Siemens 2015 Annual Report Download - page 38

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Combined Management Report

The decrease in Gross profit resulted primarily from the above
mentioned carve-out of Healthcare, which contributed € . bil-
lion to Gross Profit in fiscal . In fiscal , the strongest
contributions to Gross Profit came from Digital Factory, Power
and Gas as well as Process Industries and Drives. Fiscal 
included lower project charges compared to the prior year.
In fiscal , in particular, the Energy Management Division
took charges including € . billion related primarily to grid-
connections to offshore wind-farms and € . billion related to
onshore HVDC transmission line projects. In fiscal ,
Siemens handed over the four North Sea grid connection plat-
forms to the customer.
Research and development (R & D) expenses decreased due
primarily to the above mentioned carve-out of Healthcare. R & D
expenses as a percentage of revenue (R & D intensity) remained
at  %. On an average basis, we employed , people in R & D
in fiscal . For additional information see
A.1.1.3 RESEARCH
AND DEVELOPMENT.
The decrease in Other operating income (expenses), net re-
sulted from an increase of € . billion in other operating ex-
penses, only partly offset by an increase in other operating
income of € . billion. Within other operating expenses, nega-
tive effects included additions to post-closing provisions in
connection with the disposal of businesses.
The improvement in Financial income, net was primarily at-
tributable to higher income from investments, which increased
by € . billion. Other financial income (expenses), net was
€ . billion lower compared to the prior year.
The primary factors for the increase in income from investments
was a gain of € . billion on the disposal of Siemens’ stake in
BSH and higher income from profit transfers of € . billion, in
particular € . billion from Siemens Beteiligungen Inland GmbH
and € . billion from Siemens Healthcare GmbH.
The decrease in other financial income (expenses), net resulted
mainly from a higher realized loss related to interest and for-
eign currency derivatives of € . billion and from higher ex-
penses from compounding of pension provisions of € . bil-
lion. In addition, impairments of loan receivables of Unify
Holdings B. V. and Unify Germany Holdings B. V. amounting to
€ . billion were included. For comparison, fiscal  included
€ . billion reversals of impairments of shares in investments.
The decline in Income tax expenses was due mainly to higher
deferred tax assets resulting from provisions. This was partly
offset by prior-year tax effects.
A.9.2 Net assets and financial position
Statement of Financial Position of Siemens AG in accordance
with German Commercial Code (condensed)
Sep 30, % Change
(in millions of €) 2015 2014
Assets
Non-current assets
Intangible and tangible assets 2,439 2,419 1%
Financial assets 43,688 42,121 4%
46,127 44,540 4%
Current assets
Receivables and other assets 19,492 15,816 23%
Cash and cash equivalents,
securities 3,816 2,672 43%
23,308 18,488 26%
Prepaid expenses 83 111 (25)%
Deferred tax assets 2,333 2,222 5%
Active difference resulting
from offsetting 29 40 (28)%
Total assets 71,880 65,400 10%
Liabilities and equity
Equity 19,247 18,798 2%
Special reserve
with an equity portion 708 759 (7)%
Provisions
Pensions and similar
commitments 11,553 11,103 4%
Other provisions 7,511 7,369 2%
19,064 18,472 3%
Liabilities
Liabilities to banks 62 208 (70)%
Advance payments received 887 677 31%
Trade payables, liabilities
to affiliated companies
and other liabilities 31,545 26,190 20%
32,494 27,075 20%
Deferred income 367 296 24%
Total liabilities and equity 71,880 65,400 10%
The increase in Financial assets was due primarily to the addi-
tion of Siemens’  % stake in the Primetals Technologies Ltd.
joint venture amounting to € . billion – less a € . billion
impairment in fiscal  – and the addition of the newly
founded Siemens Healthcare GmbH amounting to € . billion.
The Siemens Medical Solutions Health Services GmbH
was transferred into this newly founded company with a
carrying amount of € . billion. In addition, a capital increase
of € . billion relating to Siemens Beteiligungsverwaltung
GmbH & Co. OHG was included. Loans and securities within
non-current assets increased by € . billion and € . billion,
respectively.