Siemens 2013 Annual Report Download - page 114

92 A. To our Shareholders 117 B. Corporate Governance 155 C. Combined Management Report
92 A. Letter to our Shareholders
98 A. Managing Board of Siemens AG
102 A.3 Report of the Supervisory Board
111 A.4 The Siemens Share / Investor Relations

A.4. Development of the Siemens share
Over the first two months of fiscal , the markets were
volatile. Then, at the beginning of December , share prices
started to rise steadily. Following some fluctuations and a set-
back on the German stock market, in particular, in February
, share prices reached an interim high at the end of May
. They subsequently declined again until the beginning of
July , when a strong upturn began, resulting in new highs
for the year at the end of fiscal .
Long-term performance of Siemens shares compared
with leading indices (average annual performance with dividends
and the corresponding value of the OSRAM spinoff reinvested)
Ten-year period FY 2004 – FY 
Siemens 8.7%
DAX® 10.2%
MSCI World 7.6%
Over the entire fiscal year, Siemens stock performed relatively
well in the market environment, closing at €. per share on
September , . For shareholders who reinvested their div-
idends and their proceeds from the OSRAM spinoff, this
amounted to a gain of .% (fiscal : a gain of .%) com-
pared to the price on September , . The Siemens share
outperformed the leading index of the German stock market,
the DAX (which rose .%), and the leading international index,
MSCI World (which advanced .%).
A long-term comparison also illustrates the strength of the
Siemens share: the assets of an investor who acquired Siemens
stock worth €, at the beginning of fiscal  and rein-
vested the dividends and the corresponding value of the
OSRAM spinoff in additional Siemens shares would have in-
creased to €, by the end of fiscal . This annual return
of .% is above the results for MSCI World (.%) but below
those for the DAX  (.%).
A.. Dividend proposal
At the Annual Shareholders’ Meeting, the Managing Board and
the Supervisory Board will propose an unchanged dividend
payment of €., which represents a payout ratio of %. This
proposal continues without change our tradition of paying at-
tractive dividends to our investors.
A.. Share buyback program
In August , against the backdrop of favorable capital mar-
ket conditions, Siemens began to improve its capital structure
and repurchase treasury shares with a total value correspond-
ing to up to € billion. This program was concluded in Novem-
ber  with a repurchase volume of about €. billion.
Siemens subsequently repurchased further shares in order to
keep the number of Siemens’ shares outstanding constant
until the spinoff of OSRAM Licht AG. The Company acquired a
total of about . million shares at an average price of €.,
for a total value corresponding to roughly €. billion. Of this
amount, some €. billion was attributable to fiscal .
Dividend
Fiscal year FY  FY  FY  FY  FY 
Dividend per share in € 3.0013.00 3.00 2.70 1.60
Dividend yield  in % 3.4 3.9 3.9 2.9 2.4
Ex-dividend date Jan. 29, 2014 Jan. 24, 2013 Jan. 25, 2012 Jan. 26, 2011 Jan. 27, 2010
Net income in millions of € 4,409 4,282 5,899 3,881 2,448
Total dividend payout in millions of € 2,53432,528 2,629 2,356 1,388
Payout ratio  in % 57 56 41 58 56
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 .