Siemens 2010 Annual Report Download - page 248

6 To our shareholders 21 Corporate Governance 49 Combined management’s discussion and analysis

 – Investments accounted
for using the equity method
As of September ,  and , Siemens’ principal invest-
ments accounted for under the equity method, which are all
unlisted, are (in alphabetical order):
Percentage of ownership
September ,
 
BSH Bosch und Siemens Hausgeräte GmbH
(BSH) 50% 50%
BWI Informationstechnik GmbH 50%150%1
Enterprise Networks Holdings B.V. 49% 49%
Krauss-Maffei Wegmann GmbH & Co. KG 49% 49%
Maschinenfabrik Reinhausen GmbH 26% 26%
Nokia Siemens Networks Holding B.V. 50%250%2
P.T. Jawa Power 50%350%3
Shanghai Electric Power Generation
Equipment Co. Ltd. 40% 34%
Voith Hydro Holding GmbH & Co. KG 35% 35%
1 The exact percentage equals 50.05 percent; it is not controlled by Siemens
due to significant participating rights of the two other shareholders.
2 The exact percentage of voting rights equals 50 percent less 25 voting rights.
3 The investment is no jointly controlled entity.
In fiscal  Capital Meters Holdings Ltd., an investment ac-
counted under the equity method, held by Energy was sold.
The gain is reported in Income (loss) from investments ac-
counted for using the equity method, net. Regarding the sale
of the  percent minority stake in Dräger Medical AG & Co. KG,
see Note .
The investments in Areva NP S.A.S. and Fujitsu Siemens Com-
puters (Holding) B.V. (FSC) have been classified as assets held
for disposal in January  and September , respectively,
and accounting under the equity method was ceased, see Note
 for additional information on Areva NP S.A.S. FSC was sold in
April , see Note  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 , applying BSH’s twelve month periods
ended June . The following information reflect BSH’s most
recent published financial statements, not adjusted for the
percentage of ownership held by Siemens.
Year ended December ,
 
Revenue 8,405 8,758
Net income (loss) 328 311
December ,
 
Current assets 3,797 3,678
Non-current assets 2,646 2,495
Current liabilities 2,170 2,033
Non-current liabilities 1,738 1,744
Summarized financial information for our principal invest-
ments in associates, not adjusted for the percentage of owner-
ship held by Siemens, is presented below. Income statement
information is presented for the twelve month period applied
under the equity method of accounting.
Year ended September ,
 
Revenue 19,257 19,557
Net income (loss) (861) (2,686)
Information related to the Statements of Financial Position is
presented as of the date used in applying the equity method of
accounting.
September ,
 
Total assets 18,005 19,512
Total liabilities 12,691 13,848
For information on contingent liabilities for joint ventures and
associates see Note .
Regarding the fiscal  impairment of the NSN investment
see Note .