Siemens 2015 Annual Report Download - page 129

Additional Information 
resources and findings of the internal audit as well as with
reports concerning potential and pending legal disputes.
DETAILED DISCUSSION OF THE
FINANCIAL STATEMENTS
The independent auditors, Ernst & Young GmbH Wirtschafts-
prüfungsgesellschaft, audited the Annual Financial Statements
of Siemens AG, the Consolidated Financial Statements of the
Siemens Group and the Combined Management Report for
Siemens AG and the Siemens Group for fiscal 2015 and issued
an unqualified opinion. The Annual Financial Statements of
Siemens AG and the Combined Management Report for
Siemens AG and the Siemens Group were prepared in accord-
ance with the requirements of German law. The Consolidated
Financial Statements of the Siemens Group were prepared in
accordance with the International Financial Reporting Stand-
ards (IFRS) as adopted by the European Union (EU) and with
the additional requirements of German law set out in Sec-
tion 315a (1) of the German Commercial Code (Handelsgesetz-
buch). These financial statements also comply with the IFRS as
issued by the International Accounting Standards Board (IASB).
The independent auditors conducted their audit in accordance
with Section 317 of the German Commercial Code and in com-
pliance with the generally accepted German standards for the
audit of financial statements promulgated by the Institut der
Wirtschaftsprüfer (IDW) and with the International Standards
on Auditing (ISA). The abovementioned documents as well as
the Managing Board’s proposal for the appropriation of net in-
come were submitted to us by the Managing Board in advance.
The Audit Committee discussed the dividend proposal in detail
at its meeting on November 10, 2015. It discussed the Annual
Financial Statements of Siemens AG, the Consolidated Finan-
cial Statements of the Siemens Group and the Combined Man-
agement Report in detail at its meeting on December 1, 2015.
The audit reports prepared by the independent auditors were
distributed to all members of the Supervisory Board and com-
prehensively reviewed at the Supervisory Board’s meeting on
December 2, 2015, in the presence of the independent auditors,
who reported on the scope, focal points and main findings of
their audit. No major weaknesses in the Company’s internal
control or risk management systems were reported. At this
meeting, the Managing Board explained the financial state-
ments of Siemens AG and the Siemens Group as well as the
Company’s risk management system. The Supervisory Board
concurs with the results of the audit. Following the definitive
findings of the Audit Committee’s examination and our own
examination, we have no objections. The Managing Board pre-
pared the Annual Financial Statements of Siemens AG and the
Consolidated Financial Statements of the Siemens Group. We
approved the Annual Financial Statements and the Consoli-
dated Financial Statements. In view of our approval, the finan-
cial statements are accepted as submitted. We endorsed the
Managing Board’s proposal that the net income available for
distribution be used to pay out a dividend of € 3.50 per share
entitled to a dividend and that the amount of net income attrib-
utable to shares of stock not entitled to receive a dividend for
fiscal 2015 be carried forward.
CHANGES IN THE COMPOSITION OF THE
SUPERVISORY AND MANAGING BOARDS
Effective the end of the Annual Shareholders’ Meeting on Janu-
ary 27, 2015, Deputy Chairman Berthold Huber, Gerd von Bran-
denstein and Prof. Dr. Peter Gruss resigned from their positions
on the Supervisory Board of Siemens AG. The Supervisory
Board would like to express its appreciation to the members
who have left the Board for their professional commitment and
contributions to the success of the Company as well as for their
many years of loyal support. Dr. Nathalie von Siemens and
Dr. Norbert Reithofer were elected by the 2015 Annual Share-
holders’ Meeting to succeed the two departing shareholder rep-
resentatives. At the same time, Reinhard Hahn was appointed
by court order to succeed Mr. Huber on the Supervisory Board.
The Supervisory Board elected Birgit Steinborn to serve as Dep-
uty Chairwoman of the Board.
Prof. Dr. Hermann Requardt resigned from the Managing Board,
effective January 31, 2015. The Supervisory Board would like to
thank him for his many years of successful work as a member
of the Managing Board. Under Prof. Dr. Requardt’s leadership,
Siemens’ Healthcare business succeeded in further consolidat-
ing its leading position on the world market. The Supervisory
Board appointed Janina Kugel a full member of the Managing
Board, effective February 1, 2015.
On behalf of the Supervisory Board, I would like to thank the
members of the Managing Board as well as the employees and
employee representatives of Siemens AG and all Group compa-
nies for their outstanding commitment and constructive coop-
eration in fiscal 2015.
For the Supervisory Board
Dr. Gerhard Cromme
Chairman