A n n u a l R e p o r t K n o r r - B r e m s e G r o u p

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1 A n n u a l R e p o r t K n o r r - B r e m s e G r o u p

2 AT A GLANCE KNORR-BREMSE GROUP Sales EUR mill. 2,206 2,423 2,743 3,121 3,251 Income before taxation EUR mill Net income EUR mill Employees (as per Dec. 31) 10,763 11,143 12,119 13,035 13,943 Personnel costs EUR mill Balance-sheet total EUR mill. 1,291 1,438 1,607 1,646 1,735 Capital expenditure * EUR mill Depreciation * EUR mill Incoming orders EUR mill. 2,265 2,447 2,849 3,541 3,767 Research and development EUR mill * not including investments in financial assets

3 K n o r r - B r e m s e G r o u p The Americas Knorr Brake Holding Corporation Watertown, NY (USA)* Indústria Freios Knorr Ltda. São Paulo (BR) Bendix Commercial Vehicle Systems LLC (USA) Bendix Spicer Foundation Brake LLC (USA)* Di-Pro Inc. (USA) Knorr-Bremse Sistemas para Veículos Comerciais Brasil Ltda. (BR) Knorr-Bremse Sistemas para Veículos Ferroviários Ltda. (BR) Hasse & Wrede North America Inc. (USA) IFE North America Inc. (USA) Knorr Brake Corporation (USA) Knorr Brake Ltd. (CDN) Merak North America Company (USA) New York Air Brake Corporation (USA) * Minority holding in subsidiary by non-group companies ** 20% stake held by Robert Bosch GmbH, Stuttgart (D) As at December 31, 2007

4 MAIN MAJORITY-OWNED SUBSIDIARIES Knorr-Bremse AG Europe Middle East Africa Asia Australia Knorr-Bremse Systeme für Schienenfahrzeuge GmbH Munich (D) Knorr-Bremse Systeme für Nutzfahrzeuge GmbH Munich (D)** Knorr-Bremse Asia Pacific (Holding) Ltd. Hongkong (CHN) Freinrail Systèmes Ferroviaires S.A. (F) Bost Ibérica S.L. (E) Hasse & Wrede CVS Dalian China Ltd. (CHN)* Frensistemi S.r.I. (I) Knorr-Bremse Ges.m.b.H. (A) Knorr-Bremse Nordic Rail Services AB (S)* Knorr-Bremse Systemy dla Kolejowych Srodków Lokomocji PL Sp. z o.o. (PL) Knorr-Bremse Rail Systems (UK) Ltd. (UK) Hasse & Wrede GmbH (D) Knorr-Bremse Benelux B.V.B.A. (B) Knorr-Bremse Fékrendszerek Kft. (H) Knorr-Bremse KAMA Systems for Commercial Vehicles OOO (RUS)* Knorr-Bremse Polska SfN Sp. z o.o. (PL) IFE-VICTALL Railway Vehicle Door Systems (Qingdao) Co., Ltd. (CHN)* Knorr-Bremse Australia Pty. Ltd. (AUS) Knorr-Bremse Brake Equipment (Shanghai) Co., Ltd. (CHN) Knorr-Bremse CARS LD Vehicle Brake Disc Manufacturing (Beijing) Co., Ltd. (CHN)* Knorr-Bremse S.A. (Pty.) Ltd. (RSA) Knorr-Bremse Vasúti Jármű Rendszerek Hungária Kft. (H) Merak Sistemas Integrados de Climatización, S.A. (E) Knorr-Bremse Sistemi per Autoveicoli Commerciali S.p.A. (I) Knorr-Bremse Systèmes pour Véhicules Utilitaires France S.A. (F) Knorr-Bremse System för Tunga Fordon AB (S) Knorr-Bremse Commercial Vehicle Systems Japan Ltd. (J)** Knorr-Bremse India Pvt. Ltd. (IND) Knorr-Bremse/Nankou Air Supply Unit (Beijing) Co., Ltd. (CHN)* Microelettrica Scientifica S.p.A. (I) Oerlikon-Knorr Eisenbahntechnik AG (CH) Sociedad Española de Frenos, Calefacción y Señales, S.A. (E) Dr. techn. Josef Zelisko Ges.m.b.H. (A) Knorr-Bremse Systems for Commercial Vehicles Ltd. (UK) Knorr-Bremse Systémy pro užitková vozidla, ČR, s.r.o. (CZ) STE Schwingungs-Technik GmbH (D) Knorr-Bremse Rail Systems Japan Ltd. (J)* Knorr-Bremse Rail Systems Korea Ltd. (ROK) Knorr-Bremse Braking Systems for Commercial Vehicles (Dalian) Co., Ltd. (CHN) Knorr-Bremse Systems for Commercial Vehicles India Pvt. Ltd. (IND)* Knorr-Bremse Systems for Rail Vehicles (Suzhou) Co., Ltd. (CHN) Westinghouse Platform Screen Doors (Guangzhou) Ltd. (CHN)*

5 CONTENTS at a glance 06 The Executive Board and Supervisory Board of Knorr-Bremse AG 10 Report of the Supervisory Board 12 The State and Development of Knorr-Bremse AG and the Knorr-Bremse Group 34 Highlights Report Consolidated Financial Statements of Knorr-Bremse AG 120 Notes to the Consolidated Financial Statements 136 Consolidated Cash Flow Statement 137 Segment Reporting 138 Statement of Changes in Group Equity 139 Independent Auditor s Report 140 Consolidated Balance Sheet 141 Consolidated Statement of Income

6 2007 at a glance TIP Trailer Services Europe presents Knorr-Bremse with its Partner Award. Knorr-Bremse wins Handelsblatt newspaper s IT Strategy Award. January Order to supply braking systems for 400 new electric multiple units for Deutsche Bahn AG. Knorr Excellence kicks off; PROGRESS rolled out in Germany. Knorr-Bremse wins Bavarian Quality Award. March Installation of second cold chamber in Munich, to test systems and components for use in Russia. Trade fairs: Knorr-Bremse attends UITP 2007 in Helsinki and Motorshow 2007 in Poznan (Poland). May February Order for supply of door and braking systems for 2,800 cars (incl. option) to Bombardier for Ile de France project. Trade fairs: Knorr-Bremse attends the IREE 2007 (India). Hasse & Wrede acquires STE Schwingungs-Technik GmbH. April Heinz Hermann Thiele becomes Chairman of the Supervisory Board; Dr. Raimund Klinkner becomes Chairman of the Executive Board. Inauguration of joint venture IFE-VICTALL in Qingdao (China). June Knorr-Bremse Commercial Vehicle Systems named best brand for second consecutive year. Inauguration of new road in Berlin named after Georg Knorr. Trade fairs: Knorr-Bremse attends Metro fair in China, Commercial Vehicle Show in Birmingham (UK) and transport logistic in Munich.

7 1-millionth electronic braking system (EBS) produced at Aldersbach plant. Heinz Hermann Thiele receives Bavarian Order of Merit. July Hejnice plant turns out 10- millionth air filter cartridge. Knorr-Bremse launches Supplier Early Payment Program (SEPP). Fifth international Knorr- Bremse Sports Weekend in Vienna. September Knorr-Bremse is Computerwoche magazine s User of the Year. Order to supply braking and door systems to Downer EDI Rail Australia for 78 trains for Sydney suburban network. Bendix Spicer Foundation Brake moves to new plant in Bowling Green, Kentucky. November August Knorr-Bremse Global Care organizes collection of clothing at Munich site for aid projects in Ethiopia. Bond issued by Knorr- Bremse in 2002 comes up for repayment. October Suzhou II: Knorr-Bremse starts production at new plant in China. Knorr-Bremse initiates 100 Vacancies for Engineers PR campaign. Trade fairs: Knorr-Bremse attends NordicRail in Jönköping (Sweden) and Transpotec in Milan. December Joint venture agreement signed with KAMAZ in Naberezhnye Chelny (Russia). Spanish subsidiaries Frenos and Merak come together at new plant in Getafe.

8 E x e c u t i v e B o a r d The Executive Board of Knorr-Bremse AG Jens Theuerkorn Dr. Raimund Klinkner Chairman since April 1, 2007 (Member of the Executive Board since January 1, 2007) Chairman until March 31, 2007: Heinz Hermann Thiele

9 E x e c u t i v e B o a r d Dr. Dieter Wilhelm Jan Peter Nonnenkamp

10 S u p e r v i s o r y B o a r d The Supervisory Board of Knorr-Bremse AG Klaus Gegenfurtner* Elfriede Hilger* Werner Ratzisberger* Dr. Kurt Kiethe Daniela Fischer* Heinz Hermann Thiele Aidenbach Munich Aldersbach Munich Bruckmühl Munich Toolmaker Chairperson of the General Works Council of Knorr- Bremse Systeme für Schienenfahrzeuge GmbH Chairperson of the Works Council of Knorr-Bremse AG, Knorr-Bremse Systeme für Schienenfahrzeuge GmbH, Munich Plant, and KB Media GmbH Chairperson of the Works Council of Knorr-Bremse Systeme für Nutzfahrzeuge GmbH, Aldersbach Plant Attorney at law Head of the legal Office of the IG Metall Trade Union, Munich Office Chairman since April 1, 2007 Chairman of the Executive Board of Knorr-Bremse AG until March 31, 2007

11 S u p e r v i s o r y B o a r d Dr.-Ing. E. h. Wilfried Lochte Heinz Hausner* Dr. Hans-Peter Binder Dr. Eduard Gerum* Dr. h. c. Horst Zimmer Groß Schwülper Salzweg Berg Rosenheim Lamper theim- Hofheim 2nd Deputy Chairman Retd. Chairman of MAN Nutzfahrzeuge AG and retd. Member of the Board of Management of MAN AG Assistant Representative of the IG Metall Trade Union, Passau Office Chairman until March 31, 2007 Retd. Member of the Board of Management of Deutsche Bank AG, Munich Branch 1st Deputy Chairman Vice President R&D Brake Systems, Knorr- Bremse Systeme für Nutzfahrzeuge GmbH Retd. Member of the Board of Management of Mercedes-Benz AG *elected by the employees

12 S u p e r v i s o r y B o a r d Report of the Supervisory Board In the course of fiscal 2007, the Supervisory Board concerned itself in detail with the state and development of the Knorr-Bremse Group and all its subsidiaries. Along with important individual transactions and human resources decisions, this also included consideration of fundamental aspects of strategic direction and corporate planning. In addition, the Supervisory Board received regular reports from the Executive Board either in the course of its meetings or in written form. The Supervisory Board examined important individual transactions, as well as deciding on items of business that required its approval either by law or in line with company statutes. In 2007, the Knorr-Bremse Group sustained the positive growth pattern of previous years. Sales increased to over EUR 3.25 billion. This new all-time high was achieved despite the predicted marked downturn in the North American OEM commercial vehicle market. Competitiveness was also strengthened through further improvements in internal processes and structures in 2007, providing the platform on which both divisions were able to post substantial growth in their European business. Across the Group, productivity measures were initiated to ensure that, in the future, the Group remains competitive in the marketplace. By concluding new framework agreements with major vehicle manufacturers, the Rail Vehicle Systems division strengthened its position in the mass transit, regional and high-speed train sectors in a European market that showed renewed growth. To meet growing demand from the Chinese market, which continues to post strong growth, production capacity in China was increased through the completion in October 2007 of a new wholly-owned production facility at the Suzhou site. The Commercial Vehicle Systems division benefited from positive market trends in Europe, South America and Asia that fully offset the anticipated market downturn in the North American OEM market. One important strategic step toward strengthening the division s position in the highgrowth Russian market was the signing in December 2007 of a joint venture agreement with KAMAZ, the leading commercial vehicle manufacturer in the Russian Federation. In 2007, assuring the quality of our products and improving logistics processes were again assigned top priority. 10

13 , S u p e r v i s o r y B o a r d The 2007 Financial Statements and the Management Report on Knorr-Bremse AG, as well as the 2007 Consolidated Financial Statements and the Management Report on the Knorr- Bremse Group drawn up by the Executive Board and the company s accounts were examined by the auditors elected by the Annual Shareholders Meeting, KPMG Deutsche Treuhand- Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Munich, and endorsed with their unqualified opinion. The Supervisory Board also examined the Financial Statements for fiscal 2007, the Management Report, the proposed allocation of unappropriated retained earnings, and the Consolidated Financial Statements and Management Report on the Knorr-Bremse Group. No objections were raised. At its meeting on March 14, 2008, the Supervisory Board approved the 2007 Financial Statements, which thereby became legally binding. The Supervisory Board concurs with the Executive Board s proposal for the allocation of unappropriated retained earnings. The Consolidated Financial Statements were also approved. The auditors attended the meeting of the financial statements committee on February 28, 2008 as well as the meeting of the Supervisory Board on March 14, 2008, reported on their key findings and answered outstanding questions. KPMG Deutsche Treuhand-Gesellschaft AG Wirtschaftsprüfungsgesellschaft, Munich, also examined the Executive Board s report on relations with affiliated companies, drawn up in line with Paragraph 312 German Corporation Law (AktG). The auditors endorsed this report with the following opinion: Having audited and assessed this report in accordance with professional standards, we confirm that: 1. The factual contents of the report are correct. 2. The consideration furnished by the Company in the legal transactions set out in the report was not unreasonably high. The Supervisory Board has also examined the Executive Board s report on relations with affiliated companies and has no objections to the concluding statement by the Executive Board or to the auditors findings. Effective January 1, 2007, Dr. Raimund Klinkner was appointed to the Executive Board of Knorr-Bremse AG and assumed worldwide responsibility for the Commercial Vehicle Systems division. Effective April 1, 2007, in addition to his existing duties, Dr. Raimund Klinkner took over from Heinz Hermann Thiele as Chairman of the Executive Board of Knorr-Bremse AG. At the same time, Heinz Hermann Thiele joined the Supervisory Board of Knorr- Bremse AG, where he became Chairman, succeeding Dr. Hans- Peter Binder. The Supervisory Board wishes to thank Dr. Hans- Peter Binder for his many years as its Chairman and welcomes his decision to remain a member of the Supervisory Board. Munich, March 14, 2008 The Supervisory Board Heinz Hermann Thiele Chairman 11

14 M a n a g e m e n t R e p o r t The State and Development 12

15 M a n a g e m e n t R e p o r t of Knorr-Bremse AG and the Knorr-Bremse Group In fiscal 2007 the Knorr-Bremse Group successfully maintained the growth pattern of previous years. Sales rose 4.2% to a new record level of EUR 3.25 billion (2006: EUR 3.12 billion). Adjusted for exchange rate fluctuations, this equates to growth of 6.6%. Strong growth in Europe, South America and Asia more than offset the downturn in sales in the North American commercial vehicle sector. Net income for the year increased from EUR 185 million to EUR 198 million. 13

16 M a n a g e m e n t R e p o r t The State and Development of Knorr-Bremse AG and the Knorr-Bremse Group The Knorr-Bremse Group: An overview The Knorr-Bremse Group is the world s leading manufacturer of braking systems for rail vehicles and commercial vehicles. Knorr-Bremse has also established a prominent international market position in the rail vehicle on-board systems segment, particularly in the fields of automatic door systems, air conditioning and power supply. The same applies to the platform screen doors segment. In the commercial vehicle sector, the product portfolio also includes vibration dampers for internal combustion engines, destined for worldwide applications. The structure of the Knorr-Bremse Group is based on the regions Europe, North America and South America, and Asia/Australia. The development of the Group is geared to meeting the requirements of the respective markets and customers within the above regions. This regional organizational structure is designed to offer globally active customers uniform technical platforms worldwide, while at the same time taking specific local needs into account. It also ensures that customers who operate on a regional basis are supplied with globally tried-andtested systems and components. 14

17 M a n a g e m e n t R e p o r t General economic developments The overall business environment showed largely positive developments in the year under review. The strong global economic growth of the previous year continued in According to current estimates, global gross domestic product (GDP) increased by 5.2% in Despite rising prices in the international energy and raw materials markets, global growth remained strong. However, in recent months the mortgage crisis in the USA has had a negative impact on the global economy. The regional and structural differences in economic development are reflected in the development of Knorr-Bremse s business. The main drivers of growth in 2007 were once again the Asian countries, led by China, where GDP grew by over 11.5%, and India, where GDP was up by more than 9%. On the back of robust foreign demand, the Japanese economy was able to sustain moderate growth of 2%, although domestic investment activity was weak. The economy of the Eurozone remained buoyant in 2007, with GDP growth in line with expectations at 2.5%. The major economies of Western Europe Germany, France and Italy showed steady growth. In Eastern Europe, the new EU member states and Russia remained on course for further growth, stepping up their economic performance by approximately 7%. In the USA, by contrast, the pace of growth slowed. The slump in the real estate market triggered by the mortgage crisis had a tangible impact on the development of the economy. Following on from almost 3% growth in 2006, gross domestic product rose by just 1.9% in In Latin America, the Brazilian economy continued its recovery, supported above all by strong domestic demand. Overall, the South American economy posted growth of over 5%. The price of steel was volatile in 2007, with the annual average emerging well above the previous year s high level. The prices of individual metals also rose sharply, with nickel, for example, reaching an all-time high of USD 51,560 per tonne in May The price of crude oil rose continuously in 2007 from under USD 60 per barrel at the start of the year to over USD 90 per barrel in December. The U.S. dollar, which lines up alongside the euro as the most important currency for the Knorr- Bremse Group, weakened against the euro by more than 11% in the course of 2007, falling to almost EUR The drop was at its sharpest in the final quarter of the year under review. As an annual average, the U.S. dollar was worth EUR Sales Net income Key indicators for the Knorr-Bremse Group in EUR millions 15

18 M a n a g e m e n t R e p o r t Development of the Knorr-Bremse Group in 2007 In 2007, the Knorr-Bremse Group was again able to sustain the positive growth pattern of previous years. Sales totaled EUR 3,250.6 million in the year under review, which equates to year-on-year growth of 4.2%. Adjusted for exchange rate fluctuations, the growth rate was 6.6%. Strong growth in Europe, South America and Asia more than offset the downturn in sales in the North American commercial vehicle sector. The Rail Vehicle Systems division contributed EUR 1,304.1 million to consolidated sales (2006: EUR 1,173.6 million) and the Commercial Vehicle Systems division EUR 1,966.4 million (2006: EUR 1,967.8 million). The business environment by sector The European market showed a positive development for both divisions. In the rail vehicle sector the subdued scenario of 2006 gave way to a far more buoyant market in The commercial vehicle sector benefited from a sharp rise in vehicle production in Europe. In North America, the relevant markets for the two divisions presented different pictures. While the rail vehicle market showed only a slight downturn, the OEM market for commercial vehicles in the USA witnessed the anticipated sharp drop of around 40% as a result of the introduction of stricter exhaust emission standards on January 1, In South America too, both sectors showed divergent developments. The rail vehicle market was subdued in 2007, while the commercial vehicle sector saw significant growth, driven by rising demand for transport in the agricultural sector and increasing exports. Market developments in the Asia/Australia region were positive for both divisions. The rail vehicle market in particular, which in China continues to show very dynamic growth, contributed to an upward trend in this region. But the major Asian commercial vehicle markets also achieved a welcome overall increase in production output. The negative impact of higher material and energy prices made itself felt across the Group and in all regions in At the same time, the pace of competition once again increased. Acquisitions, additions and joint ventures There was major progress for both the rail vehicle and commercial vehicle divisions in Russia. The year under review witnessed the founding of Knorr-Bremse Rail Systems OOO, Moscow, and Knorr-Bremse Systems for Commercial Vehicles OOO, Moscow. In addition, at the end of 2007, Knorr-Bremse Systeme für Nutzfahrzeuge GmbH, Munich, (SfN GmbH) signed an agreement to set up a joint venture to manufacture complete commercial vehicle braking systems in the Russian market in conjunction with truck manufacturer KAMAZ. To be known as Knorr-Bremse KAMA Systems for Commercial Vehicles OOO, the company will be based in Naberezhnye Chelny. Knorr-Bremse is to set up production operations for disc brakes, torsional vibration dampers and other components at the KAMAZ production site. Each partner owns a 50% stake in the joint venture, while industrial management is in the hands of Knorr-Bremse. Also in 2007, Knorr-Bremse Systeme für Schienenfahrzeuge GmbH, Munich, (SfS GmbH) 16

19 M a n a g e m e n t R e p o r t acquired the outstanding shares in Knorr-Bremse Systeme für Schienenfahrzeuge Ibero Holding GmbH, Munich, as planned. Ibero Holding owns the shares in two Spanish companies in the European rail vehicle sector: Merak Sistemas Integrados de Climatización S.A., Pinto, (Merak) and Sociedad Española de Frenos, Calefacción y Señales S.A., Pinto, (Frenos). In the commercial vehicle sector, the torsional vibration dampers business also saw further expansion. In the spring of 2007, Hasse & Wrede GmbH, Berlin, a subsidiary of SfN GmbH, acquired STE Schwingungs-Technik GmbH, Klieken (STE). STE complements the product portfolio of Hasse & Wrede in the viscous damper segment. This acquisition is of particular importance with a view to penetrating the Russian market and strengthening the customer base. In Italy, Frensistemi S.r.l., Florence, a subsidiary of SfS GmbH, acquired the remaining shares in Microelettrica Scientifica S.p.A., Rozzano, (Microelettrica). Microelettrica is active in the power supply segment. Knorr-Bremse Asia Pacific (Holding) Ltd., Hong Kong, acquired a further 10% stake in Knorr-Bremse Rail Systems Korea Ltd. and now holds 100% of the stock. Major projects In 2007, the rail vehicle division successfully drove forward the expansion of its market position in China. Construction of a new plant belonging to the division had begun at the Suzhou site (around 120 km northwest of Shanghai) in 2006 and was completed in October By year-end the transfer of operations from the existing plant in Suzhou had already been completed. The new plant, which complies with the global Knorr- Bremse Standard, currently employs a workforce of 400 manufacturing braking systems for rail vehicles. Along with production and sales activities, over the next few years the new plant will also be developed into a Brake Engineering Center, employing some 50 engineers. Further contributions to the positive developments for Knorr- Bremse in the region came from the successful start-up of the four joint ventures founded in China in 2006 for the production of compressors, brake discs, door systems and platform screen doors and the associated increase in local production for the Chinese market. In Spain, Frenos and Merak, both subsidiaries of Ibero Holding, moved to a shared site at the end of the year under review. The relocation from their two former sites to the new plant in Getafe means that both companies now benefit from optimum production structures. In April 2007, the Bendix Spicer Foundation Brake LLC joint venture in the USA, which manufactures drum and disc brake systems and components, began the integration of its two production plants in Glasgow (drum brakes) and Frankfort (disc brakes) at the new wheelend factory in Bowling Green, Kentucky. The transfer of operations will be completed in March Also in the year under review, compressor production was transferred from the Frankfort plant to the Bendix facility in Acuña, Mexico. 17

20 M a n a g e m e n t R e p o r t Quality and processes For some time now, Knorr-Bremse has been targeting best-in-class processes to lay the foundations for its further growth. To reach this strategic target, in 2007 processes and structures were reviewed and enhanced across the Group. The harmonization of the existing divisional business models Rail Excellence, Truck Management System and Corporate Excellence within the shared Knorr Excellence (KE) model was initiated in the year under review. All operative units at Knorr-Bremse have contributed their experience of the respective management systems to the new business model, which has been taken forward with the aid of outside experts and internal process managers, and by a process of external benchmarking. The outcome is the KE business model, a standardized Group-wide reference system. Along with business process harmonization, in 2007 KE also refocused the numerous existing process optimization initiatives by integrating them into eight cross-divisional Knorr Excellence programs. The previous initiatives in the Quality, IT, Production, Strategy, Project Management and Procurement sectors were complemented by two new projects targeting greater efficiency in the supply chain and optimization of the product creation process. The focus on eight KE initiatives will facilitate the exchange of best practices between the regions and divisions, as well as identifying weak spots in existing processes and fostering process optimization. Another key component of KE is that it sets a zero defect target. The aim is to improve all processes to such an extent that defects can be identified and remedied as they occur, with the resultant positive impact on product and process quality. As the new Group-wide goal, zero defects gives Knorr Excellence a strategic direction that will extend Knorr- Bremse s competitive lead in the long term. On the road to optimized and harmonized processes, SfN GmbH in Germany and Bendix in the USA reached important milestones in 2007 in the context of the PROG- RESS project: Operating procedures were completely converted to an SAP-based standardized process model. External confirmation of the process optimization capabilities of the IT organization came in the shape of the IT Strategy Award 2007 for the Knorr-Bremse Group at the Strategic IT Management conference organized by the Handelsblatt business newspaper, and the User of the Year title awarded by the German magazine Computerwoche. The Handelsblatt jury praised Knorr-Bremse s globally-oriented IT Management System as transparent, efficient and closely geared to the business strategy of the group. The Rail Vehicle Systems division successfully introduced the STRONG FOCUS program already implemented by the Commercial Vehicle Systems division. The program controls and monitors all productivity enhancement projects worldwide. 18

21 M a n a g e m e n t R e p o r t Assets, financial status and profitability The Knorr-Bremse Group s business showed positive overall development in Consolidated sales moved ahead 4.2% to EUR 3,250.6 million (2006: EUR 3,120.6 million). In Europe, consolidated sales rose 10.4% to EUR 2,181.7 million (2006: EUR 1,975.6 million), which corresponds to 67.1% of the consolidated total (2006: 63.3%). The Americas contributed EUR million (2006: EUR million) or 23.1% (2006: 30.2%) to consolidated sales. In the Asia/Australia region, sales amounted to EUR million (2006: EUR million), which equates to 9.8% (2006: 6.5%) of the consolidated total. Incoming orders were valued at EUR 3,767.0 million (2006: EUR 3,541.1 million), again well ahead of annual sales. Orders on the books at the Knorr-Bremse Group moved ahead 21.1% to EUR 2,635.7 million (2006: EUR 2,175.8 million). Net income for the Knorr- Bremse Group rose in the year under review to EUR million (2006: EUR million). Net return on sales reached 6.1% (2006: 5.9%). The European region contributed EUR million to net income, corresponding to a net return on sales of 7.0%. Net income from the Americas totaled EUR 37.4 million, with a net return on sales of 5.0%. The Asia/Australia region posted net income of EUR 8.2 million, which equates to a net return on sales of 2.6%. The consolidated balance sheet total rose 5.4% in 2007 to EUR 1,735.3 million (2006: EUR 1,646.4 million). At year-end 2007, total assets represented 53.4% of sales. As a proportion of the balance sheet total, intangibles, fixed assets and investments remained at the prior-year level of 44.5% (2006: 44.4%). Working capital, defined as the sum of inventories and accounts receivable, minus accounts payable trade, totaled EUR million at year-end (2006: EUR million) or 41.1 days sales (2006: 41.8 days). The equity ratio rose from 30.0% to 32.6%. Of the Group s total assets, 56.6% are in the European region, 31.8% in the Americas, and 11.6% in the Asia/Australia region. The low increase in net indebtedness from EUR million to EUR million was achieved by the healthy development of gross cashflow and the further drop in working capital. Substantial capital requirements were generated by the marked rise in investments (EUR million) and the acquisition in the year under review of shares in the companies Ibero Holding, Microelettrica and STE GmbH. As a result, the ratio of net debt to shareholders equity (gearing) stands at 23.2% (2006: 25.7%). Since 2000, the Knorr-Bremse Group has been rated by the external rating agencies Standard & Poor s and Moody s. Both rating agencies maintained their rating in the year under review (Standard & Poor s BBB+, and Moody s Baa1). Knorr-Bremse thus retains its investment grade status. 19

22 M a n a g e m e n t R e p o r t Overall assessment of the economic position of the Group Within the general economic environment described above, the Knorr-Bremse Group has further strengthened its overall position with regard to assets, financial status and profitability. The Group s profitability was again enhanced by rigorous cost management, rising output volumes, and above all by internal process optimization. With an equity ratio of 32.6% and a gearing of 23.2%, the structure of the Group s assets is very stable, so that it can readily meet its financial obligations. Knorr-Bremse AG As the parent company, Knorr- Bremse AG performs the role of a holding company as well as a strategic management function on the operational side. Higher income from investments in associated and related companies meant that income before taxation increased to EUR 94.7 million (2006: EUR 84.8 million). However, despite the rise in net income, higher dividend payments meant that the unappropriated retained earnings of Knorr-Bremse AG fell to EUR million (2006: EUR million). Along with interests in affiliated companies, the balance sheet of Knorr-Bremse AG largely reflects receivables from and payables to Group companies and these are centrally administered, partly within the framework of the cash-pooling process managed by Knorr-Bremse AG. July 2007 brought the scheduled repayment of the EUR 175 million bond issued by Knorr- Bremse. Repayment was funded by EUR 100 million from the European Investment Bank (EIB) loan offered at favorable terms by the EU. The remainder was largely financed out of current loans from the Group s princi- Assets Balance sheet total in EUR millions Fixed assets/intangibles 1, , , , % 43% 33% 30% Liabilities Balance sheet total in EUR millions Shareholders equity Investments 1% 1% 10% 12% Pension accruals Current assets/rap 52% 53% 47% 46% Short-term debt Liquid assets 10% 12% 4% 3% Structure of assets, liabilities and finances of the Knorr-Bremse Group Borrowings 20

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