Siemens 2011 Annual Report Download - page 37
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20 Siemens – A pioneer of our time 50 Get closer to our customers 46 Focus on innovation-driven growth markets
21 Vision
22 Strategy
22 One Siemens
Revenue growth Profitable revenue growth is our most important driver of long-term value
creation. That’s why we want to grow faster than the best companies in our
markets. To assess our performance, we compare our average revenue growth
with theirs. At the same time, we’ve established strict criteria for acquisitions.
Capital efficiency
and profitability
Our aim is to be profitable and use the capital provided by our shareholders
and lenders as efficiently as possible. For this reason, we’ve included capital
efficiency in our financial reporting system since fiscal . We’ve further
developed our main metric for capital efficiency, return on capital employed
(ROCE), defining it more simply as income from continuing operations before
interest divided by average capital employed (ROCE adjusted). And we’ve set
an ambitious target of 15% to 20% for capital efficiency throughout Siemens.
With respect to the profitability of our businesses, we intend to maintain and
expand our leading positions. That’s why our Sectors must achieve industry-
leading profit margins over the long term.
Capital structure A solid capital structure is essential for sustainable profit and revenue growth.
In addition to metrics for operations, we’ve defined a yardstick for managing
this structure: adjusted industrial net debt divided by EBITDA. We intend to
further optimize this metric in order to better regulate our debt-to-equity ratio.
At the same time, we want to ensure unlimited access to debt financing instru-
ments in the capital markets and the servicing of our financial obligations.
Further information on our framework for sustainable value creation is
available in the combined management’s discussion and analysis on pages
56 - 60 of Part II of this Annual Report.
One Siemens