Siemens 2009 Annual Report Download - page 179

91
 Managing Board statements, Independent auditors’ report, Additional information
95 Net assets position 97 Report on post-balance sheet date events
98 Risk report
108 Information required pursuant to
§315 (4) HGB of the German Commercial
Code and explanatory report
114 Compensation report
114 Report on expected developments
The maturity profile of the loans, notes and bonds described
above is presented below:
The US$9 billion syndicated multi-currency revolving credit fa-
cilities provide its lenders with a right of termination in the
event that (i) Siemens AG becomes a subsidiary of another
company or (ii) an individual or a group of individuals acting in
concert acquires effective control over Siemens AG by being
able to exercise significant influence over its activities. The
€450 million bilateral revolving credit facility may be termi-
nated by the lender if major changes in Siemens AG’s corporate
legal situation occur that jeopardize the orderly repayment of
the credit.
None of our credit facilities contains a material adverse change
provision of the type often found in facilities of such nature
and none of our global commercial paper and medium-term
note programs nor our credit facilities contain specific finan-
cial covenants such as rating triggers or interest coverage, le-
verage or capitalization ratios that could trigger remedies,
such as acceleration of repayment or additional collateral.
Further information about our bonds and the other compo-
nents of debt is given in “Notes to Consolidated Financial State-
ments.”
Capital expenditures – In line with declining demand and due
to a stringent approach for capital expenditures our total capi-
tal expenditures for additions to intangible assets and prop-
erty, plant and equipment (PPE) decreased to €2.923 billion in
fiscal 2009, compared to €3.721 billion in the prior year. €2.034
billion of our investments relates to our three Sectors. While
Energy used a considerable amount of their capital expendi-
ture of €662 million to invest in the extension of the capacities
in emerging and important sales markets a large part of the in-
vestments from Industry of €833 million was driven by the re-
placement of technical equipment and machines mainly in the
Industry Automation, Drive Technologies and Industry Solu-
tions Divisions. The major investments in Healthcare of €539
million were primarily used for clinical diagnostic systems and
for the development of software and IT-solutions mainly in
imaging systems. The capital expenditure rate for our Sectors,
defined as additions to intangible assets and PPE as a percent-
age of amortization and depreciation, was 96% for fiscal 2009.
We have set a mid-term target to keep this percentage in the
range of 95% – 115%.
The changes of investments in intangible assets and property,
plant and equipment from fiscal 2007 to 2009 are as follows:
Cash flows related to portfolio activities – During fiscal 2009,
we acquired various entities, which were not significant indi-
vidually nor in aggregate. In contrast, we sold our residential
real estate holdings and the 50% stake of FSC. For further infor-
mation, see “Notes to Consolidated Financial Statements.” In
the first quarter of fiscal 2010, Siemens completed the acquisi-
tion of 100% of Solel Solar Systems, a solar thermal power
technology company, to strengthen Siemens’ position in the
expanding market of solar thermal power. The acquisition
costs (cash and debt free), amount to approximately €280 mil-
lion in cash consideration.
Loans, notes and bonds maturity profile by calendar year
(nominal amounts outstanding in billions of €)
1 We may redeem, at any time, all or some of the US$-notes, issued in August 2006, at
the early redemption amount (call) according to the conditions of the notes.
2 The maturity of the Hybrid bond depends on the exercise of a call-option: the bond
is callable by us in September 2016 and thereafter, with a final legal maturity ending
in September 2066.
2010 2011
3.6
3.23.2
0.0
1.0
0.6
2.0
1.6 1.72
2012 20132014 20152016 201720182066
1.21
2026
1.51
1.72
B25G016_E
0.81
Investments in intangible assets and property,
plant and equipment (in millions of )
FY 2009 2,923
FY 2008 3,721
FY 2007 3,751
B25G015_E