Siemens 2012 Annual Report Download - page 159

135 D. Consolidated Financial Statements
239 E. Additional Information
130 C. Siemens AG (Discussion on basis of
German Commercial Code)
134 C. Notes and forward-looking statements
129 C. Compensation Report, Corporate Governance
statement pursuant to Section a of the
German Commercial Code, Takeover-relevant
information and explanatory report

.. Results of Siemens
The following discussion presents selected information for
Siemens for the fiscal year ended September , :
...    
Revenue increased steadily quarter by quarter throughout fis-
cal  and came in at €. billion, up % from the prior-
year period. Revenue growth included increases in all Sectors
and all three reporting regions, supported by Siemens’ strong
order backlog. Slowing growth in the world economy was evi-
dent in the development of new orders, which decreased %
year-over-year primarily due to substantially lower volume
from large orders compared to the prior-year period. This re-
sulted in a book-to-bill ratio of . for Siemens in fiscal .
On an organic basis, excluding currency translation and port-
folio effects, orders decreased % and revenue came in %
above the prior year. The order backlog (defined as the sum of
order backlogs of our Sectors) was € billion as of September
, , up from € billion a year earlier, including positive
currency translation effects of € billion.
Orders related to external customers in fiscal  declined
% overall, with results varying among the Sectors. Orders for
Healthcare were up %, with most of its businesses contribut-
ing increases, and were level in Industry. Order intake declined
in Energy and Infrastructure & Cities due to substantially lower
volumes from large orders compared to the prior-year period,
which included a number of orders for large wind-farms in
Energy and a €. billion order for trains in Germany won by
Infrastructure & Cities. Orders from emerging markets on a glob-
al basis, as these markets are defined by the International Mon-
etary Fund, declined %, less than orders overall, and accounted
for €. billion, or %, of total orders for fiscal .
In the region Europe, C.I.S., Africa, Middle East, orders de-
clined % including double-digit decreases in Infrastructure &
Cities and Energy, which were due to the high basis of compari-
son from large orders mentioned above. This high basis of com-
.   
parison was also the primary factor in the order decline in
Germany. Orders for Industry in the region were level compared
to the prior-year period and Healthcare’s orders came in slightly
below the level of fiscal . In the Americas, order intake rose
slightly on increases in three of the four Sectors. The Energy
Sector showed a slight decrease due in part to a lower volume
from large orders compared to the prior-year period. Order intake
in the Asia, Australia region showed a slight decrease in fiscal
. Double-digit order growth in Healthcare was more than
offset by decreases in the other Sectors. Order intake in India de-
creased sharply compared to the prior-year period, due primarily
to a major contract win at Energy in the prior-year period.
As previously disclosed, Siemens has decided that, subject to
certain limited exceptions, it will not enter into new contracts
with customers in Iran and has issued group-wide policies
establishing the details of its general decision. Under the origi-
nal version of the policies, among other exceptions, which
have been previously disclosed, products and services required
to maintain the installed base (e.g. deliveries of spare parts,
maintenance and assembly services) were permitted to be pro-
vided. However, in the beginning of calendar year ,
Siemens resolved to amend the policies to provide that no new
business with respect to products and services destined to
maintain the installed base in Iran’s oil & gas sector may be en-
tered into under any circumstances. In addition, even outside
the oil & gas sector, products and services for the installed base
in Iran may be provided only in strictly limited circumstances
which can be demonstrated to satisfy humanitarian purposes
or private purposes serving the common good (e.g. water sup-
ply and healthcare of the civilian population). In the fourth
quarter of fiscal , Siemens revised its credit risk assess-
ment for Iran. In accordance with project accounting princi-
ples, Siemens therefore revised project calculations for the af-
fected projects that were still permitted to be provided under
these policies. The change in credit risk assessment resulted in
an earnings impact of € million. We expect further profit
impacts related to Iran in fiscal . For additional informa-
tion, see .. .
  (  )
Year ended September , % Change vs. previous year therein
(in millions of €)   Actual Adjusted  Currency Portfolio
Europe, C.I.S., Africa, Middle East 38,655 46,711 (17)% (19)% 1% 1%
therein Germany 9,894 17,353 (43)% (43)% 0% 0%
Americas 22,271 22,077 1% (5)% 5% 1%
therein U.S. 15,403 15,732 (2)% (9)% 6% 1%
Asia, Australia 15,987 16,378 (2)% (7)% 4% 0%
therein China 6,037 6,241 (3)% (11)% 8% 0%
therein India 1,689 3,310 (49)% (45)% (4)% 0%
Siemens 76,913 85,166 (10)% (13)% 2% 1%
1 Excluding currency translation and portfolio effects. 2 Commonwealth of Independent States.