Siemens 2012 Annual Report Download - page 254

1 A. To our Shareholders 49 C. Combined Management Report 21 B. Corporate Governance

Deferred tax assets have not been recognized with respect of
the following items (gross amounts):
September ,
(in millions of €)  
Deductible temporary differences 165 152
Tax loss carryforward 662 551
827 703
As of September ,  and , € million and € mil-
lion, respectively of the unrecognized tax loss carryforwards
expire over the periods to .
The Company has ongoing regular tax audits concerning open
income tax years in a number of jurisdictions. Adequate provi-
sions for all open tax years have been foreseen. Among others,
the German Tax Audit scrutinizes the treatment of the buy-
back of the convertible bond issued  in the context of the
tax audit for the fiscal years  to . Although a respec-
tive tax assessment might be issued, the risk from a potential
litigation remains remote in the Company’s assessment.
The Company recorded deferred tax liabilities for income taxes
and foreign withholding taxes on future dividend distributions
from subsidiaries which are actually intended to be repatriat-
ed. Apart from this liability, the company has not recognized
deferred tax liabilities for income taxes or foreign withholding
taxes on the cumulative earnings of subsidiaries of €,
million and €, million, respectively in fiscal  and
 because the earnings are intended to be permanently re-
invested in the subsidiaries.
Including the items charged or credited directly to equity and
the expense (benefit) from continuing and discontinued oper-
ations, the income tax expense (benefit) consists of the fol-
lowing:
Year ended September ,
(in millions of €)  
Continuing operations 2,094 2,232
Discontinued operations 59 (37)
Income and expense recognized
directly in equity (1,275) 89
878 2,283
  Available-for-sale financial assets
The following tables summarize the current portion of the
Company ’s investment in available-for-sale financial assets:
September , 
Cost Fair value
Unrealized
gain
Unrealized
loss
(in millions of €)
Equity instruments 6 8 2 –
Debt instruments 304 308 5 –
Fund shares 196 208 13 (1)
506 524 19 (1)
September , 
Cost Fair value
Unrealized
gain
Unrealized
loss
(in millions of €)
Equity instruments 5 8 3 –
Debt instruments 272 268 – (4)
Fund shares 208 201 3 (10)
485 477 6 (14)
Non-current available-for-sale financial assets, which are in-
cluded in line item Other financial assets are measured at fair
value, if reliably measurable. They primarily consist of equity
instruments, mainly comprising shares in AtoS. As of Septem-
ber ,  and  non-current available-for-sale financial
assets measured at cost amount to € million and € mil-
lion, respectively; available-for-sale financial assets measured
at fair values amount to € million and € million, respec-
tively. Unrealized gains (losses) in fiscal  and  result-
ing from non-current available-for-sale financial assets at fair
value were € million and €() million, respectively.
Regarding gross realized gains (losses) on sales of available-
for-sale financial assets see    , 
     (), .
  Trade and other receivables
September ,
(in millions of €)  
Trade receivables from the
sale of goods and services 13,310 13,088
Receivables from finance leases 1,910 1,759
15,220 14,847