Siemens 2012 Annual Report Download - page 247

135 D. Consolidated Financial Statements 239 E. Additional Information
140 D. Consolidated Statements of Changes in Equity
142 D. Notes to Consolidated Financial Statements
232 D. Supervisory Board and Managing Board
136 D. Consolidated Statements of Income
137 D. Consolidated Statements of Comprehensive Income
138 D. Consolidated Statements of Financial Position
139 D. Consolidated Statements of Cash Flow

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 Pacific
Technology Ltd. The transaction closed at the beginning of
January . Total losses on disposal of EA amounted to €
million, including a loss amounting to € million in fiscal .
In fiscal , Siemens completed the disposition of further enti-
ties, which were not material, either individually or in aggregate.
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 € million and €-, respectively, that do not qualify as dis-
continued operations. Included as of September ,  is
mainly the carrying amount of the % interest in OAO Power
Machines, held by the Energy Sector which was sold in the
first quarter of fiscal .
bc) Discontinued operations
General
Siemens reports in this section about discontinued operations
separately. The disclosures in the Notes to the Consolidated Fi-
nancial 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 present-
ed relate to solar business, OSRAM, Siemens IT Solutions and
Services, and the former operating segments Communications
(Com) and Siemens VDO Automotive (SV).
Net income from discontinued operations attributable to
shareholders of Siemens AG for fiscal  and  amount to
€() million and €(,) million.
Solar business – discontinued operations, assets
and liabilities held for disposal
In the fourth quarter of fiscal , Siemens decided to sell its
solar business consisting of the Business Units Solar Thermal
Energy and Photovoltaics. The conditions for the respective
business units to be classified as held for disposal and discon-
tinued operations were fulfilled for each business unit as of
the end of fiscal . The respective business units are aggre-
gated for presentation purposes.
Accordingly, the results of the solar business are disclosed as
discontinued operations in the Company ’s Consolidated State-
ments of Income for all periods presented.
Year ended September ,
(in millions of €)  
Revenue 199 240
Expenses (351) (606)
Loss on the measurement to fair value less
costs to sell or on the disposal of the disposal
group constituting the discontinued operations (106) –
Pretax loss from discontinued operations (259) (366)
Income taxes on ordinary activities 17 1
Income taxes on the loss on the measurement
to fair value less costs to sell or on the
disposal of the disposal group constituting
the discontinued operations ––
Loss from discontinued operations,
net of income taxes (241) (365)
Upon classification as held for disposal and discontinued oper-
ations in the fourth quarter of fiscal  the solar business
was measured at the lower of their previous carrying amount
and fair value less costs to sell. The associated loss recognized
includes the impairment of the entire remaining goodwill of
the solar business amounting to € million and the impair-
ments related to non-current assets in the measurement scope
of the disposal group amounting to € million.
In fiscal , expenses include impairments of € million
which were recognized in connection with the solar business.
Those impairments included a goodwill impairment and an
impairment of the equity investment Archimede Solar Energy
S.r.l., Italy (Archimede).
As of the third quarter of fiscal , a separate monitoring of
the Solar Thermal Energy (STE) business within the Renew-
able Energy Division was initiated, amongst others, due to the
different business and market patterns in comparison to the
wind power business. Accordingly, the annual impairment test
for goodwill as of September ,  was performed at a lower
level than the Renewable Energy Division.
The annual test for impairment of goodwill of fiscal  of the
solar and hydro business within the Energy Sector was per-
formed as of September , . As a result, in the solar and
hydro business of the Energy Sector, an impairment loss of
€ million was recognized. The goodwill impaired is mainly
attributable to the acquisition of Siemens Concentrated Solar
Power Ltd. (former Solel Solar Systems Ltd.).