Siemens 2014 Annual Report Download - page 208

108 A. To our Shareholders 131 B. Corporate Governance 171 C. Combined Management Report
172 C. Business and economic environment
187 C.2 Financial performance system
193 C.3 Results of operations
205 C.4 Financial position
210 C.5 Net assets position

Cash flows from financing activities – Financing activities for
continuing operations used cash of € . billion in fiscal ,
compared to cash used of € . billion a year earlier. In the
current period, the major cash outflows were dividends of
€ . billion paid (for fiscal ) to shareholders of
Siemens AG and the repayment of € . billion in long-term
debt. In addition we recorded cash outflows of € . billion for
the purchase of treasury shares under Siemens’ share buyback
program and paid interest totaling €  million. These cash
outflows were partly offset by cash inflows of €  million from
the change in short-term debt and other financing activities
related to the issuance of commercial paper and by proceeds of
€  million from the issuance of long-term debt, related to a
total of US$  million in privately placed floating-rate instru-
ments. For comparison, in the prior year we paid dividends of
€ . billion (for fiscal ) to shareholders of Siemens AG
and € . billion for the repayment of long-term debt. We re-
corded € . billion in cash outflows for the purchase of treas-
ury shares and €  million for the payment of interest. In the
prior year these cash outflows were partly offset by cash inflows
from the issuance of long-term debt totaling € . billion.
C.4.5 Capital resources
and requirements
Our capital resources consist of a variety of short- and long-
term instruments including debt instruments and credit facili-
ties. In addition to cash and cash equivalents and available- for-
sale financial assets, liquid resources consist of future cash
flows from operating activities.
Our capital requirements include, among others, scheduled
debt service, regular capital spending, ongoing cash require-
ments from operating and SFS financing activities, dividend
payments, pension plan funding, portfolio activities and share
buybacks.
DEBT AND CREDIT FACILITIES
As of September ,  we recorded in total € . billion in
bonds, € . billion in loans from banks, € . billion in other
financial indebtedness, primarily consisted of US$-commercial
paper, and € . billion in obligations under finance leases.
Below we present the maturity profile of our assignable and
term loans and our bonds, issued mainly in Euro and US$ and
to a lower extent in £, as of September , :
Bonds and loans maturity profile
(nominal amounts outstanding in billions of €)
2015 2016 2017 2018 2019 2020 2021 2025 2026 2028 2042 2066
1 The maturity of the hybrid bond depends on the exercise of a call option:
the bond is callable by us in September 2016 and thereafter, with a final legal
maturity ending in September 2066.
2 We may redeem, at any time, all or some of US$-notes, issued in August
2006, at the early redemption amount (call) according to the conditions of
the notes.
In order to optimize the Company’s position with regard to in-
terest income and interest expense, and to manage the associ-
ated interest rate risk, Corporate Treasury uses derivative finan-
cial instruments to comprehensively and actively manage our
interest rate risk relative to a benchmark. The interest rate risk
relating to SFS is managed separately, considering the term
structure of SFS’s financial assets and liabilities.
We have three credit facilities at our disposal for general corpo-
rate purposes. The credit facilities as of September , 
consisted of € . billion in committed, unused lines of credit.
Further information about our debt and credit facilities, interest
rate risk management and the use of financial instruments
for hedging purposes is provided in NOTES ,  AND  in
D. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
4.62
2.0
0.3
2.5
1.3 1.6
0.5
1.1 0.8
1.42
1.91
2.3
1.91
0.4