Siemens 2006 Annual Report Download - page 119
Download and view the complete annual report
Please find page 119 of the 2006 Siemens annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109 -
110 -
111 -
112 -
113 -
114 -
115 -
116 -
117 -
118 -
119 -
120 -
121 -
122 -
123 -
124 -
125 -
126 -
127 -
128 -
129 -
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
-
225
-
226
-
227
-
228
-
229
-
230
-
231
-
232
-
233
-
234
-
235
-
236
-
237
-
238
-
239
-
240
-
241
-
242
-
243
-
244
-
245
-
246
-
247
-
248
-
249
-
250
-
251
-
252
-
253
-
254
-
255
-
256
-
257
-
258
-
259
-
260
 |
 |
Management’s discussion and analysis 115
Financing and Real Estate
Siemens Financial Services (SFS)
Income before income taxes at SFS was €307 million in fiscal 2006 compared to €319 mil-
lion a year earlier. While both periods included a special dividend related to an investment,
the prior year also benefited from gains on the sale of an investment and the sale of a 51%
stake in the real estate funds management business of Siemens Kapitalanlagegesellschaft mbH
(SKAG). Total assets at the end of fiscal 2006 were 4% higher than at the end of the prior year
due to expansion of the leasing business.
Siemens Real Estate (SRE)
Income before income taxes at SRE was €122 million in fiscal 2006, compared to €144 mil-
lion a year earlier. While gains on sales of real estate increased year-over-year, SRE’s results for
the year were influenced by higher costs for development projects and vacancy, as well as lower
rental income. Total assets declined 7% primarily due to real estate disposals.
Eliminations, reclassifications and Corporate Treasury
Income before taxes from eliminations, reclassifications and Corporate Treasury was €289
million compared to €298 million a year earlier. The difference was mainly due to negative
effects from derivative activities not qualifying for hedge accounting at Corporate Treasury,
which more than offset increased interest income from intra-company financing.
Management’s discussion and analysis
Year ended September 30,
(€ in millions) 2006 2005 % Change
Income before income taxes 307 319 (4)%
Total assets 10,522 10,148 4%
Year ended September 30,
(€ in millions) 2006 2005 % Change
Income before income taxes 122 144 (15)%
Sales 1,705 1,621 5%
Total assets 3,234 3,496 (7)%