Siemens 2013 Annual Report Download - page 165

253 D. Consolidated Financial Statements
357 E. Additional Information
245 C. Compensation Report, Corporate Governance
statement pursuant to Section a of the
German Commercial Code, Takeover-relevant
information and explanatory report
246 C. Siemens AG ( Discussion on basis of
German Commercial Code)
250 C. Notes and forward-looking statements

within Equity Investments are our stake of % in BSH Bosch
und Siemens Hausgeräte GmbH (BSH), our stake of % in
OSRAM Licht AG (OSRAM) as well as our % stake in Enter-
prise Networks Holdings B.V. (EN). In the fourth quarter of fis-
cal , Siemens closed the sale of its % stake in Nokia
Siemens Networks Holding B.V. (NSN) to the other shareholder
Nokia Corporation. OSRAM was formerly wholly owned by
Siemens. Effective July , , Siemens spun off OSRAM. The
spin-off was made on the basis of the Spin-Off and Transfer
Agreement dated November , , authorized by the Annual
Shareholders’ Meeting of Siemens AG on January , .
With the spin-off, Siemens shareholders received one OSRAM
share per ten Siemens AG shares. A total of .% of the
OSRAM shares became widely held shares. Following the
spin-off, a further .% of the shares were transferred to the
Siemens Pension Trust e.V. On July ,  OSRAM started
trading on the stock exchange. Due to a change in manage-
ment responsibility related to Siemens’ shares in AtoS, the
shares, which were held by the Infrastructure & Cities Sector
until the end of fiscal , are included within Equity Invest-
ments effective with the beginning of fiscal .
Financial Services
Financial Services (SFS) provides a variety of financial ser-
vices and products to other Siemens units and their customers
and to third parties. SFS has three strategic pillars: supporting
Siemens units with finance solutions for their customers,
managing financial risks of Siemens and offering third-party
finance services and products. Financial Services intends to
grow its business in a profitable, controlled manner.
SFS’ business can be divided into capital business and fee
business. While capital business predominantly relates to
financial assets on SFS’ statements of financial position
generating income from customers of Siemens’ Sectors and
other third parties, fee business mainly comprises internal
services provided to Siemens. SFS conducts its business
through seven Business Units, one Business Segment (Ven-
ture Capital) and two functions: Corporate Pensions and
Trade Finance Advisory.
The Commercial Finance Business Unit offers a comprehen-
sive range of solutions for equipment financing, leasing, rental
and related financing for equipment supplied by Siemens or
third-party providers.
The Project & Structured Finance Energy; Project, Structured &
Leverage Finance Healthcare and Project & Structured Fi-
nance Infrastructure and Cities & Industry Business Units
offer a broad range of project & structured financing solutions.
Their offerings comprise debt financing, equity parti cipations
and financial advisory services. In addition, the Project, Struc-
tured & Leveraged Finance Healthcare Business Unit offers
leveraged solutions across all Siemens businesses.
These four Business Units each have a global mandate. The fo-
cus of their activities is directly or indirectly related to Siemens
Sectors’ businesses, predominantly in the energy, healthcare,
industry and infrastructure markets. Their customers comprise
Siemens Sector customers as well as third-party vendors. The
Business Units serve customers of all sizes including small-
and medium-sized enterprises, corporations and public sector
organizations.
The Venture Capital Business Segment’s main task, together
with Siemens’ Sectors, is to identify and finance young compa-
nies worldwide during their start-up phase, thereby helping
Siemens’ Sectors to access new technological solutions and
tap new markets.
The Treasury Business Unit operates the global Corporate
Treasury of the Siemens Group, with SFS employees thereby
managing liquidity, cash and financial risks (interest, foreign
exchange, commodities) on behalf of Corporate Treasury.
The Financing & Investment Management Business Unit man-
ages
fee-based receivables and offers investment management
services. SFS operates the Credit Warehouse, i.e., it is engaged
in the process of monitoring and warehousing short-term
trade receivables originated by the operating units and par-
tially transferred to Corporate Treasury. The investment man-
agement services focus on pension asset management for
Siemens as well as selected external clients.
The Insurance Business Unit acts primarily as an insurance
broker for Siemens and external customers. The Business Unit
supports Siemens and non-affiliated companies in all insur-
ance-related matters such as claims management as well as
risk transfer to insurance and financial markets, including
structured solutions using own re-insurance capacities. It also
acts as broker of selected Siemens-financed insurance policies
for employees.
SFS’ products and services are provided through a network of
companies, located throughout Europe (including Russia),
Asia Pacific (including China and India) and North America,
comprising non-regulated, partially or fully regulated entities,
such as Siemens Bank GmbH. Siemens Bank GmbH’s banking
license, which was granted by the German Federal Financial
Supervisory Authority (Bundesanstalt für Finanzdienstleistungs-