Siemens 2006 Annual Report Download - page 134

Management’s discussion and analysis
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Compared to fiscal 2005, Long-term debt increased by €4.963 billion to €13.399 billion in
fiscal 2006. In fiscal 2006, we issued two tranches of U.S. dollar-denominated bonds totaling
$1.0 billion as well as four tranches of U.S. dollar-denominated notes totaling $5.0 billion.
Further, in fiscal 2006, we issued a hybrid bond in two tranches, one denominated in euros
(€900 million) and one denominated in British pounds (£750 million). Further information
about the notes and bonds is also provided under “Capital Resources and Capital Require-
ments” as well as in the “Notes to Consolidated Financial Statements.”
Shareholders’ equity and total assets were as follows:
Total shareholders’ equity increased €2.284 billion to €29.306 billion at the end of fiscal
2006. The increase results from net income of €3.033 billion, less dividend payments of €1.201
billion. Further changes in Accumulated other comprehensive income of €443 million in fiscal
2006 increased Total shareholders’ equity. The change in Accumulated other comprehensive
income reflects the impact of a decrease in our minimum pension liability. While total assets
increased in fiscal 2006, compared to fiscal 2005 by 6%, Total shareholders’ equity increased
by 8%, resulting in an improved equity ratio by a full percentage point, to 32%.
For additional information on the financial position, see “Notes to Consolidated Financial
Statements.”
September 30,
(€ in millions) 2006 2005
Total shareholders’ equity 29,306 27,022
Equity ratio 32% 31%
Total assets 90,973 86,117