Siemens 2009 Annual Report Download - page 101

13
 Managing Board statements, Independent auditors’ report, Additional information
One thing is clear: the current crisis has transformed the world and the environment in which
we do business. The role of the state, in particular, has changed. I have great admiration for the
decisiveness that governments and parliaments all over the world exhibited in preventing the
situation from worsening. The stimulus programs they launched worldwide kept markets from
collapsing. Applying the lessons learned from the crisis, governments have now begun to revise
the regulatory framework in which markets operate. However, there is a real danger that the
enhanced role of the state will open the door to isolationism and protectionism. We don’t yet
know to what extent policymakers will be able to avoid this pitfall.
One thing we’ve learned from the crisis is that a quick fix is no substitute for sustainable action.
This apparently simple truth was ignored too often by too many players. Today, it’s obvious: when
sustainability is disregarded, responsibility falls by the wayside, trust is destroyed, economies are
weakened and people suffer.
Siemens stands for sustainability. Long before sustainability became a household word, our
company’s founder, Werner von Siemens, announced: “I won’t sell the future of my company for
a quick profit.” This has been the guiding principle at our Company ever since its founding. And
it’s a legacy we feel bound to uphold. The success of our long-term approach has also gained
recognition outside the Company. We’re very pleased to have captured the No.  position in the
Diversified Industrials sector of the Dow Jones Sustainability Index – the most widely used yard-
stick for sustainable business activity.
We’re relieved that the German and U.S. authorities investigating the allegations of bribery
against Siemens have concluded their proceedings, and we’re proud that the Company is now an
international benchmark in the area of compliance. For us, these developments are both a confir-
mation of our efforts and an incentive to remain vigilant, professional and highly focused in all
our activities.
Business development in fiscal 
In fiscal , new orders were  percent below the record level of fiscal . Revenue, at
€. billion, declined by only one percent, remaining near the fiscal  level. Total Sectors
profit, at € . billion, substantially exceeded the fiscal  figure. At €. billion, net income
from continuing activities was  percent higher than for fiscal , while undiluted earnings
per share climbed  percent, to €.. A large part of this success is attributable to reductions
in our sales, general and administrative (SG&A) costs. A year earlier than planned, we’ve already
reached our target of slashing these costs by €. billion compared to fiscal .