Siemens 2014 Annual Report Download - page 245

247 D. Consolidated Financial Statements
337 E. Additional Information
213 C. Overall assessment of the economic position
214 C. Subsequent events
215 C. Sustainability and citizenship
225 C. Report on expected developments and
associated material opportunities and risks
242 C. Compensation Report and legal disclosures
242 C. Siemens AG (Discussion on basis
of German Commercial Code)

C.. Employees
Indicators
Year ended September ,
 
Employee turnover rate  4.1% 3.0%
Female employees in management positions
(percentage of all management positions)  11.8% 11.3%
Expenses for continuing education
(in millions of €)  98 94
Expenses per employee for continuing
education (in €)  919 864
1 Employee turnover rate is defined as the ratio of voluntary and involuntary exits
from Siemens AG during the fiscal year to the average number of employees.
2 Employees in management positions include all managers with disciplinary
responsibility, plus project managers.
3 Without travel expenses.
As of September ,  and , the numbers of employees
were , and , respectively.
Employees of Siemens AG
as of September 30, 2014 (in thousands)
Energy:  (%)
Healthcare:  (%)
Industry:  (%)
Siemens Real Estate:
 (%)
Other:  (%)
Infrastructure & Cities:
 (%)

For additional information see C.. EMPLOYEES.
C.. Subsequent events
There have been no events of particular significance since the
end of fiscal .
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 sub-
sidiaries 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 ACCOUNT-
ING RELATED INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM.
For additional information regarding the use of financial
instruments see NOTES TO THE ANNUAL 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 rev-
enue developments for fiscal  described in statements made
by the Siemens Group will be mainly reflected in the revenue of
Siemens AG. In fiscal , we continue to execute the Group’s
“Vision ” concept. In particular, we expect that gains
from divestments will significantly influence 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 of  % to  % of net income of Siemens
Group, which for this purpose we may adjust to exclude
selected exceptional non-cash effects.