Siemens 2011 Annual Report Download - page 314

6 A. To our shareholders 51 C. Combined management’s discussion and analysis 23 B. Corporate Governance

In November , the Company announced a share buy back
program. Under the program, the Company originally expect-
ed to conduct share repurchases with a total volume of up to
€ billion by  for the purpose of cancellation and reduc-
tion of capital stock and, to a lesser extent, to fulfill obliga-
tions arising out of stock based compensation programs. As
of September , , ,, treasury shares amounting
to €, million have been repurchased.
In fiscal , ,, shares were transferred in connection
with equity settled share-based payment plans see
Note 34
Share-based payment for additional information. As of Sep-
tember , , ,, shares remained in treasury with
a carrying amount of €, million. In fiscal , ,,
shares were transferred in connection with equity settled
share-based payment plans. As of September , ,
,, shares remained in treasury with a carrying
amount of €, million.
OTHER COMPREHENSIVE INCOME, NET OF TAX
The changes in line item Other comprehensive income, net of
tax including non-controlling interest holders are as follows:
Year ended September ,  Year ended September , 
(in millions of €) Pretax Tax effect Net Pretax Tax effect Net
Unrealized holding gains (losses) on available-for-sale financial assets (42) 5 (37) 41 (4) 37
Reclassification adjustments for gains (losses) included in net income (29) 7 (22) (24) 6 (18)
Net unrealized gains (losses) on available-for-sale financial assets (71) 12 (59) 17 2 19
Unrealized gains (losses) on derivative financial instruments (35) 18 (17) (163) 39 (124)
Reclassification adjustments for gains (losses) included in net income (148) 44 (104) (36) 11 (25)
Net unrealized gains (losses) on derivative financial instruments (183) 62 (121) (199) 50 (149)
Foreign-currency translation differences 129 – 129 1,220 – 1,220
Actuarial gains and losses on pension plans and similar commitments 103 (168) (65) (2,889) 835 (2,054)
Other comprehensive income (22) (94) (116) (1,851) 887 (964)
As of September ,  and , cumulative income (ex-
pense) of €() million and €() million is recognised in line
item Other comprehensive income which relates to non-cur-
rent assets or disposal groups classified as held for disposal.
In fiscal , item Actuarial gains and losses on pension
plans and similar commitments primarily changed due to an
adjustment of the discount rate and due to actual returns
varying from expected returns; see
Note 24 Pension plans
and similar commitments for further information.
Foreign currency translation differences are primarily a result
of the strengthening of the US$ in fiscal . Actuarial gains
and losses on pension plans and similar commitments pri-
marily changed in fiscal  due to an adjustment of the dis-
count rate and due to actual returns varying from expected re-
turns; see
Note 24 Pension plans and similar commitments
for further 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 €, million (€. per share) of the fiscal  earn-
ings to its shareholders. In fiscal , Siemens AG manage-
ment distributed an ordinary dividend of €, million (€.
per share) of the fiscal  earnings to its shareholders.
The Managing Board and the Supervisory Board proposed a
dividend of €. per share of the fiscal  Siemens AG
earnings, in total representing approximately €. billion in
expected payments. Payment of the proposed dividend is con-
tingent upon approval by the shareholders at the Annual
Shareholders’ Meeting on January , .