Siemens 2011 Annual Report Download - page 277

153 D. Consolidated Financial Statements 273 E. Additional information
158 D. Consolidated Statements of Changes in Equity
160 D. Notes to Consolidated Financial Statements
266 D. Supervisory Board and Managing Board
154 D. Consolidated Statements of Income
155 D. Consolidated Statements of Comprehensive Income
156 D. Consolidated Statements of Financial Position
157 D. Consolidated Statements of Cash Flow
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B) DISPOSITIONS AND DISCONTINUED OPERATIONS
ba) Dispositions not qualifying for discontinued
operations: closed transactions
Dispositions in fiscal 
In January , Siemens had announced that it will termi-
nate the Shareholders Agreement of the joint venture Areva
NP S.A.S. and sell its % interest in Areva NP S.A.S. to the ma-
jority shareholder Areva S.A. (Areva) by exercising the put op-
tion. Following this, Areva NP S.A.S. had been presented as
asset held for disposal as of September ,  and Septem-
ber ,  with a carrying amount of € million. In March
, an independent expert, appointed by Siemens and Areva
based on the rules set forth in the shareholders’ agreement,
determined the fair market value (purchase price) of Siemens’
% share in the joint venture Areva NP S.A.S. at €, mil-
lion upon which Siemens received a payment of €, million
from Areva. In addition to the externally determined fair mar-
ket value, the sale proceeds include other adjusting compo-
nents based on the shareholders’ agreement and further con-
tractual arrangements between Siemens and Areva, namely
interest accretion on the purchase price and a reimbursement
of a mandatory capital injection from Areva to Siemens. Fol-
lowing the receipt of the expert opinion and the payment, our
shares, previously accounted for as available-for-sale financial
asset held for disposal at the Energy Sector, were transferred
to Areva and derecognized at Siemens. In May , an arbi-
tral tribunal of the International Chamber of Commerce ruled
on the modalities of Siemens’ exit from the joint venture
Areva NP S.A.S. According to the final award of the arbitral tri-
bunal, Siemens had to pay Areva an amount of € million
including interest. For further information on the arbitration
proceedings, see
Note 30 Legal proceedings. The overall
earnings impact of the termination of the joint venture Areva
NP S.A.S. is included in Other financial income (expense) –
see
Note 9 Interest income, interest expense and other finan-
cial
income (expense), net.
In January , the sale of the % interest in Krauss-Maffei
Wegmann GmbH & Co. KG (KMW) to Wegmann Group was
closed after the approval of the antitrust authorities and the
receipt of the second purchase price installment. The gain on
the sale of KMW, which used to be reported in Equity Invest-
ments, is included in line item Income (loss) from invest-
ments accounted for using the equity method, net and
amounts to € million.
At the end of July , Siemens signed an agreement to sell
its Electronics Assembly Systems business (EA), which was re-
ported in Centrally managed portfolio activities, to ASM Pacif-
ic Technology Ltd. The transaction closed at the beginning of
January . Total losses on disposal of EA amount to €
million, including a loss amounting to € million and €
million in fiscal  and , respectively.
In December , Siemens completed the transfer of its
.% stake in GIG Holding GmbH (owner of all shares of Giga-
set Communications GmbH) to ARQUES Industries AG; .%
of the Siemens Home and Office Communication Devices
Business, reported in Centrally managed portfolio activities,
had already been transferred in October , resulting in a
net loss of € million (including an impairment loss of €
million) of which the majority was recorded in fiscal .
In fiscal , Siemens completed the disposition of further
entities, which were not material, either individually or in ag-
gregate.
Dispositions in fiscal 
At the end of December , Siemens sold its % minority
stake in Dräger Medical AG & Co. KG to the majority sharehold-
er Drägerwerk AG & Co. KGaA. The investment was accounted
for using the equity method at the Healthcare Sector. The sale
proceeds include a cash component, a vendor loan component
and an option component, which is dependent on the share-
price performance of the Drägerwerk AG & Co. KGaA.
Regarding the disposition of the Airfield Solutions Business of
the Industry Sector and the Roke Manor activities in the U.K.
see
Note 6 Other operating income; regarding the sale of
UBS Real Estate Kapitalanlagegesellschaft mbH see
Note 8
Income (loss) from investments accounted for using the equi-
ty method, net.
In fiscal , Siemens completed the disposition of further
entities, which were not material, either individually or in ag-
gregate.
bb) Dispositions not qualifying for discontinued
operations: held for disposal
The Consolidated Statements of Financial Position as of Sep-
tember ,  and  include assets held for disposal of
€ million and € million and liabilities held for disposal
of €– and € million, respectively, that do not qualify as dis-
continued operations. Included as of September ,  is
mainly the carrying amount of our % interest in OAO Power
Machines (PM), held by the Energy Sector. The closing of the
transaction of PM is expected in fiscal . Included as of
September ,  have been mainly amounts relating to