Siemens 2005 Annual Report Download - page 157
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157
5 Income (loss) from investments in other companies, net
Share in earnings (losses) from equity investees, net for fiscal 2005 and 2004 includes the
Company’s at-equity-share in Infineon Technologies AG’s (Infineon) net income (loss) of € – and
€14, respectively. As discussed in Note 9, the Company commenced accounting for its investment
in Infineon as a marketable security at fair value during fiscal 2004. Unrealized gains and losses
determined based on the difference between the fair market value and the prior carrying value of
the investment in Infineon are recorded in AOCI, net of applicable deferred taxes. The sale of Infi-
neon shares resulted in a pre-tax gain of €590 in fiscal 2004, which is included in Gains on sales
of investments. In connection with the fiscal 2004 sale of Infineon shares, an income tax benefit
of €246 was recognized upon the reversal of deferred tax liabilities accrued in connection with
intercompany sales of Infineon shares in prior periods. For further information on the Infineon
sale see Note 9.
6 Income from financial assets and marketable securities, net
In fiscal 2005, Gains (losses) on sales of available-for-sale securities,net, includes a gain on
the sale of shares in Juniper Networks, Inc. (Juniper) of €208 (see Note 9).
In fiscal 2005 and 2004, Other financial gains (losses), net contained impairments of certain
marketable securities totaling €4 and €7, respectively, where the decline in value was determined
to be other than temporary.
Notes to Consolidated Financial Statements
Consolidated Financial Statements Notes to Consolidated Financial Statements
(in millions of €, except where otherwise stated
and per share amounts)
Year ended
September 30,
2005 2004
Share in earnings (losses) from equity investees, net 499 460
Write-downs on investments (85) (84)
Income from investments 95 35
Gains on sales of investments 58 617
Loss on sales of investments (9) (5)
Other 26 8
584 1,031
Year ended
September 30,
2005 2004
Gains (losses) on sales of available-for-sale securities, net 243 54
Other financial gains (losses), net 54 15
297 69