Siemens 2011 Annual Report Download - page 188

6 A. To our shareholders
23 B. Corporate Governance 51 C. Combined management’s discussion and analysis
52 C. Business and operating environment
80 C.2 Fiscal  – Financial summary
83 C. Results of operations
101 C. Financial position
114 C. Net assets position
117 C. Overall assessment of the economic position
118 C. Report on post-balance sheet date events
119 C. Report on expected developments and
associated material opportunities and risks
135 C. Information required pursuant to Section  ()
and Section  () of the German Commercial
Code (HGB) and explanatory report

C.. Segment information analysis
Divisions within a Sector may do business with each other,
leading to corresponding new orders and revenue. Those rev-
enues and orders are only eliminated on a Sector level. Fur-
thermore, our reportable segments may do business with
each other, leading to corresponding new order and revenue.
In fiscal , profit, revenue and orders all rose for Industry
as well as most of its Divisions compared to fiscal . Profit
climbed to €. billion, up from €. billion a year earlier
on improvements in all Divisions except of Mobility. With high
double-digit growth rates, Industry Automation and Drive
Technologies were the main growth drivers and made the
largest contribution to profit. In an improved business envi-
ronment year-over-year, the Sector enhanced its regional foot-
print by increasing spending for sales resources. Profit in the
current period was burdened by Industry ’s € million share
of the special employee remuneration allocation mentioned
earlier. For comparison, profit in fiscal  was held back by
€ million in charges related to cost estimates for a project
engagement with a local partner in the U.S., € million in
charges for staff reduction measures, and a provision for a
supplier-related warranty. These factors were partly offset by
€ million in gains related to curtailment of pension plans in
the U.S., which benefited results at all Divisions, and a €
million net gain at Mobility on the sale of its airfield lighting
business.
Revenue in Industry in fiscal  grew by % year-over-year and
orders rose %, driven by double-digit increases at Industry
Automation and Drive Technologies. Both Divisions saw volume
return to the high levels they had achieved before the global
economic downturn reduced customer capital expenditures in
Industry ’s short-cycle businesses. Orders also climbed on a %
rise at Mobility which recorded a significantly higher volume
from large orders year-over-year. This included Siemens’ largest-
ever train order in Germany, worth €. billion, and a major or-
der for high-speed trains in the U.K. On a regional basis, reve-
nue and orders increased in all three reporting regions year-
over-year. While the highest growth rates in revenue were
achieved in the region Asia, Australia, order growth was stron-
gest in the region Europe, C.I.S., Africa, Middle East, including
the large train orders just mentioned. On a book-to-bill ratio of
., Industry ’s order backlog rose to € billion at the end of
fiscal , up from € billion a year earlier. Based on the orga-
nizational structure as of September , , out of the 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.
Those orders and revenues are eliminated on the Siemens lev-
el within Eliminations, Corporate Treasury and other reconcil-
ing items and are not included in new orders and revenue
with external customers (external orders and external reve-
nue, respectively) reported elsewhere in this document.
C... SECTORS
Industry
Sector
Year ended September , % Change therein
(in millions of €)   Actual Adjusted  Currency Portfolio
Profit 3,618 , %
Profit margin 11.0% .%
New orders 37,594 , % % % %
Total revenue 32,941 , % % % %
External revenue 31,635 , %
therein:
Europe, C.I.S., Africa, Middle East 17,262 16,251 6%
therein Germany 6,857 6,103 12%
Americas 7,234 6,551 10%
Asia, Australia 7,139 6,291 13%
1 Excluding currency translation and portfolio effects. 2 Commonwealth of Independent States.