Siemens 2011 Annual Report Download - page 184

6 A. To our shareholders
23 B. Corporate Governance 51 C. Combined management’s discussion and analysis
52 C. Business and operating environment
80 C.2 Fiscal  – Financial summary
83 C. Results of operations
101 C. Financial position
114 C. Net assets position
117 C. Overall assessment of the economic position
118 C. Report on post-balance sheet date events
119 C. Report on expected developments and
associated material opportunities and risks
135 C. Information required pursuant to Section  ()
and Section  () of the German Commercial
Code (HGB) and explanatory report

businesses. Industry reported % order growth in the region,
including strong demand at Drive Technologies and Industry
Automation. Order intake in India increased significantly com-
pared to the prior-year period, due primarily to a major con-
tract win at Fossil Power Generation in the first quarter of fis-
cal .
As previously disclosed, we have decided that, subject to the
exceptions outlined below, we will not enter into new con-
tracts with customers in Iran. Accordingly, we have issued
group-wide policies that establish the details of our general
decision. Under these policies, Siemens shall not tender fur-
ther bids for direct deliveries to customers in Iran. Further-
more, indirect deliveries from Siemens to Iran via external
third parties, including companies in which Siemens holds a
minority stake, are generally prohibited unless an exception is
specifically approved under certain circumstances. Notwith-
standing the foregoing, products and services for humanitari-
an purposes, including the products and services supplied by
our Healthcare Sector, and products and services required to
Revenue (location of customer)
Year ended September , % Change vs. previous year therein
(in millions of €)   Actual Adjusted Currency Portfolio
Europe, C.I.S., Africa, Middle East 38,666 37,558 3% 3% 0% (1)%
therein Germany 10,810 10,222 6% 6% 0% (1)%
Americas 20,492 18,642 10% 13% (3)% 0%
therein U.S. 14,371 13,308 8% 12% (4)% 0%
Asia, Australia 14,357 12,778 12% 12% 1% (1)%
therein China 6,389 5,526 16% 17% 0% (1)%
therein India 2,353 1,877 25% 27% (2)% 0%
Siemens 73,515 68,978 7% 7% 0% 0%
1 Excluding currency translation and portfolio effects. 2 Commonwealth of Independent States.
service the installed base (e.g., spare parts and maintenance
and assembly services) may still be provided under the poli-
cies. Finally, pre-existing commitments to customers in Iran
may be honored, i.e., legally binding obligations resulting
from agreements that existed, or bids that were submitted,
before the aforementioned policies were announced and ad-
opted. Although, over time, we expect our business activities
in Iran to decline as a result of the implementation of the poli-
cies described above and the related reduction of the number
of new contracts, the actual development of our revenues will
largely depend on the timing and scope of customer requests
to fulfill pre-existing commitments. For additional informa-
tion, see C.. Risks.
Revenue related to external customers rose 7% compared to
fiscal , including increases in all Sectors. Strong conver-
sion from the Sectors’ order backlogs played a major role in
broad-based revenue growth. Revenue in the Industry Sector
increased % year-over-year, led by strong double-digit growth
at Drive Technologies and Industry Automation. Energy re-
New orders and revenue by quarter (in millions of €)
New orders Revenue Book-to-bill ratio
Q4 11 21,157 Q4 11 20,351 1.04
Q3 11 22,937 Q3 11 17,844 1.29
Q2 11 20,651 Q2 11 17,717 1.17
Q1 11 20,837 Q1 11 17,603 1.18
Q4 10 21,589 Q4 10 19,403 1.11
Q3 10 19,179 Q3 10 17,425 1.10
Q2 10 16,166 Q2 10 16,523 0.98
Q1 10 17,121 Q1 10 15,627 1.10