Siemens 2010 Annual Report Download - page 157

113 Report on post-balance sheet date events
114 Report on expected developments and associated
material opportunities and risks
128 Information required pursuant to § () and
§ () HGB and explanatory report
133 Information required pursuant to § () and
§ () no.  HGB and explanatory report
135 Compensation and declaration pursuant to §a HGB
135 Additional information for supplemental
financial measures
138 Siemens AG (Discussion on basis of HGB)
147 Consolidated Financial Statements
261 Additional information

out the year. Due to a particularly strong fourth quarter in the
transformers business, full-year revenue came in just below
the prior-year level. Orders at Power Transmission rose %
compared to the prior fiscal year, due to a higher volume from
major orders, including large contracts for grid access to off-
shore wind-farms.
Profit at Power Distribution was € million, down % from
the prior-year level, due mainly to a % decline in revenue.
Both results were driven by the Division’s medium voltage
business, which saw double-digit percentage drops in revenue
and profit compared to fiscal . Orders for the Division were
up % year-over-year, due to a strong fourth quarter that more
than offset weaker demand earlier in the fiscal year.
Healthcare
Sector
Year ended September , % Change therein
(in millions of €)   Actual Adjusted  Currency Portfolio
Profit 748 1,450 (48)%
Profit margin 6.1% 12.2%
New orders 12,872 11,950 8% 5% 3% 0%
Total revenue 12,364 11,927 4% 1% 3% 0%
External revenue 12,280 11,864 4%
therein:
Europe, C.I.S., Africa, Middle East 4,680 4,724 (1)%
therein Germany 1,056 1,072 (1)%
Americas 5,141 5,153 0%
Asia, Australia 2,459 1,986 24%
1 Excluding currency translation and portfolio effects. 2 Commonwealth of Independent States
Conditions in the global healthcare market improved in fiscal
, particularly including significant increases in healthcare
equipment spending in emerging markets. In addition, pas-
sage of healthcare reform legislation in the U.S. removed some
uncertainty in the market and contributed to an easing of cus-
tomer restraint regarding capital expenditures.
In fiscal , orders for the Healthcare Sector came in %
higher compared to the prior fiscal year. The Sector recorded
higher orders for Imaging & IT and Diagnostics in the Americas,
particularly including the U.S., and in Asia, Australia. Revenue
in fiscal  increased % compared to fiscal , particu-
larly on a double-digit increase for all Divisions in Asia, Austra-
lia. Both orders and revenue were stable in Europe, C.I.S., Af-
rica, Middle East. On an organic basis, excluding strong posi-
tive currency translation effects, orders came in % higher and
revenue rose % compared to fiscal . Healthcare’s book-to-
bill ratio was . for fiscal , and its order backlog at the
end of the year stood at € billion compared to € billion a year
earlier. Of the Sector’s current backlog, orders of €. billion
are expected to be converted into revenue during fiscal ,
orders of €. billion during fiscal , and the remainder in
the periods thereafter.
Sector profit of € million in fiscal  was burdened by
impairment charges of €. billion at Diagnostics during the
fourth quarter, including a goodwill impairment. These impair-
ments more than offset positive effects during the year. These
included a gain of € million related to the curtailment of pen-
sion plans in the U.S. and a gain of € million, taken at the
Sector level, as the Sector ceased to consolidate a subsidiary
due to loss of control. The change in profit year-over-year in-
cluded positive effects related to currency development, nota-
bly an unfavorable currency hedge in the prior year. Both years
under review include charges at Workflow & Solutions related
to particle therapy contracts. In fiscal , Diagnostics re-
corded € million in PPA effects related to past acquisitions.
A year earlier Diagnostics recorded a total of € million in
PPA and integration costs. In fiscal , the Sector recorded
€ million in costs for integrating activities at Diagnostics.