Siemens 2014 Annual Report Download - page 202

108 A. To our Shareholders 131 B. Corporate Governance 171 C. Combined Management Report
172 C. Business and economic environment
187 C. Financial performance system
193 C. Results of operations
205 C. Financial position
210 C. Net assets position

While Income from discontinued operations in the current
period benefited from a positive € million tax effect related
to former Communications activities, the prior year included
Income from discontinued operations of € million related to
OSRAM, which was spun off in the fourth quarter of fiscal .
As a result of the changes in Income from continuing opera-
tions and Income from discontinued operations, Net income
and Net income attributable to shareholders were % higher
than a year earlier.
Corresponding basic EPS rose % to €. compared to €.
in the prior year, primarily reflecting higher Net income attri-
butable to shareholders of Siemens AG.
In fiscal , ROCE from continuing operations was .%,
thus clearly returning to our target range of  to %. In fiscal
, ROCE from continuing operations was .%. The increase
was due primarily to the substantial increase in Income from
continuing operations and a slightly lower average capital
employed. For more detail on the calculation of ROCE, see
C... RETURN ON CAPITAL EMPLOYED (ROCE).
C.. Reconciliation to adjusted EBITDA
The following table gives additional information on topics
included in Profit and Income before income taxes and pro-
vides a reconciliation to adjusted EBITDA based on continuing
operations.
For the fiscal years ended September 30, 2014 and 2013
Profit Income (loss) from
investments accounted
for using the
equity method, net
(in millions of €)    
Sectors
Energy Sector 1,569 1,955 129 (39)
therein: Power Generation 2,186 2,126 32 32
Wind Power (15) 306 52 (8)
Power Transmission (636) (156) 29 20
Healthcare Sector 2,027 2,033 68
therein: Diagnostics 417 350 ––
Industry Sector 2,252 1,563 2(4)
therein: Industry Automation 1,401 1,038 ––
Drive Technologies 843 527 2(5)
Infrastructure & Cities Sector 1,487 291 28 26
therein: Transportation & Logistics 440 (448) 16 18
Power Grid Solutions & Products 566 403 10 8
Building Technologies 501 351 2–
Total Sectors 7,335 5,842 165 (10)
Equity Investments 328 411 297 372
Financial Services (SFS) 465 409 66 85
Reconciliation to Consolidated Financial Statements
Centrally managed portfolio activities 44 (113) 55 69
Siemens Real Estate (SRE) 241 168 ––
Corporate items and pensions (938) (836) (2) –
Eliminations, Corporate Treasury and other reconciling items (48) (70) 1(6)
Siemens 7,427 5,813 582 510
Beginning with fiscal , we calculate EBITDA without the
elimination of income (loss) from investments accounted for
using the equity method, net.