Siemens 2011 Annual Report Download - page 200

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. 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

C.. Dividend
At the Annual Shareholders’ Meeting scheduled for January
, , the Managing Board, in agreement with the Super-
visory Board, will submit the following proposal to allocate
the unappropriated net income of Siemens AG for the fiscal
year ended September , : to distribute a dividend of
€. on each no-par value share entitled to the dividend for
fiscal year  existing at the date of the Annual Sharehold-
ers’ Meeting, and the remaining amount to be carried for-
ward. The prior-year dividend was €. per share.
C.. Critical accounting estimates
Siemens’ Consolidated Financial Statements are prepared in
accordance with International Financial Reporting Standards
(IFRS), as adopted by the European Union (EU). The financial
statements are also in accordance with IFRS as issued by the
IASB. Our significant accounting policies, as described in D.
Notes to Consolidated Financial Statements, are essential to
understand our results of operations, financial positions and
cash flows. Certain of these accounting policies require criti-
cal accounting estimates that involve complex and subjective
judgments and the use of assumptions, some of which may
be for matters that are inherently uncertain and susceptible to
change. Such critical accounting estimates could change from
period to period and have a material impact on our financial
position, results of operations and cash flows. Critical ac-
counting estimates could also involve estimates where man-
agement reasonably could have used a different estimate in
the current accounting period. Management cautions that fu-
ture events often vary from forecasts and that estimates rou-
tinely require adjustment.
For information on Critical accounting estimates, see D.
Notes to Consolidated Financial Statements.