Annual Report 2010 - Knorr-Bremse AG.

MANAGEMENT REPORT
27
Capital expenditure and depreciation
In 2010, the Knorr-Bremse Group invested EUR 113.4 million
in fixed and intangible assets, which was 13% more
than in the previous year (2009: EUR 100.6 million). This upward
trend was due to the marked improvement in the
business environment in the year under review.
At EUR 74.8 million, 66.0% of the company‘s capital expenditure
was invested in Europe. EUR 21.3 million (18.8%) was
invested in the Americas and EUR 17.3 million (15.2%) in
Asia/Australia.
Allocation of capital expenditure was such that the Rail Vehicle
Systems division benefited in the amount of EUR 61.2
million (2009: EUR 66.6 million) and the Commercial Vehicle
Systems division in the amount of EUR 50.4 million
(2009: EUR 33.4 million).
Depreciation on intangible and fixed assets increased
across the Group, rising from EUR 117.7 million in 2009 to
EUR 146.9 million in the year under review. With EUR 72.4
million, Europe accounted for the majority of depreciation,
followed by Asia/Australia with EUR 41.4 million and the
Americas with EUR 33.1 million. A breakdown of depreciation
by division shows that the larger proportion of EUR
82.9 million (2009: EUR 51.3 million) was accounted for by
Rail Vehicle Systems, while depreciation at the Commercial
Vehicle Systems division amounted to EUR 61.0 million
(2009: EUR 63.4 million).
In 2010, investment activity focused primarily on the expansion
of production capacities in Asia and on replacement
investments, as well as on the construction of the
new production plant in Budapest (Hungary).
107
2006 104
140
2007 113
134
2008 115
101
2009 118
113
2010 147
Capital expenditure
Depreciation
Consolidated capital expenditure and depreciation in EUR millions