Siemens 2008 Annual Report Download - page 187

Management’s discussion and analysis 91
Overview nancial position
During scal 2008, total assets increased to €94.463 billion, up from €91.555 billion the year before. Our nan-
cial position in scal 2008 was inuenced primarily by portfolio transactions, especially the sale of SV and the
acquisition of Dade Behring. The assets and liabilities of SV classied as of September 30, 2007 on the balance
sheet as held for disposal have been derecognized from our Consolidated Financial Statements, while in return
the proceeds from the sale have increased cash and cash equivalents. While the integration of Dade Behring
during scal 2008 increased our assets and liabilities, the acquisition itself resulted in a signicant cash outow.
For information on acquisitions and dispositions, see “Notes to Consolidated Financial Statements.”
The following table shows current assets at the end of scal 2008 and scal 2007:
Cash and cash equivalents totaled €6.893 billion as of September 30, 2008. The increase of €2.888 billion was
primarily driven by the large portfolio transactions mentioned above, resulting in net cash inows, and the issu-
ance of long-term debt during scal 2008. These factors were partly offset by the reduction of short-term debt,
by the share repurchases in connection with our previously announced share buyback plan and by cash outows
related to the divestment of a 51% stake in SEN. For further information, see “Cash Flow-Fiscal 2008 compared
to scal 2007.”
The increase in trade and other receivables and inventories year-over-year included increases in all three Sectors
and was driven by broad-based revenue growth, including new business volume from acquisitions.
Assets classied as held for disposal decreased signicantly, to €809 million as of September 30, 2008 compared
to €11.532 billion a year earlier. This change is due primarily to the sale of SV and the divestment of SEN.
Long-term assets at the respective balance sheet dates for scal 2008 and 2007 were as follows:
September 30,
(€ in millions) 2008 2007
Cash and cash equivalents 6,893 4,005
Available-for-sale nancial assets 152 193
Trade and other receivables 15,785 14,620
Other current nancial assets 3,116 2,932
Inventories 14,509 12,930
Income tax receivables 610 398
Other current assets 1,368 1,322
Assets classied as held for disposal 809 11,532
Total current assets 43,242 47,932
September 30,
(€ in millions) 2008 2007
Goodwill 16,004 12,501
Other intangible assets 5,413 4,619
Property, plant and equipment 11,258 10,555
Investments accounted for using the equity method 7,017 7,016
Other nancial assets 7,785 5,561
Deferred tax assets 3,009 2,594
Other assets 735 777
Total long-term assets 51,221 43,623