Siemens 2010 Annual Report Download - page 118

6 To our shareholders 21 Corporate Governance 49 Combined management’s discussion and analysis
50 Business and operating environment
78 Fiscal  – Financial summary
81 Results of operations
98 Financial position
110 Net assets position
113 Overall assessment of the economic position

we initiated a change of the organizational structure of our
Healthcare Sector effective as of October , , which led to
changes at the divisional level. Following the reorganization,
the Sector comprises the three Divisions Imaging and Therapy
Systems, Clinical Products and Diagnostics. The Diagnostics
Division was not affected by the organizational change. Finan-
cial reporting for fiscal  continued to be based on the or-
ganizational structure effective until September , . The
Sector’s business activities are relatively unaffected by short-
term economic trends but are dependent on regulatory and
policy developments around the world, particularly including
the healthcare reform in the U.S. The Healthcare Sector cur-
rently has , employees, and in fiscal  reported exter-
nal revenues of €. billion. Of this figure, % was attrib-
utable to the region comprising Europe, C.I.S., Africa and the
Middle East, % to the Americas, and % to Asia, Australia.
By far the largest single national market for Healthcare is the
U.S., with % of external revenue for the Sector during fiscal
.
In general, Equity Investments comprises equity stakes held
by Siemens that are accounted for by the equity method, at
cost or as current available-for-sale financial assets and which
are not allocated to a Sector, a Cross-Sector Business, Siemens
Real Estate (SRE), Pensions or Corporate Treasury for strategic
reasons. Our main investments within Equity Investments are
our stake of approximately .% in Nokia Siemens Networks
B.V. (NSN), our .% stake in BSH Bosch und Siemens Haus-
geräte GmbH (BSH), our .% stake in Krauss-Maffei Weg-
mann GmbH & Co. KG (KMW), our .% stake in ELIN GmbH
& Co. KG, our .% stake in Enterprise Networks Holdings B.V.
(EN) as well as our .% stake in GIG Holding GmbH (formerly
named ARQUES Value Development GmbH).
Siemens IT Solutions and Services designs, builds and oper-
ates both discrete and large scale information and communica-
tions systems and offers comprehensive information technol-
ogy and communications solutions from a single source both
to third parties and to other Siemens entities. Siemens IT Solu-
tions and Services currently has , employees and re-
ported external revenue of €. billion for fiscal .
Siemens Financial Services is an international provider of fi-
nancial solutions in the business-to-business area. SFS sup-
ports Siemens as well as third parties in the three industry ar-
eas of industry, energy, and healthcare. SFS finances infra-
structure, equipment and working capital and supports and
advises Siemens concerning financial risk and investment
management. By integrating financing expertise and indus-
trial know-how, SFS creates value for its customers and helps
them strengthen their competitiveness. SFS currently has
, employees. As of October , , Siemens Financial
Services was renamed Financial Services in connection with an
application Siemens filed in Germany for a license to conduct
banking business.
Within Combined management’s discussion and analysis, we
provide financial measures for our three Sectors, our Cross-
Sector Business Siemens IT Solutions and Services and for 
Divisions of our Sectors. These financial measures include:
new orders, revenue, profit and profit margin. For Equity In-
vestments we report profit, and for SFS we report profit and
total assets within Combined management’s discussion and
analysis. Free cash flow and further information is reported for
each reportable segment in the “Notes to Consolidated Finan-
cial Statements.” For information related to the definition of
these financial measures and to the reconciliation of segment
financial measures to the consolidated financial statements,
see the last page of this Combined management’s discussion
and analysis and “Notes to Consolidated Financial Statements.”
On a geographic basis, Siemens is subdivided into  Regional
Clusters, which are in turn assigned to one of our three report-
ing regions. We report financial measures for these three re-
gions:
In addition, we report financial information at group level for
certain major countries within each region, including Germany
(within the region Europe, C.I.S., Africa, Middle East), the U.S.
(within the region Americas), and China and India (within the
region Asia, Australia).
Regional structure as of September , 
1 Commonwealth of Independent States
Regional structure
Europe, C.I.S.,
Africa, Middle East Americas Asia, Australia