Siemens 2011 Annual Report Download - page 216

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

assignable loans, issued in June , were called in August
 and will be redeemed in December . These increases
were partly compensated by the redemption of €. billion in
.% bonds, issued in June , which matured in July
.
The decrease of € million in the line item Trade payables
year-over-year was due mainly to reclassification of liabilities
from OSRAM to the line item Liabilities associated with as-
sets classified as held for disposal and to the divestment of
Siemens IT Solutions and Services. These factors were partly
offset by an increase in trade payables, mainly in the Energy
Sector.
The increase in the line item Other current financial liabilities
to €. billion as of September ,  from €. billion in
the prior-year is due mainly to changes in the current portion
of the fair market values of financial derivatives used for our
hedging activities and an increase in miscellaneous liabilities,
including liabilities relating to purchase price adjustments as
well as purchase-price-related commitments in connection
with the divestment of Siemens IT Solutions and Services.
Other current liabilities decreased by € million compared
to the prior year-end, due mainly to lower liabilities relating to
employees. This change included a decline in employee-relat-
ed liabilities due to the divestment of Siemens IT Solutions
and Services and in liabilities of € million in connection
with the previously disclosed special remuneration for non-
management employees due to the payment in fiscal .
This decrease was partly offset by an increase in the line item
Billings in excess of costs and estimated earnings on uncom-
pleted contracts and related advances at the Energy and In-
dustry Sectors.
Liabilities associated with assets classified as held for disposal
increased to €. billion as of September ,  from €
million in the prior-year. The change year-over-year was pri-
marily due to OSRAM, following the reclassification as dis-
continued operations as mentioned above.
Long-term debt decreased by €. billion compared to the
prior year-end. The decrease was mainly due to the above-
mentioned reclassifications of certain debt to the line item
Short-term debt and current maturities of long-term debt.
Pension plans and similar commitments decreased to €.
billion as of September ,  compared to €. billion a
year earlier, reflecting the decrease in the underfunding of
the funded status of Siemens’ pension plans as of September
,  to €. billion (including discontinued operations for
OSRAM), compared to €. billion a year earlier.
The increase in the line item Provisions of € million year-
over-year related to provisions primarily arising from the
agreements with AtoS related to the divestment of Siemens IT
Solutions and Services mentioned above.
The decrease of € million in the line item Other financial
liabilities included changes in the non-current portion of the
fair market values of financial derivatives used for our hedg-
ing activities.
Other liabilities decreased to €. billion as of September
, , compared to €. billion a year earlier due primar-
ily to the reclassification of liabilities from OSRAM to the line
item Liabilities associated with assets classified as held for
disposal and to the divestment of Siemens IT Solutions and
Services.
Shareholders’ equity and total assets were as follows:
(in millions of €)
September ,
 
Total equity attributable
to shareholders of Siemens AG 31,530 28,346
Equity ratio 30% 28%
Non-controlling interests 626 750
Total assets 104,243 102,827
Total equity attributable to shareholders of Siemens AG in-
creased by €. billion year-over-year, to €. billion at
the end of fiscal . The increase in total equity was due
mainly to the net income attributable to shareholders of
Siemens AG of €. billion partly offset by dividend pay-
ments of €. billion (paid for fiscal ) and € million
related to transactions with non-controlling interests including
the acquisition of additional subsidiary shares in Siemens Ltd.,
India. Since the line item Total equity attributable to sharehold-
ers of Siemens AG increased to a greater extent than the total
assets year-over-year, our equity ratio increased to % as of
September ,  compared to % in the prior-year.
For additional information on our net assets position, see
D. Notes to Consolidated Financial Statements.