Siemens 2009 Annual Report Download - page 229

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 Managing Board statements, Independent auditors’ report, Additional information
 Notes to Consolidated Financial Statements
(in millions of €, except where otherwise
stated and per share amounts)
Other Dispositions: closed transactions
The Siemens Wohnungsgesellschaft real estate transaction
closed in the third quarter of fiscal 2009 – see Note 6 Other op-
erating income for further information.
At the beginning of October 2008, Siemens completed the
transfer of an 80.2% stake in Siemens Home and Office Com-
munication Devices GmbH & Co. KG (SHC), reported in Other
Operations, to ARQUES Industries AG. The transaction resulted
in a preliminary net loss of €121 (including an impairment loss
of €78) of which the majority was recorded in fiscal 2008.
At the beginning of November 2008, Siemens signed an agree-
ment to sell its 50% stake of Fujitsu Siemens Computers (Hold-
ing) BV (FSC), which was presented in the segment Equity In-
vestments, to Fujitsu Limited. The transaction closed at the
beginning of April 2009. The transaction resulted in a prelimi-
nary gain, net of related costs of €327. The transaction gain is
included in Other operating income.
At the end of July 2008, the Sector Industry ’s division OSRAM
completed the sale of its Global Tungsten & Powders unit. The
transaction resulted in a pre-tax gain of €130, net of related
costs, which is included in Other operating income.
At the end of May 2008, the Company sold its Wireless Mod-
ules Business, which was part of the Sector Industry ’s Industry
Automation Division. The transaction resulted in a pre-tax gain
of €131, net of related costs, which is included in Other operat-
ing income.
Other Dispositions: held for disposal
In January 2009, Siemens announced that it will terminate the
Shareholders Agreement of the joint venture Areva NP S.A.S.
(Areva), and sell its 34% interest in Areva NP S.A.S. to the ma-
jority shareholder Areva S.A. under the terms of a put agree-
ment. The carrying amount of the interest in Areva NP S.A.S.
amounts to €190. The investment is held by the Energy Sector.
The required approval of antitrust authorities has been ob-
tained in October 2009.
The net results of discontinued operations presented in the
Consolidated Statements of Income reflecting the former Com
activities consist of the following components:
The net results of discontinued operations presented in the
Consolidated Statements of Income for fiscal 2009, relate
mainly to legal and carve-out related matters in connection
with the former Com activities and a loss on disposal of the
SEN business which was compensated by a positive income
effect of €154 from a settlement between Siemens and The
Gores Group in the third quarter of fiscal 2009 regarding pend-
ing requirements for purchase price adjustment and further
mutual obligations in relation to the disposal of the SEN busi-
ness. Discontinued operations in fiscal 2008 include charges
pursuant to the terms of the MD disposal transaction, includ-
ing substantial effects stemming from the insolvency of BenQ
Mobile GmbH & Co. OHG, Germany. For information on the fis-
cal 2009 settlement in connection with BenQ see Note 30.
The effects of the fiscal 2009 settlement between Siemens and
The Gores Group are subject to German corporate tax only. In
fiscal 2008, the loss on disposal of the SEN business was sub-
stantially non tax deductible.
Year ended September ,
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Revenue 15 3,155
Costs and expenses (47) (3,592)
Loss on measurement to fair value less
costs to sell – (88)
Gain (loss) related to the contribution
of the carrier-related operations to NSN 9 (12)
Gain (Loss) on disposal of the SEN business 117 (1,015)
Income (loss) from discontinued
operations before income taxes 94 (1,552)
Income taxes corresponding to ordinary
activities including the measurement
to fair value less costs to sell (34) 59
Income taxes corresponding to the
gain or loss related to the contribution
of the carrier-related operations to NSN (4) 7
Income taxes corresponding to the gain
or loss related to the contribution of the
Siemens Enterprise Business to EN (19) 53
Income (loss) from discontinued
operations, net of income taxes 37 (1,433)
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