Siemens 2014 Annual Report Download - page 214

108 A. To our Shareholders 131 B. Corporate Governance 171 C. Combined Management Report
172 C. Business and economic environment
187 C. Financial performance system
193 C. Results of operations
205 C. Financial position
210 C. Net assets position

Our “Vision ” concept mentioned above, which was initi-
ated in fiscal , focuses Siemens on profitable growth
along the value chain of electrification. During the year we
announced a number of portfolio changes for this purpose,
including acquisition of two major energy businesses: the
Rolls-Royce aero-derivative gas turbine and compressor busi-
ness and the Dresser-Rand oil and gas equipment business. We
have also announced planned divestments of our hearing aid
business and our stake in the home appliance business BSH. To
streamline our processes, we reduced layers of management by
eliminating the Sector structure and reducing the number of
our Divisions, effective with the beginning of fiscal . We
also streamlined our regional go-to-market structure, with a
smaller number of entities that have greater ability to penetrate
attractive geographic markets and get closer to our customers.
With regard to innovation, we expect to intensify R & D activi-
ties e.g. to shorten product development cycles and increase
our application of new technologies, such as data analytics. To
better balance risks and rewards when we take on innovative
projects, we intend to explicitly rely on our so-called corporate
memory as an early-warning system that takes advantage of
the experience and expertise we already possess.
We intend to continue providing an attractive return to share-
holders. As in the past, we intend to fund the dividend payout
from Free cash flow. The Siemens Managing Board, in agree-
ment with the Supervisory Board, proposes a dividend of € .
per share, up from € . a year earlier.
In November , we announced the sale of our hearing aid
business to the investment company EQT and the German
entre preneurial family Strüngmann as co-investors. The trans-
action volume is € . billion plus an earn-out component and
includes that the new owners will also be allowed to continue
using the Siemens product brand for the hearing aid business
over the medium term. The hearing aid business so far rep-
resents a Business Unit within Healthcare. The transaction is
subject to approval by the regulatory authorities. Closing is
expected in the first quarter of calendar year . The hearing
aid business is presented as held for disposal and discontinued
operations since the first quarter of fiscal .
C. Subsequent events