Siemens 2014 Annual Report Download - page 315

247 D. Consolidated Financial Statements 337 E. Additional Information
248 D. Consolidated Statements of Income
249 D. Consolidated Statements of Comprehensive Income
250 D. Consolidated Statements of Financial Position
251 D. Consolidated Statements of Cash Flows
252 D. Consolidated Statements of Changes in Equity
254 D. Notes to Consolidated Financial Statements
330 D. Supervisory Board and Managing Board

NOTE  Related party transactions
JOINT VENTURES AND ASSOCIATES
Siemens has relationships with many joint ventures and asso-
ciates in the ordinary course of business whereby Siemens
buys and sells a wide variety of products and services generally
on arm’s length terms. For information regarding our subsidiar-
ies, joint ventures and associated in fiscal  see NOTE 
INTERESTS IN OTHER ENTITIES and NOTE  LIST OF SUBSIDIARIES
AND ASSOCIATED COMPANIES PURSUANT TO SECTION  PARA.  OF THE
GERMAN COMMERCIAL CODE . Information regarding our subsidiar-
ies, joint ventures and associates for fiscal  are presented
in the List of subsidiaries and associated companies published
separately in the German Electronic Federal Gazette (elektro-
nischer Bundesanzeiger).
Sales of goods and services and other income from trans-
actions with joint ventures and associates as well as purchase
of goods and services and other expenses from transactions
with joint ventures and associates are as follows:
Sales of goods and services
and other income
Purchases of goods and
services and other expenses
Year ended
September ,
Year ended
September ,
(in millions of €)    
Joint ventures 230 336 23 12
Associates 747 1,008 165 214
977 1,345 188 226
Receivables from joint ventures and associates and liabilities
to joint ventures and associates are as follows:
Receivables Liabilities
September , September ,
(in millions of €)    
Joint ventures 198 54 72 12
Associates 82 222 255 121
280 276 327 133
As of September ,  and , loans given to joint ven-
tures and associates amounted to €  million and €  million,
respectively. In the normal course of business the Company
regularly reviews loans and receivables associated with joint
ventures and associates. In fiscal  and , the review
resulted in net gains related to valuation allowances totaling
€  million and net losses related to valuation allowances
totaling €  million, respectively. As of September ,  and
, valuation allowances amounted to €  million and
€  million, respectively.
As of September ,  and , guarantees to joint ventures
and associates amounted to € , million and € , million,
respectively, including the HERKULES obligations of € , mil-
lion and € , million, respectively. For additional information
regarding the HERKULES obligations as well as for information
regarding guarantees in connection with the contribution of
the SEN operations into Unify (EN) see NOTE  COMMITMENTS
AND CONTINGENCIES. As of September ,  and , guaran-
tees to joint ventures amounted to €  million and €  mil-
lion, respectively. As of September ,  and , the
Company had commitments to make capital contributions of
€  million and €  million to its joint ventures and asso-
ciates, therein €  million and €  million related to joint ven-
tures, respectively. For a loan raised by a joint venture, which is
secured by a Siemens guarantee, Siemens granted an addi-
tional collateral. As of September ,  and  the out-
standing amount totaled to €  million and €  million, re-
spectively. As of September ,  and  there were loan
commitments to joint ventures and associates amounting to
€  million and €  million, respectively, therein €  million
and €  million, respectively related to joint ventures.
PENSION ENTITIES
For information regarding the funding of our pension plans
refer to NOTE  POST-EMPLOYMENT BENEFITS.
RELATED INDIVIDUALS
Related individuals include the members of the Managing
Board and Supervisory Board.
In fiscal  and  members of the Managing Board
received cash compensation of € . million and € . million.
The fair value of stock-based compensation amounted to € .
million and € . million for , and , Stock Awards,
respectively, in fiscal  and . In fiscal  and  the
Company granted contributions under the BSAV to members of
the Managing Board totaling € . million and € . million.