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Consolidated Financial Statements

decreased by €  million as of September , , mainly
due to reduced assumed inflation rates.
Other includes transaction-related and post-closing provisions
in connection with portfolio activities as well as provisions for
Legal Proceedings, as far as the risks that are subject to such
Legal Proceedings are not already covered by project account-
ing. Provisions for Legal Proceedings amounted to €  mil-
lion and €  million as of September ,  and ,
respectively.
NOTE 18 Equity
Siemens’ issued capital is divided into  million registered
shares with no par value and a notional value of € . per
share. The shares are fully paid in. At the Shareholders’ Meet-
ing, each share has one vote and accounts for the shareholders’
proportionate share in the Company’s net income. All shares
confer the same rights and obligations.
In fiscal  and , Siemens repurchased ,, and
,, shares, respectively. In fiscal  and , Siemens
transferred ,, and ,, treasury shares, respec-
tively, in connection with share-based payments. As of Septem-
ber ,  and , the Company has treasury shares of
,, and ,,, respectively.
As of September , , total authorized capital of Siemens AG
is € . million nominal, issuable in installments based on var-
ious time-limited authorizations, by issuance of up to . mil-
lion registered shares of no par value. In addition, as of Septem-
ber , , Siemens AG’s conditional capital is € ,. million
nominal or . million shares. It can primarily be used for
serving convertible bonds or warrants under warrant bonds
that could or can be issued based on various time-limited autho-
rizations approved by the Shareholders’ Meetings.
Dividends paid per share were € . and € ., respectively, in
fiscal  and . The Managing Board and the Supervisory
Board propose to distribute a dividend of € . per share enti-
tled to the dividend, in total representing approximately € .
billion in expected payments. Payment of the proposed divi-
dend is contingent upon approval at the Shareholders’ Meeting
on January , .
The carrying amount of a liability resulting from a non-con-
trolling interest holder’s option to put its interest to Siemens
decreased by €  million in fiscal  and increased Retained
earnings, accordingly.
NOTE 19 Additional capital disclosures
A key consideration of our capital structure management is to
maintain ready access to capital markets through various debt
instruments and to sustain our ability to repay and service our
debt obligations over time. In order to achieve this, Siemens
intends to maintain an Industrial net debt divided by EBITDA
(continuing operations) ratio of up to ., commencing with
fiscal . The ratio indicates the approximate number of
years that would be needed to cover the Industrial net debt
through continuing income, without taking into account inter-
est, taxes, depreciation and amortization.
(in millions of €)
Sep 30,
2015 2014
Short-term debt and current maturities of
long-term debt 2,979 1,620
Plus: Long-term debt 26,682 19,326
Less: Cash and cash equivalents (9,957) (8,013)
Less: Current available-for-sale financial assets (1,175) (925)
Net debt 18,528 12,008
Less: SFS Debt (21,198) (18,663)
Plus: Post-employment benefits 9,811 9,324
Plus: Credit guarantees 859 774
Less: 50% nominal amount hybrid bond (958) (932)
Less: Fair value hedge accounting adjustment (936) (1,121)
Industrial net debt 6,107 1,390
Income from continuing operations
before income taxes 7,218 7,306
Plus/Less: Interest income, interest expenses
and other financial income (expenses), net 58 (117)
Plus: Amortization,
depreciation and impairments 2,549 2,387
EBITDA 9,825 9,576
Industrial net debt/EBITDA 0.62 0.15
1 The adjustment considers that both Moody’s and S&P view SFS as a captive
finance company. These rating agencies generally recognize and accept higher
levels of debt attributable to captive finance subsidiaries in determining credit
ratings. Following this concept, Siemens excludes SFS Debt in order to derive an
industrial net debt which is not affected by SFS’s financing activities.
2 Debt is generally reported with a value representing approximately the amount
to be repaid. However, for debt designated in a hedging relationship (fair value
hedges), this amount is adjusted for changes in market value mainly due to changes
in interest rates. Accordingly, Siemens deducts these changes in market value in
order to end up with an amount of debt that approximately will be repaid.