Siemens 2008 Annual Report Download - page 294

198 Notes to Consolidated Financial Statements
(in millions of €, except where otherwise stated and per share amounts)
The following table reects all contractually xed pay-offs for settlement, repayments and interest resulting
from recognized nancial liabilities, including derivative nancial instruments with a negative market value as
of September 30, 2008. For derivative nancial instruments the market value is presented, whereas for the other
obligations the respective undiscounted cash ows for the respective upcoming scal years are presented. Cash
outows for nancial liabilities (including interest) without xed amount or timing are based on the conditions
existing at September 30, 2008.
The risk implied from the values shown in the table above, reects the one-sided scenario of cash outows only.
Leasing obligations, trade payables and other nancial liabilities mainly originate from the nancing of assets
used in our ongoing operations such as property, plant, equipment and investments in working capital – e.g.
inventories and trade receivables. These assets are considered in the Company’s overall liquidity risk. To moni-
tor existing nancial assets and liabilities as well as to enable an effective controlling of future risks, Siemens
has established a comprehensive risk reporting covering its worldwide business units.
The balanced view of liquidity and nancial indebtedness is stated in the calculation of the net liquidity amount
and is used for internal corporate nance management as well as external communication with investors,
analysts and rating agencies. It results from the total amount of cash and cash equivalents as well as current
available-for-sale nancial assets traded in an active market, less the amount of commercial paper, medium-
term notes, bonds, loans from banks and obligations under nance leases as stated on the consolidated
balance sheet.
The Company’s capital resources are comprised of cash and cash equivalents, available-for-sale nancial assets,
short- and long-term debt and cash ow from operating activities. In contrast, capital requirements include
scheduled debt service, regular capital spending and ongoing cash requirements from operating activities.
2009 2010
2011
to 2013
2014 and
thereafter
Non-derivative nancial liabilities
Notes and bonds 1,631 654 6,010 9,345
Loans from banks 582 95 782 1,393
Other nancial indebtedness 321 18 72 59
Obligations under nance leases 63 29 102 94
Trade payables 8,870 20 5 2
Other nancial liabilities 856 51 69 85
Derivative nancial liabilities 750 129 162 166
September 30,
2008 2007
Cash and cash equivalents 6,893 4,005
Available-for-sale nancial assets 152 193
Total liquidity 7,045 4,198
Short-term debt and current maturities of long-term debt 1,819 5,637
Long-term debt 14,260 9,860
Total debt 16,079 15,497
Net liquidity (Total liquidity less Total debt) (9,034) (11,299)