Siemens 2005 Annual Report Download - page 67
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67
Report of the Supervisory Board
Medium-term action program
At our April meeting, the Managing Board defined the topics that will be the focus of
our efforts over the next two years. Under the heading Fit4More, four main action areas
have been established: Performance and Portfolio, Operational Excellence, People
Excellence, and Corporate Responsibility.
Our planned measures in the area of Performance and Portfolio have become the
focus of attention for internal and external observers. Here the aim is to create a
growth-oriented business portfolio. Plans call for the Company’s business volume to
grow roughly twice as fast as the global economy over the next few years. We want at
least half of this growth to be organic – that is, generated by our current businesses –
with the remainder to come from targeted acquisitions.
Second, the medium-term margin targets that we set in agreement with our oper-
ating Groups in 2000 are to be fully implemented. Seven Groups (Automation and
Drives, Medical Solutions, Power Generation, Siemens VDO Automotive, Osram, Power
Transmission and Distribution, and Siemens Financial Services) have already reached
their targets. These Groups occupy world-leading positions, posting earnings that
compare favorably with those of the best in their industries. For three Groups (Siemens
Building Technologies, Industrial Solutions and Services, and Transportation Systems),
we have been pursuing strategies that should lead to further continuous improvement
in their earnings situation. Over the last few months, we have also set a new course for
our Communications and Siemens Business Services Groups.
Group- and Region-specific issues
In fiscal 2005, as in previous years, the regular meetings of the Supervisory Board were
devoted not only to Company-wide matters. We also gave the individual Groups an
opportunity to explain their activities in detail. Between November 2004 and November
2005, the following Groups reported to the Supervisory Board: Automation and Drives,
Siemens Financial Services, Medical Solutions, Siemens VDO Automotive, Communica-
tions, Power Generation, and Transportation Systems.