal requirements and give a true and fair view of the net assets, financial position and results of operations of the Group in accordance with these requirements. The group management report is consistent with the consolidated financial statements and as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of future development. Munich, March 2, 2011 KPMG AG Wirtschaftsprüfungsgesellschaft signed Rupprecht Independent auditor signed Peth Independent auditor
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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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RepoRt 103 20-inch disc brake for C
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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 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: SEGMENT REPORT 157 Fiscal Year 2010
Page 165 and 166: CONSOLIDATED STATEMENT OF INCOME 16
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Annual Report 2010 - Knorr-Bremse AG.

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