Siemens 2005 Annual Report Download - page 156
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156
The carrying amounts of the major classes of assets and liabilities held for sale as of Septem-
ber 30, 2005 were as follows:
The net results of discontinued operations (MD including SSMC and Deferred Countries) for
current and prior periods are reported in the Income Statement in Income (loss) from discontin-
ued operations, net of income taxes.
In fiscal 2005 and 2004, the Disposal Group’s net sales were €3,374 and €4,979, respectively.
Income (loss) before income taxes after minority interests reported in discontinued operations
amounted to €(1,308) and €(151) , respectively for fiscal 2005 and 2004.
Siemens expects to realize continuing cash flows with the disposed MD business from the pro-
vision of transitional services to BenQ and from contract manufacturing for BenQ at the Chinese
production site until the sale of SSMC is completed. These cash flows are expected to be eliminat-
ed from Siemens ongoing operations within one year after closing of the MD transaction.
4 Other operating income (expense), net
Impairment of goodwill of €262, in fiscal 2005, relates to Siemens Business Services’ (SBS)
reporting unit Operation-Related Services. In fiscal 2004, €433 goodwill impairment is attributa-
ble to Distribution and Industry Logistics, a former reporting unit of L&A and to L&A’s reporting
unit Airport Logistics (see Note 14 on goodwill impairment and Notes 30 and 33 on L&A concern-
ing changes regarding L&A).
Gains on sales and disposals of businesses, net in fiscal 2004, includes a pre-tax gain of €105
from the Company’s sale of its Life Support Systems business to Getinge AB, Sweden and €93
from the sale of 74.9% of its banking software company Kordoba (see Note 3).
Management’s discussion and analysis
September 30,
2005
Inventories, net 104
Accounts receivable, net 89
Other (thereof Property, plant and equipment, net €43) 52
Assets held for sale 245
Accounts payable 228
Other liabilities 61
Liabilities held for sale 289
Year ended
September 30,
2005 2004
Impairment of goodwill (262) (433)
Gains on sales of real estate, net 177 64
Gains on sales and disposals of businesses, net 49 182
Other, net 27 15
(9) (172)