Siemens 2014 Annual Report Download - page 130

108 A. To our Shareholders 131 B. Corporate Governance 171 C. Combined Management Report
108 A. Letter to our Shareholders
114 A. Managing Board of Siemens AG
118 A. Report of the Supervisory Board
126 A. The Siemens Share / Investor Relations

A.. Shareholder structure
With around , shareholders, Siemens AG is one of the
world’s largest publicly owned companies. Siemens has a sta-
ble shareholder structure that has changed only slightly over
time. This applies, in particular, to our more than , pri-
vate Siemens shareholders, who have often maintained their
investments for many years. In July , we mandated an ex-
ternal institute to conduct an analysis of our shareholder struc-
ture. Based on an evaluation of publications from institutional
investors and on statistical estimates, this analysis showed that
shareholders in Germany hold the largest percentage of our
outstanding shares, about  % of the total. Shareholders in the
U.S. hold roughly  % and shareholders in the U.K. around  %,
while investors in France hold  % and those in Switzerland  %.
Around  % of Siemens’ outstanding shares are currently held
by institutional investors, about  % by private shareholders
and around  % by members of the Siemens family. For fur-
ther information on our shareholder structure, please see
WWW.SIEMENS.COM/SHAREHOLDERSTRUCTURE.
A.. Credit ratings
Siemens AG has good, investment-grade credit ratings.
“A a / negativ e / P-” from Moody’s Investors Service and “A+ / stable /
A-+” from Standard & Poor’s are very positive ratings – particu-
larly when compared to those of our competitors in the indus-
try sector. Our solid financial position gives us unrestricted
access to the international financial and capital markets.
At the end of fiscal , the net debt of Siemens AG was
€ , million, with cash and cash equivalents of € , mil-
lion. For further information on our credit ratings and financial
obligations, please see NOTE  ADDITIONAL CAPITAL DISCLOSURES
in D. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS on pages
 -  of this Annual Report.
Credit ratings
September ,  September , 
Moody ’s
Investors
Service
Standard &
Poor’s Ratings
Services
Moody ’s
Investors
Service
Standard &
Poor’s Ratings
Services
Long-term debt Aa3 A + Aa3 A +
Short-term debt P -1 A -1+ P -1 A -1+
Investor type and regional distribution
Siemens family
members: %
Private investors: %
Unidentified
investors: %
Institutional investors:
%
Rest of Europe: %
Germany:
%
U.S.: %
U.K.: %
Unidentified: %
France: %
Switzerland: %
Rest of world: %