Siemens 2015 Annual Report Download - page 37

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Combined Management Report 
The Annual Financial Statements of Siemens AG have been pre-
pared in accordance with the rules set out in the German Com-
mercial Code (Handelsgesetzbuch).
Siemens AG is the parent company of the Siemens Group.
Results for Siemens AG are significantly influenced by directly
or indirectly owned subsidiaries and investments. The business
development of Siemens AG is fundamentally subject to the
same risks and opportunities as the Siemens Group. Due to the
interrelations between Siemens AG and its subsidiaries and the
relative size of Siemens AG within the Group, the outlook of
the Group also largely reflects our expectations for Siemens AG.
Therefore, the above mentioned explanations for the Siemens
Group apply also for the Siemens AG. We expect that income
from investments will significantly influence the profit of
Siemens AG.
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 se-
lected exceptional non-cash effects.
As part of the carve-out of Healthcare, Siemens AG transferred
its healthcare business to the newly founded Siemens Health-
care GmbH by way of singular succession. Beginning with fiscal
, the results of the Siemens Healthcare GmbH are trans-
ferred to Siemens AG based on the profit-and-loss transfer
agreement between the Siemens AG and the Siemens Health-
care GmbH.
As of September , , the number of employees was
,.
A.9.1 Results of operations
Statement of Income of Siemens AG in accordance
with German Commercial Code (condensed)
Fiscal year % Change
(in millions of €) 2015 2014
Revenue 26,454 30,934 (14)%
Cost of Sales (20,161) (22,109) 9%
Gross profit 6,293 8,824 (29)%
as percentage of revenue 24% 29%
Research and development
expenses (2,417) (2,781) 13%
Selling and general
administrative expenses (3,810) (4,036) 6%
Other operating income
(expenses), net (270) (20) >(200)%
Financial income, net
thereof Income from invest-
ments 8,142 (prior year 2,870) 6,122 2,242 173%
Result from ordinary activities 5,918 4,230 40%
Income taxes (300) (444) 32%
Net income 5,618 3,786 48%
Profit carried forward 179 110 64%
Allocation to other retained
earnings (2,714) (988) (175)%
Unappropriated net income 3,084 2,907 6%
The decrease in Revenue is due primarily to the carve-out of
Healthcare, which posted € . billion in revenue in fiscal .
In fiscal , the highest contributions to revenue came from
Digital Factory amounting to € . billion, Energy Management
amounting to € . billion, Power and Gas amounting to € . bil-
lion and Process Industries and Drives amounting to € . bil-
lion. On a geographical basis,  % of revenue was generated in
the Europe, C. I. S., Africa, Middle East region,  % in the Asia,
Australia region and  % in the Americas region. Exports from
Germany accounted for  % of overall revenue. In fiscal ,
orders for Siemens AG amounted to € . billion.
A. Siemens AG