Siemens 2010 Annual Report Download - page 269

147 Consolidated Financial Statements
148 Consolidated Statements of Income
149 Consolidated Statements of Comprehensive Income
150 Consolidated Statements of Financial Position
151 Consolidated Statements of Cash Flow
152 Consolidated Statements of Changes in Equity
154 Notes to Consolidated Financial Statements
(in millions of €, except where otherwise stated
and per share amounts)
261 Additional information

Miscellaneous
Under the German Stock Corporation Act (Aktiengesetz), the
amount of dividends available for distribution to shareholders
is based upon the earnings of Siemens AG as reported in its
statutory financial statements determined in accordance with
the German Commercial Code (Handelsgesetzbuch). In fiscal
, Siemens AG management distributed an ordinary divi-
dend of €, (€. per share) of the fiscal  earnings to
its shareholders. In fiscal , Siemens AG management dis-
tributed €, (€. per share) of the fiscal  earnings to
its shareholders.
The Managing Board proposed a dividend of €. per share of
the fiscal  Siemens AG earnings, in total representing ap-
proximately €. billion in expected payments. Payment of the
proposed dividend is contingent upon approval by the share-
holders at the Annual Shareholders’ Meeting on January ,
.
 – Additional capital disclosures
As of September ,  and , our capital structure was
as follows:
September , % Change
 
Total equity attributable to
shareholders of Siemens AG 28,346 26,646 6.4%
As percentage of total capital 59% 58%
Short-term debt 2,416 698
Long-term debt 17,497 18,940
Total debt 19,913 19,638 1.4%
As percentage of total capital 41% 42%
Total capital (total debt, as
stated above, and total equity) 48,259 46,284 4.3%
In fiscal , total equity attributable to shareholders of
Siemens AG increased by  percent compared to fiscal .
Total debt increased by  percent in fiscal , resulting in an
increase in total equity as a percentage of total capital to
 percent compared to  percent in fiscal . Accordingly,
total debt as a percentage of total capital decreased to  per-
cent from  percent in the prior year. For further information
on changes in total equity see Note  and on issuance and
repayment of debt see Note .
Siemens has commitments to sell or otherwise issue common
shares in connection with share-based compensation plans. In
fiscal , commitments arising from share-based compensa-
tion were met by re-issuing treasury shares. In fiscal , we
may again fulfill our commitments arising from share-based
compensation by re-issuing treasury shares. For additional in-
formation on share-based compensation see Note  and on
treasury shares see Note .
As part of our Fit program, we decided to improve our
capital structure. A key consideration in this regard is to main-
tain ready access to capital markets through various debt
products and to preserve our ability to repay and service our
debt obligations over time. Siemens therefore set itself a capi-
tal structure goal defined as Adjusted industrial net debt di-
vided by adjusted EBITDA. The calculation of Adjusted indus-
trial net debt is set forth in the table below. Adjusted EBITDA is
defined as adjusted earnings before income taxes (EBIT) before
amortization (defined as amortization and impairments of in-
tangible assets other than goodwill) and depreciation and im-
pairments of property, plant and equipment and goodwill.
Adjusted EBIT is defined as Income from continuing operations
before income taxes less interest income (expense), less Other
financial income (expense), net as well as less Income (loss)
from investments accounted for using the equity method, net.
As a step towards achieving the target range (. to .), we
implemented our previously announced share buyback plan for
up to € billion in share repurchases through , see Note
. In fiscal  and , no shares were repurchased under
this program.