Siemens 2012 Annual Report Download - page 222

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

.. Net assets and financial position
Total assets increased € million and were almost level with
the prior year.
       
     ()
September ,
(in millions of €)  
Assets
Non-current assets
Intangible and tangible assets 2,388 2,331
Financial assets 42,951 39,637
45,339 41,968
Current assets
Receivables and other assets 15,790 18,586
Cash and cash equivalents,
marketable securities 3,155 2,834
18,945 21,420
Prepaid expenses 86 77
Deferred tax assets 2,737 3,490
Active difference
resulting from offsetting 42 35
Total assets 67,149 66,990
Liabilities and equity
Equity 19,811 20,658
Special reserve with an equity portion 775 790
Accruals and provisions
Pensions and similar commitments 9,919 9,888
Other provisions 7,419 8,036
17,338 17,924
Liabilities
Liabilities to banks 146 116
Advanced payments received 1,551 1,842
Trade payables, liabilities to
affiliated companies and other liabilities 27,236 25,369
28,934 27,327
Deferred income 291 291
Total liabilities and equity 67,149 66,990
Financial assets rose %. The increase resulted primarily from
a capital increase at sinius GmbH amounting to €. billion
due to the contribution in kind of Siemens Wind Power A / S,
which had a book value of € million. That contribution in
kind led to a gain of €. billion. In addition, shares of
Siemens Diagnostics Holding II B.V. valued at €. billion
were transferred from Siemens Medical Solutions Diagnostics
Holding I B.V. to Siemens AG, and Siemens AG performed a
capital increase at OSRAM AG amounting to € million.
Receivables and other assets decreased % due primarily to
lower receivables from affiliated companies as a result of intra-
group financing activities.
Cash and cash equivalents and marketable securities in-
creased %. The liquidity management of Siemens AG is based
on the finance strategy of the Siemens Group. Therefore the
change in liquidity of Siemens AG resulted not only from busi-
ness activities of Siemens AG.
Equity declined %. The decrease was attributable to divi-
dends paid for fiscal  amounting to €. billion (for ad-
ditional information see .. ) and a €. bil-
lion reduction in equity due to a share buyback program con-
ducted during the year. These factors were partly offset by
the profit for the year of €. billion, the issuance of trea-
sury stock of € million in conjunction with our share-
based compensation program and the option premium for
the options rights for Siemens shares amounting to € mil-
lion in connection with the issuance of US$ bonds with war-
rant units. These warrants were issued by Siemens AG. The
equity ratio at September ,  and  was % and %,
respectively.
Other provisions decreased %, primarily including decreases
of € million in provisions for operating expenses, a decline
of € million for tax provisions and a decrease of € mil-
lion in provisions for warranties.
Trade payables, liabilities to affiliated companies and oth-
er liabilities grew %, due primarily to higher liabilities to af-
filiated companies as a result of intra-group financing
acti vities.