Siemens 2013 Annual Report Download - page 206

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

The line item Post-employment benefits decreased by €
million as of September , , mainly due to the decrease of
the defined benefit obligation.
(in millions of €)
September ,
 
Total equity attributable
to shareholders of Siemens AG 28,111 30,855
Equity ratio 28% 29%
Non-controlling interests 514 569
Total liabilities and equity 101,936 108,251
Total equity attributable to shareholders of Siemens AG de-
creased from €. billion at the end of fiscal  to €.
billion at the end of fiscal . In fiscal , the main factors
relating to the decrease in total equity attributable to share-
holders of Siemens AG were: () Dividend payments of €.
billion (paid for fiscal ); () measuring OSRAM’s spin-off
liability at fair value with any changes recognized in retained
earnings of €. billion and () repurchase of ,,
treasury shares at weighted average costs per share of €..
This decrease was partly offset by net income attributable to
shareholders of Siemens AG of €. billion.
For additional information on our net assets position, see
D. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
European sovereign credit exposures – Due to uncertainties
regarding European sovereign debt exposures, we regularly
monitor our credit exposures in particular to public and private
sector debtors in Italy, Spain, Greece, Portugal and Ireland.
These credit exposures include trade receivables from the sale
of goods and services, receivables from finance leases and oth-
er financial assets, totaling a low single-digit billion euro
amount as of September , . To evaluate these exposures
we perform a credit rating for public and private sector debtors
using different methods subject to centrally defined limits. For
exposures to public sector debtors, which represented approxi-
mately one third of these exposures, we applied a specific poli-
cy. This policy requires that the rating applied to individual
public sector customers cannot be better than the weakest of
the sovereign ratings provided by Moody ’s, S&P’s and Fitch for
the respective country. Based on our ratings and our credit ex-
posures to end customers or main contractors located in Italy,
Spain, Greece, Portugal and Ireland, we believe that Siemens is
well-positioned to bear these risks.