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Content

INDIA
2012 2013 2014

BOSCH
y
y

Report of Directors
Supervisory board report

N
y

Financials at a glance

Report and Certificate on Corporate Governance

Report of the Auditors

Balance Sheet

Statement of Profit and Loss

Cash Flow Statement

Subsidiary Company

Shareholder Information

Notes to the Financial Statements

About the Organization


Chairman's Statement

Consolidated Statement of Changes in Equity


Statements of Financial Position

Brasil
2012 2013 2014

China
2012 2013 2014

Russia
2012 2013 2014

Embraer

Brilliance Auto
Y

Rosatom
Y

SA
2012
EXXARO

Y
Y

Y
Y

SA
2013

Turkey
2012 2013

2014

EXXARO

2014

Petkim
Y
Y

INDIA
Content

2012

2013
BOSCH

Inventories

Inventory as on December 31, 2013 increased by


10% to Mio INR 12,072 from Mio INR 10,957 as on
December 31, 2012 .The inventory has increased in
2013 as compared to 2012 due to expected increase
in demand in the coming months.

Inventory Turnover ratio (In Days)


2013 --> 49
2012--> 49

The inventory (excluding stocks with third parties)


has been physically verified by the Management
during the year. In respect of inventory lying with
third parties, these have substantially been
confirmed by them. In our opinion, the frequency
of verification is reasonable.

In our opinion, the procedures of physical


verification
of inventory followed by the Management are
reasonable and adequate in relation to the size of
the
Company and the nature of its business

On the basis of our examination of the inventory


records, in our opinion, the Company is maintaining
proper records of inventory. The discrepancies
noticed on physical verification of inventory as
compared to book records were not material.
The Company does not hold any inventory during
the year ended
December 31, 2013. Therefore, the provisions of
Clause 4(ii) of the said
Order are not applicable to the Company.

Brasil
2014

2012 2013 2014


Embraer

The inventory position ended 2012 at R$


4,404.4 million, practically stable compared
to the previous year. The small increase of
3% occurred mainly because of the
76 Annual Report 2012
appreciation of the Dollar, without which the
real change in inventories would have
been a decline of 6%. Inventory turnover
rose to 2.1, higher than the previous year
and in line

Emissions inventory GRI EN16 | EN17 | EN18


A GHG emissions inventory of Embraers
industrial operations is carried out every
year, in line
with the standards set by the
Intergovernmental Panel on Climate Change
(IPCC) and the
World Resources Institute/World Business
Council for Sustainable Development
(WRI/WBCSD).
The estimates are based on measurements
of fuel and energy consumption. For the
fourth
consecutive year, inventory was checked
according to ISO 14064 - part I, through a
process
performed by Lloyds Register Quality
Assurance (LRQA). This certification has
been obtained
by very few Brazilian companies.
In 2012, Scope 1 emissions fell 9% in
relation to the previous year. The decline is
due to lower
consumption of aviation kerosene. Scope 2
and Scope 3 emissions rose 148% and 36%
respectively.
The high number of flights by Company
executives along with the outsourcing of
transportation
services (workers, materials, etc) accounted
for the lions share of the Scope 3
emissions.

China
2012 2013 2014
Brilliance Auto

The Groups management reviews inventory aging


analysis at each reporting date and makes
allowance for obsolete and slowmoving
items of inventories that are no longer suitable for
use in production. The management estimates the
net realisable value
for such finished goods and work-in-progress based
principally on the selling prices of the respective
finished goods and current
market conditions. The management carries out an
inventory review on a product-by-product basis at
each reporting date and
makes allowance for obsolete items.
However, situation in the PRC automobile market
could change from time to time and this can put
pressure on the selling prices
and the turnover of the Groups inventories. As at
31st December, 2012, the Group had inventories of
RMB838,393,000 (2011:
RMB737,338,000) (net of provision of impairment
of RMB88,424,000 (2011: RMB53,381,000)). Should
there be an unexpected
change in market condition, the provision may not
be adequate and further impairment may be
required and a material loss may
arise.

Russia

SA
2012 2013

Rosatom

Inventory growth by 18 bln RUB in 2012 year


on year is primarily
connected with the increase in the cost
balance in work in
progress (by 17 bln RUB).

Waste inventory is taken as given under


Russian law (hazard categories as per
the Federal Classification Catalog of
Waste, approved by the Federal Ministry
of Natural Resources, Order No. 786
dated 02.12.2002).

2014

2012
EXXARO

an inventory of nuclear and


radiationhazardous
facility 169 is being carried out,
123 nuclear and radiation-hazardous facilities
are being prepared for decommissioning,
10 nuclear and radiation-hazardous
facilities have been liquidated.

SA
2013
EXXARO

A detailed wetland inventory has been


developed to proactively mitigate the
impact of mining on sensitive
ecosystems and enable responsible
coal exploitation.

2014

Turkey
2012
Petkim

Clarifies that major spare parts and servicing


equipment that meet the definition of property,
plant and equipment are
not inventory.

Inventories
Inventories are valued at the lower of cost and net
realisable value. The cost of inventory consists of
purchase materials,
cost of conversion and other costs that are
necessary to bring the inventories to their present
location and condition.
The costs of inventories are determined on a
weighted average basis by the Group.
Net realisable value is the estimated selling price in
the ordinary course of business, less costs of
completion and
selling expenses (Note 9).

2013

2014

Spare parts and material stocks are valued at the


lower of cost and net recoverable value. The cost of
spare parts and material stocks
consist of purchase materials and other costs that
are necessary to bring them to their present location
and condition. The costs of
spare parts and material stocks are determined on a
weighted average basis by the Group (Notes 8).

IFRS
GVK

2012

2013

ii. Inventory
Valuation of certain
inventory of MIAL is
done on first in first
out basis as against
weighted average
method followed by
the Group. The closing
stock of inventory in
hand was Rs. 397
(March 31, 2012: Rs.
364).

2013

The activities of the Company do not involve


purchase of inventory and the sale of goods.
During
the course of our audit, we have not observed
any major weakness or continuing failure to
correct any major weakness in
the internal control system of the company in
respect of these areas

IFRS
Wockhardt

The inventory (excluding stocks


with third parties) has been
physically verifi ed by the
management during
the year. In respect of inventory
lying with third parties, these have
substantially been confi rmed by
them.
In our opinion, the frequency of
verifi cation is reasonable.