As it profits from ongoing growth in the emerging nations, Siemens is seeking to significantly expand its investment in India. Experts forecast that the Indian economy, for example, will grow seven percent in 2010 and eight percent the following year. “India is already one of the growth drivers worldwide and will remain so in the future. We’ve been optimally positioned here for over 140 years and intend to further strengthen our position,” said Peter Löscher, President and CEO of Siemens AG in New Delhi, where the entire Siemens Managing Board met for the first time ever. Over the next three fiscal years through 2012, the company intends to invest more than €250 million in the country, thereby doubling its current annual investments. A major part of this will be invested in renewable energy and value-priced products business. The company also wants to increase its market share in India to ten percent by the year 2012. With recently signed orders totaling over €500 million, primarily for energy technology, Siemens is well on its way.
Siemens was again profitable in the first quarter of the new fiscal year. Despite declining revenue, nearly all the company’s businesses reached their defined margin targets. Although the order situation stabilized, new orders remained at a significantly lower level than before the crisis due to continued weak demand worldwide. “Earnings for the first quarter provide a gratifying snapshot of our current situation. The actions we took at a very early stage are now cushioning us from the ongoing repercussions of the global recession,” said Siemens President and CEO Peter Löscher. “We will continue to tackle all challenges decisively and in a responsible manner. Only such an approach can ensure Siemens’ long-term success,” he stated.
The regular Annual Shareholders’ Meeting of Siemens AG has approved the proposed settlements between the company and nine former members of Siemens’ Managing and Supervisory Boards. The shareholders also endorsed an agreement whereby the provider of the company’s directors and officers insurance policy will cover damages of up to €100 million. In addition, the shareholders approved the current system of Managing Board compensation and ratified the acts of the Managing and Supervisory Boards for fiscal 2009. The Annual Shareholders’ Meeting also confirmed the dividend of €1.60 per share proposed by the Managing and Supervisory Boards. The proposals on these agenda items were approved by large majorities at the meeting today in Munich’s Olympiahalle.
"Earnings for the first quarter provide a gratifying snap-shot of the current situation," said Siemens CEO Peter Löscher. "The actions we took at a very early stage are now cushioning us from the ongoing repercussions of the global recession. We will continue to tackle all challenges decisively and in a responsible manner. Only such an approach can ensure Siemens' long-term success."
We released our first quarter results for fiscal 2010 on January 26, 2010.
As expected, interest in this year’s Annual Shareholders’ Meeting of Siemens AG in Munich’s Olympiahalle was especially high. The 7,700 shareholders attending this year’s event represented some 46,5 percent of Siemens AG’s capital stock. More than 21,000 shareholders ordered tickets for the event and around 34,000 voted by proxy. Over 69,000 shareholders registered to receive meeting documents electronically. By way of comparison: in 2009, approximately 9,500 shareholders attended.
Siemens held its Annual Shareholders' Meeting at the Olympia Hall in Munich on January 26, 2010.
As announced, Siemens AG filed suit today in the Munich District Court against two former Managing Board members, Thomas Ganswindt and Heinz-Joachim Neubürger. The company is claiming damages of €15 million from Neubürger, its former CFO, and €5 million from Ganswindt, the former head of its telecommunications business.
Siemens will sell its 25 percent stake in Dräger Medical AG & Co. KG to majority shareholder Dräger. Ownership of the medical engineering company will then be fully transferred to Dräger. Proceeds of the sale will have a minimum value of about €250 million. The Managing Board of Drägerwerk Verwaltungs AG, as personally liable shareholder of Drägerwerk AG & Co. KGaA, and the Managing Board of Siemens AG have agreed to the transaction, which is still subject to regulatory approval.