Siemens 2013 Annual Report Download - page 248

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

Financial assets declined % year-over-year, due primarily to
successful completion of the spin-off and listing of OSRAM, re-
sulting in derecognition of €. billion relating to OSRAM
Beteiligungen GmbH. In addition, Siemens disposed of its
stake in Nokia Siemens Networks Holding B.V. to Nokia Corpo-
ration amounting to €. billion. The merger of SMS Diag-
nostics Europe Ltd. reduced financial assets by € million.
These effects were partly offset by the addition of Siemens Rail
Automation Corporation amounting to € million, and high-
er loans to affiliated companies of € million year-over-year.
Receivables and other assets grew % due primarily to high-
er receivables from affiliated companies as a result of intra-
group financing activities.
Cash and cash equivalents and marketable securities de-
clined %. The liquidity management of Siemens AG is based
on the finance strategy of the Siemens Group. Therefore the
change in liquidity of Siemens AG resulted not only from busi-
ness activities of Siemens AG.
Equity declined %. The decrease was attributable to divi-
dends paid in fiscal  (for fiscal ) of €. billion (for
additional information see C.. DIVIDEND AND SHARE BUYBACKS).
In addition, the equity reduction was due to the OSRAM spin-
off amounting to €. billion and to share buybacks during
the year amounting to €. billion. These factors were partly
offset by the profit for the year of €. billion and the
issuance of treasury stock of € million in conjunction with
our share-based compensation program. The equity ratios at
September ,  and  were % and %, respectively.
Pensions and similar commitments rose %, resulting main-
ly from higher additions for interest and service costs of €
million, which were partly offset by higher pension payments
of € million year-over year.
Other provisions rose %, due primarily to an increase of €
million in provisions for personnel expenses, including
charges, associated with the company-wide “Siemens ”
productivity improvement program.
Trade payables, liabilities to affiliated companies and
other liabilities decreased %, due primarily to lower liabi-
lities to affiliated companies as a result of intra-group financ-
ing activities.
C.. Employees
Indicators
Year ended September ,
 
Employee turnover rate 3.0% 2.7%
Female employees in management positions
(percentage of all management positions) 11.3% 10.6%
Expenses for continuing education
(in millions of €) 94 100
Expenses per employee for continuing
education (in €) 864 934
1 Employee turnover rate is defined as the ratio of voluntary and involuntary exits
from Siemens AG during the fiscal year to the average number of employees.
2 Employees in management positions include all managers with disciplinary
responsibility, plus project managers.
3 Without travel expenses.
As of September ,  and , the numbers of employees
were , and , respectively.
For additional information see C.. EMPLOYEES.
Employees of Siemens AG by segments
as of September 30, 2013 (in thousands)
Energy:  (%)
Healthcare:  (%)
Industry:  (%)
Siemens Real Estate:
 (%)
Other:  (%)
Infrastructure & Cities:
 (%)
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