Siemens 2008 Annual Report Download - page 189

Management’s discussion and analysis 93
Further information with respect to short- and long-term debt is also provided under “Capital Resources and
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 decreased by €2.222 billion to €26.774 bil-
lion at the end of scal 2008. The decrease results mainly from an increase in treasury shares of €4.002 billion,
that were primarily acquired during scal 2008 under our previously announced share-buyback plan, actuarial
losses on pension plans and similar commitments of €1.716 billion, and dividend payments of €1.462 billion.
These factors were partly offset by net income attributable to shareholders of Siemens AG of €5.725 billion, aris-
ing mainly from the sale of SV within discontinued operations.
Total assets increased 3% year-over-year. Total equity attributable to shareholders of Siemens AG decreased by
8%. As a result, our equity ratio fell by four percentage points, to 28%.
For additional information on Siemens’ nancial position, see “Notes to Consolidated Financial Statements.”
September 30,
(€ in millions) 2008 2007
Total equity attributable to shareholders of Siemens AG 26,774 28,996
Equity ratio 28% 32%
Minority interest 606 631
Total assets 94,463 91,555