Siemens 2009 Annual Report Download - page 296

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 Reports Supervisory Board /
Managing Board  Corporate Governance  Management’s discussion and analysis  Consolidated Financial Statements
 Consolidated Statements of Income  Consolidated Statements of Income
and Expense Recognized in Equity
 Consolidated Balance Sheets  Consolidated Statements of Cash Flow
As of September 30, 2008, the Company had receivables total-
ing €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 was offset against the pension
plan assets and increased Pension plans and similar commit-
ments. During fiscal 2009, the amount was transferred to the
Company. For information regarding the funding of our princi-
pal pension plans refer to Note 24.
As of September 30, 2009 and 2008, guarantees to joint ven-
tures and associates amounted to €5,740 and €6,575 in total,
respectively. These amounts include the HERKULES obliga-
tions of €3,490 and €3,890 as of September 30, 2009 and 2008.
For information regarding the HERKULES obligations as well as
for information regarding guarantees in connection with the
contribution of the carrier related operations into NSN and the
SEN operations into EN see Note 29 Commitments and contin-
gencies. Guarantees to joint ventures amounted to €48 and €–,
respectively as of September 30, 2009 and 2008.
As of September 30, 2009 and 2008, the Company has commit-
ments to make capital contributions of €247 and €185 to its
joint ventures and associates, therein €– and €1 related to joint
ventures, respectively. For further information see Note 29
Commitments and contingencies.
Related individuals
Related individuals include the members of the Managing
Board and Supervisory Board.
In fiscal 2009 and 2008 members of the Managing Board re-
ceived cash compensation of €17.9 and €25.9. The fair value of
stock-based compensation amounted to €9.4 and €10.5, re-
spectively in fiscal 2009 and 2008. In fiscal 2009 and 2008 the
Company granted contributions under the BSAV to members
of the Managing Board totaling €4.5 and €15.1. Furthermore
members of the Managing Board in fiscal 2009 and 2008 re-
ceived termination benefits of €– and €21.5, including sever-
ance payments and transitional payments.
 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 ser-
vices on arm’s length terms. Principal joint ventures and asso-
ciates of the Company as of September 30, 2009 are NSN, BSH,
Areva, KMW and EN.
In fiscal 2009 and 2008, sales of goods and services and other
income from transactions with joint ventures and associates
amounted to €1,264 and €1,225 in total, including €177 and
€265 from transaction with joint ventures, respectively. Pur-
chases of goods and services and other expense from transac-
tions with joint ventures and associates amounted to €392 and
€902 in total in fiscal 2009 and 2008, including €217 and €731
from transactions with joint ventures, respectively. As of Sep-
tember 30, 2009 and 2008, receivables from joint ventures and
associates were €154 and €243, therein €25 and €45 related to
receivables from joint ventures, respectively. Liabilities to joint
ventures and associates were €86 and €146, therein €13 and
€79 related to liabilities from joint ventures, respectively as of
September 30, 2009 and 2008.
In addition as of September 30, 2009 and 2008, loans given to
joint ventures and associates amounted to €869 and €91 in to-
tal, respectively. In October 2008, Siemens received a draw-
down request by NSN for two tranches of €250 each in relation
to a Shareholder Loan Agreement between Siemens and NSN.
In September 2009, an additional tranche of €250 was agreed
between Siemens and NSN and also utilized. After the expan-
sion of the maturity of the first two tranches during the three
months ended March 31, 2009, all tranches of this shareholder
loan mature in fiscal 2013. Loans given to joint ventures
amounted to €24 and €7 in total, respectively. In the normal
course of business the Company regularly reviews loans and
receivables associated with joint ventures and associates, in-
cluding NSN. In fiscal 2009 this review resulted in expenses
related to valuation allowances totaling €37.