Siemens 2015 Annual Report Download - page 76

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Consolidated Financial Statements

Deferred tax assets have not been recognized with respect of
the following items (gross amounts):
Sep 30,
(in millions of €) 2015 2014
Deductible temporary differences 192 155
Tax loss carryforward 1,142 760
1,334 915
As of September ,  and , €  and €  million of
the unrecognized tax loss carryforwards expire over the peri-
ods to .
Siemens has not recognized deferred tax liabilities for income
taxes or foreign withholding taxes on the cumulative earnings
of subsidiaries of € , million and € , million, respec-
tively in fiscal  and  because the earnings are intended
to be permanently reinvested in the subsidiaries.
Including 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:
Fiscal year
(in millions of €) 2015 2014
Continuing operations 1,869 2,014
Discontinued operations 210 (37)
Income and expenses recognized
directly in equity 139 (346)
2,218 1,632
NOTE 8 Trade and other receivables
Sep 30,
(in millions of €) 2015 2014
Trade receivables from the sale
of goods and services 13,909 12,537
Receivables from finance leases 2,073 1,988
15,982 14,526
In fiscal  and , the long-term portion of receivables
from finance leases is reported in Other financial assets and
amounts to € , million and € , million, respectively.
Changes to the valuation allowance of current and long-term
receivables which belong to the class of financial assets mea-
sured at (amortized) cost are as follows (excluding receivables
from finance leases):
Fiscal year
(in millions of €) 2015 2014
Valuation allowance as of
beginning of fiscal year 938 1,023
Increase in valuation allowances
recorded in the Consolidated Statements
of Income in the current period 168 62
Write-offs charged against the allowance (145) (126)
Recoveries of amounts previously written-off 7 6
Foreign exchange translation differences (9) 5
Reclassifications to line item Assets held for
disposal and dispositions of those entities (26) (33)
Valuation allowance as of fiscal year-end 933 938
Minimum future lease payments to be received are as follows:
Sep 30,
(in millions of €) 2015 2014
Within one year 2,474 2,406
After one year but not more than five years 3,322 3,393
More than five years 246 233
6,042 6,033