Siemens 2013 Annual Report Download - page 298

92 A. To our Shareholders 117 B. Corporate Governance 155 C. Combined Management Report

Disaggregation of plan assets
The asset allocation of the plan assets of the benefit plans is as
follows:
Fair value as of September 30,
(in millions of €) 2013 2012
Asset class
Equity securities 6,604 5,876
U.S. equities 1,416 1,660
European equities 2,214 1,636
Emerging markets 1,457 1,394
Global equities 1,517 1,187
Fixed income securities 12,768 13,759
Government bonds 3,003 3,336
Corporate bonds 9,765 10,423
Alternative investments 2,961 2,309
Hedge Funds 978 295
Private Equity 497 466
Real estate 1,487 1,548
Derivatives 175 1,255
Interest risk 263 1,562
Foreign currency risk 53 29
Credit/Inflation/Price risks (141) (335)
Cash and cash equivalents 1,148 434
Other assets 422 423
Total 24,078 24,057
Virtually all equity and fixed income securities have quoted
prices in active markets and almost all fixed income securities
are investment grade. In addition, the asset class Other assets
includes assets with quoted prices in active markets in the
amount of € million and € million as of September ,
 and .
As of September , , the major part of cash and cash
equivalents is marked as cash in transition into corporate bond
mandates.
The plan assets include own transferable financial instruments
of the Company with a fair value of € million and € million
as of September ,  and .
Future cash flows
Employer contributions expected to be paid to the post-em-
ployment defined benefit plans in fiscal  are € million.
Expected benefit payments
(in millions of €) September 30, 2013
Expected benefit payments
2014 1,647
2015 1,613
2016 1,624
2017 1,668
2018 1,713
2019 – 2023 8,958
The weighted average duration of the DBO for Siemens de-
fined benefit plans was  years as of September , .
MULTI-EMPLOYER DEFINED BENEFIT PLANS
Multi-employer plans mainly exist in the Netherlands and in
the U.S. These plans are industry specific plans based on local
laws, which are accounted for as defined contribution plans as
Siemens has no right to obtain the necessary data for defined
benefit plan accounting. These plans may expose the Company
to investment and actuarial risk in case of a deficit.
In the Netherlands the Company is not liable for other entities’
obligations under the terms and conditions of the multi-em-
ployer plan.
In the U.S. the Company may be liable for other entities’ obli-
gations in case of failure of other participating employers to
make required contributions. In case of withdrawal from a
plan the Company may be subject to a liability for the potential
future statutory underfunding for its share in the plan. The
Company has only a minor share in these plans compared to
other participating entities and has no intention to withdraw
from one of these plans.
Siemens is not aware of any probable significant risk due to
multi-employer defined benefit plans accounted for as defined
contribution plans.
Siemens expects contributions to multi-employer defined ben-
efit plans accounted for as defined contribution plans for the
next fiscal year of € million.