Siemens 2012 Annual Report Download - page 184

1 A. To our Shareholders
21 B. Corporate Governance 49 C. Combined Management Report
50 C. Business and economic environment
64 C. Financial performance measures
69 C. Results of operations
82 C. Financial position
93 C. Net assets position
95 C. Overall assessment of the economic position
96 C. Subsequent events
97 C. Sustainability
111 C. Report on expected developments and
associated material opportunities and risks

The table below shows our current and long-term liabilities at
the respective balance sheet dates:
(in millions of €)
Year ended September ,
 
Short-term debt and current
maturities of long-term debt 3,826 3,660
Trade payables 8,036 7,677
Other current financial liabilities 1,460 2,247
Current provisions 4,750 5,168
Income tax payables 2,204 2,032
Other current liabilities 20,306 21,020
Liabilities associated with assets
classified as held for disposal 2,054 1,756
Total current liabilities 42,637 43,560
Long-term debt 16,880 14,280
Pension plans and similar commitments 9,926 7,307
Deferred tax liabilities 494 595
Provisions 3,908 3,654
Other financial liabilities 1,083 824
Other liabilities 2,052 1,867
Total long-term liabilities 34,344 28,527
Short-term debt and current maturities of long-term debt in-
creased by € million compared to the end of the prior fiscal
year. The main factor of the increase were the reclassifications
of €. billion in .% instruments, due in February ,
and of US$. billion term loan, due in August , which was
largely offset by redemptions, including €. billion in .%
fixed-rate instruments, €. billion in floating-rate assignable
loans, US$. billion in floating-rate notes and US$. billion
in .% notes.
Trade payables increased to €. billion as of September ,
 compared to €. billion a year earlier. The main factor
in the increase was higher trade payables in the Energy Sector.
The decrease in the line item Other current financial liabilities to
€. billion as of September ,  from €. billion in
the prior-year is due mainly to a decrease in the current portion
of the fair market values of financial derivatives used for our
hedging activities and a decrease in miscellaneous liabilities,
including liabilities relating to purchase price ad justments as
well as purchase-price-related commitments in connection with
the divestment of Siemens IT Solutions and Services.
Current provisions declined by € million compared to the
prior year, which included substantial provisions related to
particle therapy contracts in the Healthcare Sector and the
divestment of Siemens IT Solutions and Services. Fiscal 
included an increase in provisions in the Energy Sector, pri-
marily related to off-shore grid connection projects.
Other current liabilities decreased by € million compared to
the prior year-end. The main factor was lower billings in ex-
cess of costs and estimated earnings on uncompleted con-
tracts and related advances particularly in the Energy Sector.
Liabilities associated with assets classified as held for disposal
increased to €. billion as of September ,  from
€. billion in the prior year. The change year-over-year was
due primarily to higher liabilities at OSRAM and the solar busi-
ness, following its classification as discontinued operations as
mentioned above.
Long-term debt increased by €. billion due mainly to the
issuance of US$. billion bonds with warrant units and the is-
suance of €. billion and £. billion in fixed-rate instruments
in four tranches. These issuances were partly offset by the
above-mentioned reclassification in the line item Short-term
debt and current maturities of long-term debt.
The line item Pension plans and similar commitments in-
creased by €. billion as of September , , reflecting
the increase in the underfunding of the funded status of
Siemens’ pension plans as of September ,  to €. bil-
lion, compared to €. billion a year earlier.
The increase in the line item Provisions of € million year-
over-year related primarily to an increase in the Energy Sector
including provisions arising from project charges mentioned
above and to liabilities relating to our Hanau and Karlstein
facilities, partly offset by a decrease in provisions related to the
divestment of Siemens IT Solutions and Services.
The line item Other financial liabilities increased by € mil-
lion year-over-year mainly related to an acquisition with a mi-
nority shareholder, who was granted a put-option on the non-
controlling interests.