Siemens 2013 Annual Report Download - page 249

253 D. Consolidated Financial Statements
357 E. Additional Information
245 C. Compensation Report, Corporate Governance
statement pursuant to Section a of the
German Commercial Code, Takeover-relevant
information and explanatory report
246 C. Siemens AG ( Discussion on basis of
German Commercial Code)
250 C. Notes and forward-looking statements
9
C.. Subsequent events
In November , Siemens announced a share buyback of up
to € billion ending latest on October , . The buybacks
will be made under the current authorization granted at the
Annual Shareholders’ Meeting on January , , which al-
lows for further share repurchases of a maximum of . mil-
lion shares under this program. Shares repurchased may be
used for cancelling and reducing capital stock, for issuing
shares to current and former employees, to members of the
Managing Board and board members of affiliated companies
and for meeting obligations from or in connection with con-
vertible bonds or warrant bonds.
C.. 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 C.. RISKS
and C.. OPPORTUNITIES.
As the parent company of the Siemens Group, Siemens AG is
integrated into the group-wide risk management system. For
additional information see C.. RISK MANAGEMENT.
The description of the internal control system for Siemens AG
required by Section  para.  of the German Commercial
Code is included in
C.. SIGNIFICANT CHARACTERISTICS OF THE
ACCOUNTING RELATED INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM.
For additional information regarding the use of financial in-
struments see
NOTES TO THE STAND-ALONE FINANCIAL STATEMENTS
OF SIEMENS AG.
C.. 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 that the anticipated market and
revenue developments for fiscal  described in statements
made by the Siemens Group will be mainly reflected in the rev-
enue of Siemens AG. In fiscal , we expect the profit of
Siemens AG to benefit from productivity gains resulting from
the company-wide “Siemens ” program. In addition, we
expect that income from investments will significantly influ-
ence the profit of Siemens AG. For additional information see
C.. REPORT ON EXPECTED DEVELOPMENTS.
We intend to continue providing an attractive return to share-
holders. Therefore in the years ahead we intend to propose a
dividend payout which, combined with outlays during the fis-
cal year for publicly announced share buybacks, results in a
sum representing % to % of net income of Siemens
Group, which for this purpose we may adjust to exclude se-
lected exceptional non-cash effects. Furthermore, for fiscal
, we are taking proceeds from the sale of the NSN stake in
fiscal  into consideration.