Siemens 2014 Annual Report Download - page 128

108 A. To our Shareholders 131 B. Corporate Governance 171 C. Combined Management Report
108 A. Letter to our Shareholders
114 A. Managing Board of Siemens AG
118 A. Report of the Supervisory Board
126 A. The Siemens Share / Investor Relations
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The Siemens share price developed positively during fiscal 
in a market environment strongly impacted by economic and
political factors. In the first four months, European stock mar-
kets and the Siemens share price rose substantially due to un-
expectedly positive economic data. After the Siemens share
achieved its high for the year of € . in January , stock
markets initially began to decline in February and then moved
sideways in the following months in a volatile stock market
environ ment. On September , , the Siemens share
closed at € ., a gain of  % compared to September , .
The Managing Board and the Supervisory Board will propose
a dividend payment of € . per share for fiscal . Represent-
ing a planned payout ratio of  %, this proposal ensures – in
accordance with our One Siemens dividend policy – that our
shareholders participate adequately in the Company’s profit
development. In May , we launched a share buyback pro-
gram of up to €  billion. By the end of fiscal , we’d acquired
shares with a total value corresponding to about € . billion.
Siemens AG continues to have a very sound financial basis. In
an environment in which the ratings of many countries have
come under pressure, the Company continues to enjoy good
investment-grade credit ratings.
A.. Development of the Siemens share
Over the entire fiscal year, Siemens stock performed well in
the market environment, closing at € . per share on
September , . For shareholders who reinvested their
dividends, this amounted to a gain of . % (fiscal : a gain
of . %, including the proceeds from the OSRAM spinoff)
compared to the price on September , . The develop-
ment of the Siemens share price was slightly below the perfor-
mance of the leading German stock exchange index, the
DAX (which rose . %), and the leading international index,
MSCI World (which advanced . %).
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  – FY 
Siemens 7.9%
DAX® 9.3%
MSCI World 7.1%
The strength of the Siemens share is also illustrated by a long-
term comparison: the assets of an investor who acquired
Siemens stock worth € , at the beginning of fiscal 
and reinvested the dividends and the corresponding value of
the OSRAM spinoff in additional Siemens shares would have
increased to € , by the end of fiscal . This annual
return of . % is above the results for MSCI World (. %) but
below those for the DAX  (. %).
A. The Siemens Share / Investor Relations
Change in the value of an investment in Siemens shares in fiscal 2014 (with dividends reinvested; indexed)
in % September ,  September , 
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Siemens DAX® MSCI World