Siemens 2014 Annual Report Download - page 271

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

Deferred tax assets have not been recognized with respect of
the following items (gross amounts):
September ,
(in millions of €)  
Deductible temporary differences 155 150
Tax loss carryforward 760 941
915 1,091
As of September ,  and , €  million and €  mil-
lion, respectively the major part of the unrecognized tax loss
carryforwards expire over the periods to .
The Company has ongoing regular tax audits concerning open
income tax years in a number of jurisdictions. Adequate provi-
sions for all open tax years have been foreseen. The Company
has applied for several mutual agreement procedures to avoid
double taxation.
The Company recorded deferred tax liabilities for income taxes
and foreign withholding taxes on future dividend distributions
from subsidiaries which are actually intended to be repatriated.
Apart from this liability, the Company has not recognized de-
ferred tax liabilities for income taxes or foreign withholding
taxes on the cumulative earnings of subsidiaries of € , mil-
lion and € , million, respectively in fiscal  and 
because the earnings are intended to be permanently rein-
vested in the subsidiaries.
Including the items charged or credited directly to equity
and the expense (benefit) from continuing and discontinued
operations, the income tax expense (benefit) consists of the
following:
Year ended September ,
(in millions of €)  
Continuing operations 2,028 1,634
Discontinued operations (50) 154
Income and expenses recognized directly
in equity (346) 738
1,632 2,526
NOTE  Available-for-sale financial assets
The following tables summarize the current portion of the
Company’s investment in available-for-sale financial assets:
September , 
Cost Fair value Unrealized
gain
Unrealized
loss
(in millions of €)
Equity instruments 1 1 – –
Debt instruments 693 702 9 –
Fund shares 195 222 28 –
888 925 37 –
September , 
Cost Fair value Unrealized
gain
Unrealized
loss
(in millions of €)
Equity instruments 6 8 2 –
Debt instruments 378 382 3 –
Fund shares 195 211 16 –
580 601 21 (1)
Non-current available-for-sale financial assets, which are in-
cluded in line item Other financial assets are measured at fair
value, if reliably measurable. They primarily consist of equity
in stru ments, including shares in AtoS and in OSRAM. As of
September ,  and  non-current available-for-sale
financial assets measured at cost amount to €  million and
€  million, respectively; non-current available-for-sale finan-
cial assets measured at fair value amount to € , million and
€ , million, respectively. Unrealized gains (losses) in fiscal
 and  resulting from non-current available-for-sale
finan cial assets at fair value were €  million and €  mil-
lion, respectively.
NOTE  Trade and other receivables
September ,
(in millions of €)  
Trade receivables from the sale of goods
and services 12,537 12,932
Receivables from finance leases 1,988 1,921
14,526 14,853