Siemens 2012 Annual Report Download - page 246

1 A. To our Shareholders 49 C. Combined Management Report 21 B. Corporate Governance

The following figures represent the preliminary purchase price
allocations and show the amounts recognized for each major
class of assets acquired and liabilities assumed:
(in millions of €)
Goodwill 571
Technology 126
Customer Relationships 117
Other intangible assets 49
Other long-lived assets 56
Trade and other receivables 82
Inventories 39
Other current assets 70
Cash and cash equivalents 138
Total assets acquired 1,248
Other liabilities and provisions 151
Deferred tax liabilities 52
Current liabilities 76
Total liabilities assumed 279
The respective acquisitions led to non-controlling interests of
€ million. Goodwill comprises intangible assets that are not
separable such as employee know how and expected synergy
effects. Including purchase price accounting effects and inte-
gration costs, the acquired entities contributed revenues of
€ million and a net loss of € million to Siemens for the peri-
od from the respective acquisition date to September , . If
these acquired business had been included as of October ,
, the impact on consolidated revenues and consolidated net
income for the twelve months ended September ,  would
have been € million and €() million respectively.
ab) Acquisitions in fiscal 
In January , Siemens made a binding offer to purchase ad-
ditional shares in order to increase its stake in its publicly list-
ed Indian subsidiary Siemens Ltd. from about % to a maxi-
mum of %. The Company offered the shareholders of
Siemens Ltd. to purchase their shares for a price of INR 
million per share (written put). The offer period began on
March ,  and ended on April , . The offer was ac-
cepted in full until that date and the transaction was complet-
ed at the end of April . At the date of public announce-
ment, the purchase was accounted for as acquisition of non-
controlling interests qualifying as a transaction between
shareholders, as present ownership was transferred. As a re-
sult, line items Retained earnings and Non-controlling inter-
ests decreased by € million and € million, respectively.
Transaction costs, net of tax, were deducted from equity. Line
item Other comprehensive income was proportionally reallo-
cated between line items Non-controlling interests and Total
equity attributable to shareholders of Siemens AG.
In fiscal , Siemens additionally acquired various entities,
which were not material, either individually or in aggregate.
)
   
ba) Dispositions not qualifying for discontinued
operations: closed transactions
Dispositions in fiscal 2012
In fiscal , Siemens completed the disposition of various
entities which are not significant either individually or in ag-
gregate.
Dispositions in fiscal 2011
In January , Siemens had announced that it will terminate
the Shareholders Agreement of the joint venture Areva NP
S.A.S. and sell its % interest in Areva NP S.A.S. to the majority
shareholder Areva S.A. (Areva) by exercising the put option.
Following this, Areva NP S.A.S. had been presented as asset
held for disposal since the second quarter of fiscal  with a
carrying amount of € million. In March , an indepen-
dent 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. Following this, the shares, previ-
ously accounted for as an available-for-sale financial asset held
for disposal at the Energy Sector, were transferred to Areva and
derecognized at Siemens. In May , an arbitral tribunal of
the International Chamber of Commerce ruled on the modali-
ties of Siemens’ exit from the joint venture Areva NP S.A.S. The
two transactions in connection with the sale of Areva NP S.A.S
resulted in a gain of € million in fiscal  which was rec-
ognized in Income (expense) from available-for-sale financial
assets, net and which can be split up in a €, million dispos-
al gain in the second quarter of fiscal  related to the termi-
nation of the Areva NP S.A.S. joint venture and a loss of €
million incurred in the third quarter on the arbitrational ruling
related to Siemens’ exit from the joint venture Areva NP S.A.S.
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 Investments, was in-
cluded in line item Income (loss) from investments accounted
for using the equity method, net and amounts to € million.