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3.6 Consolidated financial statements Notes Notes to to the the consolidated financial financial statements 06 Investment property Changes in the Group’s investment property were as follows: million € Gross amounts 158 2010 2011 Balance as of Sept. 30, 2009 and Sept. 30, 2010, respectively 493 511 Currency differences 0 0 Acquisitions/divestitures of businesses 0 3 Additions 1 0 Transfers 28 9 Disposals (11) (44) Reclassification due to the presentation as assets held for sale/disposal 0 (22) Balance as of Sept. 30, 2010 and 2011, respectively 511 457 Accumulated depreciation and impairment losses Balance as of Sept. 30, 2009 and Sept. 30, 2010, respectively 152 174 Currency differences 0 0 Acquisitions/divestitures of businesses 0 2 Depreciation expense 1 2 Impairment losses 10 8 Reversals of impairment losses 0 0 Transfers 14 2 Disposals (3) (22) Reclassification due to the presentation as assets held for sale/disposal 0 (10) Balance as of Sept. 30, 2010 and 2011, respectively 174 156 Net amounts as of Sept. 30, 2009 341 Balance as of Sep. 30, 2010 and 2011, respectively 337 301 The fair value of the Group’s investment property is determined using various internationally accepted valuation methods such as the gross rental method, discounted cash flow method, asset value method and comparison to current market prices of similar real estate. Investment property located in Germany is primarily determined based on internally prepared valuations using the gross rental method which is regulated in Germany by the “Verordnung über Grundsätze für die Ermittlung der Verkehrswerte von Grundstücken – WertV”. Investment property located outside Germany is generally determined by external appraisers. As of September 30, 2011, the total fair value of the Group’s investment property is €380 million (2010: €423 million) of which €14 million (2010: €25 million) are based on valuations of external appraisers. Additions which are disclosed in the gross amounts include subsequent expenditure of €0.2 million (2010: €0.1 million). The lease of investment property resulted in rental income of €17 million (2009/2010: €18 million) and direct operating expense of €9 million (2009/2010: €9 million). Direct operating expense of €8 million (2009/2010: €14 million) resulted from investment property that does not generate rental income. 07 Investments accounted for using the equity method Investments in associates As of September 30, 2011, the carrying amount of investments in associates accounted for using the equity method is €71 million (2010: €58 million). The income of investments in associates accounted for using the equity method is €(5) million (2009/2010: €(4) million).
3.6 Consolidated financial statements Notes to the consolidated financial statements Summarized financial information of associates accounted for using the equity method is presented in the table below. The information given represents 100% and not the Group’s interest in the associates: million € Sept. 30, 2010 Sept. 30, 2011 Total assets 759 908 Total liabilities 572 696 Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Net sales 578 759 Net loss (12) (13) In 2010/2011, there was no unrecognized share of losses of an associate accounted for using the equity method (2009/2010: €222 thousand). There were also no cumulative unrecognized losses (2009/2010: €224 thousand). Joint ventures The following table shows the summarized financial information of the Group’s joint ventures. The information given represents the Group’s interest in the joint ventures: million € Sept. 30, 2010 Sept. 30, 2011 Current assets 698 844 Non-current assets 430 397 Current liabilities 399 481 Non-current liabilities 339 304 Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Net sales 1,431 2,022 Net income 40 67 The associates and joint ventures are included in the list of the Group’s subsidiaries and equity interests investments which is presented in Note 38. 08 Operating lease as lessor The Group is the lessor of various commercial real estates under operating lease agreements. Consolidated financial statements 158 | 159 As of September 30, the future minimum lease payments to be received on non-cancellable operating leases are as follows: million € Sept. 30, 2010 Sept. 30, 2011 Not later than one year 24 20 Between one and five years 31 34 Later than five years 24 20 Total 79 74 The amounts reflected as future minimum lease payments do not contain any contingent rentals. No contingent rentals have been recognized in the consolidated statements of income in 2010/2011 and in 2009/2010, respectively. 09 Inventories million € Sept. 30, 2010 Sept. 30, 2011 Raw materials 2,057 2,266 Supplies 500 616 Work in process 2,349 1,623 Finished products, merchandise 3,356 3,600 Total 8,262 8,105 Inventories of €17 million (2010: €14 million) have a remaining term of more than 1 year. Inventories of €38,616 million (2010: €36,259 million) are recognized as an expense during the period. Included in cost of sales are write-downs of inventories of €232 million (2010: €109 million). Thereof €173 million relates to the write-down of excess inventory caused by the ramp-up in the Steel Americas business area. 10 Trade accounts receivable million € Sept. 30, 2010 Sept. 30, 2011 Receivables from sales of goods and services Amounts due from customers 5,267 4,263 for construction work 615 796 Total 5,882 5,059 Receivables from the sales of goods and services in the amount of €722 million (2010: €732 million) have a remaining term of more than 1 year. As of September 30, 2011 cumulative impairment losses of €280 million (2010: €491 million) are recognized for doubtful accounts.
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