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3.6 Consolidated financial statements Notes to the consolidated financial statements 3.6 Consolidated financial statements Notes to the consolidated financial statements violations. It is not yet possible at the reporting date to estimate the amount of any fine. As well as a fine by the Federal Cartel Office, it must be expected that customers may file claims for damages. Concrete claims for damages have not yet been filed. In addition ThyssenKrupp is involved in pending and threatened litigation in connection with the purchase and sale of certain companies, which may lead to partial repayment of purchase price or to the payment of damages. In addition, damage claims may be payable to contractual partners, customers, consortium partners and subcontractors under performance contracts. Some of these claims have proven unfounded, have been ended by settlement or expired under the statute of limitations. A number of these proceedings are still pending. However, at present ThyssenKrupp does not expect pending lawsuits not explained separately in this section to have a major negative impact on the financial position. Commitments and other contingencies The Group is the lessee to property, plant and equipment classified as operating leases. Rental expense amounting to €329 million (2009/2010: €312 million) resulting from rental contracts, long-term leases and leasing contracts classified as operating leases was incurred in fiscal 2010/2011. It comprises as follows: million € Year ended Sept. 30, 2010 Year ended Sept. 30, 2011 Minimum rental payments 310 329 Contingent rental payments 2 0 less income from sublease agreements 0 0 Total 312 329 The future minimum rental payments, excluding accrued interest from such non-cancellable contracts that have an initial or remaining term of more than one year as of the balance sheet date are (at face amounts): million € Sept. 30, 2010 Sept. 30, 2011 Not later than one year 228 226 Between one and five years 523 526 Later than five years 315 234 Total 1,066 986 The future minimum rental income from non-cancelable sublease contracts amounting to €2 million (2009/2010: €2 million) is not included in the total of future minimum rental payments. The commitment to enter into investment projects amounts to €922 million (2010: €1,276 million) as of September 30, 2011 and relates mainly to property, plant and equipment of the Steel Europe, Steel Americas, Stainless Global and Components Technology business areas. Payment commitments and obligations to make further contributions to corporations and cooperative associations exist in the total amount of €3 million (2010: €3 million). In addition, other financial commitments exist in the amount of €5,033 million (2010: €3,931 million), primarily from the commitments to purchase coking coal, coal and lime under long term supply contracts and obligations under ship-charter contracts in the Steel Europe and Steel Americas business areas as well as purchasing commitments resulting from the Group’s electricity and gas supply contracts. In addition, in the Steel Europe and Steel Americas business areas long term iron ore and iron ore pellets supply contracts exist which will result in purchasing commitments over a period of up to 13 years. Due to the high volatility of iron ore prices, the measurement of the complete purchasing commitments is based on the iron ore price as of the current balance sheet date resulting in purchasing commitments of €28,425 million in total. Based on the risk bearing ability of the Group or the Group companies, there exist adequate deductibles in the various classes of insurance. One or more damages at these units could noticeably impact the Group’s net assets, financial position and results of operations. 176
22 Financial instruments Consolidated financial statements 176 | 177 The following table shows financial assets and liabilities by measurement categories and classes. Finance lease receivables and liabilities, and derivatives that qualify for hedge accounting are also included although they are not part of any IAS 39 measurement category. million € Carrying amount on balance sheet Sept. 30, 2010 (Amortized) cost Measurement in accordance with IAS 39 Fair value recognized in profit or loss Fair value recognized in equity Measurement in accordance with IAS 17 Amortized cost Trade accounts receivable, net (excluding finance lease) 5,877 5,877 5,877 Loans and receivables 5,877 5,877 Finance lease receivables 5 5 5 Other financial assets 812 467 176 169 812 Loans and receivables 406 406 Fair value Sept. 30, 2010 Available-for-sale financial assets 61 19 80 Derivatives that do not qualify for hedge accounting (Financial assets held for trading) 172 172 Derivatives that qualify for hedge accounting 4 150 154 Cash and cash equivalents 3,380 3,380 3,380 Loans and receivables 3,380 3,380 Total of financial assets 10,074 thereof by measurement categories of IAS 39: Loans and receivables 9,663 9,663 9,663 Available-for-sale financial assets 80 61 19 80 Derivatives that do not qualify for hedge accounting (Financial assets held for trading) 172 172 172 Financial debt (excluding finance lease) 7,348 7,348 7,862 Financial liabilities measured at amortized cost 7,348 7,862 Finance lease liabilities 87 87 87 Trade accounts payable 5,411 5,411 5,411 Financial liabilities measured at amortized cost 5,411 5,411 Other financial liabilities 1,641 1,437 138 66 1,641 Financial liabilities measured at amortized cost 1,437 1,437 Derivatives that do not qualify for hedge accounting (Financial liabilities held for trading) 137 137 Derivatives that qualify for hedge accounting 1 66 67 Total of financial liabilities 14,487 thereof by measurement categories of IAS 39: Financial liabilities measured at amortized cost 14,196 14,196 14,710 Derivatives that do not qualify for hedge accounting (Financial liabilities held for trading) 137 137 137
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Annual Report 2010/2011 At the cent
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Our mission statement We are Thysse
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Our capabilities Material We combin
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Making tomorrow possible Our engine
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Letter to shareholders Dr.-Ing. Hei
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Letter to shareholders To assist ou
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To our shareholders To our sharehol
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4.8 Additional information Contact
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