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Consolidated Financial Statements

Income (loss) from discontinued operations
Fiscal year
(in millions of €) 2015 2014
Revenue 922 3,643
Expenses (924) (3,491)
Income on the measurement to fair
value less costs to sell or on the disposal
of the disposal groups constituting
the discontinued operations 2,243 25
Pretax income from discontinued
operations 2,241 178
Income taxes on ordinary activities (14) 27
Income taxes on the income on the measure-
ment to fair value less costs to sell or on the
disposal of the disposal groups constituting
the discontinued operations (196) 9
Income from discontinued operations,
net of income taxes 2,031 215
Thereof attributable to the
shareholders of Siemens AG 2,031 215
The total consideration received for all above-described dispo-
sitions and discontinued operations amounts to € . billion
(thereof € billion in cash). The carrying amounts of the major
classes of assets and liabilities derecognized were as follows:
Trade and other receivables €  million, Inventories €  mil-
lion, Goodwill €  million, Other intangible assets €  mil-
lion, Property, Plant & Equipment €  million, Investments
accounted for using the equity method € . billion, Deferred
tax assets €  million, Miscellaneous assets €  million,
Trade payables €  million, Current provisions €  million,
Other current liabilities €  million, Miscellaneous liabilities
€  million.
NOTE 4 Interests in other entities
Investments accounted for using the equity method
Fiscal year
(in millions of €) 2015 2014
Share of profit (loss), net (87) 575
Gains (losses) on sales, net 1,477 6
Impairment and reversals of impairment (155) 1
Income (loss) from investments accounted
for using the equity method, net 1,235 582
In January , Siemens committed itself to provide additional
funding of €  million to Unify Holdings B. V. disclosed in Cen
-
trally managed portfolio activities. Part of the funding was paid
out to Unify in fiscal . As a consequence of the commit-
ment, Siemens recognized proportionate losses of €  million
in fiscal .
Item Impairment and Reversals of impairments includes an
impairment loss of €  million relating to Siemens’ invest-
ment in Primetals presented within Centrally Managed Port-
folio Activities. The adverse development of the market envi-
ronment triggered an impairment test of the investment. The
recoverable amount of €  million was determined based on
a discounted cash flow calculation (level  of the fair value
hierarchy). To determine the recoverable amount, cash flow
projections were used that take into account past experience
and represent management’s best estimate about future devel-
opments. The calculation is based on a terminal value growth
rate of . % and an after-tax discount rate of . %.
As of September ,  and , the carrying amount of all
individually not material associates amounts to € , million
and € , million, respectively. Summarized financial informa-
tion for all individually not material associates adjusted for the
percentage of ownership held by Siemens, is presented below.
Items included in the Statements of Comprehensive Income
are presented for the twelve month period applied under the
equity method.
Fiscal year
(in millions of €) 2015 2014
Income (loss) from continuing operations 38 102
Income (loss) from discontinued operations 122
Other comprehensive income,
net of income taxes 20 (52)
Total comprehensive income 58 71
Item Share of profit (loss), net, includes Siemens’ share in BWI
Informationstechnik GmbH’s (BWI IT) earnings of €  million
and €  million, respectively, in fiscal  and . The car-
rying amount of all individually not material associates in-
cludes the carrying amount of BWI IT, amounting to €  mil-
lion and €  million, respectively, as of September , 
and . Siemens holds a . % stake in BWI IT. BWI IT is not
controlled by Siemens due to significant participating rights of
the two other shareholders. Together with the HERKULES obli-
gations the Company’s maximum exposure to loss from BWI IT
as of September ,  and  amounts to € , million
and € , million, respectively. BWI IT finances its operations
on its own.