Siemens 2007 Annual Report Download - page 156

156 Management’s discussion and analysis
Short-term debt and current maturities of long-term debt totaled €5.637 billion
at the end of fi scal 2007, an increase of €3.462 billion from the prior year-end. This
increase primarily results from the issuance of commercial paper in fi scal 2007,
with an outstanding amount of €4.332 billion as of September 30, 2007.
Compared to fi scal 2006, long-term debt decreased by €3.262 billion to €9.860
billion in fi scal 2007. In fi scal 2007 the Company repurchased a principal amount
of approximately €1.9 billion of its outstanding convertible notes of the €2.5 bil-
lion 1.375% €-bond and paid approximately €3.2 billion in cash and redeemed two
outstanding bonds. Further information about the notes and bonds is also pro-
vided under –Capital Resources and –Capital Requirements as well as in the
“Notes to Consolidated Financial Statements.”
Shareholders’ equity and total assets were as follows:
Total shareholders’ equity attributable to shareholders of Siemens AG in -
creased by €3.803 billion to €28.996 billion at the end of fi scal 2007. The increase
results mainly from net income attributable to shareholders of Siemens AG of
€3.806 billion and actuarial gains on pension plans and similar commitments of
€1.234 billion, less dividend payments of €1.292 billion.
Total assets increased by 5% in fi scal 2007, compared to fi scal 2006. Total
shareholders’ equity increased by 15%, as a result of which the equity ratio
improved by almost three percentage points, to 32%.
For additional information on the fi nancial position, see “Notes to Consoli-
dated Financial Statements.”
September 30,
(€ in millions) 2007 2006
Total equity attributable to shareholders of Siemens AG 28,996 25,193
Equity ratio 32% 29%
Minority Interest 631 702
Total assets 91,555 87,528