Siemens 2011 Annual Report Download - page 122

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A.4.4 Credit ratings
Siemens AG has good, investment-grade credit ratings:
“A / P- / outlook positive” from Moody’s Investors Service and
“A+ / A-+ / outlook positive” from Standard & Poor’s are very
posi
tive ratings – particularly when compared to those of
competitors in the industry segment. Our solid financial posi-
tion gives us unrestricted access to the international financial
and capital markets.
At the end of fiscal , the net debt of Siemens AG was
€, million, with cash and cash equivalents of €,
million. For further information on our credit ratings and
financial obligations, see Note 28 to the Consolidated Finan-
cial Statements, on pages  -  of Part II of this Annual Report.
A.4.5 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 ma-
jor 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 Market Days, at which the
management of our Sectors informs investors and analysts
about the Sectors’ business strategies and market environ-
ments. In recognition of the growing importance of the
emerging markets, we held the first Capital Market Day
Emerging Markets in Shanghai in fiscal .
We also provide extensive information online. Quarterly,
semiannual and annual reports, analyst presentations, press
releases and our financial calendar for the current year (see
Credit ratings
September 30, 2011 September 30, 2010
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
Financial calendar on page  of Part II of this Annual Re-
port), which includes 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 €, unless otherwise indicated)
FY 2011  FY 2010 
Stock price range (Xetra closing price)
High 99.38 79.37
Low 64.45 60.20
Year-end 68.12 77.43
Number of shares (year-end, in millions) 914 914
Market capitalization (in millions of €)
59,554 67,351
Earnings per share – continuing operations 7.82 4.72
Earnings per share –
continuing and discontinued operations 7.04 4.49
Dividend 3.00 32.70
1 Fiscal year from October 1 to September 30
2 On the basis of outstanding shares
3 To be proposed to the Annual Shareholders’ Meeting
A.4.6 Profit-sharing culture /
Stock-based compensation programs
Siemens has set itself the goal of more intensively fostering a
profit-sharing culture at the Company and encouraging em-
ployees to become shareholders. That’s why we offer various
share-based payment programs to our employees. In fiscal
, ,, Siemens shares were issued to service these
programs, namely, the Stock Awards program, the Share
Matching Program (including the Base Share Program, the
Share Matching Plan and the Monthly Investment Plan) and
the Jubilee Program. Non-vested and outstanding grants un-
der the various plans will result in additional share issuances
to employees in the future. For further information on share-
based payment, see Note 34 to the Consolidated Financial
Statements, on pages  -  of Part II of this Annual Report.
Our Company-wide Share Ownership Guidelines specify that
the members of the Managing Board and roughly  senior
executives must hold an interest in Siemens equal in value to
between % and % of their base compensation for the pe-
riod in which they hold office. For further information on our
employee share programs, see
Note 34 to the Consolidated
Financial Statements, on pages  -  of Part II of this Report.