Siemens 2012 Annual Report Download - page 249

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

Year ended September ,
(in millions of €)  
Revenue 5,400 5,032
Expenses (5,454) (4,521)
Costs to sell (carve-out costs) (33) (25)
Pretax gain (loss) from discontinued
operations (87) 486
Income taxes on ordinary activities (8) (185)
Income taxes on costs to sell (carve-out costs) (26) 8
Gain (loss) from discontinued operations,
net of income taxes (121) 309
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 827 858
Inventories 1,044 1,118
Goodwill 277 238
Other intangible assets 161 174
Property, plant and equipment 1,416 1,645
Deferred tax assets 377 269
Financial assets 138 174
Other assets 212 176
Assets classified as held for disposal 4,452 4,652
Trade payables 609 586
Current provisions 92 84
Other current liabilities 380 381
Pension plans and similar commitments 490 410
Other liabilities 307 279
Liabilities associated with
assets classified as held for disposal 1,877 1,740
Revenue resulting from transactions between OSRAM and
joint ventures and associates of Siemens in fiscal  and
 amounted to € million and € million, respectively.
Expenses resulting from transactions between OSRAM and
joint ventures and associates of Siemens in fiscal  and
 amounted to € million and € million, respectively. As
of September , , receivables from and liabilities to joint
ventures and associates are € million and € million, respec-
tively.
Acquisition in fiscal 
At the beginning of July , Siemens acquired a controlling
interest of % in Siteco Lighting GmbH (Siteco) in a share
deal transaction. Siteco is a leading European lighting compa-
ny that supplies luminaires and lighting systems for urban in-
frastructures such as public and commercial buildings,
streets, tunnels, airports and sports stadiums. The rationale
for the acquisition was to enhance Siemens’ activities in the
lighting market benefitting from strong relationships with
key decision makers of wholesalers and architects. The aggre-
gate consideration amounts to € million (including € mil-
lion cash acquired), which consists of € million paid in
cash and € million recorded within Other liabilities. In the
course of the acquisition, Siemens AG assumed an external
bank liability of Siteco of € million. Siteco has been inte-
grated into OSRAM, which is presented in discontinued oper-
ations. The following figures represent the final purchase
price allocation and show the amounts recognized as of the
acquisition date for each major class of assets acquired and
liabilities assumed: Intangible assets € million, Property,
plant and equipment € million, Inventories € million, Re-
ceivables € million, Deferred income taxes €() million
and Pension provisions €() million. Intangible assets mainly
relate to customer relationships of € million with useful
lives from two to ten years, technology of € million with
useful lives of three to  years and to the Siteco corporate
brand of € million, which was considered to be of indefinite
useful life. Goodwill of € million comprises intangible as-
sets that are not separable such as employee know-how and
expected synergy effects.
Siemens IT Solutions and Services –
discontinued operations
In December , Siemens and Atos S.A. (AtoS) signed an op-
tion agreement (written call option) which granted AtoS the
right to acquire Siemens IT Solutions and Services. In February
, AtoS exercised this option. Closing of the transaction
took place on July ,  following clearance of the transac-
tion by the relevant antitrust authorities and the approval
from AtoS’ shareholders on July , . Related to the transac-
tion is a seven-year outsourcing contract worth around €.
billion, under which AtoS will provide managed services and
system integration to Siemens.
Upon closing Siemens received consideration from AtoS that
included a cash payment of € million, as well as . million
newly issued shares in AtoS with a five-year lock-up commit-
ment and a five-year convertible bond of € million (nomi-
nal value). At the same time, Siemens recognized a liability for
purchase price adjustments relating to the net debt and net