Siemens 2011 Annual Report Download - page 190

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

Profit at Building Technologies came in at € million in
fiscal , up slightly from the level a year earlier. Profit in
the current fiscal year included higher marketing and selling
expenses associated with growth. For comparison, profit of
€401 million a year earlier was burdened by charges of €
million for staff reduction measures. Profit in fiscal  also
included the provision for a supplier-related warranty men-
tioned above that was largely offset by the Division’s portion
of the pension curtailment gain, also mentioned above. New
orders increased 7% compared to the prior fiscal year and rev-
enue was up % year-over year on improvements in all of the
Division’s businesses, particularly including strong demand
in the low voltage business and for energy efficiency solu-
tions. On a regional basis, volume growth in all three report-
ing regions included double-digit growth rates in the Asia,
Australia region.
Profit at Industry Solutions swung from a negative €10 mil-
lion in the prior fiscal year to a positive € million in fiscal
. Profit in the both years included a solid performance in
the metals technologies business. A year earlier, profit for the
Division was burdened by € million in charges related to
the project engagement with a local partner in the U.S. men-
tioned above as well as charges totaling € million for staff
reduction measures. Both revenue and orders remained near
the prior-year level. On a regional basis, higher revenue in the
regions Americas and Asia, Australia largely offset a decline in
revenue in the Europe, C.I.S., Africa, Middle East region, while
lower orders in the Americas were partly offset by a slightly
increase in Asia, Australia region.
Mobility contributed € million in profit in fiscal . For
comparison, profit of € million in the prior year benefited
from the € million gain from the sale of the Division’s air-
field lighting business and the Division’s portion of the pen-
sion curtailment gain, both mentioned above. Revenue for
the Division came in % lower year-over-year, as higher reve-
nue in Asia, Australia was more than offset by a decline in rev-
enue in Europe, C.I.S., Africa, Middle East. In contrast, new or-
ders rose sharply compared to the prior year on substantially
higher volume from major orders, including the two major
train orders mentioned above. Under the terms of the con-
tract for the €. billion order for trains in Germany, revenue
recognition will extend for a number of years ahead.