Siemens 2012 Annual Report Download - page 223

135 D. Consolidated Financial Statements
239 E. Additional Information
130 C. Siemens AG (Discussion on basis of
German Commercial Code)
134 C. Notes and forward-looking statements
129 C. Compensation Report, Corporate Governance
statement pursuant to Section a of the
German Commercial Code, Takeover-relevant
information and explanatory report
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.. Employees
  
Year ended September ,
 
Employee fluctuation rate  2.7% 3.8%
Proportion of women (percentage of
employees in management positions) 10.6% 10.4%
Expenses for continuing education
(in millions of €)  100 86
Expenses per employee for continuing
education (in €)  934 848
1 Employee fluctuation rate is defined as the ratio of voluntary and involuntary exits
from Siemens AG during the fiscal year to the average number of employees.
2 Without travel expenses.
As of September , , the number of employees was
, and ,, respectively.
For additional information see .. .
.. Risks and opportunities
The business development of Siemens AG is fundamentally
subject to the same risks and opportunities as the Siemens
Group. Siemens AG generally participates in the risks of its
subsidiaries and equity investments in line with its percentage
of each holding. For additional information see .. 
and .. .
As the parent company of the Siemens Group, Siemens AG is
integrated into the group-wide risk management system. For
additional information see ..  .
The description of the internal control system for Siemens AG
required by Section  para.  of the German Commercial
Code is included in ..    
-     
.
For additional information regarding the use of financial in-
struments see    -  
  .
.. Outlook
Due to the interrelations between Siemens AG and its subsid-
iaries and the relative size of Siemens AG within the Group,
the Outlook of the Group also largely reflects our expectations
for Siemens AG. We expect the lower level of new orders in fis-
cal  to affect revenue developments in fiscal . Based
on an expected overall improvement in the markets served by
Siemens AG, we expect revenue to return to growth in fiscal
. This expectation is dependent particularly on businesses
that are sensitive to short-term changes in the economic en-
vironment. We expect to participate in the company-wide pro-
gram “Siemens ”. This productivity improvement program
is expected to include measures leading to charges in the next
two fiscal years. Portions of the program-related charges will
affect primarily the net income of Siemens AG in fiscal . In
fiscal , we expect that net income will benefit from the
productivity gains. Additionally, in the next two years we ex-
pect that income from investments will significantly influence
the profit of Siemens AG. For additional information see
..    .
We intend to continue providing an attractive return to share-
holders. In the years ahead we intend to propose a dividend
payout which – combined with outlays for share buybacks dur-
ing the fiscal year – results in a sum representing % to %
of Siemens Group net income, which for this purpose we may
adjust to exclude exceptional non-cash effects.
     
   ,  ( )
Infrastructure & Cities:
26 (24%)
Industry:
36 (34%)
Energy:
26 (24%)
Healthcare:
10 (9%)
Other: 9 (8%)
Siemens Real Estate:
2 (2%)
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