Siemens 2006 Annual Report Download - page 110
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Management’s discussion and analysis
106
Income from continuing operations in fiscal 2006 was €3.087 billion, up 1% from €3.058
billion in fiscal 2005, due to a higher income from continuing operations before income taxes.
The effective tax increased slightly to 25% in fiscal 2006 compared to 23% in the prior year.
The tax rate in fiscal 2006 benefited from a release of tax liabilities for prior periods and from
domestic tax free income, while it was negatively impacted by income tax charges related to
the investigation launched in November 2006. For further information see “Subsequent
events.” The prior year was positively affected from a reorganization of certain businesses in
the U.S. generating previously unrecognized tax deductions. Minority interest increased from
€148 million in fiscal 2005 to €206 million in fiscal 2006. The loss from discontinued mobile
devices operations, net of income taxes was €54 million in the current period compared to a
loss of €810 million a year earlier. For additional information with respect to discontinued
operations, see “Notes to Consolidated Financial Statements.” Net income was €3.033 billion,
up 35% from €2.248 billion in fiscal 2005.