Siemens 2006 Annual Report Download - page 181
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Notes to Consolidated Financial Statements
(in millions of €, except where otherwise stated and per share amounts) 177
As part of the MD transaction, Siemens purchased €50 in Global Depositary Receipts
(GDR’s) on common shares in BenQ in December 2005, which at that time represented a
2.4 percent investment in BenQ. The GDR’s were impaired by €20 as at September 30, 2006.
The related impairment charge is included in Income from financial assets and marketable
securities, net.
Fiscal 2005 includes the sale of 13 million shares of Juniper for net proceeds of €263 result-
ing in a pre-tax gain of €208 (see Note 6).
10 Accounts receivable, net
Related companies are those in which Siemens has an ownership interest of less than 20%
and exercises no significant influence over their operating and financial policies.
The valuation allowance on the Company’s current and long-term receivables (see also
Notes 12 and 17) changed as follows:
Receivables from sales-type and direct finance leases are due as follows:
Notes to Consolidated Financial Statements
September 30,
2006 2005
Trade receivables from the sale of goods and services, net 13,620 15,465
Receivables from sales-type and direct finance leases, net 1,482 1,488
Receivables from associated and related companies, net 47 169
15,149 17,122
Year ended
September 30,
2006 2005
Valuation allowance as of beginning of fiscal year 1,199 1,127
Increase (decrease) in valuation allowances recorded
in the income statement in the current period 167 201
Write-offs charged against the allowance (263) (185)
Recoveries of amounts previously written-off 40 34
Foreign exchange translation adjustment (22) 22
Reclassification to Assets held for disposal (165) –
Valuation allowance as of fiscal year-end 956 1,199
September 30,
2006
2007 1,679
2008 1,288
2009 860
2010 540
2011 310
Thereafter 284
Minimum future lease payments 4,961
Less: Unearned income (605)
Less: Allowance for doubtful accounts (116)
Plus: Unguaranteed residual values 211
Net investment in lease receivables 4,451
Less: Long-term portion (2,969)
Receivables from sales-type and direct finance leases, current 1,482