Siemens 2011 Annual Report Download - page 348

6 A. To our shareholders 51 C. Combined management’s discussion and analysis 23 B. Corporate Governance

€ million in total including the remaining tranche of €
million, nominal in relation to a Shareholder Loan Agreement
between Siemens and NSN. In December , Siemens and
Nokia Corporation each converted € million, including the
shareholder loan and deferred interest to NSN into preferred
shares. In the fourth quarter of fiscal , in order to
strengthen NSN’s financial position, Nokia and Siemens each
provided new equity of € million and received preferred
shares in return. The increase in equity did not change
the existing shareholder ratio between Siemens and Nokia
Corporation. Loans given to joint ventures amounted to €
million and € million, respectively, as of September , 
and . In the normal course of business the Company reg-
ularly reviews loans and receivables associated with joint ven-
tures and associates, including NSN. In fiscal  and ,
the review resulted in net losses related to valuation allow-
ances totaling € million and net gains related to valuation al-
lowances totaling € million, respectively. As of September
,  and , valuation allowances amounted to € mil-
lion and € million, respectively.
As of September ,  and , guarantees to joint ven-
tures and associates amounted to €, million and €,
million, respectively, including the HERKULES obligations of
€, million and €, million, respectively. For informa-
tion regarding the HERKULES obligations as well as for infor-
mation regarding guarantees in connection with the contribu-
tion of the carrier related operations into NSN and the SEN op-
erations into EN, see
Note 29 Commitments and contingen-
cies. As of September ,  and , guarantees to joint
ventures amounted to € million and € million, respec-
tively. As of September ,  and , the Company had
commitments to make capital contributions of € million
and € million to its joint ventures and associates, therein
€ million and € million related to joint ventures, respec-
tively. For further information see
Note 29 Commitments
and contingencies. For a loan raised by a joint venture, which
is secured by a Siemens guarantee, Siemens granted an addi-
tional collateral in the first quarter of fiscal . As of Sep-
tember ,  the outstanding amount totaled to € mil-
lion. As of September ,  and  there were loan com-
mitments to joint ventures and associates amounting to €
million and € million, respectively, therein € million
and € million, respectively related to joint ventures.
PENSION ENTITIES
For information regarding the funding of our principal pen-
sion plans refer to
Note 24 Pension plans and similar com-
mitments. In fiscal , a liability from continuing lease in-
volvement related to a previous sale and lease back transac-
tion with entities controlled by the Siemens Pension-Trust e.V.
was derecognized; for further information see
Note 6 Other
operating income.
RELATED INDIVIDUALS
Related individuals include the members of the Managing
Board and Supervisory Board.
In fiscal  and  members of the Managing Board re-
ceived cash compensation of €. million and €. million.
The fair value of stock-based compensation amounted to
€. million and €. million, respectively in fiscal  and
. In fiscal  and  the Company granted contribu-
tions under the BSAV to members of the Managing Board to-
taling €. million and €. million.
Therefore in fiscal  and , compensation and benefits,
attributable to members of the Managing Board amounted to
€. million and €. million in total, respectively.
In fiscal  and , expense related to share-based pay-
ment and to the Share Matching Program amounted to €.
million and €. million respectively. For further information
regarding the Share Matching Program see
Note 34 Share-
based payment.
In addition, in fiscal  a post-contractual non-compete
agreement was signed with a former member of the Manag-
ing Board that is effective for a period of  months beginning
on December , . As compensation for this, a total
amount of US$,, (approximately €. million) will be
paid. Of this total, he received US$,, as a one-time
payment in December ; the rest will be paid in monthly
installments of US$, each.
Compensation attributable to members of the Supervisory
Board comprises in fiscal  fixed-compensation and addi-
tional compensation for committee work. In fiscal  com-