Siemens 2011 Annual Report Download - page 207

153 D. Consolidated Financial Statements
273 E. Additional information
143 C. Additional information for supplemental
financial measures
145 C. Siemens AG (Discussion on basis of
German Commercial Code)
151 C. Notes and forward-looking statements
140 C. Information required pursuant to Section  ()
and Section  () no.  of the German Commer-
cial Code (HGB) and explanatory report
142 C. Compensation report and Corporate Governance
statement pursuant to Section a of the German
Commercial Code (HGB)

The changes in Net debt from fiscal  to  may also be
presented as follows:
Commercial paper program – We have a US$. billion (€.
billion) global multi-currency commercial paper program in
place, which includes the ability to issue US$-denominated
extendible notes. In fiscal  we issued commercial paper in
varying amounts to fund our ongoing short-term capital re-
quirements. Our issuances of commercial paper typically have
a maturity of less than  days. As of September , , we
had no commercial paper outstanding. All commercial paper
issued in fiscal  was completely repaid within the year.
Notes and bonds – We have a “program for the issuance of
debt instruments” (debt issuance program, formerly called
medium-term note program) of €. billion in place which
we updated in May . Under this program, we issued the
following instruments:
> In February , we issued €. billion in fixed-interest
rate instruments in two tranches comprising €. billion in
.% instruments due in February  and €. billion in
.% instruments due in February .
> In June , we issued €. billion in fixed interest rate in-
struments in three tranches, comprising: €. billion in
.% instruments due in December ; €. billion in
.% instruments due in June  and €. billion in
.% instruments due in June .
> In August , we increased two tranches of the €. bil-
lion instruments by € million, including € million in
.% instruments due in December  and € million
in .% instruments due in June .
> In March , we issued US$. billion in notes in two
tranches comprising US$ million in floating rate notes
(three months London Interbank Offered Rate + .%) due
in March  and US$ million in .% notes due in
March .
The nominal amount outstanding under the debt issuance
program was €. billion as of September , .
In September , we issued a subordinated hybrid bond in
two tranches, a euro tranche of € million in .% notes
and a British pound tranche of £ million in .% notes,
both tranches with a final legal maturity in September .
The company has a call option after ten years or thereafter. If
the bond is not called, both tranches will become floating rate
notes according to the conditions of the bond. The total nomi-
nal amount of our hybrid bond is €. billion.
In August , we issued notes totaling US$. billion. These
notes were issued in four tranches comprising: US$ mil-
lion in floating rate notes (three months London Interbank
Offered Rate + .%) due in August , which were re-
deemed at face value at their maturity date; US$ million in
.% notes due in February ; US$. billion in .%
notes due in October  and US$. billion in .%
notes due in August . We may redeem, at any time, all or
some of the fixed rate notes at the early redemption amount
(call) according to the conditions of the notes. The nominal
amount of these notes outstanding as of September , 
was €. billion.
In June , the Company issued a bond with an aggregate
amount of €. billion comprising two tranches. The out-
standing second tranche, €. billion in .% bonds matured
in July , was redeemed at face value.
Assignable loans – In June , we issued four series of as-
signable loans with an aggregate amount of €. billion: €
million in floating rate notes (six months European Interbank
Offered Rate + .%) and €. million in .% notes, both
maturing in June  and €. million in floating rate
notes (six months European Interbank Offered Rate + .%)
and € million in .% notes, both maturing in June .
Both floating rate tranches were called in August  and will
be redeemed in December .
Changes in Net debt (in millions of €)
1 Continuing operations.
2 Includes net cash used in certain financing activities such as proceeds from re-
issuance of treasury stock and proceeds (payments) relating to other trans actions
with owners, dividends paid and financing discontinued operations as well as
effects without cash flow impact such as reclassifications, effects of exchange
rates and fair value hedge accounting adjustments.
Net debt
as of
September
, 
Net cash
provided by
operating
activities 
Net cash
used in
investing
activities 
Other
changes 
Net debt
as of
September
, 
(8,056)
5,560
2,909
4,582 4,995