Siemens 2013 Annual Report Download - page 155

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
156 C.1 Business and
economic environment
156 C.1.1 The Siemens Group
166 C.1.2 Economic environment
170 C.1.3 Strategy
173 C.2 Financial performance system
173 C. 2.1 Overview
173 C.2.2 Revenue growth
173 C.2.3 Profitability and capital efficiency
174 C.2.4 Capital structure
175 C.2.5 Dividend and share buybacks
175 C.2.6 Additional measures
176 C.2.7 Additional information for
financial performance measures
179 C.3 Results of operations
179 C. 3.1 Results of Siemens
183 C.3.2 Segment information analysis
190 C.3.3 Reconciliation to adjusted EBITDA
( continuing operations)
192 C.4 Financial position
192 C.4.1 Principles and objectives
of financial management
193 C.4.2 Capital structure
194 C.4.3 Credit rating
195 C.4.4 Investing activities
196 C.4.5 Cash flows
198 C.4.6 Capital resources and requirements
204 C.5 Net assets position
207 C.6 Overall assessment of the
economic position
209 C.7 Subsequent events
210 C.8 Sustainability
210 C.8.1 Sustainability at Siemens
211 C.8.2 Research and development
215 C.8.3 Supply chain management
216 C.8.4 Production
216 C.8.5 Quality management
217 C.8.6 Distribution and customer relations
218 C.8.7 Environmental Portfolio
220 C.8.8 Environmental performance
221 C.8.9 Employees
224 C.8.10 Compliance
226 C.8.11 Corporate citizenship
227 C.9 Report on expected developments
and associated material
opportunities and risks
227 C.9.1 Report on expected developments
232 C.9.2 Risk management
234 C.9.3 Risks
242 C.9.4 Opportunities
244 C.9.5 Significant characteristics of the
accounting-related internal control
and risk management system
245 C.10 Compensation Report,
Corporate Governance statement
pursuant to Section 289a of the
German Commercial Code,
Takeover- relevant information
and explanatory report
246 C.11 Siemens AG
( Discussion on basis of German
Commercial Code)
246 C.11.1 Business and economic environment
246 C.11. 2 Results of operations
247 C.11. 3 Net assets and financial position
248 C.11.4 Employees
249 C.11. 5 Subsequent events
249 C.11.6 Risks and opportunities
249 C.11.7 Outlook
250 C.12 Notes and forward-looking
statements
Combined
Management Report C.
Combined
Management Report
Due to rounding, numbers presented throughout this Combined Management Report may not add up
precisely to the totals provided and percentages may not precisely reflect the absolute figures.
C. Combined Management Report