Siemens 2014 Annual Report Download - page 266

108 A. To our Shareholders 131 B. Corporate Governance 171 C. Combined Management Report
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ba) Dispositions not qualifying for
discontinued operations
BSH Bosch und Siemens Hausgeräte GmbH (BSH)
In September , Robert Bosch GmbH and Siemens agreed
that Robert Bosch GmbH will acquire Siemens’  % stake in
the joint venture BSH. The transaction volume amounts to
€ . billion. The agreement includes the permission to pro-
duce and market household appliances under the Siemens
brand over the long term as well as a distribution of €  mil-
lion from BSH prior to the completion of the transaction. The
transaction is subject to approval by the regulatory authorities.
Closing is expected in the first half of calendar year .
Siemens’ stake in BSH is presented as held for disposal since
the fourth quarter of fiscal . No impairment was identified
either upon reclassification or at year end.
Microbiology business
In July , Siemens signed an agreement to sell its Micro-
biology business of the Healthcare Sector to Beckman Coulter
Inc., a subsidiary of Danaher Corporation. The activities of the
Microbiology business include systems for the identification
and antibiotic susceptibility testing of micro organisms. The
regulatory authorities approved the trans action. Closing is ex-
pected in the first half of fiscal . The microbiology business
(the disposal group) is presented as held for disposal since the
third quarter of fiscal . No impairment was identified
either upon reclassification or at year end.
bb) Dispositions not qualifying for discontinued
operations: closed transactions
TurboCare business
In May , the TurboCare Business Unit of the Energy Sec-
tor – which was previously presented as held for disposal – was
contributed into a joint venture with John Wood Group plc.
The joint venture is a service provider of rotating equipment
services to the industry, with a focus on power and oil & gas
markets. Siemens’ interest in the new company is accounted
for using the equity method.
bc) Discontinued operations
Customer Solutions Health Services
In August , Siemens announced its plans to sell its hospital
information system business (Customer Solutions Health Ser-
vices Business Unit), formerly included in the Healthcare Sec -
tor, to the US-based company Cerner Corp. for a consideration
of US$ . billion (€  billion as of September , ) in cash.
The regulatory authorities approved the transaction. Closing
is expected in the second quarter of fiscal . The hospital
information system business (the disposal group) is presented
as held for disposal and discontinued operations since the
fourth quarter of fiscal . No impairment was identified
either upon reclassification or at year end.
Metals Technologies
In May , Siemens signed an agreement to contribute
nearly all of its metallurgical solutions business (Business
Unit Metals Technologies), formerly included in the Industry
Sector, into a joint venture with Mitsubishi-Hitachi Metals
Machinery Inc., a company majority owned by Mitsubishi
Heavy Industries, Ltd. As a result of this transaction, Siemens
will lose control over its metallurgical solutions business
upon closing. Siemens will hold an equity interest of  %
in the new company which will be accounted for using the
equity method. The transaction is subject to approval by
the regulatory authorities. Closing is expected in the second
quarter of fiscal . The respective metallurgical solutions
business (the disposal group) is presented as held for disposal
and discontinued operations since the third quarter of fiscal
. No impairment was identified either upon reclassifica-
tion or at year end.
bd) Discontinued operations: closed transactions
The results presented in Income (loss) from discontinued oper-
ations in the Company’s Consolidated Statements of Income
also include the results of businesses that have been disposed
of prior to the end of fiscal .
Water Technologies
The Water Technologies Business Unit, formerly included in the
Industry Sector, is presented as held for disposal and discontin-
ued operations since the fourth quarter of fiscal . In Octo-
ber , Siemens signed an agreement to sell the disposal
group to funds managed by American European Associates
Investors LP, U.S. On January , , Siemens closed the
transaction for a preliminary cash consideration of €  mil-
lion. Assets and liabilities held for disposal of €  million and
of €  million, respectively, were derecognized upon closing.
The major classes of assets held for disposal were Property,
plant and equipment of €  million, Goodwill of €  million,
Inventories of €  million, Trade and other receivables of
€  million, and Cash and cash equivalents of €  million.
OSRAM, Siemens IT Solutions and Services,
Siemens VDO Automotive and Communications
Net results from discontinued operations of OSRAM, Siemens
IT Solutions and Services, Siemens VDO Automotive and the
former operating segment Communications presented in the
Consolidated Statements of Income in fiscal  and 
amounted to €  million (thereof €  million income tax) and
€  million (thereof €() million income tax), respectively.
Net results from discontinued operations in fiscal  include
€  million relating to OSRAM, thereof the pretax spin-off gain
of €  million. Income tax in fiscal  and  includes
€  million and €() million, respectively, related to former
Communications activities.