Siemens 2009 Annual Report Download - page 153

65
 Managing Board statements, Independent auditors’ report, Additional information
95 Net assets position 97 Report on post-balance sheet date events
98 Risk report
108 Information required pursuant to
§315 (4) HGB of the German Commercial
Code and explanatory report
114 Compensation report
114 Report on expected developments
Free cash flow from continuing operations was €. bil-
lion and the Cash conversion rate was above target. A year
earlier, free cash flow from continuing operations was €5.739
billion. The decline year-over-year includes lower billings in
excess as well as a substantial decrease in trade payables com-
pared to a year earlier. In addition, fiscal 2009 included sub-
stantial cash outflows corresponding to charges to income
taken in fiscal 2008, particularly including those mentioned
above for Income from continuing operations and Total Sec-
tors profit. Among these outflows were severance payments of
€796 million for the global SG&A program and other personnel-
related restructuring measures, €1.008 billion paid to authori-
ties in the U.S. and Germany following resolution of legal pro-
ceedings, and substantial cash outflows stemming from proj-
ect charges at Fossil Power Generation, Mobility and Siemens
IT Solutions and Services. The NSN impairment mentioned
above had no cash impact.
ROCE improved year-over-year. Return on capital employed
(ROCE) measures income from continuing operations (before
interest) as a percent of the average capital employed in those
operations. ROCE was 6.1% in fiscal 2009, up from 4.8% in fiscal
2008. The difference is due primarily to the increase in income
from continuing operations explained above. Average capital
employed increased only modestly compared to fiscal 2008.
Dividend. The Siemens Managing Board and Supervisory
Board have proposed a dividend of €1.60 per share. The prior-
year dividend was also €1.60 per share.
Income and Profit (in millions of €)
Total
Sectors Profit
Income from con-
tinuing operations
Net income
FY 2009 FY 2008
1,8592,457 5,886
2,497
7,466 6,606
13 %
32 %
(58)%
B25G027_E
Free cash flow (in millions of €)
Total Sectors Continuing operations Continuing and dis-
continued operations
FY 2009 FY 2008
5,7393,786 4,903
3,641
7,606 7,942
(4)%
(34)% (26)%
B25G028_E
Dividend per share (in €)
FY 2009 1.60
1
FY 2008 1.60
FY 2007 1.60
FY 2006 1.45
FY 2005 1.35
1 Proposed by the Managing Board in agreement with the Supervisory Board;
to be approved by the shareholders at the Annual Shareholders’ Meeting on
January 26, 2010.
B25G013_E