Siemens 2013 Annual Report Download - page 113


The Siemens share price developed positively over the course
of fiscal , but did not perform as well as the share prices of
major benchmark companies. Due to uncertainties regarding
economic growth in Europe and the emerging countries, the
stock markets were highly volatile in the reporting period.
During the first half of fiscal , Siemens’ share price devel-
opment was largely in line with the overall market trend. In
July, several events led to a positive development of the
Siemens share. At the beginning of the month, we sold our
stake in the Nokia Siemens Networks (NSN) joint venture to
Nokia. A few days later, OSRAM Licht AG was spun off from
Siemens. As a result of these events, shareholders profited
both from an increase in the Siemens share price and from
a grant of OSRAM shares free of charge. At the end of July
, our Supervisory Board unanimously appointed the long-
time CFO Joe Kaeser as President and CEO of Siemens AG. In
August and September , the Company ’s share price gained
substantially, reaching a new high for the year.
A. The Siemens Share / Investor Relations
The Managing Board and Supervisory Board will propose a div-
idend payment of €. per share for fiscal . Representing
a planned payout ratio of %, this proposal is in accordance
with our One Siemens dividend policy, with which we ensure
that our shareholders participate appropriately in the Compa-
ny ’s profit development. The share buyback program launched
in August  was concluded in November . Subsequent-
ly, Siemens repurchased further shares in order to keep the
number of Siemens’ shares outstanding constant until the
spinoff of OSRAM Licht AG. We acquired treasury shares with
a total value corresponding to about €. billion, of which
roughly €. billion was attributable to fiscal . Siemens AG
continues to have a very sound financial basis. In an environ-
ment in which the ratings of many countries have come under
pressure, the Company continues to enjoy good investment-
grade credit ratings.
Change in the value of an investment in Siemens shares in fiscal 2013
(with dividends and the corresponding value of the OSRAM spinoff reinvested; indexed)
in % September 30, 2012 September 30, 2013
140
135
130
125
120
115
110
105
100
95
90
85
80
Siemens DAX® MSCI World