Siemens 2014 Annual Report Download - page 265

247 D. Consolidated Financial Statements 337 E. Additional Information
248 D. Consolidated Statements of Income
249 D. Consolidated Statements of Comprehensive Income
250 D. Consolidated Statements of Financial Position
251 D. Consolidated Statements of Cash Flows
252 D. Consolidated Statements of Changes in Equity
254 D. Notes to Consolidated Financial Statements
330 D. Supervisory Board and Managing Board

At the beginning of May , Siemens acquired all of the
shares of several entities constituting the rail automation busi-
ness of Invensys plc, U.K. (Invensys), which were integrated
in the Infrastructure & Cities Sector’s Mobility and Logistics
Division. With the acquisition, Siemens expanded and comple-
mented the Infrastructure & Cities Sector’s rail automation busi-
ness. The purchase price allocation was finalized in the third
quarter of fiscal  following the final agreement on the pur-
chase price and the completion of post-closing project reviews.
Adjustments mainly relate to Intangible assets, Inventories,
Liabilities and Deferred income tax liabilities. The final consid-
eration amounts to € , million (including €  million cash
acquired) of which €  million were paid to the Invensys
Pension Trust. The following figures reflect the amounts re c-
ognized as of the acquisition date for each major class of assets
acquired and liabilities assumed: Intangible assets €  million,
Inventories €  million, Receivables €  million, Deferred in-
come tax assets €  million, Liabilities €  million and Deferred
income tax liabilities €  million. Intangible assets mainly relate
to customer relationships of €  million with a useful life of
 years and technology of €  million with a useful life of
 years. Goodwill of € , million comprises intangible assets
that are not separable such as employee know-how and expected
synergy effects. Including earnings effects from purchase price
allocation and integration costs, the acquired business contrib-
uted revenues of €  million and a net loss of €  million to
Siemens for the period from acquisition to September , . If
the acquired business had been included as of October , ,
the impact on consolidated revenues and consolidated net in-
come for the twelve months ended September ,  would
have been €  million and €() million, respectively.
At the beginning of January , Siemens acquired all of the
shares in LMS International NV, Belgium, a leading provider of
mechatronic simulation solutions, which was integrated in the
Industry Sector’s Industry Automation Division. The purchase
price allocation was finalized in the second quarter of fiscal
. No significant adjustments were made to the preliminary
purchase price allocation as of September , . The final
consideration amounts to €  million (including €  million
cash acquired); €  million were allocated to Goodwill which
comprises intangible assets that are not separable such as
employee know-how and expected synergy effects.
B) DISPOSITIONS AND DISCONTINUED OPERATIONS
Assets and liabilities held for disposal
As of September ,  and , the carrying amounts of
the major classes of assets and liabilities held for disposal were
as follows:
September ,
(in millions of €)  
Trade and other receivables 606 310
Inventories 479 340
Goodwill 846 187
Other intangible assets 246 111
Property, plant and equipment 311 317
Investments previously accounted for using the equity method 1,156 –
Other financial assets 132 72
Other assets 158 56
Assets classified as held for disposal 3,935 1,393
Trade payables 381 153
Current provisions 126 60
Other current liabilities 856 183
Post employment benefits 110 18
Other non-current liabilities 123 59
Liabilities associated with assets classified as held for disposal 1,597 473