Siemens 2012 Annual Report Download - page 304

1 A. To our Shareholders 49 C. Combined Management Report 21 B. Corporate Governance

include certain shareholder loans granted to investments
reported in Equity Investments. In contrast, Assets of SFS is
Total assets.
 :
New orders are determined principally as estimated revenue of
accepted purchase orders and order value changes and adjust-
ments, excluding letters of intent. New orders are supplemen-
tary information, provided on a voluntary basis. It is not part of
the audited Consolidated Financial Statements.
   :
Segment information discloses Free cash flow and Additions to
property, plant and equipment and intangible assets. Free cash
flow of the Sectors and Equity Investments constitutes net
cash provided by (used in) operating activities less additions to
intangible assets and property, plant and equipment. It ex-
cludes Financing interest, except for cases where interest on
qualifying assets is capitalized or classified as contract costs
and it also excludes income tax related and certain other pay-
ments and proceeds, in accordance with the Company ’s Profit
and Asset measurement definition. Free cash flow of Equity In-
vestments includes interest from shareholder loans granted to
investments reported in Equity Investments, primarily NSN.
Pension curtailments are a partial payback with regard to past
service cost that affect segment Free cash flow. Free cash flow
of SFS, a financial services business, includes related financing
interest payments and proceeds; income tax payments and
proceeds of SFS are excluded.
, 
 :
Amortization, depreciation and impairments presented in
Segment information includes depreciation and impairments
of property, plant and equipment, net of reversals of impair-
ments as well as amortization and impairments of intangible
assets, net of reversals of impairment. Goodwill impairment is
excluded.
 –  
   
Centrally managed portfolio activities follow the measurement
principles of the Sectors. SRE applies the measurement princi-
ples of SFS; since fiscal , Total assets of SRE nets certain
intercompany finance receivables with certain intercompany
finance liabilities.
  ’
  
The following table reconciles total Assets of the Sectors, Equity
Investments and SFS to Total assets of Siemens’ Consolidated
Statements of Financial Position:
September ,
(in millions of €)  
Assets of Sectors 23,803 20,933
Assets of Equity Investments 2,715 3,382
Assets of SFS 17,405 14,602
Total Segment Assets 43,923 38,917
Reconciliation:
Assets Centrally managed portfolio activities (448) (397)
Assets SRE 5,018 4,974
Assets of Corporate items and pensions (11,840) (9,806)
Eliminations, Corporate Treasury and other
reconciling items of Segment information:
Asset-based adjustments:
Intragroup financing receivables
and investments 22,046 24,023
Tax-related assets 4,482 3,901
Liability-based adjustments:
Pension plans and similar commitments 9,926 7,307
Liabilities 42,100 42,585
Eliminations, Corporate Treasury,
other items  (6,926) (7,261)
Total Eliminations, Corporate Treasury
and other reconciling items of Segment
information 71,628 70,555
Total assets in Siemens’ Consolidated
Statements of Financial Position 108,282 104,243
1 Includes assets and liabilities reclassified in connection with discontinued operations.
In fiscal years  and , Corporate items and pensions in
the column Profit includes €() million and €() million re-
lated to Corporate items, as well as €() million and € mil-
lion related to Pensions, respectively. Legal and regulatory
matters contributed positive effects to Corporate items in fiscal
 and negative effects in fiscal . Remaining costs in
connection with Siemens IT Solutions and Services charged to
Corporate items in fiscal  and  amount to € million
and € million, respectively. In fiscal , a special remuner-
ation, which was granted and charged to Corporate items in
fiscal  was primarily allocated to the Sectors resulting in a
positive impact of € million at Corporate items; fiscal 
charges were made to Energy of € million, to Healthcare of
€ million, to Industry of € million and to Infrastruc-
ture & Cities of € million.