Siemens 2006 Annual Report Download - page 123

Management’s discussion and analysis 119
Dividend
Siemens AG, the parent company of businesses discussed in this report, recorded net income
under German accounting principles (HGB) of €1.426 billion for fiscal 2006 compared to
€1.451 billion in the previous year.
At the Annual Shareholders’ Meeting scheduled for January 25, 2007, the Managing Board,
in agreement with the Supervisory Board, will submit the following proposal: to pay €1.45 per
share as a dividend, which aggregates to an expected total payout of €1.292 billion. The prior-
year dividend was €1.35 per share.
Liquidity and capital resources
Cash flow
The following discussion presents an analysis of Siemens’ cash flows for the fiscal years ended
September 30, 2006 and September 30, 2005. The first table below presents separate figures
for continuing operations and discontinued operations. The second table below excludes dis-
continued operations, and presents separate figures for Operations and the other two compo-
nents of Siemens: Financing and Real Estate and Corporate Treasury.
Net cash provided by operating and investing activities for Siemens was €367 million in fis-
cal 2006, compared to net cash used of €2.703 billion in the prior year. Discontinued mobile
devices operations used net cash in operating and investing activities of €372 million, com-
pared to net cash used of €1.214 billion a year earlier. In accordance with the contracts relating
to the sale of the mobile devices business, cash outflows for operating and investing activities
in fiscal 2006 included payments for product platform transition. In the prior year, discontin-
ued operations used net cash in operating activities of €1.096 billion, which included a loss of
€810 million. Investing activities within discontinued operations used net cash of €179 million
in fiscal 2006 compared to €118 million in net cash used a year earlier.
Management’s discussion and analysis
Continuing
Continuing Discontinued and discontinued
Operations operations operations
Year ended September 30,
(€ in millions) 2006 2005 2006 2005 2006 2005
Net cash provided by (used in):
Operating activities 5,174 4,217 (193) (1,096) 4,981 3,121
Investing activities (4,435) (5,706) (179) (118) (4,614) (5,824)
Net cash provided by
(used in) operating and
investing activities 739 (1,489) (372) (1,214) 367 (2,703)
SFS, SRE and
Continuing operations Operations Corporate Treasury* Siemens
Year ended September 30,
(€ in millions) 2006 2005 2006 2005 2006 2005
Net cash provided by (used in):
Operating activities 3,738 3,565 1,436 652 5,174 4,217
Investing activities (3,115) (4,787) (1,320) (919) (4,435) (5,706)
Net cash provided by
(used in) operating and
investing activities 623 (1,222) 116 (267) 739 (1,489)
* Also includes eliminations and reclassifications.