Siemens 2010 Annual Report Download - page 171

113 Report on post-balance sheet date events
114 Report on expected developments and associated
material opportunities and risks
128 Information required pursuant to § () and
§ () HGB and explanatory report
133 Information required pursuant to § () and
§ () no.  HGB and explanatory report
135 Compensation and declaration pursuant to §a HGB
135 Additional information for supplemental
financial measures
138 Siemens AG (Discussion on basis of HGB)
147 Consolidated Financial Statements
261 Additional information

In June , the Company issued a Eurobond with an aggre-
gate amount of €. billion comprising two tranches, of which
€. billion in .% notes maturing in July  are still out-
standing.
Assignable loans – In June , we issued four series of as-
signable loans (“Schuldscheindarlehen”) with an aggregate
amount of €. billion: € million in floating rate notes (EURI-
BOR + .%) and €. million in .% notes, both matur-
ing in June  and €. million in floating rate notes
(EURIBOR + .%) and € million in .% notes, both ma-
turing in June .
Credit facilities – We have three credit facilities at our disposal
for general corporate purposes. Our credit facilities as of Sep-
tember , , consist of €. billion in committed lines of
credit. These facilities include:
>
a U.S.$. billion (€. billion) undrawn syndicated multi-
currency revolving credit facility expiring March  pro-
vided by a syndicate of international banks;
>
a € million bilateral undrawn revolving credit facility
expiring September  provided by a domestic bank;
>
a U.S.$. billion syndicated multi-currency credit facility
expiring August  provided by a syndicate of interna-
tional banks. This facility comprises a U.S.$. billion (€.
billion) term loan which was drawn in January  and is
due in August  as well as an undrawn U.S.$. billion
(€. billion) revolving tranche.
As of September , , €. billion of these lines of credit
remained unused.
The maturity profile of the loans, notes and bonds described
above is presented below:
The U.S.$ billion and U.S.$ billion syndicated multi-currency
revolving credit facilities provide their lenders with a right of
termination in the event that (i) Siemens AG becomes a sub-
sidiary 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 € million bilateral revolving credit facility
may be terminated 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 financial
covenants such as rating triggers or interest coverage, lever-
age 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 our debt as well as about our financial risk manage-
ment and the use of financial instruments for hedging pur-
poses is provided in “Notes to Consolidated Financial State-
ments.”
Siemens has filed an application with the German Federal Fi-
nancial Supervisory Authority (Bundesanstalt für Finanzdienst-
leistungsaufsicht or BaFin) for the grant of a license to conduct
banking business. The authority is currently reviewing the ap-
plication. With the help of a licensed credit institution,
Siemens aims to expand its product portfolio, particularly in
the sales finance area, to add flexibility to group financing and
to optimize its risk management.
Capital expenditures – Due to continuing tight control of
capital expenditures our total capital expenditures for addi-
tions to intangible assets and property, plant and equipment
(PPE) decreased to €. billion in fiscal , compared to
€. billion in the prior year. €. billion of our invest-
ments in intangible assets and PPE relates to our three Sectors
and € million relates mainly to SRE and our Cross-Sector
Businesses. For further information, see “Notes to Consolidated
Financial Statements.”
Loans, notes and bonds maturity profile
(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.
2011 2012
2.0
3.2
1.0
0.6
3.31
1.6 1.82
2013 2014 2015 2016 2017 2018 2066
1.31
2026
2.1
0.3
1.82
2.51