Siemens 2006 Annual Report Download - page 79
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Report of the Supervisory Board 75
■Siemens will profit over the long term from two global megatrends: increasing urbanization
and demographic change. These two developments are posing major challenges in the areas of
energy, the environment and transportation. They are also generating a large number of infra-
structure projects and greater demand for industrial automation and healthcare solutions.
■Siemens’ aim is to grow twice as fast as the world economy; at least half of our growth is to be
generated internally.
We held our September meeting at Med’s plant in Forchheim, Germany to enable members
to obtain first-hand, in-depth information regarding production processes and selected develop-
ment projects.
Financing and pensions
At our April meeting, we received a detailed report regarding the development of the Company’s
liquidity and financial situation. The large number of acquisitions, the strong growth of business
volume, the related high level of capital expenditures on property, plant and equipment, and the
associated increase in non-fixed assets as well as problem areas like the mobile phone business
and Siemens Business Services have absorbed substantial financial resources. As a result, the
Supervisory Board authorized the Corporate Executive Committee to obtain up to €9 billion in
additional financing.
At the same meeting, we were given an overview of the current status of the Company’s
pension system and the anticipated further development of its pension fund assets.