Siemens 2007 Annual Report Download - page 228

228 Notes to Consolidated Financial Statements
(in millions of €, except where otherwise stated and per share amounts)
bb) Dispositions in fi scal 2006
In the fourth quarter of fi scal 2005, Siemens announced the carve out of the Distri-
bution and Industry Logistics (DI) and Material Handling Products (MHP) divisions,
formerly of the Logistics and Assembly Systems Group (L&A), into separate entities
(Dematic business). The Dematic business was reported in Other Operations. In
June 2006, Siemens signed an agreement to divest a signifi cant portion of its
Dematic business to Triton Managers II Limited based in Jersey. Closing of the
transaction occurred on August 31, 2006. The disposal loss on the transaction
amounted to €32 and is reported in Other operating expense.
At the beginning of April 2006, the former operating segment Siemens Business
Services (SBS) closed the sale of its Product Related Services (PRS) business to
Fujitsu Siemens Computers (Holding) BV (for segment information see also Note 36).
c) Discontinued operations
ca) Siemens VDO Automotive (SV)
On July 25, 2007, Siemens signed an agreement with Continental AG, Hanover,
Germany, to sell its entire SV activities for a sales price of approximately €11.4 bil-
lion. The closing of the transaction is subject to receipt of regulatory approvals and
other customary closing conditions and is expected in the current calendar year.
The assets and liabilities of SV are presented as held for disposal on the balance
sheet and measured at the lower of their carrying amount and fair value less costs
to sell until the sale is completed. The historical results of SV are reported as dis-
continued operations in the Consolidated Statements of Income for all periods
presented.
The carrying amounts of the major classes of assets and liabilities of SV as of
September 30, 2007 were as follows:
September 30,
2007
Trade and other receivables 1,917
Inventories 989
Goodwill 1,543
Property, plant and equipment 2,030
Deferred tax assets 1,334
Other assets 1,291
Assets classifi ed as held for disposal 9,104
Trade payables 1,402
Current provisions 245
Other current liabilities 596
Pension plans and similar commitments 359
Other liabilities 445
Liabilities associated with assets classifi ed as held for disposal 3,047