Siemens 2007 Annual Report Download - page 199

Management’s discussion and analysis 199
Management’s discussion and analysis
This Annual Report contains forward-looking statements and information – that is,
statements related to future, not past, events. These statements may be identifi ed by
words such as “expects,” “looks forward to,” “anticipates,” “intends,” “plans,”
“believes,” “seeks,” “estimates,” “will,” “project” or words of similar meaning. Such
statements are based on our current expectations and certain assumptions, and are,
therefore, subject to certain risks and uncertainties. A variety of factors, many of
which are beyond Siemens’ control, affect our operations, performance, business
strategy and results and could cause the actual results, performance or achievements
of Siemens to be materially different from any future results, performance or achieve-
ments that may be expressed or implied by such forward-looking statements. For us,
particular uncertainties arise, among others, from changes in general economic and
business conditions (including margin developments in major business areas); the
challenges of integrating major acquisitions and implementing joint ventures and
other signifi cant portfolio measures; changes in currency exchange rates and interest
rates; introduction of competing products or technologies by other companies; lack of
acceptance of new products or services by customers targeted by Siemens; changes in
business strategy; the outcome of pending investigations and legal proceedings, espe-
cially the corruption investigation we are currently subject to in Germany, the United
States and elsewhere; the potential impact of such investigations and proceedings
on our ongoing business including our relationships with governments and other
customers; the potential impact of such matters on our fi nancial statements; as well
as various other factors. More detailed information about certain of these factors
is contained throughout this report and in our other fi lings with the SEC, which are
available on the Siemens website, www.siemens.com, and on the SEC’s website,
www.sec.gov. Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described in the relevant forward-looking statement as expected, anticipated,
intended, planned, believed, sought, estimated or projected. Siemens does not intend
or assume any obligation to update or revise these forward-looking statements in
light of developments which differ from those anticipated.