Siemens 2014 Annual Report Download - page 280

108 A. To our Shareholders 131 B. Corporate Governance 171 C. Combined Management Report

Bond with Warrant Units
In February , Siemens issued US$ fixed-rate bonds with
warrant units in an aggregate principal amount of US$  billion
in two tranches, comprising: () US$ . billion (€ . billion as
of September , ) in . % instruments maturing on
August ,  and () US$ . billion (€ . billion as of Sep-
tember , ) in . % instruments maturing on August ,
. Each of the US$ . billion instruments were issued with
, detachable warrants. The warrants’ exercise price was
fixed in Euro. The warrants entitle the holders, at their option,
to receive ,. Siemens AG shares per warrant at an
exercise price per share of € . during the exercise period
which matures on August ,  and August ,  for instru-
ments () and instruments (), respectively. After the spin-off
of OSRAM in fiscal , the warrants entitle the holders to
obtain . OSRAM shares in addition to Siemens shares.
The number of additional shares remains subject to the adjust-
ment provisions under the terms and conditions of warrants.
Since the approval of the OSRAM spin-off in January  the
warrants are accounted for as other financial liability. The war-
rants result in option rights relating to a total of . million
Siemens AG shares.
. ASSIGNABLE AND TERM LOANS
The Company has a . % fixed rate assignable loan for gen-
eral corporate purposes due on June ,  with a notional
amount of €  million as of September ,  and  and
a carrying amount of €  million and €  million, respec-
tively, as of September ,  and .
In March , the two bilateral US$  million term loan facil-
ities (in aggregate €  million in notional and carrying
amount as of September , ) that the company signed
and fully drew in fiscal  bearing floating-rate interest of
. % above three months LIBOR with an original term of five
years were extended by one year and are now due on March ,
 with a remaining one year extension option.
. CREDIT FACILITIES
The credit facilities at September ,  and  consisted of
€ . billion and € . billion, respectively, in committed lines of
credit. As of September , , those include: () a € . bil-
lion undrawn syndicated multi-currency revolving credit facil-
ity; in June , the facility has been amended and extended
to June ,  with two one-year extension options remain-
ing; () a US$ . billion (€ . billion as of September , )
undrawn syndicated multi-currency revolving credit facility; in
 its maturity has been extended by one year to Septem-
ber ,  with one one-year extension option remaining; ()
a €  million revolving credit facility provided by a domestic
bank expiring September , .
As of September ,  and , € . billion and € . billion
of these lines of credit remained unused. Commitment fees for
the years ended September ,  and  amount to
€  million and €  million, respectively. The facilities are for
general business purposes.
. OTHER FINANCIAL INDEBTEDNESS
Item Other financial indebtedness includes €  million and
€  million as of September ,  and , respectively, for
the Company’s real estate assets that were sold or transferred
and in which Siemens has retained significant risks and re-
wards of ownership, including circumstances in which Siemens
participates directly or indirectly in the change in market
value of the property. Therefore, these transactions have been
accounted for as financing obligations. These real estate prop-
erties are carried on the Company’s Consolidated Statements of
Financial Position and no sale and profit has been recognized.
OBLIGATIONS UNDER FINANCE LEASES
September , 
Minimum future
lease payment
obligation
Unamortized
interest expense
Present value of
minimum future
lease payment
obligation
(in millions of €)
Due
Within one year 49 28 21
After one year but not
more than five years 92 7 85
More than five years 76 52 24
Total 217 87 130
Less: Current portion (21)
108
September , 
Minimum future
lease payment
obligation
Unamortized
interest expense
Present value of
minimum future
lease payment
obligation
(in millions of €)
Due
Within one year 32 12 20
After one year but not
more than five years 94 9 86
More than five years 78 53 25
Total 204 74 130
Less: Current portion (20)
110