Siemens 2015 Annual Report Download - page 39

Download and view the complete annual report

Please find page 39 of the 2015 Siemens annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 140

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140

Combined Management Report 
The increase in Receivables and other assets was due primar-
ily to higher receivables from affiliated companies as a result of
intra-group financing activities.
Cash and cash equivalents and marketable securities
are significantly affected by the liquidity management of
Siemens AG. The liquidity management is based on the finance
strategy of the Siemens Group. Therefore, the change in liquid-
ity of Siemens AG was not driven only from business activities
of Siemens AG.
The increase in Equity was attributable to net income for the
year of € . billion and issuance of treasury stock of € . bil-
lion in conjunction with our share-based payments. These fac-
tors were partly offset by dividends paid in fiscal  (for fiscal
) of € . billion. In addition, the equity was reduced due to
share buybacks during the year amounting to € . billion. The
equity ratios at September ,  and  were  % and
 %, respectiv ely.
The increase in Pension and similar commitments included
interest and service costs amounting to € . billion and nega-
tive effects amounting to € . billion from adjustment of the
discount rate. These factors were partly offset by pension pay-
ments amounting to € . billion and a transfer of pension
obligations, net to Siemens Healthcare GmbH amounting to
€ . billion.
The increase in Other provisions was due primarily to an in-
crease of € . billion in provisions for probable losses for guar-
antees. This was partly offset by a decline of € . billion in pro-
visions for outstanding deliveries and services.
The increase in Trade payables, liabilities to affiliated com-
panies and other liabilities was due primarily to higher liabil-
ities to affiliated companies as a result of intra-group financing
activities.
A.9.3 Corporate Governance statement
The Corporate Governance statement pursuant to Section a
of the German Commercial Code is an integral part of the Com-
bined Management Report and is presented in C.4.2 CORPO-
RATE GOVERNANCE STATEMENT PURSUANT TO SECTION 289A OF THE
GERMAN COMMERCIAL CODE.