Siemens 2011 Annual Report Download - page 326

6 A. To our shareholders 51 C. Combined management’s discussion and analysis 23 B. Corporate Governance
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The following table presents the fair values and carrying
amounts of financial assets and financial liabilities measured
at cost or amortized cost:
September ,  September , 
Fair value
Carrying
amount Fair value
Carrying
amount
(in millions of €)
Financial assets measured at cost or amortized cost
Trade and other receivables  13,147 13,147 14,111 14,111
Receivables from finance leases 4,742 4,742 4,879 4,879
Cash and cash equivalents 12,468 12,468 14,108 14,108
Other non-derivative financial assets 7,976 7,976 5,759 5,759
Available-for-sale financial assets  – 252 – 410
Financial liabilities measured at cost or amortized cost
Notes and bonds 15,007 15,146 17,343 17,300
Trade payables  7,677 7,677 7,899 7,899
Loans from banks and other financial indebtedness 2,680 2,649 2,439 2,442
Obligation under finance leases 194 145 169 171
Other non-derivative financial liabilities 1,466 1,466 1,110 1,110
1 This caption consists of () €, million and €, million trade receivables from the sale of goods and services in fiscal  and fiscal , respectively, see Note 12 Trade and
other receivables, as well as () € million and € million receivables included in line item Other financial assets in fiscal  and fiscal , respectively. As of September , 
and , trade receivables from the sale of goods and services of € million and € million have a remaining term of more than  months.
2 This caption consists of equity instruments classified as available-for-sale, for which a fair value could not be reliably measured and which are therefore recognized at cost.
3 As of September ,  and , trade payables of € million and € million have a remaining term of more than  months.
Cash and cash equivalents includes € million and € mil-
lion as of September ,  and , respectively, which
are not available for use by Siemens mainly due to minimum
reserve requirements with banks.
The fair values of cash and cash equivalents, trade and other
receivables and trade payables with a remaining term of up to
 months, other current financial liabilities and borrowings
under revolving credit facilities approximate their carrying
amount, mainly due to the short-term maturities of these in-
struments.
Fixed-rate and variable-rate receivables with a remaining term
of more than  months, including receivables from finance
leases, are evaluated by the Company based on parameters
such as interest rates, specific country risk factors, individual
creditworthiness of the customer, and the risk characteristics
of the financed project. Based on this evaluation, allowances
for these receivables are taken into account. As of September
,  and , the carrying amounts of such receivables,
net of allowances, approximate their fair values.
The fair value of quoted notes and bonds is based on price
quotations at the period-end date. The fair value of unquoted
notes and bonds, loans from banks and other financial indebt-
edness, obligations under finance leases as well as other non-
current financial liabilities is estimated by discounting future
cash flows using rates currently available for debt of similar
terms and remaining maturities.
Financial instruments categorized as financial assets and fi-
nancial liabilities measured at fair value are presented in the
following table: