Siemens 2011 Annual Report Download - page 282

6 A. To our shareholders 51 C. Combined management’s discussion and analysis 23 B. Corporate Governance

the equity method of accounting. This loss of control resulted
in a gain of € million that is primarily attributable to the di-
lution of derivatives financial liabilities held by the investee.
For further information on legal and regulatory matters in-
cluded in item Other see
Note 30 Legal proceedings.
 – Other operating expense
Year ended September ,
(in millions of €)  
Impairment of goodwill,
see Note 16 Goodwill (128) (1,145)
Losses on disposals of businesses (30) (115)
Losses on sales of property,
plant and equipment and intangibles (38) (43)
Other (306) (251)
(502) (1,554)
Impairment of goodwill in fiscal  relates to Energy ’s
Solar & Hydro business, the fiscal  impairment relates to
Healthcare’s Diagnostics Division, see Note  Goodwill for
further information.
Item Losses on disposals of businesses in fiscal , include
€ million provided for in connection with the announced
sale of the Electronics Assembly Systems business held in
Centrally managed portfolio activities.
Line item Other in fiscal  and  includes charges relat-
ed to legal matters, see
Note 30 Legal proceedings for fur-
ther information.
 – Income (loss) from
investments accounted for using
the equity method, net
Year ended September ,
(in millions of €)  
Share of profit (loss), net 78 (22)
Gains (losses) on sales, net 139 56
Impairment (72) (25)
Reversals of impairment 2–
147 9
Item Share of profit (loss), net includes our share in NSN’s fis-
cal  and  earnings of €() million and €() mil-
lion, respectively, our share in EN’s fiscal  and  earn-
ings of €() million and € million, respectively, our share in
BSH Bosch und Siemens Hausgeräte GmbH (BSH) as well as
our share in KMW sold in January ; the two latter totaling
€ million and € million, in fiscal  and , respec-
tively, see also
Note 19 Investments accounted for using the
equity method for further information.
Item Gains (losses) on sales, net, in fiscal , includes €
million gain from the sale of KMW, see
Note 4 Acquisitions,
dispositions and discontinued operations. In fiscal , the
sale of UBS Real Estate Kapitalanlagegesellschaft mbH con-
tributed € million gain to this line item.
Investments in associates and in jointly controlled entities are
tested for impairment if there is an indication that the invest-
ment may be impaired. When an investment is tested for im-
pairment, Siemens believes, that the assumptions used are
generally consistent with the current market assessment of
the risks specific to the respective investment as of the period
the impairment test is performed and take into consideration
macroeconomic and industry specific trends.
In the three months ended September , , the invest-
ment in Archimede Solar Energy S.r.l., Italy (Archimede) was
impaired by € million. The main triggering events for the
impairment were the reassessment of the long-term market
developments and the continuing lack of a reference project.
As a consequence the underlying business planning of the in-