Siemens 2013 Annual Report Download - page 176

92 A. To our Shareholders
117 B. Corporate Governance 155 C. Combined Management Report
156 C. Business and economic environment
173 C. Financial performance system
179 C. Results of operations
192 C. Financial position
204 C. Net assets position
207 C. Overall assessment of the economic position
209 C. Subsequent events
210 C. Sustainability
227 C. Report on expected developments and
associated material opportunities and risks

(in millions of €) // // // // //
Capital employed Fiscal 
Total equity 28,625 27,909 26,620 30,551 31,424
Plus: Long-term debt 18,509 19,140 20,182 16,651 16,880
Plus: Short-term debt and current maturities of long-term debt 1,944 3,656 2,752 3,709 3,826
Less: Cash and cash equivalents (9,190) (6,071) (7,892) (7,823) (10,891)
Less: Current available-for-sale financial assets (601) (506) (533) (517) (524)
Plus: Post-employment benefits 9,265 9,325 9,890 9,856 9,801
Less: SFS Debt (15,600) (15,004) (14,879) (14,490) (14,558)
Less: Fair value hedge accounting adjustment (1,247) (1,323) (1,473) (1,570) (1,670)
Capital employed (continuing operations and discontinued operations) 31,706 37,127 34,667 36,367 34,289
Less: Assets classified as held for disposal presented as discontinued operations (768) (4,783) (4,616) (4,589) (4,693)
Plus: Liabilities associated with assets classified as held for disposal
presented as discontinued operations 258 1,948 1,948 2,045 2,010
Capital employed (continuing operations) 31,195 34,291 31,999 33,823 31,606
1 Debt is generally reported with a value representing
approximately the amount to be repaid. However, for
debt designated in a hedging relationship (fair value
hedges), this amount is adjusted by changes in market
value mainly due to changes in interest rates. Accord-
ingly, we deduct these changes in market value in order
to end up with an amount of debt that approximately will
be repaid, which we believe is a more meaningful figure
for the calculation presented above. For further infor-
mation on fair value hedges see NOTE  in
D. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
(in millions of €) // // // // //
Capital employed Fiscal 
Total equity 31,424 32,417 32,250 34,059 32,271
Plus: Long-term debt 16,880 15,234 14,731 14,566 14,280
Plus: Short-term debt and current maturities of long-term debt 3,826 5,236 4,799 2,841 3,660
Less: Cash and cash equivalents (10,891) (8,963) (8,424) (8,977) (12,468)
Less: Current available-for-sale financial assets (524) (532) (542) (478) (477)
Plus: Post-employment benefits 9,801 8,949 7,378 6,657 7,188
Less: SFS Debt (14,558) (13,644) (13,303) (13,424) (12,075)
Less: Fair value hedge accounting adjustment (1,670) (1,638) (1,474) (1,544) (1,470)
Capital employed (continuing operations and discontinued operations) 34,289 37,058 35,414 33,699 30,909
Less: Assets classified as held for disposal presented as discontinued operations (4,693) (4,695) (4,893) (4,968) (4,666)
Plus: Liabilities associated with assets classified as held for disposal
presented as discontinued operations 2,010 1,919 1,679 1,663 1,749
Capital employed (continuing operations) 31,606 34,283 32,201 30,394 27,993
1 Debt is generally reported with a value representing
approximately the amount to be repaid. However, for
debt designated in a hedging relationship (fair value
hedges), this amount is adjusted by changes in market
value mainly due to changes in interest rates. Accord-
ingly, we deduct these changes in market value in order
to end up with an amount of debt that approximately will
be repaid, which we believe is a more meaningful figure
for the calculation presented above. For further infor-
mation on fair value hedges see NOTE  in
D. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
C.. Additional information
for financial performance measures
C... RETURN ON CAPITAL EMPLOYED
(ROCE (ADJUSTED))
As part of One Siemens, we monitor our capital efficiency us-
ing the financial measure return on capital employed ROCE
(adjusted) (continuing operations). The following tables report
this financial measure as defined under One Siemens and also
provide a reconciliation to ROCE (adjusted) for continuing and
discontinued operations.