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3.6 Consolidated financial statements Notes Notes to to the the consolidated financial financial statements 05 Property, plant and equipment Changes in the Group’s property, plant and equipment were as follows: million € Land, leasehold rights and buildings including buildings on third-party land Technical machinery and equipment Other equipment, factory and office equipment Assets under finance lease Assets under operating lease Construction in progress Total 156 Additional information: Presentation of disposal groups, discontinued operations Gross amounts Balance as of Sept. 30, 2009 5,451 16,366 2,259 227 13 6,057 30,373 324 Currency differences 78 227 55 3 0 114 477 22 Acquisitions/divestitures of businesses (211) (57) (34) 0 0 (6) (308) (348) Additions 483 1,290 190 12 0 1,424 3,399 5 Transfers 363 3,804 9 4 0 (3,901) 279 0 Disposals Reclassification due to the presentation (94) (354) (174) (11) 0 (9) (642) (3) as assets held for sale (133) (202) (42) 0 0 (73) (450) 377 Balance as of Sept. 30, 2010 5,937 21,074 2,263 235 13 3,606 33,128 377 Currency differences 45 189 0 0 0 (21) 213 0 Acquisitions/divestitures of businesses (105) (581) (36) (30) 0 (6) (758) (14) Additions 115 490 226 24 0 1,044 1,899 4 Transfers 906 2,344 51 0 0 (3,162) 139 0 Disposals Reclassification due to the presentation (58) (215) (104) (27) (3) 3 (404) (4) as assets held for sale/disposal (743) (2,736) (446) (42) 0 (508) (4,475) 4,475 Balance as of Sept. 30, 2011 6,097 20,565 1,954 160 10 956 29,742 4,838 Accumulated depreciation and impairment losses Balance as of Sept. 30, 2009 2,908 11,893 1,634 136 2 7 16,580 151 Currency differences 24 147 30 1 0 0 202 9 Acquisitions/divestitures of businesses (221) (65) (25) 0 0 (5) (316) (158) Depreciation expense 141 871 194 19 1 0 1,226 0 Impairment losses 8 34 4 0 0 6 52 0 Reversals of impairment losses (6) 0 0 (3) 0 0 (9) 0 Transfers (9) 17 (23) 1 0 0 (14) 0 Disposals Reclassification due to the presentation (73) (343) (158) (10) 0 0 (584) (2) as assets held for sale (108) (182) (35) 0 0 (6) (331) 325 Balance as of Sept. 30, 2010 2,664 12,372 1,621 144 3 2 16,806 325 Currency differences 15 74 0 0 0 3 92 0 Acquisitions/divestitures of businesses (43) (422) (62) (26) 0 0 (553) (13) Depreciation expense 187 1,132 199 17 0 0 1,535 1 Impairment losses 251 1,334 21 0 0 100 1,706 0 Reversals of impairment losses (2) (57) 0 0 0 0 (59) 0 Transfers (7) 6 (3) 0 0 0 (4) 0 Disposals Reclassification due to the presentation (45) (202) (92) (19) (2) 0 (360) (4) as assets held for sale/disposal (251) (1,525) (272) (22) 0 0 (2,070) 2,070 Balance as of Sept. 30, 2011 2,769 12,712 1,412 94 1 105 17,093 2,379 Net amounts as of Sept. 30, 2009 2,543 4,473 625 91 11 6,050 13,793 173 as of Sept. 30, 2010 3,273 8,702 642 91 10 3,604 16,322 52 as of Sept. 30, 2011 3,328 7,853 542 66 9 851 12,649 2,459
3.6 Consolidated financial statements Notes to the consolidated financial statements Impairment losses of property, plant and equipment are for the most part included in cost of sales and to a minor extent in selling and administrative expenses. In 2009/2010 given the demand situation in the Components Technology business area, in the Forging group and Bilstein group operating units impairment losses of €32 million were recorded. €2 million of the total impairment relates to land and buildings, €29 million to technical machinery and equipment and €1 million to other equipment. The recoverable amounts used to calculate the impairment losses correspond in each case to the values in use. A discount rate of 11.6% and 13.1%, respectively was used to calculate the values in use. In 2010/2011 impairment losses of €1,685 million were recorded in the Steel Americas business area. €237 million of the total impairment relates to buildings, €1,321 million to technical machinery and equipment and €100 million to construction in progress. Reasons for the impairment losses are increased acquisition costs caused by cost overruns on the construction of the Brazilian plant, significant prolonged losses due to the delayed ramp-up, the strength of the million € Consolidated financial statements 156 | 157 Brazilian real affecting the competitive position of the Brazilian plant both now and in the near future as well as the slower recovery and renewed weakness of markets in the USA and Europe; also the increase of the weighted average cost of capital was a strain. The recoverable amounts used to calculate the impairment losses correspond in each case to the values in use. A discount rate of 10.5% was used to calculate the values in use. In the Steel Americas business area the carrying amounts of property, plant and equipment in the amount of €6,259 million are also in the following fiscal year exposed to valuation risks; these are in particular the parameters of the capital markets as well as the expectation of the long-term development of the exchange rate and the assessment of the ability to achieve the operational aims in terms of cost efficiency and market entrance. Property, plant and equipment include leased buildings, technical machinery and equipment and other equipment that have been capitalized, where the terms of the lease require the Group, as lessee, to assume substantially all of the benefits and risks of use of the leased asset (finance lease). Gross amounts Sept. 30, 2010 Sept. 30, 2011 Accumulated depreciation and impairment losses Net amounts Land, leasehold rights and buildings including buildings on third-party land 99 73 46 34 53 39 Technical machinery and equipment 89 52 66 37 23 15 Other equipment, factory and office equipment 47 35 32 23 15 12 Assets under finance lease 235 160 144 94 91 66 Sept. 30, 2010 Property, plant and equipment have been pledged as security for financial payables of €5 million (2010: €100 million). Sept. 30, 2011 Sept. 30, 2010 Sept. 30, 2011
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Annual Report 2010/2011 At the cent
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