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153 D. Consolidated Financial Statements 273 E. Additional information

158 D. Consolidated Statements of Changes in Equity

160 D. Notes to Consolidated Financial Statements

266 D. Supervisory Board and Managing Board

154 D. Consolidated Statements of Income

155 D.2 Consolidated Statements of Comprehensive Income

156 D. Consolidated Statements of Financial Position

157 D. Consolidated Statements of Cash Flow



ing Siemens companies may invest a speciﬁed percentage of

their compensation in Siemens shares; in ﬁscal , mem-

bers of the Managing Board, for the last time, could invest a

speciﬁed amount of their bonus payout relating to ﬁscal 

in Siemens shares. Within a predetermined period in the ﬁrst

quarter of each ﬁscal year, plan participants decide on their

investment amount for which investment shares are pur-

chased. The shares are purchased at the market price at a pre-

determined date in the second quarter. Plan participants re-

ceive the right to one Siemens share without payment of con-

sideration (matching share) for every three investment shares

continuously held over a period of three years (vesting peri-

od) provided the plan participant has been continuously em-

ployed by Siemens AG or another Siemens company until the

end of the vesting period. During the vesting period, match-

ing shares are not entitled to dividends. The right to receive

matching shares forfeits if the underlying investment shares

are transferred, sold, pledged or otherwise encumbered.

Matching shares may be settled in newly issued shares of

common stock of Siemens AG, treasury stock or in cash. The

settlement method will be determined by the Managing

Board. Each ﬁscal year, the Company decides whether or not

to issue a new tranche under the Share Matching Plan.

. Monthly Investment Plan

In ﬁscal  and , the Company issued a new tranche un-

der the Monthly Investment Plan that is a further component

of the Share Matching Plan and which is available for employ-

ees – other than senior managers – of Siemens AG and partici-

pating Siemens companies. Plan participants may invest a

speciﬁed percentage of their compensation in Siemens shares

on a monthly basis over a period of twelve months. The

shares are purchased at market price at a predetermined date

once a month. The Managing Board of the Company will de-

cide annually, whether shares acquired under the Monthly In-

vestment Plan (investment shares) may be transferred to the

Share Matching Plan the following year. If the Managing

Board decides that shares acquired under the Monthly Invest-

ment Plan are transferred to the Share Matching Plan, plan

participants will receive the right to matching shares under

the same conditions applying to the Share Matching Plan de-

scribed above. Each ﬁscal year the Managing Board decides,

whether or not to issue a new tranche under the Monthly

Investment Plan.

In October , the Managing Board decided that shares ac-

quired under the ﬁrst tranche of the Monthly Investment Plan

will be transferred to the Share Matching Plan as of February

.

. Base Share Program

In ﬁscal  and , the Company issued an annual tranche

under the Base Share Program. Starting with the tranche is-

sued in ﬁscal , employees of Siemens AG and participat-

ing domestic Siemens companies can invest a ﬁxed amount of

their compensation into Siemens shares, sponsored by

Siemens with a tax beneﬁcial allowance; in ﬁscal , mem-

bers of the Managing Board, for the last time, could partici-

pate in the Base Share Program. The shares are bought at mar-

ket price at a predetermined date in the second quarter and

grant the right to receive matching shares under the same

conditions applying to the Share Matching Plan described

above. Each ﬁscal year, the Managing Board decides whether

or not to issue a new tranche under the Base Share Program.

The fair value of the base share program equals the amount

of the tax beneﬁcial allowance sponsored by Siemens. In ﬁs-

cal  and , the Company incurred pretax expense from

continuing operations of € million and € million.

. Resulting Matching Shares

Year ended

September ,



Year ended

September ,



Matching Shares Matching Shares

Outstanding, beginning of period 1,614,729 1,266,444

Granted  579,845 446,324

Forfeited (80,258) (59,414)

Settled (137,225) (38,625)

Outstanding, end of period 1,977,091 1,614,729

1 Thereof , and , to the Managing Board in fiscal  and , respectively.

Fair value was determined as the market price of Siemens

shares less the present value of expected dividends during

the vesting period as matching shares do not carry dividend

rights during the vesting period. Non-vesting conditions, i.e.

the condition neither to transfer, sell, pledge nor otherwise

encumber the underlying shares, were considered in deter-

mining the fair values. The fair values of matching shares

granted amounted to €. and €., per share, respective-

ly, depending on the respective grant dates in the ﬁrst quarter

of ﬁscal . The fair value of matching shares granted in the

ﬁrst quarter of ﬁscal , amounted to €. per share. In ﬁs-

cal  and , the weighted average grant-date fair value

of the resulting matching shares is €. and €. per share

respectively, based on the number of instruments granted.