Siemens 2013 Annual Report Download - page 204

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

C. Net assets position
Our total assets in fiscal  were influenced by negative cur-
rency translation effects of €. billion, led by the US$.
Within total assets of €. billion, total assets related to
SFS increased to €. billion as of September ,  from
€. billion a year earlier. Within total liabilities, SFS debt
increased to €. billion from €. billion a year earlier.
Both changes were driven by the growth strategy at SFS. SFS
assets represented % of Siemens’ total assets as of Septem-
ber , compared to % a year earlier. SFS debt represented
% of Siemens total liabilities and equity, compared to % at
the end of fiscal .
The following discussion presents an analysis of changes of
our Consolidated Statements of Financial Position.
(in millions of €)
September ,
 
Cash and cash equivalents 9,190 10,891
Available-for-sale financial assets 601 524
Trade and other receivables 14,853 15,220
Other current financial assets 3,250 2,901
Inventories 15,560 15,679
Current income tax assets 794 836
Other current assets 1,297 1,277
Assets classified as held for disposal 1,393 4,799
Total current assets 46,937 52,128
Cash and cash equivalents decreased by €1.701 billion from
the prior-year level. For detailed information regarding the
change, see C.. CASH FLOWS.
The main factor in the decrease in the line item Trade and oth-
er receivables of € million was negative currency transla-
tion effects.
The increase in loans receivable of SFS, associated with its
growth strategy, was the primary factor in the increase of €
million year-over-year in the line item Other current financial
assets.
In July , we successfully completed our spin-off and listing
of OSRAM. As a result, we derecognized the net carrying
amount of the disposal group OSRAM and the associated spin-
off liability. Mainly due to this spin-off, the line item Assets
classified as held for disposal decreased to €. billion as of
September ,  compared to €. billion a year earlier.
(in millions of €)
September ,
 
Goodwill 17,883 17,069
Other intangible assets 5,057 4,595
Property, plant and equipment 9,815 10,763
Investments accounted for using
the equity method 3,022 4,436
Other financial assets 15,117 14,666
Deferred tax assets 3,234 3,748
Other assets 872 846
Total non-current assets 54,999 56,123
Goodwill increased to €. billion as of September , 
compared to €. billion a year earlier. The increase in
goodwill was due mainly to acquisitions and purchase ac-
counting adjustments, partly offset by negative currency
translation effects. Acquisitions and purchase accounting ad-
justments included the acquisition of Invensys Rail, which is
being integrated into the Infrastructure & Cities Sector’s Mobility
and Logistics Division, and LMS International NV, which is
being integrated into the Industry Sector’s Industry Automa-
tion Division.
Structure of Consolidated Statements
of Financial Position (in millions of €)
101,936
108,251
Total assets
(6)%
Sep. ,

Sep. ,

56,123
(52%)
therein:
Total liquidity
,
(%)
Total current
assets
46,937
(46%)
,
(%)
Total
non-current
assets
,
(%)
,
(%)
,
(%)
,
(%)
,
(%)
Total current
liabilities
,
(%)
Total
non-current
liabilities
,
(%)
Total equity
,
(%)
101,936
108,251
Total liabilities
and equity
(6)%
Sep. ,

Sep. ,
