Siemens 2008 Annual Report Download - page 108

12 Letter to our Shareholders
Dear Shareholders,
Fiscal 2008 was another successful year for Siemens. We made
impressive progress with the transformation of our Company.
Now we’ve done our homework, and we’re well-equipped for high
performance in a rapidly changing business environment.
For Siemens, scal 2008 was a year of transition in which we drove the comprehensive, targeted devel-
opment of our Company. We focused on two goals: to reduce the complexity of our organization and
further accelerate our business processes. And we made solid progress on both fronts. We simplied our
management structure, bundled our operations into the three Sectors Industry, Energy and Healthcare,
reorganized our local business activities worldwide by forming 20 Regional Clusters, and launched a pro-
gram to reduce our general, sales and administrative (SG&A) costs. In short, in scal 2008 we success-
fully implemented the most extensive Company-wide restructuring program ever executed in the history
of Siemens. This achievement will enable us to continue meeting our Fit42010 targets for sustainable,
protable growth – even in a difcult economic environment.