Siemens 2011 Annual Report Download - page 208

6 A. To our shareholders
23 B. Corporate Governance 51 C. Combined management’s discussion and analysis
52 C. Business and operating environment
80 C. Fiscal  – Financial summary
83 C. Results of operations
101 C. Financial position
114 C. Net assets position
117 C. Overall assessment of the economic position
118 C. Report on post-balance sheet date events
119 C. Report on expected developments and
associated material opportunities and risks
135 C. Information required pursuant to Section  ()
and Section  () of the German Commercial
Code (HGB) and explanatory report

Credit facilities – We have three credit facilities at our dispos-
al for general corporate purposes. Our credit facilities as of
September , , consist of € . billion in committed lines
of credit. These facilities include:
> a US$. billion (€. billion) undrawn syndicated multi-
currency revolving credit facility expiring March  pro-
vided by a syndicate of international banks;
> a € million bilateral undrawn revolving credit facility ex-
piring September  provided by a domestic bank;
> a US$. billion syndicated multi-currency credit facility ex-
piring August  provided by a syndicate of international
banks. This facility comprises a US$. billion (€. billion)
term loan which was drawn in January  and is due in
August  as well as an undrawn US$. billion (€. bil-
lion) 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 US$ billion and US$ billion syndicated multi-currency
revolving credit facilities provide their lenders with a right of
termination in the event that () Siemens AG becomes a sub-
sidiary of another company or () an individual or a group of
individuals acting in concert acquires effective control over
Siemens AG by being able to exercise decisive 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 order-
ly 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 debt is-
suance programs nor our credit facilities contain specific fi-
nancial covenants such as rating triggers or interest coverage,
leverage 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 D. Notes to Consolidated Financial
Statements.
Capital expenditures – Capital expenditures from continuing
operations increased from €. billion in the prior year to
€. billion in fiscal , due primarily to increased capital
expenditures in the Industry Sector, related to efforts to in-
crease market share and to secure leadership in technology-
driven growth markets and in SRE, associated with SRE’s re-
sponsibility for a uniform and comprehensive management of
real estate for our company worldwide. Capital expenditures
include additions to intangible assets and property, plant and
equipment and additions to assets held for rental in operating
leases as presented in the Consolidated Statements of Cash
Flow. €. billion of our capital expenditures relates to our
three Sectors. € million relates mainly to SRE, and to SFS,
primarily associated with operating leases.
We directed significant portions of our capital expenditures in
fiscal  to expand capacities in strategic growth markets,
particularly including emerging markets; to safeguard or en-
hance market share; and to secure leadership or competitive-
ness in technology-driven growth markets. Industry spent a
large portion of its capital expenditures of € million for in-
novation, extension and replacement of technical equipment
and machines primarily at Drive Technologies, Industry Auto-
mation and Building Technologies. Drive Technologies fo-
cused on the extension relating to its drive systems. Industry
Automation used the major amount for the modernization of
technical equipment and machines. Building Technologies
used a considerable amount for innovation relating to power
distribution as well as infrastructure solutions. Energy ’s main
focus for capital expenditures of total € million related to
the extension of capacities such as for the technology-driven
wind power market. Considerable amounts at Energy were al-
so used for the extension related to technical equipment and
Loans, notes and bonds maturity profile
(nominal amounts outstanding in billions of €)
1 We may redeem, at any time, all or some of US$-notes, issued in August ,
at the early redemption amount (call) according to the conditions of the notes.
2 Both floating rate tranches of the assignable loans were called in August 
and will be redeemed in December .
3 The maturity of the hybrid bond depends on the exercise of a call option:
the bond is callable by us in September  and thereafter, with a final legal
maturity ending in September .
2012 2013
3.11, 2
1.0
0.3
1.6 1.83
2014 2015 2016 2017 2018 2066
1.3
2026
2.1
0.3
1.83
2.9
3.31