Siemens 2013 Annual Report Download - page 115

253 D. Consolidated Financial Statements 357 E. Additional Information
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A.4.4 Spinoff of OSRAM Licht AG
With the aim of focusing even more strongly on its core busi-
ness, Siemens spun off .% of the shares of OSRAM Licht AG
to Siemens shareholders in July . For every ten Siemens
shares held, one share of OSRAM Licht AG was allocated free of
charge. In addition, following this transaction, the Siemens
share price rose substantially. After an initial listing of € per
share on July , , OSRAM stock rose to €. per share by
September , . For further information, please see
NOTE  ACQUISITIONS, DISPOSITIONS AND DISCONTINUED OPERATIONS
in D. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, pages
-.
A.4.5 Shareholder structure
With some , shareholders, Siemens AG is one of the
world’s largest publicly owned companies. Siemens has a sta-
ble shareholder structure that has changed only slightly over
time. In August , we mandated an external institute to
conduct an analysis of our shareholder structure. Based on an
evaluation of publications from institutional investors and on
statistical estimates, its analysis showed that shareholders in
Germany hold the largest percentage of our shares outstand-
ing, about % of all shares outstanding. Shareholders in the
U.S. hold roughly % and shareholders in the U.K. around %,
while investors in France hold % and in Switzerland %.
Some % of Siemens’ shares outstanding are currently held
by institutional investors, about % by private shareholders
and around % by members of the Siemens family. For further
information on our shareholder structure, please see
WWW.SIEMENS.COM/SHAREHOLDERSTRUCTURE.
A.4.6 Credit ratings
Siemens AG has good, investment-grade credit ratings.
“Aa/P-/outlook negative” from Moody ’s Investors Service and
“A+/A-+/outlook stable” from Standard & Poor’s are very posi-
tive ratings – particularly when compared to those of our com-
petitors in the industry segment. Our solid financial position
gives us unrestricted access to the international financial and
capital markets.
At the end of fiscal , the net debt of Siemens AG was
€, million, with cash and cash equivalents of €,
million. For further information on our credit ratings and
financial obligations, please see NOTE  COMMITMENTS AND
CONTINGENCIES in D. NOTES TO CONSOLIDATED FINANCIAL STATE-
MENTS, pages -.
Credit ratings
September 30, 2013 September 30, 2013
Moody ’s
Investors
Service
Standard &
Poor’s
Moody ’s
Investors
Service
Standard &
Poor’s
Long-term debt Aa3 A + Aa3 A +
Short-term debt P -1 A -1+ P -1 A -1+
Investor type and regional distribution
Siemens family
members: 6%
Private investors: 18%
Unidentified
investors: 17%
Institutional investors:
59%
Rest of Europe: 8%
Germany: 29%
U.S.: 16%
U.K.: 8%
Unidentified: 17%
France: 6%
Switzerland: 6%
Rest of world: 10%