Siemens 2010 Annual Report Download - page 84

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 fiscal , the Siemens share price significantly outper-
formed the most important German and international indices
as well as the stocks of many competitors. Having fluctuated at
the start of the fiscal year, the share price recovered continu-
ously from March  onward. After several years in which we
maintained a stable dividend despite a weak economic envi-
ronment, the Managing Board and the Supervisory Board will
propose paying a significantly increased dividend for fiscal
 of €. per share, representing a payout ratio of %
(excluding non-cash items: %). Siemens AG, which contin-
ues to have a very sound financial basis, substantially reduced
its net debt in fiscal . The Company also continues to enjoy
good, investment-grade credit ratings – particularly compared
to other suppliers in its market.
STOCK MARKETS – RECOVERY IN 
High volatility and continued uncertainty characterized devel-
opments on the stock markets at the start of fiscal . After
fluctuating within a narrow corridor during the first months of
the year, share prices on both the German and European stock
markets improved continuously from March  onward, so
that on September ,  the values of the key indices were
significantly higher than a year earlier.
Siemens stock performed exceptionally well in this market
environment, closing at €. per share on September ,
. This was an increase of .% over the closing price a
year earlier. For shareholders who reinvested their dividends,
the gain amounted to .% (fiscal : .%). The Siemens
share clearly outperformed the German and international
stock markets, whose leading indices, DAX  and MSCI World,
appreciated in the same period by .% and .%, respectively.
The assets of an investor who acquired Siemens shares worth
€, at the beginning of fiscal  and reinvested the divi-
dends in additional Siemens shares would have increased to
€, by the end of fiscal . This annual return of .% is
markedly above the corresponding results for the DAX 
(.%) and MSCI World (.%).
Long-term performance of Siemens shares
compared with leading indices (average annual performance
with dividends reinvested)
FY  – FY 
Siemens 6.0 %
DAX® 4.2 %
MSCI World 1.4 %
The Siemens share / Investor relations
Change in the value of an investment in Siemens shares in fiscal  (with dividends reinvested; indexed)
in % September ,  September , 
140
130
120
110
100
90
80
70
Siemens DAX® MSCI World