Siemens 2010 Annual Report Download - page 80

6 To our shareholders 21 Corporate Governance 49 Combined management’s discussion and analysis
6 Report of the Supervisory Board
12 Letter to our shareholders
18 Siemens share / Investor relations

In making this proposal, we’re raising the dividend to an unprecedented level and opening a new
chapter for Siemens and for you, our shareholders. In another first, we’re specifying – within the
framework of our new financial target system – a clear orientation for our future dividend policy.
Our target is to pay out between  and  percent of our net income – adjusted for exceptional
non-cash items. This new dividend policy will send a clear message: Siemens stands for stability
and creates sustainable value.
Stabilizing factors and growth drivers
All our operating, marketing, selling and general administrative units made major contributions to
our excellent results in fiscal . Let me give you just two examples. First, consider our wind energy
business. In fiscal , our Renewable Energy Division landed more new orders than any other divi-
sion, giving it an order backlog of more than € billion. And prospects for the future of the wind ener-
gy market remain positive. For example, Europe’s market for offshore wind farms boomed by more
than  percent in  and  alone, and we’re expecting demand for wind turbines to burgeon in
other regions as well. We’re the world leader in the dynamic offshore wind business.
Wind turbines are part of our Environmental Portfolio. In fiscal , revenue from the Portfolio grew
to approximately € billion, making us a leading provider of green technologies. In the same period,
our products and solutions enabled customers to slash their CO emissions by some  million tons.
Developments at our Mobility Division have also been highly gratifying. Trains and rail technology
from Siemens are in greater demand than ever before, all over the world. Our new Velaro D – known
in Germany as the ICE train – is Europe’s most advanced and efficient high-speed rail passenger
carrier. Today, fourth-generation members of this product family are speeding along the tracks,
earlier models having already proven the Velaro’s potential for success. Sold as the Velaro E in Spain,
the Sapsan in Russia, and the Velaro CN in China, this train has been a top seller on international
markets even during economic crises.
Successful completion of Fit
Fiscal  also marked the culmination of our Fit transformation program. The overarching
aim of this program was to make our company a leading global competitor once again. To this end,
we set clear targets for growth, profitability and liquidity. And we reached nearly all of these targets –
a tremendous success in the face of the worldwide economic and financial crisis, which impaired our
business growth in fiscal  and . Now we’re back where we belong: at the top. In many of our
businesses, we’re the market leader or a very solid No. .