Engineering

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.