Siemens 2008 Annual Report Download - page 307

Notes to Consolidated Financial Statements 211
(in millions of €, except where otherwise stated and per share amounts)
39 Related party transactions
Joint ventures and associates
The Company has relationships with many of its joint ventures and associates in the ordinary course of business
whereby the Company buys and sells a wide variety of products and services on arm’s length terms. The Com-
pany’s principal joint ventures and associates as of September 30, 2008 are NSN, BSH Bosch und Siemens Haus-
geräte GmbH and Areva NP.
In scal 2008, sales of goods and services and other income from transactions with related parties amounted
to €1,225 whereas purchases of goods and services and other expense from transactions with related parties
amounted to €786. As of September 30, 2008, receivables from related parties were €386 and liabilities to
related parties were €162.
In addition, the Company has receivables totaling €98 from the Siemens German Pension Trust as well as the
BSAV Trust in connection with the contribution of the SEN business into EN. The amount is offset against the
pension plan assets and increases Pension plans and similar commitments. For information regarding the fund-
ing of our principal pension plans refer to Note 24.
As of September 30, 2008, loans given to related parties amounted to €91. In October 2008, Siemens received a
drawdown request by NSN for two tranches of €250 each in relation to a Shareholder Loan Agreement between
Siemens and NSN, thereby utilizing the maximum amount under this agreement.
For further information regarding guarantees in connection with the contribution of the carrier related opera-
tions into NSN and the SEN operations into EN see Note 29.
Related individuals
In scal 2007, a guarantee was provided by the Company for a bond issued by a bank in connection with the
release from custody of a former member of our Corporate Executive Committee. In scal 2008, the guarantee
was released. No other major transactions took place between the Company and the other members of the Man-
aging Board and the Supervisory Board.
For further information see also Note 40, Remuneration.
In addition, some of the members of the Company’s Supervisory Board and Managing Board hold, or in the last
year have held, positions of signicant responsibility with other entities. The Company has relationships with
almost all of these entities in the ordinary course of business whereby the Company buys and sells a vide variety
of products and services on arm’s length terms. Dr. Josef Ackermann is the Chairman of the Management Board
of Deutsche Bank AG. The Company’s transactions with Deutsche Bank AG are conducted on arm’s length basis
and include securities underwriting, other investment banking services, and credit, money market and foreign
exchange business.