Siemens 2010 Annual Report Download - page 86

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CREDIT RATINGS
Siemens AG has good, investment-grade credit ratings: “A/P-/
outlook stable” from Moody’s Investors Service and “A+/A-/
outlook stable” from Standard & Poor’s are very positive rat-
ings – particularly when compared to those of competitors in
the industry segment. Our solid financial position gives us
unrestricted access to the international financial and capital
markets.
Credit ratings
September ,  September , 
Moody’s
Investors
Service
Standard &
Poor’s
Moody’s
Investors
Service
Standard &
Poor’s
Long-term debt A1 A + A1 A +
Short-term debt P-1 A-1 P-1 A-1
At year-end, the net debt of Siemens AG was €, million
with cash and cash equivalents of €, million.
Further information on our credit ratings and financial obliga-
tions is available on pages - of Part II of this Annual
Report.
SIEMENS ON THE CAPITAL MARKET
We take our responsibility to maintain an intensive dialogue
with the capital market very seriously. Cultivating close con-
tacts with our shareholders, we keep them informed of all
major developments throughout Siemens.
As part of our investor relations work, we provide information
on the Company’s development in quarterly, semiannual and
annual reports. Our CEO and CFO also maintain close contact
with investors through roadshows and conferences. In addi-
tion, Siemens holds Sector Capital Markets Days at which the
management of our Sectors informs investors and analysts
about the Sectors’ business strategies and market environ-
ments.
We also provide extensive information online. Quarterly, semi-
annual and annual reports, analyst presentations, press re-
leases and our financial calendar for the current year, with all
major publication dates as well as the date of the Annual
Shareholders’ Meeting, are available at
www.siemens.com/investors.
Stock market information
(in euros, unless otherwise indicated)
FY   FY  
Stock price range (Xetra closing price)
High 79.37 66.45
Low 60.20 35.52
Year-end 77.43 63.28
Number of shares (year-end, in millions) 914 914
Market capitalization (in millions of euros)  67,351 54,827
Earnings per share – continuing operations 4.54 2.60
Earnings per share  4.49 2.65
Dividend 2.70 4 1.60
1 Fiscal year from October 1 to September 30
2 On the basis of outstanding shares
3 On the basis of continuing and discontinued operations
4 To be proposed to the Annual Shareholders’ Meeting
PROFIT-SHARING CULTURE / STOCK-BASED
COMPENSATION PROGRAMS
To encourage employees to become shareholders, Siemens
offers various share-based payment programs to members of
the Managing Board and employees. In fiscal , ,,
Siemens shares were reissued to service the four equity-settled
programs, namely the Stock Awards program, the Stock Option
Plan, the Share Matching Program (including the Base Share
Program, the Share Matching Plan and the Monthly Invest-
ment Plan) and the Jubilee Program. Non-vested and outstand-
ing grants under the various plans will result in additional
share issuances to employees in the future. For further infor-
mation on share-based payment, see Note  to the Consoli-
dated Financial Statements.
Our Company-wide Share Ownership Guidelines specify that
the members of the Managing Board and roughly  senior
executives must hold an interest in the Company equal in value
to between % and % of their base compensation for the
period in which they hold office.
Further information on our employee share programs is avail-
able on pages - of Part II of this Annual Report.