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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 The new and amended standards are applicable for fiscal years beginning on or after January 01, 2013. Earlier application is permitted, but as well as disclosing the fact it has adopted early, an entity must early-adopt each of IFRS 10, IFRS 11, IFRS 12, IAS 27 (2011) and IAS 28 (2011) at the same time. An exception to this requirement exists for IFRS 12; its disclosure requirements may be early-adopted either in full or in part. Currently, Management is not able to finally assess the impacts of the adoption of IFRS 10, 11 and 12 – if endorsed by the EU in the current version. In May 2011 the IASB issued the new standard IFRS 13 “Fair Value Measurement”. IFRS 13 contains a definition of fair value and rules on how to determine it if other IFRS standards require fair value measurement; the standard itself does not prescribe in which cases fair value is to be used. With the exception of the standards explicitly excluded in IFRS 13, IFRS 13 defines standard disclosure requirements for all assets and liabilities that are measured at fair value and for all assets and liabilities for which disclosure of fair value in the notes to the consolidated financial statements is required; in particular it widens the disclosure requirements for non-financial assets. The new standard is compulsory for fiscal years beginning on or after January 01, 2013 and shall be applied prospectively; earlier application is permitted. In the first year of application comparative information is not required. Currently, Management expects that the adoption of the new standard – if endorsed by the EU in the current version – will result in additional disclosures. In June 2011 the IASB issued amendments to IAS 1 “Presentation of Financial Statements” under the title “Presentation of Items of Other Comprehensive Income”. The amendments require a classification of items presented in other comprehensive income into items that might subsequently be reclassified to the income statement and items that will not. The amendments to IAS 1 are compulsory for fiscal years beginning on or after July 01, 2012; earlier application is permitted. Currently, Management does not expect the adoption of the amendments – if endorsed by the EU in the current version – to have a material impact on the Group’s consolidated financial statements. In June 2011 the IASB issued amendments to IAS 19 “Employee Benefits”. The amendments mainly concern the elimination of deferred recognition of actuarial gains and losses (corridor method) in favour of immediate recognition in other comprehensive income in equity, the presentation of changes to net liabilities/assets under defined benefit pension plans, and the recognition of a net interest expense or income resulting from net liabilities or assets of a pension plan. Furthermore additional disclosure regarding the characteristics of pension plans and the associated risks for the entity is required. The amendments to IAS 19 are compulsory for fiscal years beginning on or after January 01, 2013; earlier application is permitted. Currently, Management is not able to finally assess the impacts of the adoption of the amendments to IAS 19 – if endorsed by the EU in the current version. The adoption of the amended standard will result in additional disclosures. In October 2011 the IASB issued the IFRIC interpretion 20 “Stripping Costs in the Production Phase of a Surface Mine”. The interpretation regulates the accounting for stripping costs in the production phase of a surface mine. The interpretation clarifies under which conditions an asset must be recognized for the relating stripping measures and how initial and subsequent measurement of this asset has to be determined. The interpretation is compulsory for fiscal years beginning on or after January 01, 2013; earlier application is permitted. Currently, Management does not expect the adoption of the interpretation – if endorsed by the EU in the current version – to have an impact on the Group’s consolidated financial statements. 146
3.6 Consolidated financial statements Notes to the consolidated financial statements 02 Acquisitions and disposals Year ended September 30, 2011 In the year ended September 30, 2011 the Group acquired companies that are, on an individual basis, immaterial. Based on the values as of the acquisition date, these acquisitions affected in total the Group’s consolidated financial statements as presented below: million € Goodwill Year ended Sept. 30, 2011 32 Other intangible assets 25 Property, plant and equipment 1 Trade accounts receivable 2 Other current non-financial assets 1 Total assets acquired 61 Deferred tax liabilities 1 Other current provisions 1 Trade accounts payable 1 Other current non-financial liabilities 1 Total liabilities assumed 4 Net assets acquired 57 Non-controlling interest 0 Purchase prices 57 thereof: paid in cash and cash equivalents 47 In addition, in the year ended September 30, 2011 the Group sold the Spanish <strong>ThyssenKrupp</strong> Xervon S.A. in the Materials Services business area and the Iranian company <strong>ThyssenKrupp</strong> Assanbar PJSC in the Elevator Technology business area as part of the portfolio optimization. Both companies were classified as disposal groups as of September 30, 2010 because the disposals had been initiated; consummation took place in October 2010 and in September 2011, respectively. These two disposals, the disposal of the Metal Forming Group without the Chinese activities as well as the disposals of companies that were, on an individual basis, immaterial, affected in total the Group’s consolidated financial statements as presented below based on the values as of the disposal date: Consolidated financial statements 146 | 147 million € Goodwill Year ended Sept. 30, 2011 2 Other intangible assets 3 Property, plant and equipment 244 Other non-current non-financial assets 2 Deferred tax assets 9 Inventories 141 Trade accounts receivable 204 Other current financial assets 9 Other current non-financial assets 48 Cash and cash equivalents 45 Total assets disposed of 707 Accrued pension and similar obligations 57 Other non-current provisions 6 Deferred tax liabilities 11 Other current provisions 31 Current income tax liablilities 2 Current financial debt 160 Trade accounts payable 156 Other current financial liabilities 17 Other current non-financial liabilities 102 Total liabilities disposed of 542 Net assets disposed of 165 Cumulative other comprehensive income 20 Non-controlling interest 0 Gain/(loss) resulting from the disposals (8) Selling prices 177 thereof: received in cash and cash equivalents 156
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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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