Siemens AG – Annual report – 30 September 2024
Industry: manufacturing
NOTE 31 Related party transactions (extract)
Joint ventures and associates
Siemens has relationships with many joint ventures and associates in the ordinary course of business whereby Siemens buys and sells a wide variety of products and services generally on arm’s length terms. The transactions between continuing operations and joint ventures and associates were as follows:
In fiscal 2024 and 2023, sales of goods and services and other income resulting from transactions between discontinued operations and associates amounted to €37 million and €154 million, respectively. Purchases of goods and services and other expenses resulting from transactions between discontinued operations and associates amounted to €1 million and €20 million, respectively.
Sales of goods and services and other income as well as purchases of goods and services and other expenses resulting from transactions with Siemens Energy were included until December 2023, when Siemens lost significant influence over Siemens Energy. Receivables and liabilities to associates as of September 30, 2023 resulted mainly from Siemens Energy activities which legally remained at Siemens but had economically to be allocated to Siemens Energy.
As of September 30, 2024 and 2023, guarantees to joint ventures and associates amounted to €10 million and €5,098 million, respectively, thereof €5,081 million to associates as of September 30, 2023. The amounts as of September 30, 2023 included mainly obligations from performance and credit guarantees in connection with the Siemens Energy business.
As of September 30, 2024 and 2023, loans given to joint ventures and associates amounted to €116 million and €160 million, therein €95 million and €126 million related to joint ventures, respectively. The related book values amounted to €95 million and €133 million, therein €89 million and €112 million related to joint ventures, respectively.
As of September 30, 2024 and 2023, the Company had commitments to make capital contributions to joint ventures and associates of €68 million and €108 million, therein €54 million and €86 million related to joint ventures, respectively.
Accounts examples 