Siemens 2007 Annual Report Download - page 315

Notes to Consolidated Financial Statements 315
(in millions of €, except where otherwise stated and per share amounts)
Notes to Consolidated Financial Statements
38 Related party transactions
Joint ventures and associates
Siemens has a number of signifi cant joint ventures and associates. The Company
has relationships with many of these entities in the ordinary course of business
whereby the Company buys and sells a wide variety of products and services on
arm’s length terms. The Company’s principal joint ventures and associates as of
September 30, 2007 are NSN, BSH Bosch und Siemens Hausgeräte GmbH, Fujitsu
Siemens Computers (Holding) BV and Areva NP. As described in Note 4, NSN was
created in April 2007. Financial information for fi scal 2006 therefore does not
include any amounts related to NSN.
In fi scal 2007, Siemens generated revenue from its four principal joint ventures
and associates, as indicated above, amounting to €78. In fi scal 2006, revenue gen-
erated from the Company’s principal joint ventures and associates totaled €76.
During fi scal 2006, the former operating segment SBS sold its Product Related
Services (PRS) business to Fujitsu Siemens Computers (Holding) BV on arm’s
length terms. For further information, see Note 4.
As of September 30, 2007 and 2006, receivables from the Company’s principal
joint ventures and associates amount to €11 and €10, respectively. As of Septem-
ber 30, 2007 and 2006, liabilities to the Company’s principal joint ventures and
associates total €35 and €12, respectively.
For further information regarding guarantees in connection with the contri-
bution of the carrier related operations into NSN see also Note 28, Commitments
and contingencies.
Related individuals
Except for the guarantee provided by the Company for a bond issued by a bank in
connection with the release from custody of a former member of our Corporate
Executive Committee in fi scal 2007 (see Note 29 for additional information), no
major transaction took place between the Company and the other members of the
Managing Board and the Supervisory Board.
For further information see also Note 39, Remuneration.
In addition, some of the members of the Company’s Supervisory Board and
Managing Board hold, or in the last year have held, positions of signifi cant
responsibility with other entities. The Company has relationships with almost all
of these entities in the ordinary course of business whereby the Company buys
and sells a wide variety of products and services on arm’s length terms. Dr. Josef
Ackermann is the Chairman of the Management Board of Deutsche Bank AG. The
Company’s transactions with Deutsche Bank AG are conducted on arm’s length
basis and include securities underwriting, other investment banking services,
and credit, money market and foreign exchange business.