Siemens 2006 Annual Report Download - page 184
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Notes to Consolidated Financial Statements
(in millions of €, except where otherwise stated and per share amounts)
180
In fiscal 2005, goodwill increased by €2,454. The increase of €152 in foreign currency trans-
lation and other adjustments results primarily from the strengthening of the U.S.$ against the
Euro. The VA Tech acquisition resulted in additions to goodwill of €1,027. Med’s acquisition of
CTI, and A&D’s acquisition of Flender increased goodwill by €525 and €452, respectively.
During the fourth quarter of fiscal 2005, the Company recorded a goodwill impairment of
€262. Based on the results of the Company’s analysis of projects at SBS’s reporting unit Opera-
tion-Related Services (ORS) in connection with changing markets and competition in out-
sourcing business and structural challenges to attaining originally targeted profitability, the
Company revised its related business plan and concluded that goodwill of ORS was impaired.
Significant cost pressure due to excess capacity, the necessity for restructuring efforts and the
need for new investments in order to achieve a competitive market position caused the Com-
pany to reassess its estimated future cash flows from its ORS business to a level materially
below earlier estimates. The fair value of the reporting unit was estimated using the present
value of expected future cash flows.
15 Other intangible assets, net
Amortization expense for the year ended September 30, 2005 was €701.
The estimated amortization expense of Other intangible assets, net for the next five fiscal
years is as follows:
Amorti-
Accu- zation
Trans- Accu- Net book mulated Net book during
lation mulated value amorti- value fiscal
adjust- Addi- Retire- amorti- as of zation as of year
10/1/05 ment tions ments* 9/30/06 zation 9/30/06 10/1/05 10/1/05 2006
Software 2,253 (46) 565 866 1,906 1,009 897 1,312 941 329
Patents, licenses and similar rights 3,675 (62) 649 230 4,032 1,686 2,346 1,509 2,166 356
Other intangible assets 5,928 (108) 1,214 1,096 5,938 2,695 3,243 2,821 3,107 685
* Includes Other intangible assets, net reclassified to Assets held for disposal.
Fiscal year
2007 513
2008 476
2009 383
2010 299
2011 284