Siemens 2011 Annual Report Download - page 151

C
C. Combined management’s
discussion and analysis
52 C.1 Business and operating
environment
52 C.1.1 The Siemens Group –
Organization and basis
of presentation
55 C.1.2 Strategy
58 C.1.3 Financial performance measures
60 C.1.4 Value chain
66 C.1.5 Sustainability
76 C.1.6 Economic environment
80 C.2 Fiscal  – Financial summary
83 C.3 Results of operations 83 C.3.1 Results of Siemens
88 C.3.2 Segment information analysis
98 C.3.3 Reconciliation to adjusted EBITDA
(continuing operations)
100 C.3.4 Dividend
100 C.3.5 Critical accounting estimates
101 C.4 Financial position 101 C.4.1 Principles and objectives
of financial management
102 C.4.2 Capital structure
104 C.4.3 Cash flow – Fiscal 
compared to fiscal 
106 C.4.4 Capital resources and requirements
114 C.5 Net assets position
117 C.6 Overall assessment
of the economic position
118 C.7 Report on post-balance
sheet date events
119 C.8 Report on expected develop-
ments and associated material
opportunities and risks
119 C.8.1 Report on expected developments
124 C.8.2 Risk management
126 C.8.3 Risks
133 C.8.4 Opportunities
134 C.8.5 Legal proceedings
135 C.9
Information required pursuant to
Section  () and Section  ()
of the German Commercial Code
(HGB) and explanatory report
140 C.10 Information required pursuant to
Section  () and Section  ()
no.  of the German Commercial
Code (HGB) and explanatory report
142 C.11 Compensation report and
Corporate Governance statement
pursuant to Section a of the
German Commercial Code (HGB)
143 C.12 Additional information for
supplemental financial measures
145 C.13 Siemens AG (Discussion on basis
of German Commercial Code (HGB))
151 C.14 Notes and forward-looking
statements
Due to rounding, numbers presented throughout this Combined management’s discussion and analysis may not add up
precisely to the totals provided and percentages may not precisely reflect the absolute figures.