Siemens 2010 Annual Report Download - page 136

6 To our shareholders 21 Corporate Governance 49 Combined management’s discussion and analysis
50 Business and operating environment
78 Fiscal  – Financial summary
81 Results of operations
98 Financial position
110 Net assets position
113 Overall assessment of the economic position
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mately  million tons through Siemens products and solu-
tions that were installed at customer locations since the begin-
ning of fiscal  and remain in use today. The Siemens
products and solutions installed by the end of fiscal  are
already reducing customer carbon dioxide emissions by ap-
proximately  million tons a year.
In addition to its environmental benefits, our Environmental
Portfolio enables us to compete successfully in attractive mar-
kets and generate profitable growth. We had set ourselves a
revenue target for the Environmental Portfolio – to generate
€ billion in revenue from the portfolio by the end of fiscal
. We achieved that goal significantly earlier than planned.
Including revenues from newly developed and additionally
qualified products and solutions, revenues from the portfolio
in the current year amounted to €. billion and exceeded the
comparable revenues of €. billion in fiscal . This means
that in fiscal  our Environmental Portfolio already ac-
counted for about % of our total revenues. As we continue to
see growth opportunities for our Environmental Portfolio, we
have set a new target within One Siemens to exceed revenue
of € billion from the portfolio by the end of fiscal .
There is no standard system that applies across companies for
qualifying products and solutions for environmental and cli-
mate protection, or for compiling and calculating the respec-
tive revenues and the quantity of reduced carbon dioxide
emissions attributable to such products and solutions. Accord-
ingly, revenues from our Environmental Portfolio and the re-
duction of our customers’ annual carbon dioxide emissions
may not be comparable with similar information reported by
other companies. Furthermore, we subject revenues from our
Environmental Portfolio and the reduction of our customers’
annual carbon dioxide emissions to internal documentation
and review requirements which are different from those ap-
plicable to our financial information. We may change our poli-
cies for recognizing revenues from our Environmental Portfolio
and the reduction of our customers’ annual carbon dioxide
emissions in the future without previous notice.
As in previous years, we again commissioned an independent
accounting firm with a limited assurance engagement to re-
view the reported results for our Environmental Portfolio for
fiscal . Such review is different from the audit performed
for our consolidated financial statements. The outcome of the
review was favorable and the independent accounting firm
reported its results, in particular, the details relating to total
revenues generated by the Environmental Portfolio and the
quantity of reduced carbon dioxide emissions attributable to it,
in an Independent Assurance Report.
Environmental performance
Protecting the environment is a central component of our
corporate strategy. By maintaining high environmental man-
agement standards, we work to overcome environmental chal-
lenges throughout the world.
Environmental management – Our worldwide system of en-
vironmental management is based on our Business Conduct
Guidelines. Specific environmental issues, such as those relat-
ing to hazardous materials, are covered in more detailed regu-
lations and guidelines. This comprehensive set of rules is
generally binding for all companies controlled by Siemens.
A core task of environmental management is tracking our en-
vironmental performance, for example with respect to energy
and resource efficiency. The monitoring and tracking system
we use covers all of our locations that exceed specific resource
consumption or waste volume thresholds. Locations that ex-
ceed other, higher thresholds, or that have plants and installa-
tions requiring authorization or notification, must deploy an
environmental management system conforming to the inter-
national ISO  standard. Our Divisions are allowed to
choose either external validation of their management sys-
tems or internal audits that meet external certification stan-
dards. At the end of fiscal ,  locations had externally
certified environmental management systems in place and
 more employed internally certified systems. As a result, %
of our locations that are required to deploy a certified manage-
ment system already had one in place at the end of fiscal ,
compared to % a year earlier. This development was due to
the ongoing integration process of recently acquired sites that
were included as required locations for the first time in fiscal
 after the expiration of a three year transition period. Our
goal is to ensure that all required locations deploy an environ-
mental management system by the end of fiscal . All Divi-
sions have implemented programs to achieve this target.
Environmental program – Our current environmental pro-
gram was launched in fiscal , using data from fiscal 
as a baseline. We monitor our environmental impacts on the
basis of absolute figures, and our performance is computed on
a portfolio-adjusted basis, normalized to plant revenue. Under
our environmental program we intend to achieve % improve-