Siemens 2012 Annual Report Download - page 109

135 D. Consolidated Financial Statements 239 E. Additional Information

and fiscal 2011, this proposal reflects our earnings position in
fiscal 2012 and is in strict accordance with our payout policy.
Representing a payout ratio of %, this proposal continues
our tradition of paying attractive dividends to our investors.
.. Share buyback program
and reduction of capital stock
In August 2012, against the backdrop of favorable capital market
conditions, Siemens optimized its capital structure and initiated
a buyback of Company stock with a value of approximately
€. billion. Under this program, which was finalized on
November , , a total of about  million shares were
acquired at an average price of €. per share. The repur-
chased shares can be used to cancel and reduce capital stock,
to issue shares to employees, the board members of Affiliated
Companies and members of the Managing Board and to service
convertible bonds and warrant bonds. The share buyback was
financed through long-term debt.
In addition to the share buyback program, the Company also
retired approximately . million of its own shares in Septem-
ber , thereby reducing its capital stock from about  mil-
lion shares to  million.
.. Shareholder structure
With some , shareholders, Siemens AG is one of the
world’s largest publicly owned companies. An analysis of our
shareholder structure conducted in August  showed that
shareholders in Germany hold the largest percentage of our
share capital, about % of all outstanding shares. Sharehold-
ers in the U.S. hold roughly % and shareholders in the U.K.,
around %, while investors in France and Switzerland hold %
and %, respectively.
Some % of Siemens’ outstanding shares are currently held
by institutional investors, about % by private shareholders
and around % by members of the Siemens family.
.. Credit ratings
Siemens AG has good, investment-grade credit ratings:
“Aa/P-/outlook stable” from Moody’s Investors Service and
“A+/A-+/outlook stable” from Standard & Poor’s are very posi-
tive ratings – particularly when compared to those of our com-
petitors in the industry segment. Our solid financial position
gives us unrestricted access to the international financial and
capital markets.

Fiscal year FY  FY  FY  FY  FY 
Dividend per share (in €) 3.0013.00 2.70 1.60 1.60
Dividend yield (in %)
3.9 3.9 2.9 2.4 3.6
Ex-dividend date Jan. 24, 2013 Jan. 25, 2012 Jan. 26, 2011 Jan. 27, 2010 Jan. 28, 2009
Net income (in millions of €) 4,590 6,321 4,068 2,497 5,886
Total dividend payout (in millions of €) 2,52832,629 2,356 1,388 1,380
Payout ratio (in %)
56 41 58 56 23
1 To be proposed to the Annual Shareholders’ Meeting
2 Dividend payout / Siemens share price on day of Annual Shareholders’ Meeting;
for fiscal : dividend payout / Siemens share price at fiscal year-end
3 Based on currently estimated number of shares entitled to dividend payment
4 Excluding non-cash items in fiscal  and fiscal  (NSN and DX impairment
charges), the payout ratio equaled % in fiscal  and % in fiscal 
    
1 This figure includes a .% stake in Siemens’ capital stock held by BlackRock Holdco ,
Inc., Wilmington, U.S., a .% stake in Siemens’ capital stock held by BlackRock, Inc.,
New York, U.S., and a .% stake in Siemens’ capital stock held by the State of Qatar,
Doha, Qatar (represented by the DIC Company Limited, George Town, Grand Cayman),
as reported to us by these organizations.
2 This figure includes a .% stake in Siemens capital stock for which the von Siemens-
Vermögensverwaltung GmbH exercises voting rights under powers of attorney and a
.% stake held by the Werner von Siemens Stiftung, Zug, Switzerland, as reported to
us by the Stiftung.
Rest of Europe: %
Germany: 30%
U.S.: %
U.K.: 9%
Unidentified: %
France: %
Switzerland: 6%
Unidentified
investors: 15%
Institutional
investors: % 
Private investors: %
Siemens family
members: 6% 
Rest of world: %