Siemens 2009 Annual Report Download - page 183

95
 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
Net assets position
During fiscal 2009, total assets increased slightly to €94.926
billion, up from €94.463 billion the year before. Our net assets
position in fiscal 2009 was influenced primarily by the issu-
ance of €4.0 billion in medium-term notes under the EMTN
program.
The following table shows current assets at the respective
balance sheet dates:
Cash and cash equivalents totaled €10.159 billion as of Septem-
ber 30, 2009. The increase of €3.266 billion was primarily
driven by the bond issue mentioned above as well as strong
Free cash flow from our Sectors. These factors were partly off-
set by the dividend payments of €1.380 billion to the share-
holders of Siemens AG, the reduction of short-term debt, the
payment of €1.008 billion to authorities in the U.S. and in Ger-
many related to the resolution of legal proceedings, payments
related to our global SG&A program and cash outflows of €750
million related to two drawdown requests by NSN in relation to
a Shareholder Loan Agreement between Siemens and NSN,
among others. For further information, see “Financial position
– Cash flow – Fiscal 2009 compared to fiscal 2008.”
The decrease of €1.336 billion in Trade and other receivables
year-over-year was due primarily to the Industry Sector, driven
by disciplined asset management, but also by revenue declines
in the majority of its Divisions. Inventories also declined com-
pared to the prior year, as lower inventories in Industry more
than offset an increase in the Energy Sector.
Assets classified as held for disposal decreased to €517 million
as of September 30, 2009 compared to €809 million a year ear-
lier. This change is due primarily to the transfer of an 80.2%
stake in SHC completed at the beginning of October 2008. As
of September 30, 2009, Assets classified as held for disposal
included our stake in Areva NP S.A.S., the electronics assembly
systems business and the airfield lighting business divested in
the first quarter of fiscal 2010, among others.
Long-term assets at the respective balance sheet dates were as
follows:
The substantial decrease in Investments accounted for using
the equity method was due primarily to NSN, including an im-
pairment of €1.634 billion on our stake in this equity invest-
ment as well as a negative equity result from NSN.
The increase in Other financial assets results mainly from
higher fair values of derivatives used for our hedging activities
as well as the shareholder loans granted to NSN.
(in millions of €)
September 30,
2009 2008
Cash and cash equivalents 10,159 6,893
Available-for-sale financial assets 170 152
Trade and other receivables 14,449 15,785
Other current financial assets 2,902 3,116
Inventories 14,129 14,509
Income tax receivables 612 610
Other current assets 1,191 1,368
Assets classified as held for disposal 517 809
Total current assets 44,129 43,242
B25T030_E
(in millions of €)
September 30,
2009 2008
Goodwill 15,821 16,004
Other intangible assets 5,026 5,413
Property, plant and equipment 11,323 11,258
Investments accounted for using
the equity method 4,679 7,017
Other financial assets 10,030 7,785
Deferred tax assets 3,291 3,009
Other assets 627 735
Total long-term assets 50,797 51,221
B25T031_E