Siemens 2011 Annual Report Download - page 117

153 D. Consolidated Financial Statements 273 E. Additional information
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We’re on course with One Siemens, our target system for driving sustainable company development.
The One Siemens framework comprises metrics for revenue growth, capital efficiency and profitability
as well as the optimization of our capital structure. And the results of the first year have been grati-
fying: One Siemens has enabled us to make good progress toward achieving our ambitious goals in all
these areas.
Despite the difficult market environment, Siemens stock performed relatively well in fiscal .
Although our share price declined year-over-year, we outperformed the DAX, Germany’s leading stock
index.
We want you, our shareholders, to benefit from our success – in the form of another substantially
increased dividend. That’s why the Supervisory Board and Managing Board will propose to the Annual
Shareholders’ Meeting in January  a dividend of €. for every share entitled to a dividend – an
increase of % over the previous year. This corresponds to a payout ratio of %. With this proposal,
we’re continuing our tradition of attractive dividend payments.
Due to ongoing market volatility, we’ve decided to postpone the IPO of our OSRAM subsidiary until
conditions are more favorable. However, we still intend to publicly list the business, and planning is
continuing. Independence will provide our lighting activities with the capital and flexibility they need
to succeed in a fast-changing market.
Our ambitious target: Revenue of € billion
The economic environment will remain challenging even beyond the current fiscal year – also for
Siemens. Economies, governments and societies still have a long way to go. To drive growth and
competitiveness, we’ll all have to join forces. Siemens is moving forward with optimism and self-con-
fidence. The future holds major opportunities for growth – and we intend to seize them. In particular,
we plan to generate revenue of over € billion in the medium term. Strategic planning at our busi-
ness units indicates that this goal is realistic – despite the macroeconomic environment in many parts
of the western world. Why? Because we know that some regions are less impacted by risks than oth-
ers. This is clearly the case in Europe, for example, where Germany is leading the way, as well as in the
emerging countries, where the economic boom is continuing. With our long-term global presence and
widely acclaimed customer proximity, we’re benefiting from this growth worldwide.
Our €-billion goal also takes account of sectoral differences. For the real economy, which is consid-
erably more stable than the financial sector, experts continue to forecast moderate growth. There’s
no global crisis in the real economy. On the contrary, demand for real products and solutions will
continue to rise in the current business environment.
Recent events like the devastating earthquake in Japan are greatly intensifying the demand for
sustainable infrastructures. Fukushima has made the residual risk of nuclear power clear to everyone
and affirmed our decision to fully withdraw from the nuclear power business. I’m convinced that