Siemens 2013 Annual Report Download - page 199

253 D. Consolidated Financial Statements
357 E. Additional Information
245 C. Compensation Report, Corporate Governance
statement pursuant to Section a of the
German Commercial Code, Takeover-relevant
information and explanatory report
246 C. Siemens AG ( Discussion on basis of
German Commercial Code)
250 C. Notes and forward-looking statements

Commercial paper program – We have a US$. billion (€.
billion) global multi-currency commercial paper program in
place, which includes the ability to issue US$-denominated ex-
tendible notes. In fiscal  we issued commercial paper in
varying amounts to fund our ongoing short-term capital re-
quirements. Our issuances of commercial paper typically have
a maturity of less than  days. As of September , , we
had no commercial paper outstanding. All commercial paper
issued in fiscal  was completely repaid within the year.
Notes and bonds – We have a “program for the issuance of
debt instruments” (debt issuance program) of €. billion in
place which we update on a regular basis. The last update was
made in May . Under this program, we issued the follow-
ing instruments:
> In June , we issued US$ million in floating-rate in-
struments due in June  (private placement).
> In March , we issued €. billion and US$ million in
fixed-rate instruments in three tranches, comprising: €.
billion in .% p.a. instruments due in March , €. bil-
lion in .% p.a. instruments due in March  and
US$ million in .% p.a. instruments due in March .
> Also in March , we issued US$ million in .% p.a.
fixed-rate instruments due in March  (private place-
ment).
> In September , we issued €. billion and £. billion in
fixed-rate instruments in four tranches, comprising: €
million in .% p.a. instruments due in September ,
€. billion in .% p.a. instruments due in March ,
£ million in .% p.a. instruments due in September
 and £ million in .% p.a. instruments due in Sep-
tember .
> In February , we issued US$ million in floating-rate
instruments (three months London Interbank Offered Rate
(LIBOR) + .% p.a.) due in February  (private place-
ment).
> In February , we issued €. billion in fixed-rate instru-
ments in two tranches, comprising: €. billion in .%
p.a. instruments matured and redeemed at face value in
February , €. billion in .% p.a. instruments due in
February .
> In June , we issued €. billion in fixed-rate instru-
ments in three tranches, comprising: €. billion in .% p.a.
instruments matured and redeemed at face value in Decem-
ber , €. billion in .% p.a. instruments due in June
 and €. billion in .% p.a. instruments due in June
. In August , we increased two of the three tranches
of the €. billion fixed-rate instruments by € million,
comprising: € million in .% p.a. instruments matured
and redeemed at face value in December  and € mil-
lion in .% p.a. instruments due in June .
> In March , we issued US$. billion in instruments in
two tranches, comprising: US$ million in floating-rate
instruments (three months LIBOR + .% p.a.) matured and
redeemed at face value in March  and US$ million in
.% p.a. fixed-rate instruments due in March .
The nominal amount outstanding under the debt issuance
program
was €. billion as of September , .
In February , Siemens issued US$ fixed-rate bonds with
warrant units in an aggregate principal amount of US$. bil-
lion in two tranches, comprising: () US$. billion in .%
p.a. instruments due in August  and () US$. billion in
.% p.a. instruments due in August . Each of the US$.
billion bonds were issued with , detachable warrants. The
warrants’ exercise price was fixed in Euro. The warrants were
classified as equity instruments with a fair value of € mil-
lion at issuance presented in capital reserves in line item Other
changes in equity.
The warrants entitle the holders, at their op-
tion, to receive ,. Siemens AG shares per warrant at an
exercise price per share of €. during the exercise period
for bond () and bond (), which mature in August  and Au-
gust , respectively. After the spin-off of OSRAM in fiscal
, the warrants entitle the holders to obtain OSRAM shares
in addition to Siemens shares. Accordingly, the warrants no lon-
ger qualify as equity instruments since the approval of the spin-
off in January  and the warrants’ fair value of € million
was reclassified from line item Capital reserves to non-current
other financial liabilities. The warrants result in option rights
relating to a total of . million Siemens AG shares. The equiva-
lent amount of these bonds excluding warrant units outstand-
ing was €. billion as of September , .
In September , we issued a subordinated fixed-rate hybrid
bond in two tranches, comprising: € million in .% p.a.
instruments and £ million in .% p.a. instruments, both
tranches with a final legal maturity in September . The
Company has a call option after ten years or thereafter. If the
instruments are not called, both tranches will become float-
ing-rate instruments according to the conditions of the bond.
The total nominal amount of our hybrid bond was €. billion
as of September , .