Siemens 2011 Annual Report Download - page 106
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6 A. To our shareholders 51 C. Combined management’s discussion and analysis 23 B. Corporate Governance
6 A. Report of the Supervisory Board
12 A. Managing Board of Siemens AG
14 A. Letter to our shareholders
20 A.4 The Siemens share / Investor relations
Dear shareholders,
Overall, fiscal 2011 was a very successful year for
Siemens AG. In the first half-year, the Com pany
profited from an economic recovery that was
stronger than expected. In the summer, however,
economic uncertainties began to increase due to
the debt and financial crisis.
A.1 Report of the Supervisory Board