Siemens 2009 Annual Report Download - page 242


 Reports Supervisory Board /
Managing Board  Corporate Governance  Management’s discussion and analysis  Consolidated Financial Statements
 Consolidated Statements of Income  Consolidated Statements of Income
and Expense Recognized in Equity
 Consolidated Balance Sheets  Consolidated Statements of Cash Flow
The investments in Areva and FSC have been classified as as-
sets held for disposal in January 2009 and September 2008, re-
spectively, and accounting under the equity method was
ceased (see Note 4 for additional information on Areva). FSC
was sold in April 2009 (see Note 4 for further information on
Dispositions).
Our interest in BSH, which is the principal jointly controlled
entity of Siemens, is recognized using the equity method, as
described in Note 2, applying BSH’s twelve month periods
ended June 30. The following information reflect BSH’s most
recent published financial statements, not adjusted for the
percentage of ownership held by Siemens.
As of September 30, 2009 and 2008, future payments receiv-
able from lessees under operating leases are as follows:
Payments from lessees under operating leases primarily relate
to buildings, data processing and phone equipment as well as
to medical equipment.
Investment property
Investment property consists of property held either to earn
rentals or for capital appreciation or both and not used in pro-
duction or for administrative purposes.
The carrying amount of investment property amounts to €166
and €151 compared to a fair value of €329 and €357 as of Sep-
tember 30, 2009 and 2008, respectively. The fair value is pri-
marily based on a discounted cash flow approach except for
certain cases which are based on appraisal values.
 INVESTMENTS ACCOUNTED
FOR USING THE EQUITY METHOD
As of September 30, 2009 and 2008, Siemens’ principal invest-
ments accounted for under the equity method, which are all
unlisted, are (in alphabetical order):
September ,
 
2009 506
2010 516 390
2011 371 291
2012 274 201
2013 187 126
2014 125
After  in fiscal 
(after  in fiscal ) 172 161
Total 1,645 1,675
B27T040_E
Percentage of Ownership
Sept. ,

Sept. ,

BSH Bosch und Siemens Hausgeräte GmbH
(BSH) 50% 50%
Capital Meters Holdings Ltd. 20% 20%
Dräger Medical AG & Co. KG 25% 25%
Enterprise Networks Holdings B.V. 49% 49%
Krauss-Maffei Wegmann GmbH & Co. KG 49% 49%
Nokia Siemens Networks Holding B.V. 50% 150%
1
P.T. Jawa Power 50%
250% 2
Shanghai Electric Power Generation
Equipment Co. Ltd. 34% 34%
Voith Hydro Holding GmbH & Co. KG 35% 35%
1 The exact percentage of voting rights equals 50% less 25 voting rights.
2 The investment is no jointly controlled entity because of two additional shareholders.
B27T041_E
Year ended December ,
 
Revenue 8,758 8,818
Net income (loss) 311 411
B27T042_E
December 31,
2008 2007
Current assets 3,678 3,699
Non-current assets 2,495 2,577
Current liabilities 2,033 2,074
Non-current liabilities 1,744 1,830
B27T043_E