Siemens 2013 Annual Report Download - page 182

92 A. To our Shareholders
117 B. Corporate Governance 155 C. Combined Management Report
156 C. Business and economic environment
173 C. Financial performance system
179 C. Results of operations
192 C. Financial position
204 C. Net assets position
207 C. Overall assessment of the economic position
209 C. Subsequent events
210 C. Sustainability
227 C. Report on expected developments and
associated material opportunities and risks

Income from continuing operations before income taxes bene-
fited from a sharply lower loss related to our stake in Nokia
Siemens Networks Holding B.V. (NSN), which narrowed to
€ million from € million a year earlier. In addition, results
related to NSN in fiscal  benefited from a positive effect of
€ million stemming from a partial reversal of a fiscal 
impairment of our stake in NSN, and a gain of € million from
the sale of the NSN stake in the fourth quarter of fiscal .
These changes year-over-year are included in Income (loss)
from investments accounted for using the equity method.
Including the developments described above, Income from
continuing operations before income taxes declined % year-
over-year. Due to a lower tax base and a lower effective tax rate
compared to fiscal , the decline in Income from continu-
ing operations year-over-year came in at %.
Income from discontinued operations, net of income taxes
in fiscal  was € million, compared to a loss of € mil-
lion in fiscal , and was comprised of the following:
Year ended September , % Change
(in millions of €)  
OSRAM 277 (135) n/a
Siemens IT Solutions
and Services 71 40 78%
Other (151) (265) 43%
This substantial positive swing was due mainly to OSRAM, for
which the prior-year amount included a negative catch-up ef-
fect of € million (pretax), arising when we deemed it no
longer highly probable to complete our original plan to dispose
of OSRAM via an initial public offering. We subsequently com-
pleted the spin-off and listing of OSRAM in the fourth quarter
of fiscal .
In addition, the item Other in fiscal  included a burden
of € million (pretax) from a settlement related to Greece.
For additional information on discontinued operations, see
NOTE  in D.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
As a result of the positive swing in income from discontinued
operations, Net income for Siemens was % higher than in
the same period a year earlier. Net income attributable to
shareholders of Siemens AG increased to €. billion, from
€. billion in fiscal .
Basic earnings per share were €. in fiscal , up from
€. in fiscal , reflecting higher Net income attributable
to shareholders of Siemens AG, and a lower number of weight-
ed average shares outstanding due to share buybacks in fiscal
. For additional information, see NOTE  in D. NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS.