Siemens 2011 Annual Report Download - page 278

6 A. To our shareholders 51 C. Combined management’s discussion and analysis 23 B. Corporate Governance

Electronics Assembly Systems (EA) in Centrally managed port-
folio activities and Areva NP S.A.S., held by the Energy Sector.
The investments in EA and in Areva NP S.A.S. both have been
sold in fiscal . The major classes of assets and liabilities
classified as asset held for disposal in fiscal  have been
the carrying amount of our % interest in Areva NP S.A.S.
and the operating assets and liabilities held by EA.
bc) Discontinued operations
General
Siemens reports in this section about discontinued operations
separately. The disclosures in the Notes to the Consolidated
Financial Statements outside this section relate to continuing
operations unless marked otherwise.
Net results of discontinued operations presented in the Con-
solidated Statements of Income in fiscal  and 
amount to €() million (thereof € million income tax) and
€() million (thereof € million income tax), respectively.
Net results of discontinued operations for the periods pre-
sented relate to OSRAM, Siemens IT Solutions and Services,
the former operating segments Communications (Com) and
Siemens VDO Automotive (SV).
Net income from continuing operations and from discontin-
ued operations attributable to shareholders of Siemens AG
amount to €, million and €() million, respectively, in
fiscal . Net income from continuing operations and from
discontinued operations attributable to shareholders of
Siemens AG amounted to €, million and €() million,
respectively, in fiscal .
OSRAM – discontinued operations,
assets and liabilities held for disposal
In March , Siemens announced that it plans to publicly
list its subsidiary OSRAM AG (formerly OSRAM GmbH).
Siemens intends to retain a minority stake in OSRAM, in
which it will remain a long-term anchor shareholder. In Sep-
tember  Siemens postponed the timing of the listing de-
pending on the stabilization of the market conditions but con-
tinues to deem the listing highly probable. The conditions for
OSRAM to be classified as held for disposal and discontinued
operations were fulfilled as of the end of the second quarter
of fiscal . For information regarding classification and
measurement of assets (or disposal groups) held for disposal
and discontinued operations, see
Note  Summary of signifi-
cant accounting policies.
The results of OSRAM are disclosed as discontinued opera-
tions in the Company ’s Consolidated Statements of Income
for all periods presented.
Year ended September ,
(in millions of €)  
Revenue 5,032 4,681
Expenses (4,521) (4,185)
Costs to sell (carve-out costs) (25) –
Pretax income from
discontinued operations 486 496
Income taxes on ordinary activities (185) (178)
Income taxes on costs to sell (carve-out costs) 8–
Income from discontinued operations,
net of income taxes 309 318
The assets and liabilities of OSRAM are presented as held for
disposal in the Consolidated Statements of Financial Position
as of September , . The carrying amounts of the major
classes of assets and liabilities of OSRAM were as follows:
September ,
(in millions of €) 
Trade and other receivables (see Note 12)858
Inventories (see Note 14)1,118
Goodwill 238
Other intangible assets 174
Property, plant and equipment 1,645
Deferred tax assets (see Note 10)269
Financial assets (see Note 20)174
Other assets 176
Assets classified as held for disposal 4,652
Trade payables 586
Current provisions (see Note 25)84
Other current liabilities (see Note 22)381
Pension plans and similar commitments
(see Note 24)410
Other liabilities (see Note 26)279
Liabilities associated with
assets classified as held for disposal 1,740