Siemens 2012 Annual Report Download - page 264

1 A. To our Shareholders 49 C. Combined Management Report 21 B. Corporate Governance

As of September ,  and , the aggregate amounts of
indebtedness maturing during the next five years and thereaf-
ter are as follows (excluding finance leases which are disclosed
separately):
September ,
(in millions of €)  
Within one year 3,793 3,644
After one year but not more than five years 9,214 6,896
More than five years 7,539 7,255
20,546 17,795
  
Item Other financial indebtedness includes € million and
€ million as of September ,  and , respectively,
for the Company ’s real estate assets that were sold or trans-
ferred and in which Siemens has retained significant risks and
rewards of ownership, including circumstances in which
Siemens participates directly or indirectly in the change in
market value of the property. Therefore, these transactions
have been accounted for as financing obligations. These real
estate properties are carried on the Company ’s Consolidated
Statements of Financial Position and no sale and profit has
been recognized.
   
As of September ,  and , the finance lease liabilities
are as follows:
September ,  September , 
Minimum future
lease payment
obligation
Unamortized
interest expense
Present value of
minimum future
lease payment
obligation
Minimum future
lease payment
obligation
Unamortized
interest expense
Present value of
minimum future
lease payment
obligation
(in millions of €)
Due
Within one year 47 14 33 31 15 16
After one year but not more than five years 62 11 51 77 14 63
More than five years 132 55 76 124 58 66
Total 241 80 161 232 87 145
Less: Current portion (33) (16)
128 129
  Pension plans
and similar commitments
Pension benefits provided by Siemens are currently organized
primarily through defined benefit pension plans which cover al-
most all of the Company ’s domestic employees and many of the
Company ’s foreign employees. To reduce the risk exposure to
Siemens arising from its pension plans, the Company per-
formed a redesign of some major pension plans during the last
several years towards benefit schemes which are predominantly
based on contributions made by the Company. In order to fund
Siemens’ pension obligations, the Company ’s major pension
plans are funded with assets in segregated pension entities.
Furthermore, the Company provides other post-employment
benefits, which primarily consist of transition payments to
German employees after retirement as well as post-employ-
ment health care and life insurance benefits to employees in
the U.S. and Canada. These predominantly unfunded other
post-employment benefit plans qualify as defined benefit
plans under IFRS.
The Consolidated Statements of Financial Position include the
following significant components related to pension plans and
similar commitments as of September ,  and :
September ,
(in millions of €)  
Pension benefit plans 9,246 6,552
Other post-employment benefit plans 681 754
Liabilities for pension plans
and similar commitments 9,926 7,306
Prepaid costs for post-employment benefits 39 149
Actuarial (losses)/gains (8,781) (5,680)
Effects in connection with asset ceiling (170) (163)
Income tax effect 2,250 1,004
Net amount recognized in the Consolidated
Statements of Changes in Equity, net of tax (6,701) (4,839)