Siemens 2014 Annual Report Download - page 199

247 D. Consolidated Financial Statements
337 E. Additional Information
213 C. Overall assessment of the economic position
214 C. Subsequent events
215 C. Sustainability and citizenship
225 C. Report on expected developments and
associated material opportunities and risks
242 C. Compensation Report and legal disclosures
242 C. Siemens AG (Discussion on basis
of German Commercial Code)

In fiscal , Infrastructure & Cities executed its projects
solidly, improved its productivity, and again won a number of
very large infrastructure orders. Profit for the Sector rose to
€ . billion and all its Businesses contributed to the increase
year-over-year. For comparison, profit of €  million in the
prior year was impacted by €  million in “Siemens ”
charges as well as project charges including charges of
€  million related to high-speed trains. Transportation &
Logistics, which posted a loss in the prior fiscal year due to the
project charges just mentioned and a majority share of the Sec-
tor’s “Siemens ” charges, delivered a profit of €  million
in fiscal  and made the strongest contribution to the
Sector’s profit improvement year-over-year. Power Grid Solu-
tions & Products and Building Technologies improved their prof-
its sharply year-over-year, to €  million and €  million, re-
spectively. While both Businesses posted lower revenue, they
improved productivity and generated a more favorable revenue
mix year-over-year.
Sector revenue in fiscal  rose  % compared to the prior
fiscal year, due to a double-digit increase at Transportation &
Logistics. This business continued to execute large rolling stock
projects won in prior periods, and also recorded four quarters of
revenue from the acquisition of Invensys Rail which closed
during the third quarter of the prior year. Large orders in the
current period included a contract worth € . billion for two
driverless subway lines in Saudi Arabia. A year earlier, large
orders included among others a contract worth € . billion for
trains and maintenance in the U.K., and as a result fiscal 
orders for the Sector came in  % lower year-over-year. On a geo-
graphic basis, the Sector reported double- digit revenue in-
creases in Asia, Australia and Europe, C.I.S, Africa, Middle East,
only partly offset by a decline in the Americas. For orders,
double- digit increases in the Americas and Asia, Australia
were more than offset by a double-digit decline in Europe,
C.I.S., Africa, Middle East. On a book-to-bill ratio of ., Infra-
structure & Cities’ order backlog rose to €  billion at the end of
fiscal . Out of the order backlog as of September , ,
orders of €  billion are expected to be converted into revenue
in fiscal  and the remainder in the periods thereafter.
Orders by Business
Year ended September , % Change therein
(in millions of €)   Actual Comparable  Currency Portfolio
Transportation & Logistics 9,184 10,040 (9)% (13)% (1)% 5%
Power Grid Solutions & Products 6,481 6,392 1% 6% (5)% 0%
Building Technologies 5,587 5,769 (3)% (1)% (2)% 0%
1 Excluding currency translation and portfolio effects.
Revenue by Business
Year ended September , % Change therein
(in millions of €)   Actual Comparable  Currency Portfolio
Transportation & Logistics 7,615 6,318 21% 14% (2)% 8%
Power Grid Solutions & Products 6,005 6,102 (2)% 3% (4)% 0%
Building Technologies 5,569 5,754 (3)% (1)% (2)% 0%
1 Excluding currency translation and portfolio effects.
Profit and Profit margin by Business
Profit Profit margin
Year ended September , Year ended September ,
(in millions of €)   % Change  
Transportation & Logistics 440 (448) n / a 5.8% (7.1)%
Power Grid Solutions & Products 566 403 41% 9.4% 6.6%
Building Technologies 501 351 43% 9.0% 6.1%