Siemens 2007 Annual Report Download - page 106
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106 Information for shareholders
Management’s discussion and analysis
Business overview and Economic Environment 108
Basis of Presentation 115
Fiscal 2007 – Results of Siemens 119
Segment Information Analysis 124
Operations 124
– Automation and Drives 124
– Industrial Solutions and Services 125
– Siemens Building Technologies 126
– Osram 127
– Transportation Systems 128
– Power Generation 129
– Power Transmission and Distribution 130
– Medical Solutions 131
– Siemens IT Solutions and Services 132
– Strategic Equity Investments 133
– Other Operations 133
– Reconciliation to Financial Statements 133
Financing and Real Estate 135
– Siemens Financial Services 135
– Siemens Real Estate 135
Eliminations, reclassifications and Corporate Treasury 135
Reconciliation from Group profit / Income before income taxes to EBITDA 136
EVA Performance 138
Dividend 141
Liquidity and capital resources 141
Financial Strategy and Capital Structure 141
Cash Flow – Fiscal 2007 Compared to Fiscal 2006 145
Capital Resources and Requirements 148
Overview Financial Position 154
Subsequent Events 157
Critical Accounting Estimates 157
Non-financial performance measures 160
Legal Proceedings 162
Financial Impact of Compliance Matters 170
Risk Management 173
Information required pursuant to §315 (4) of the
German Commercial Code and Explanatory Report 187
Compensation Report 194
Outlook 194
Contents
106 Information for shareholders: Contents