UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

November 8 , 2007

Commission File Number: 1-15174

Siemens Aktiengesellschaft

(Translation of registrant’s name into English)

Wittelsbacherplatz 2
D-80333 Munich
Federal Republic of Germany
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F þ     Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes o     No þ

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes o     No þ

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o     No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

 

 

TABLE OF CONTENTS

Press Releases:

Siemens sets capital structure target and announces a share buyback program for up to €10 billion by 2010

Siemens to raise target margin ranges for Operations

Key figures

Earnings Release

Siemens Segment Information (continuing operations — preliminary and unaudited)

Siemens Consolidated Statements of Income (preliminary and unaudited)

Siemens Consolidated Statements of Income and Expense Recognized in Equity (preliminary and unaudited)

Siemens Consolidated Statements of Cash Flow (preliminary and unaudited)

Siemens Consolidated Balance Sheets (preliminary and unaudited)

SUPPLEMENTAL DATA:

Siemens Segment Information Analysis(I) (preliminary and unaudited)

Siemens Segment Information Analysis(II) (preliminary and unaudited)

Siemens Segment Information Analysis(III) (preliminary and unaudited)

Reconciliation and Definitions

Legal Proceedings

Signatures

		Press Presse Prensa
		For the business and financial press
		Munich, November 7, 2007

Siemens sets capital structure target and announces a share buyback program for up to €10 billion by 2010

In the framework of its Fit for 2010 program, Siemens has set a target for an optimized capital structure. It will be measured as the ratio of “adjusted industrial net debt” to “EBITDA.” The capital structure target should be in a target range between 0.8 and 1.0 by 2010. “This step completes Siemens’ financial target system as defined in the Fit for 2010 program, while maintaining our traditionally solid financial position. At the same time, we are optimizing our capital structure on the basis of comprehensive analyses of competitors,” said Siemens CFO Joe Kaeser.

In a move to achieve the target, Siemens simultaneously announced it is launching an extensive share buyback program. “As a result of the strong cash flow from operations and the size of the expected proceeds from the sale of Siemens VDO, we see potential for optimizing our capital structure. We therefore foresee a share buyback program with a total volume of up to €10 billion by 2010. Ultimately, we believe that a more efficient capital structure will strengthen EPS growth while ensuring cost-effective access to capital as well as strategic flexibility,” said Siemens CEO Peter Löscher.

Through resolution of the Shareholders’ Meeting of January 25, 2007, Siemens AG is authorized pursuant to section 71 para.1 no. 8 of the German Stock Corporation Act (Aktiengesetz, AktG) to acquire own shares up to 10% of the its capital stock until July 24, 2008. Within this authorization the Managing Board has adopted a share buy back program which has been approved by the Supervisory Board.

Accordingly this allows to acquire by purchase over the stock exchange up to a maximum of 82 million shares of Siemens AG for the purpose of cancellation and reduction of capital stock as well as to buy back up to a maximum of 7 million shares of Siemens AG to fulfill obligations arising out of stock compensation programs. On the basis of the current share price this amounts to a volume of approximately EUR 8.5 billion.

Timing and details regarding the start of the share buy back program will be announced separately. The buy back will be carried out lead-managed by banks and will be executed pursuant to the Regulation (EC) no. 2273/2003 of the Commission of December 22, 2003.

Siemens intends that the Managing Board and the Supervisory Board will propose at the Shareholders’ Meeting to be held on January 24, 2008 to renew the authorization to buy back shares of up to 10 % of the share capital.

On EBITDA and other definitions please visit www.siemens.com/investorrelations.

Siemens plans to publish its fiscal 2007 figures (based on IFRS) on November 8, 2007, at 7:15 a.m. (CET). The Annual Press Conference will be held on the same day in Munich, beginning at 10:00 a.m. (CET). Further information will be available in the live Webcast of the press conference at: www.siemens.com/pressekonferenz. An analyst conference will follow on November 9, 2007, in London and can also be seen as a live Webcast at: www.siemens.com/investorrelations.

Siemens AG Corporate Communications and Government Affairs Media Relations 80312 Munich		Reference number: AXX200711.8e Constantin Birnstiel 80312 Munich Tel.: +49 89 636-36669; Fax: -32825 E-Mail: constantin.birnstiel@siemens.com

		Press Presse Prensa

For the business and financial press
Munich, Germany, November 8, 2007

Siemens to raise target margin ranges for Operations

Siemens is raising the target margin ranges for its operating units. “We’re convinced that the creation of new structures within the three planned Sectors Energy, Industry and Healthcare will make our company less complex, more transparent, more focused and, therefore, faster and more successful. As a result, it’s also clear we’ll exceed the current goals of our Fit for 2010 program,” said Peter Löscher, Siemens CEO. The new target margin ranges for the future Energy and Industry Sectors will be announced at the end of January 2008. Effective immediately, the target margin range for the Medical Solutions Group (Med) will be raised to 14-17% from the current 13-15%. In the course of the restructuring, Siemens also intends to reduce selling, general and administrative costs, as a percentage of sales, 10-20% by 2010.

If approved by the Supervisory Board on November 28, 2007, implementation of the new company structure will begin in January 2008. External financial reporting on the basis of the new structure will begin in the second half of fiscal 2008. Financial information will be reported at the Sector level and below. “We’re again making our financial reporting considerably more transparent than it is today,” said Löscher.

The Energy Sector will essentially comprise the Groups Power Generation (PG) and Power Transmission and Distribution (PTD). This Sector will target a highly attractive market, which is growing at 11% a year. Siemens expects the market’s total volume to be well above €300 billion by 2010.

The Industry Sector will comprise the business activities of Automation and Drives (A&D), Industrial Solutions and Services (I&S), Transportation Systems (TS), Siemens Building Technologies (SBT) and Osram. Siemens assumes that the Sector’s markets will grow 5% a year to reach a total volume of nearly €500 billion by 2010.

The Healthcare Sector will comprise the Medical Solutions Group (Med). Med’s latest acquisitions have more than doubled its market to €57 billion and enabled the Group to tap attractive new segments.

Siemens IT Solutions and Services and Siemens Financial Services (SFS) will continue to operate as cross-sector businesses.

The planned new structure will generate considerable synergy potentials. “We’re going to precisely define how staff functions are assigned to the various levels in the new structure,” said Peter Löscher, with reference to the selling, general and administrative costs, which totaled some 17% of sales in fiscal 2007.

Siemens AG Corporate Communications and Government Affairs Media Relations 80312 München		Informationsnummer: AXX200711.12 e Marc Langendorf 80312 München Tel.: +49 89 636-37035; Fax: -32825 E-Mail: marc.langendorf@siemens.com

Key figures(1)(2)		Fiscal 2007

Effective with the first quarter of fiscal 2007, Siemens prepares its primary financial reporting according to International Financial Reporting Standards (IFRS) on a retroactive basis.

(in millions of €, except where otherwise stated)

		Earnings Release Munich, November 8, 2007

Strong Growth, Higher Margins

Operations delivers nearly €2 billion in Q4 Group profit
Continuing operations generate EPS of €1.45 in Q4

Siemens in the Fourth Quarter of Fiscal 2007

	•		Group profit from Operations was €1.990 billion, driven up sharply year-over-year by rising profits and earnings margins at all Groups.
	•		Income from continuing operations also climbed significantly, to €1.394 billion. EPS from continuing operations was €1.45 compared to €0.10 a year earlier.
	•		Net income was a negative €74 million due to non-operating items in discontinued operations, including approximately €1.0 billion in tax expense related to the carve-out of Siemens VDO Automotive. EPS was a negative €0.17 compared to a positive €0.10 a year earlier.
	•		Siemens continued to grow more than twice as fast as global GDP. Revenue was up 9% compared to the prior-year quarter, at €20.201 billion, and orders climbed 21%, to €21.328 billion.
	•		Free cash flow rose to €2.553 billion for the quarter, on higher income from continuing operations and a substantial improvement in net working capital year-over-year.
	•		Siemens announced plans for a €10 billion share repurchase program, and proposed a dividend for fiscal 2007 of €1.60 per share compared to €1.45 per share in the prior year.

“The fourth quarter demonstrates the kind of quality growth Siemens can generate,” said Siemens CEO Peter Löscher. “We expanded our business in all regions of the world, and all our operating Groups reached their Fit 4 2010 target margin ranges. This success in turn produced a strong increase in free cash flow. Net income was significantly impacted by tax expense related to the carve-out of Siemens VDO Automotive.”

“At the corporate level, one of our plans for the year ahead is to make our balance sheet more efficient. We are therefore announcing a capital structure target ratio based on net industrial debt and EBITDA. To meet this midterm target, we are taking advantage of our strong cash position to return value to shareholders through a share buyback program, which we will conduct over the next three years up to a total of approximately €10 billion. Ultimately, we believe that a more efficient capital structure will strengthen EPS growth while ensuring cost-effective access to capital as well as strategic flexibility.”

“Operationally, we expect more quality growth in fiscal 2008. Specifically, we anticipate volume growth that is twice as high as the rate of global GDP growth, and that our operating profit will grow at least twice as fast as our volume. Siemens remains very well positioned in dynamic world markets for solutions in industry, energy, and healthcare.”

Income and Group Profit

Group profit from Operations climbed on higher profitability and rising revenue. With increased operating leverage from improved cost structures and successful acquisitions in recent quarters, the Groups in Operations benefited substantially from higher revenue worldwide. The result was €1.990 billion in Group profit, compared to €749 million in the fourth quarter a year earlier. All nine Groups within Operations posted significantly higher Group profit and profit margins year-over-year.

Income from continuing operations was up strongly year-over-year. Substantially higher Group profit from operations resulted in a strong increase in income from continuing operations, which climbed to €1.394 billion from €139 million in the prior-year period. Earnings per share (EPS) from continuing operations rose to €1.45 compared to €0.10 a year earlier. Financing & Real Estate and Corporate Treasury generated €119 million in income before income tax in the quarter, compared to €129 million in the prior-year period.

Net income was adversely affected by non-operating items in discontinued operations. Discontinued operations reduced net income by €1.468 billion in the fourth quarter, in large part because of the inclusion of Siemens VDO Automotive (SV) pending the close of its sale to Continental AG. Siemens recorded approximately €1.0 billion in tax expense associated with the SV carve-out. Other non-operating effects in discontinued operations include a penalty of €201 million imposed by German authorities in ending their investigation of past misconduct at the former Communications Group (Com). As a result, net income was a negative €74 million for the quarter compared to a positive €148 million in the prior-year period. Basic and diluted EPS for the current period were €(0.17) and €(0.19), respectively. A year earlier, both basic and diluted EPS in the fourth quarter were €0.10.

Orders and Revenue

Siemens delivered strong organic growth with excellent regional balance. With significant operations in all major regions and countries of the world, Siemens benefited strongly from favorable macroeconomic conditions in the fourth quarter. Revenue rose 9% compared to the prior-year period, to €20.201 billion, and orders climbed 21%, to €21.328 billion. On an organic basis, excluding the net effect of currency translation and portfolio transactions, revenue rose 8% year-over-year and orders climbed 19%. Growth in the Asia-Pacific region remained robust, with revenue up 19% and orders up 62%. Europe (including Germany) also had a strong quarter, with 7% growth in revenue and 26% growth in orders. The region comprised of Africa, the Near and Middle East and the Commonwealth of Independent States (C.I.S.) posted 19% revenue growth and accounted for nearly 10% of Siemens’ revenue in the fourth quarter. These above-mentioned regions more than made up for slower growth in the Americas, where market conditions in the U.S. changed significantly compared to the prior-year quarter. Revenue and orders in the Americas each grew 6% year-over-year despite strong adverse currency effects, partly offset by new revenue from acquisitions between the periods under review.

Cash and Return on Capital Employed (ROCE)

The cash conversion rate for the quarter was well above target. Free cash flow from continuing operations for the fourth quarter was €2.553 billion, up from €963 million in the same quarter a year earlier. This increase was driven by substantially higher income from continuing operations compared to the prior-year period, as well as higher cash inflows resulting from net working capital. The resulting cash conversion rate for the quarter was 1.83, well above the target rate of 0.92.

ROCE for fiscal 2007 was 12.7%. A year earlier, Siemens’ ROCE was 9.6%. ROCE development in fiscal 2008 will be affected by a substantial increase in capital employed, stemming from major acquisitions completed or announced in fiscal 2007. Siemens’ medium-term target for ROCE remains 14-16%.

Legal and regulatory matters in the fourth quarter

The Munich district court imposed a fine of €201 million on Siemens, marking the end of the investigation at Com by the Munich Office of Public Prosecution insofar as it relates to Siemens AG. Siemens recorded the fine in the fourth quarter of fiscal 2007. In addition Siemens reached a final settlement with German tax authorities regarding questionable payments made under Business Consulting Agreements (BCAs), under other agreements with third-party intermediaries, and to other parties in fiscal years 2000-2006. A total of €449 million in questionable payments at Com have been determined to be non-deductible, resulting in a tax charge of €179 million. Siemens previously recorded €168 million for tax charges in its consolidated financial statements for fiscal 2006, corresponding to non-deductible payments of €417 million.

During the fourth quarter of fiscal 2007, Siemens substantially completed its analysis of the tax deductibility of questionable payments at Groups other than Com and in regional companies, also for fiscal years 2000-2006. This analysis identified in fiscal 2007 an additional €857 million in non-tax-deductible payments. Accordingly, Siemens recorded additional income tax expense of €339 million and adjusted corresponding amounts in prior periods in the consolidated financial statements for fiscal 2007. The majority of the tax total relates to payments prior to fiscal 2005, which reduces shareholders’ equity as of October 1, 2004. There is no impact from these tax charges on Siemens’ income statement for fiscal 2007.

Taking continuing operations and discontinued operations together, expenses for outside advisors engaged by Siemens in connection with investigations into alleged violations of anti-corruption laws and related matters as well as remediation activities amounted to €159 million in the fourth quarter and €347 million in fiscal 2007. More detailed information regarding compliance matters is provided in the document “Legal Proceedings.”

Operations in fiscal 2007

Automation and Drives (A&D): Robust Global Growth and Operating Leverage

		Fourth quarter ended September 30,																Fiscal year ended September 30,
										% Change																% Change
(€ in millions)		2007				2006				Actual				Adjusted*				2007				2006				Actual				Adjusted**
Group profit			607				427				42	%							2,090				1,575				33	%
Group profit margin			13.8	%			11.8	%											13.6	%			12.1	%
Revenue			4,403				3,609				22	%			16	%			15,389				13,041				18	%			16	%
New orders			4,351				3,520				24	%			18	%			16,794				14,312				17	%			16	%

A&D completed an excellent year with an outstanding fourth quarter. Group profit for the final three months jumped 42% compared to the prior-year quarter, to €607 million. The Large Drives, Mechanical Drives and Motion Control Systems divisions all demonstrated strong operating leverage with expanded revenue, resulting in significantly increased earnings. Purchase price accounting (PPA) effects associated with the Group’s acquisitions of UGS Corp. (in May 2007) and Flender Holding GmbH (in fiscal 2005) sliced €63 million from Group profit, and A&D posted an additional €12 million in integration costs. These negative impacts together took 170 basis points from Group profit margin for the quarter. Revenue for A&D overall reached a new quarterly high, at €4.403 billion. Orders rose even faster, climbing 24% to €4.351 billion. A&D generated its topline growth on a worldwide basis. Revenue rose 32% in Asia-Pacific, 26% in Germany, 20% in Europe outside Germany and 16% in the Americas. These results include new volume from UGS, a leading provider of product lifecycle management (PLM) software which A&D acquired to complement and extend its existing software capabilities.

This business got off to a good start within A&D, launching its technology integration and winning new customers for the Group.

On a full-year basis, A&D increased its Group profit 33%, to €2.090 billion. The Group gained operating leverage on rising volume, and profitability increased year-over-year even though €143 million in PPA effects and €23 million in integration costs clipped 110 basis points from Group profit margin. Revenue for fiscal 2007 climbed 18% to €15.389 billion, and orders rose 17% to €16.794 billion. Topline growth was geographically broad-based and benefited from the UGS acquisition.

Industrial Solutions and Services (I&S): Groupwide Increase in Profitability

		Fourth quarter ended September 30,																Fiscal year ended September 30,
										% Change																% Change
(€ in millions)		2007				2006				Actual				Adjusted*				2007				2006				Actual				Adjusted**
Group profit			130				61				113	%							415				282				47	%
Group profit margin			5.2	%			2.5	%											4.7	%			3.2	%
Revenue			2,500				2,477				1	%			2	%			8,894				8,819				1	%			3	%
New orders			2,168				2,129				2	%			3	%			10,161				9,025				13	%			15	%

I&S closed fiscal 2007 with its strongest quarter of the year, more than doubling Group profit to €130 million. Earnings and profitability improved in all divisions compared to the prior-year quarter, most notably in the industrial services, water, and oil and gas businesses. As a result, the Group added 270 basis points to its quarterly Group profit margin. Industry-wide resource constraints and lower revenue in the postal automation business held back topline growth, as revenue rose to €2.500 billion and orders increased to €2.168 billion.

Full-year results for I&S showed similar trends, including sharply higher Group profit on restrained growth in revenue. Group profit climbed to €415 million, a 47% increase year-over-year, and both earnings and margins improved throughout the Group. Revenue for I&S overall was up 1% year-over-year, at €8.894 billion. Strong demand in the Americas and Asia-Pacific helped take orders up 13%, to €10.161 billion, for a book-to-bill ratio of 1.14 for the full fiscal year.

Siemens Building Technologies (SBT): Profiting From Higher-Margin Business

		Fourth quarter ended September 30,																Fiscal year ended September 30,
										% Change																% Change
(€ in millions)		2007				2006				Actual				Adjusted*				2007				2006				Actual				Adjusted**
Group profit			102				77				32	%							354				223				59	%
Group profit margin			7.5	%			5.5	%											7.0	%			4.6	%
Revenue			1,353				1,403				(4	)%			(1	)%			5,062				4,796				6	%			8	%
New orders			1,331				1,402				(5	)%			(2	)%			5,350				5,235				2	%			5	%

SBT delivered its highest quarterly Group profit of the year in the fourth quarter, at €102 million, and also added more than 200 basis points to Group profit margin compared to the prior-year period. These results demonstrate the Group’s focus on reducing costs, improving execution and winning higher-margin business.

This trend was most evident in SBT’s building automation business, which more than doubled profitability compared to the same quarter a year earlier. For SBT as a whole, more selective order intake was evident in revenue of €1.353 billion, a modest decline compared to the prior-year quarter. Orders of €1.331 billion came in 5% below the fourth quarter a year ago. Key factors in this result included adverse currency translation effects and a slowdown in the U.S., which pulled U.S. orders down 15% year-over-year.

SBT’s progress was even more substantial on a full-year basis, with Group profit jumping 59% year-over-year, to €354 million. Earnings and margins rose on a Groupwide basis, building a 240 basis point increase in Group profit margin. The Group’s fire safety and heating, ventilation and air conditioning businesses made the largest contributions to Group Profit. Revenue rose 6% year-over-year, to €5.062 billion, and orders of €5.350 billion came in 2% higher than the prior period.

Osram: Sustained Growth and Profitability

		Fourth quarter ended September 30,																Fiscal year ended September 30,
										% Change																% Change
(€ in millions)		2007				2006				Actual				Adjusted*				2007				2006				Actual				Adjusted**
Group profit			128				86				49	%							492				456				8	%
Group profit margin			10.6	%			7.7	%											10.5	%			10.0	%
Revenue			1,203				1,110				8	%			12	%			4,690				4,563				3	%			7	%
New orders			1,203				1,110				8	%			12	%			4,690				4,563				3	%			7	%

Osram posted Group profit of €128 million in the fourth quarter of fiscal 2007, with broad-based increases in earnings and margins. Group profit in the prior year included higher severance charges. Revenue and orders rose 8% to €1.203 billion for the quarter, including high demand for energy-efficient lighting solutions.

For the full year, Osram’s Group profit rose 8% to €492 million. Along with strength in general lighting, Osram also benefited from higher earnings in its optical semiconductors business. Broad-based demand throughout the Group took revenue and orders up to €4.690 billion for the fiscal year. Excluding negative currency translation effects, revenue and orders grew 7% compared to the prior year.

Transportation Systems (TS): Improved Earnings and Margins

		Fourth quarter ended September 30,																Fiscal year ended September 30,
										% Change																% Change
(€ in millions)		2007				2006				Actual				Adjusted*				2007				2006				Actual				Adjusted**
Group profit			62				19				226	%							191				72				165	%
Group profit margin			5.1	%			1.3	%											4.3	%			1.6	%
Revenue			1,212				1,446				(16	)%			(12	)%			4,452				4,493				(1	)%			2	%
New orders			2,189				743				195	%			202	%			4,780				6,173				(23	)%			(20	)%

Group profit at TS in the fourth quarter rose to €62 million on broad-based increases in earnings and margins led by the Rail Automation division. Revenue of €1.212 billion came in below the level of the prior-year period.

Fourth-quarter orders of €2.189 billion were nearly triple the level of the same period a year ago, driven by major contract wins in Austria, The Netherlands, the U.K., and China.

For the full year, Group profit of €191 million at TS benefited from a net gain of €76 million on the sale of the Group’s locomotive leasing business. Earnings and margins rose on a Group-wide basis except for the mass transit business, which took charges related to its Combino railcar and posted a larger loss than in the prior year. Revenue of €4.452 billion came close to the prior-year level despite a decline in revenue in the mass transit business. Orders of €4.780 billion reflect a significantly lower level of large orders for the Group as a whole in the second and third quarters.

Power Generation (PG): Margin Improvement in High-Growth Markets

		Fourth quarter ended September 30,																Fiscal year ended September 30,
										% Change																% Change
(€ in millions)		2007				2006				Actual				Adjusted*				2007				2006				Actual				Adjusted**
Group profit			358				122				193	%							1,147				779				47	%
Group profit margin			10.1	%			4.2	%											9.4	%			7.7	%
Revenue			3,533				2,924				21	%			21	%			12,194				10,086				21	%			20	%
New orders			4,012				2,738				47	%			46	%			17,988				12,532				44	%			43	%

PG combined increased profitability with strong revenue growth to generate €358 million in fourth-quarter Group profit, well above the prior-year period. PG’s fossil power generation, fossil services, industrial and wind businesses all contributed significantly higher earnings year-over-year. Both periods under review included charges at major projects and negative equity investment income. With significant offsetting effects in the current quarter, Group profit margin was representative of PG’s underlying performance. In contrast, Group profit margin in the prior-year quarter lost more than 500 basis points due to the factors mentioned above. Equity investment income related to Areva was a negative €37 million compared to a negative €52 million in the prior-year quarter. Demand for PG’s power generation solutions was evident in revenue of €3.533 billion, 21% higher than in the prior-year quarter, and orders of €4.012 billion, up 47%. The fossil, wind and industrial businesses all contributed strong growth and major contract wins, including fuel-efficient combined-cycle power plants in Europe and Asia-Pacific and large wind power projects in Europe, Asia-Pacific and the U.S. PG expects continued volatility in equity investment earnings in coming quarters.

For the full fiscal year, Group profit at PG climbed 47%, to €1.147 billion. All businesses in PG’s portfolio generated strong growth in earnings and profitability, including a significant rise in earnings in the fossil services business and a sharply higher 9.5% margin in the wind power business, where earnings more than doubled. Charges at major projects, negative equity investment income and offsetting effects took 60 net basis points from Group profit margin in fiscal 2007, compared to 230 net basis points a year earlier. Equity investment income related to Areva was a negative €45 million in fiscal 2007 compared to a negative €27 in the prior year. Demand was well-balanced both regionally and among PG’s divisions. Fiscal 2007 revenue rose to €12.194 billion, 21% higher than in the prior fiscal year, and orders surged 44%, to €17.988 billion. These fiscal 2007 contract wins are expected to increase the earnings quality of PG’s order backlog as older, lower-margin orders are converted to revenue in coming quarters.

Power Transmission and Distribution (PTD): Maintaining Momentum in Growth and Profitability

		Fourth quarter ended September 30,																Fiscal year ended September 30,
										% Change																% Change
(€ in millions)		2007				2006				Actual				Adjusted*				2007				2006				Actual				Adjusted**
Group profit			225				54				317	%							650				315				106	%
Group profit margin			9.9	%			2.9	%											8.5	%			4.8	%
Revenue			2,283				1,839				24	%			25	%			7,689				6,509				18	%			21	%
New orders			1,882				1,683				12	%			14	%			9,896				8,028				23	%			27	%

PTD completed a year of continuous earnings improvement with Group profit of €225 million for the fourth quarter. Group profit margin benefited from €25 million in hedging effects not qualifying for hedge accounting. For comparison, the prior-year result included restructuring charges. Higher revenue enabled all divisions within PTD to increase their earnings, and the Group achieved its best quarterly Group profit margin of the year. In a strong global market for secure, high-efficiency power transmission and distribution, PTD delivered revenue of €2.283 billion, up 24% from the prior-year quarter. Orders for the quarter rose 12% above the prior-year level, to €1.882 billion, including a major order in the U.S.

PTD’s full-year results follow the same trends as in the fourth quarter. Group profit more than doubled, to €650 million, on improving margins and higher revenue. Revenue rose 18% year-over-year, to €7.689 billion, while orders climbed 23%, to €9.896 billion. Among numerous major orders were large new contracts in the Middle East and China, taking PTD’s full-year book-to-bill ratio up to 1.29.

Medical Solutions (Med): Strong Profit Growth From An Integrated Diagnostics Supplier

		Fourth quarter ended September 30,																Fiscal year ended September 30,
										% Change																% Change
(€ in millions)		2007				2006*				Actual				Adjusted**				2007				2006*				Actual				Adjusted***
Group profit			380				266				43	%							1,323				988				34	%
Group profit margin			13.3	%			11.3	%											13.4	%			12.0	%
Revenue			2,848				2,359				21	%			6	%			9,851				8,227				20	%			6	%
New orders			2,999				2,994				0	%			(11	)%			10,271				9,334				10	%			(2	)%

Group profit at Med in the fourth quarter jumped 43% compared to the prior-year quarter, to €380 million, and Group profit margin for the quarter rose to 13.3%. These results demonstrate the competitive strength and international success of Med’s diagnostics imaging businesses, which increased their profitability compared to the prior-year period despite continuing market pressure in the U.S., including effects from the U.S. Deficit Reduction Act (DRA). This enabled Med to more than offset the loss of 270 basis points from Group profit margin due to PPA effects of €21 million and integration costs of €55 million stemming from two major acquisitions. The companies acquired, Diagnostic Products Corp. (late in fiscal 2006) and a division of Bayer AG (in the second quarter of fiscal 2007), have been combined into Med’s new Diagnostics division for in-vitro diagnostic solutions. Revenue for the fourth quarter rose 21%, year-over-year, to €2.848 billion, including substantial new volume from the Diagnostics division.

Orders were level at €2.999 billion, as Med compensated for the tightening in the U.S. imaging market with its Diagnostics division and growth in other regions. The Group’s acquisition of Dade-Behring Holdings, Inc. closed on November 6, 2007, and will result in further integration costs in coming quarters.

Med’s results for the full year showed similar development as in the fourth quarter. Group profit climbed 34%, to €1.323 billion, primarily due to higher earnings and profit margins in the diagnostics imaging businesses. Equity investment income in the current year benefited from a €23 million gain on the sale of a portion of Med’s stake in a joint venture, Draeger Medical AG & Co. KG, and rose to €60 million for the year compared to €27 million a year earlier. These factors partly offset PPA effects of €91 million and integration costs from acquisitions of €84 million, which took 180 basis points from Group profit margin. Revenue of €9.851 billion and orders of €10.271 billion were up 20% and 10%, respectively, primarily as a result of the acquisitions in in-vitro diagnostics.

Siemens IT Solutions and Services (SIS): Solid Improvement

		Fourth quarter ended September 30,																Fiscal year ended September 30,
										% Change																% Change
(€ in millions)		2007				2006				Actual				Adjusted*				2007				2006				Actual				Adjusted**
Group profit			80				(230	)											252				(731	)
Group profit margin			5.6	%			(16.2	)%											4.7	%			(12.8	)%
Revenue			1,438				1,424				1	%			2	%			5,360				5,693				(6	)%			5	%
New orders			1,595				1,266				26	%			27	%			5,156				5,574				(7	)%			5	%

SIS posted €80 million in Group profit and a Group profit margin of 5.6% in the fourth quarter, benefiting from an improved cost structure following €180 million in severance charges in the prior-year period. Revenue rose modestly compared to the prior-year quarter, to €1.438 billion. Orders jumped 26%, to €1.595 billion on strong growth in Europe.

Fiscal 2007 was the first year of operation for SIS, which combines the former Siemens Business Services (SBS) Group with other strategic IT activities within Siemens. Results for SIS are stated on a retroactive basis, to provide a meaningful comparison with prior periods. Group profit for the fiscal year was €252 million, while in the prior year €576 million in severance charges contributed to a substantial loss. Revenue and orders of €5.360 billion and €5.156 billion, respectively, came in lower than the prior-year totals due to the divestment of the Group’s Product Related Services (PRS) business halfway through fiscal 2006. On an organic basis, sales and orders were up 5% year-over-year.

Strategic Equity Investments (SEI)

SEI includes results at equity from three companies in which Siemens holds a strategic equity stake: Nokia Siemens Networks B.V. (NSN), BSH Bosch und Siemens Hausgeräte GmbH (BSH), and Fujitsu Siemens Computers (Holding) B.V. (FSC). SEI posted a loss of €11 million in the fourth quarter compared to a €75 million gain in the same period a year earlier. The change year-over-year was due largely to NSN, which became part of SEI results following its formation in the third quarter. Restructuring and integration programs resulted in €86 million in charges at NSN in the fourth quarter. As a result, Siemens incurred an equity investment loss of €58 million related to NSN.

For the full year, SEI overall recorded an equity investment loss of €161 million despite a positive €268 million from BSH and FHC. In the prior year, which does not include NSN, SEI posted equity investment income of €225 million.

In the current year, NSN took €991 million in charges including €646 million for severance. As a result, Siemens’ equity investment income related to NSN was a negative €429 million in fiscal 2007.

Other Operations

Other Operations consist of centrally held operating businesses not related to a Group, including Siemens Home and Office Communication Devices (SHC) and, in fiscal 2006, the distribution and industry logistics (Dematic) businesses carved out of the former Logistics and Assembly Systems Group. The result of Other Operations in the fourth quarter was a negative €71 million compared to a negative €208 million in the same period a year earlier. SHC took a small loss in the current quarter, while the prior-year quarter includes a more significant operating loss at Dematic plus a loss on the sale of the Dematic businesses. Other Operations also includes centrally carried regional costs not allocated to the Groups, totaling €45 million in the current quarter compared to €63 million in the prior-year period. Revenue for Other Operations declined to €663 million for the quarter from €1.012 billion in the prior-year period, due primarily to the divestment.

Results for fiscal 2007 followed a similar pattern. Other Operations improved to a negative €193 million compared to a negative €317 million in fiscal 2006. SHC contributed €13 million in profit for the year, while the Dematic business posted a loss of €159 million a year earlier. Centrally carried regional costs not allocated to the Groups totaled €96 million in the current period, up from €59 million in the prior year. In addition, fiscal 2007 included an impairment of €52 million at a regional payphone company in Europe. Revenue for Other Operations for the full year was €2.884 billion, down from €3.944 billion primarily due to the Dematic divestment. Within these totals, sales at SHC remained stable near €790 million.

Corporate items, pensions and eliminations

Corporate items, pension and elimination totaled a negative €451 million in the fourth quarter, compared to a negative €493 million in the prior-year quarter. This improvement was due to centrally carried pension expense, which was a positive €39 million compared to a negative €45 million in the same quarter a year earlier. Corporate items increased year-over-year to a negative €484 million compared to a negative €462 million in the prior-year period. This change includes €85 million in the current quarter for outside advisors related to legal and regulatory matters mentioned above, as well as €108 million related to Siemens’ regional sales organization in Germany, primarily including an impairment.

For the full year, Corporate items, pensions and eliminations was a negative €1.672 billion compared to a negative €527 million in the prior year. Corporate items was the primary factor in the change year-over-year, increasing to a negative €1.728 billion from a negative €553 million in fiscal 2006. Costs related to major legal and regulatory matters totaled €843 million in the current period. Within this figure, major impacts included €440 million stemming from sanctions on major suppliers of gas-isolated switchgear, €152 million in expenses related to compliance mentioned earlier, and €81 million in funding primarily for job placement companies for former Siemens employees affected by the bankruptcy of BenQ Mobile GmbH & Co. OHG (BenQ). Corporate items also included higher expenses related to a major asset retirement obligation. Finally, the full year also includes the €108 million mentioned above for the fourth quarter. A year earlier, Corporate items benefited from a €95 million gain on the sale of an investment, as well as €70 million in positive effects from settlement of an arbitration proceeding.

Financing and Real Estate

Siemens Financial Services (SFS)

		Fourth quarter ended September 30,												Fiscal year ended September 30,
(€ in millions)		2007				2006				% Change				2007				2006				% Change
Income before income taxes			52				120				(57	)%			329				306				8	%
Total assets															8,912				10,543				(15	)%

Income before income taxes (IBIT) at SFS was €52 million compared to €120 million in the fourth quarter a year earlier. The prior-year quarter benefited strongly from a special dividend related to an investment in the Equity division. On a full-year basis, IBIT rose to €329 million from €306 million in fiscal 2006, including gains on sales of shares in the Equity division and special dividends resulting from divestment gains by a company in which SFS holds an equity position. IBIT in the prior period included the special dividend mentioned above. Total assets declined compared to the end of fiscal 2006, due to a significant reduction in accounts receivable related to the carve-out of SV and the transfer of carrier activities into NSN.

Siemens Real Estate (SRE)

		Fourth quarter ended September 30,												Fiscal year ended September 30,
(€ in millions)		2007				2006				% Change				2007				2006				% Change
Income before income taxes			48				13				269	%			228				115				98	%
Revenue			435				446				(2	)%			1,686				1,705				(1	)%
Total assets															3,091				3,221				(4	)%

Income before income taxes at SRE was €48 million in the fourth quarter, which benefited from higher gains on sales of real estate. Income before income taxes for the full year was €228 million, compared to €115 million in the prior year. A year earlier, SRE’s results included significantly higher vacancy charges and a lower level of real estate disposals.

Eliminations, reclassifications and Corporate Treasury

Income before income taxes from eliminations, reclassifications and Corporate Treasury was €19 million in the fourth quarter, compared to a negative €4 million in the prior-year period. The current quarter included beneficial effects at Corporate Treasury from Siemens’s repurchase of outstanding notes from a €2.5 billion convertible bond issued in June 2003. On a full-year basis, IBIT from eliminations, reclassifications and Corporate Treasury was €153 million compared to a negative €18 million in fiscal 2006. The difference is due mainly to negative net effects in the prior year from a mark-to-market valuation of a cash settlement option associated with the convertible bond.

Income and earnings per share in fiscal 2007

Net income for Siemens in fiscal 2007 was €4.038 billion, a 21% increase compared to €3.345 billion in the same period a year earlier. Basic and diluted EPS were €4.24 and €4.10, respectively, compared to €3.52 and €3.51, respectively, in fiscal 2006. Net income in fiscal 2007 rose even as income from discontinued operations fell to €129 million from €703 million in fiscal 2006. More detail on discontinued operations is included below. Income from continuing operations for the year was €3.909 billion, 48% higher than €2.642 billion in fiscal 2006. Basic and diluted EPS on a continuing basis were €4.13 and €3.99, respectively, compared to €2.78 and €2.77 a year earlier.

Strong operating performance was the primary driver of higher income from continuing operations. Group profit from Operations rose 70% year-over-year to €6.560 billion, even with negative equity investment income of €429 million related to NSN. All Groups in Operations increased their Group profit and Group profit margin on a full-year basis. SIS benefited strongly from severance programs totaling €576 million in fiscal 2006, recording Group profit of €252 million for the year compared to a loss of €731 million in the prior year.

Rapid growth in Group profit more than offset a significant increase in Corporate items, pensions and eliminations year-over-year, which rose from a negative €527 in fiscal 2006 to a negative €1.672 billion in the current year. The change was due primarily to the €843 million in costs for major legal and regulatory matters mentioned above in Corporate items.

Earnings at Financing and Real Estate rose to €557 million for fiscal 2007, from €421 million a year earlier. Corporate Treasury activities contributed earnings of €153 million compared to a loss of €18 million in the same period a year earlier, which includes a €143 million net negative effect related to a cash settlement option related to the €2.5 billion convertible bond.

Discontinued Operations in the fourth quarter and fiscal 2007

Discontinued operations include Com activities that remained within Siemens after the transfer of carrier assets into NSN at the beginning of the third quarter, and also the operations of SV, which is held for disposal pending the closing of its sale to Continental. SV is included within discontinued operations on a retroactive basis, to provide a meaningful comparison with prior periods.

In the fourth quarter, discontinued operations reduced net income by €1.468 billion compared to a contribution to net income of €9 million in the same quarter a year earlier. The difference is due primarily to SV, which had approximately €1.0 billion in tax expense related to its carve-out. This led to a negative result of €861 million at SV activities for the quarter despite Group profit of €143 million. The prior-year result was a €77 million contribution to net income from SV activities. The result for Com activities was a negative €588 million compared to a negative €25 million in the prior-year period. The difference is due mainly to non-operating factors in the current quarter. The largest of these is the €201 million fine imposed by German authorities as discussed earlier. In addition, a non-cash, pretax, preliminary gain of approximately €1.7 billion generated by the transfer of Com assets into NSN was adjusted to approximately €1.6 billion in the fourth quarter, and the enterprise network business within discontinued operations took an impairment of €64 million. On an operating basis, Com activities posted losses of €115 million in the current quarter and €113 million in the prior-year period, which included €235 million in severance charges.

For fiscal 2007, income from discontinued operations contributed €129 million to net income, compared to €703 million a year earlier. Contribution to net income from SV activities was a negative €550 million compared to a positive €410 million in fiscal 2006. This swing was due to the approximately €1.0 billion in tax expense mentioned above as well as interest expense and closing costs related to the carve-out. Full-year results at Com-related activities contributed positively in both the current and prior year, with €765 million and €357 million, respectively. The current-year result was higher primarily due to the €1.6 billion NSN gain mentioned above. This gain was partly offset by €567 million in impairments at the enterprise networking business, the €201 million penalty mentioned above, and €104 million in other costs related to legal and regulatory matters. The remainder of the change year-over-year is due to an operating loss in the current year compared to operating profit at Com a year earlier. While the profitable carrier activities were included for all of fiscal 2006, they were transferred out of discontinued operations and into NSN midway through fiscal 2007. Effects related to BenQ reduced net income by €86 million and €64 million, respectively, in fiscal 2007 and fiscal 2006.

Order and revenue trends in fiscal 2007

		New Orders (location of customer)
										% Change
										vs. previous year								therein
(€ in millions)		2007				2006				Actual				Adjusted*				Currency				Portfolio
Germany			13,562				12,782				6	%			5	%			0	%			1	%
Europe (other than Germany)			26,648				22,351				19	%			18	%			0	%			1	%
Americas			22,831				20,202				13	%			18	%			(9	)%			4	%
Asia-Pacific			13,291				11,250				18	%			19	%			(3	)%			2	%
Africa, Near and Middle East, C.I.S.**			7,584				8,359				(9	)%			(7	)%			(3	)%			1	%
Siemens			83,916				74,944				12	%			13	%			(3	)%			2	%

Siemens booked €83.916 billion in new orders in fiscal 2007. This 12% rise compared to fiscal 2006 resulted in a book-to-bill ratio of 1.16 for the year. Europe outside Germany and the Americas were the two largest regions by volume, followed by Germany and Asia Pacific. Europe outside Germany showed the fastest growth of any region, with a 19% increase to €26.648 billion for the year led by strong demand at PG, Med, PTD and A&D and numerous large new contracts. Orders in Germany were €13.562 billion, up 6% including strong contributions from A&D, PG and TS.

In the Americas region, orders rose 13% compared to fiscal 2006, to €22.831 million, despite considerable weakening of the U.S. dollar against the euro during the year. Continuing demand for energy solutions at PG, and for industrial automation solutions at A&D and I&S, more than compensated for industry, market and currency conditions that led to reported reductions in orders in the U.S. at Med, Osram and SBT. As a result, the U.S. share of orders in the region fell to 73% compared to 78% in fiscal 2006. On an organic basis, excluding the net effect of portfolio transactions and unusually strongly negative currency translation effects, orders were up 18% in the Americas overall.

Orders in Asia-Pacific came in at €13.291 billion, 18% higher than in the prior year, with PG, A&D, PTD, Med and I&S all winning at least 20% more new business in the region compared to fiscal 2006. Orders in China and India grew at 12% and 15% respectively, and accounted for 52% of new Asia-Pacific orders during fiscal 2007. A year earlier, their combined share was 54%. New orders in the Africa, Near and Middle East, C.I.S. region came in 9% lower year-over-year, at €7.584 billion, primarily because the prior year included a very large order at TS for both trains and maintenance in Russia. For the region as a whole, PTD, A&D and Osram saw double-digit order growth for the current period.

		Revenue (location of customer)
										% Change
										vs. previous year								therein
(€ in millions)		2007				2006				Actual				Adjusted*				Currency				Portfolio
Germany			12,594				12,382				2	%			2	%			0	%			0	%
Europe (other than Germany)			22,801				20,489				11	%			10	%			0	%			1	%
Americas			19,321				18,371				5	%			9	%			(8	)%			4	%
Asia-Pacific			10,937				9,457				16	%			18	%			(3	)%			1	%
Africa, Near and Middle East, C.I.S.**			6,795				5,788				17	%			19	%			(3	)%			1	%
Siemens			72,448				66,487				9	%			10	%			(3	)%			2	%

Revenue for fiscal 2007 totaled €72.448 billion, a 9% increase compared to fiscal 2006. Revenue in Europe outside Germany rose 11% year-over-year, to €22.801 billion, with A&D, PG and Med leading the increase. Revenue growth was more restrained in the Americas for the reasons mentioned above, coming in 5% higher than in fiscal 2006 at €19.321 billion. Energy, automation and medical solutions were the highlights for the Americas overall as well as for the U.S., which accounted for 77% of the region’s revenue for the year. Brazil contributed 21% growth. On an organic basis, revenue for the Americas climbed 9% year-over-year.

Revenue grew more rapidly in Asia-Pacific, reaching €10.937 billion on a 16% rise. Revenue in China was up 13%, as A&D, PG and TS converted major orders from prior periods into current business. While the majority of Groups booked more sales in China than in India, revenue for India jumped 62% year-over-year from a smaller base and every operating Group posted double-digit increases. Together China and India accounted for 53% of Asia-Pacific revenue, up from 50% in fiscal 2006. The Africa, Near and Middle East, C.I.S. region saw 17% growth compared to the prior year, benefiting from large infrastructure orders in prior years. Most Groups posted double-digit increases in the region, with Siemens’ energy businesses accounting for 63% of the total volume of €6.795 billion.

Cash flows and cash conversion rate for the fourth quarter

Operating activities provided net cash of €3.352 billion in the fourth quarter of fiscal 2007. Discontinued operations used net cash of €241 million, including €640 million in tax payments related to the divestment of SV. A year earlier, operating activities in the fourth quarter provided net cash of €2.800 billion, with discontinued operations providing €737 million of the total.

Investing activities used net cash of €1.181 billion in the fourth quarter of fiscal 2007, down from €3.231 billion in the prior-year period. Continuing operations were the primary factor in the change year-over-year. Discontinued operations used net cash of €402 million in the current quarter and €298 million in the prior-year period.

														SFS, SRE and
														Corporate
Continuing operations						Operations								Treasury *								Siemens
						Fourth quarter ended September 30,
(€ in millions)						2007				2006				2007				2006				2007				2006
Net cash provided by (used in):
Operating activities			A				3,246				1,867				347				196				3,593				2,063
Investing activities							(704	)			(2,368	)			(75	)			(565	)			(779	)			(2,933	)
Thereof: Additions to intangible assets and property, plant and equipment			B				(731	)			(857	)			(309	)			(243	)			(1,040	)			(1,100	)
Free cash flow **			A+B				2,515				1,010				38				(47	)			2,553				963

On a continuing basis, net cash provided by operating activities within Operations rose strongly to €3.246 billion, from €1.867 billion in the fourth quarter a year earlier. This increase was driven by a substantially higher income from continuing operations compared to the prior-year period. Investing activities within Operations used net cash of €704 million in the fourth quarter. A year earlier, net cash used of €2.368 billion included a cash outflow of approximately €1.3 billion for the acquisition of Diagnostics Products Corp. Investing activities within Financing and Real Estate and Corporate Treasury used €75 million compared to cash used of €565 million in the prior year period, which included net investments in available-for-sale financial assets of €423 million.

Free cash flow from continuing operations for Siemens was €2.553 billion for the fourth quarter of fiscal 2007. The primary factors in the substantial increase year-over-year were higher Income from continuing operations and cash inflows resulting from changes in net working capital. The corresponding cash conversion rate for the quarter was 1.83, nearly double Siemens’ target rate of 0.92. For the full fiscal year, the cash conversion rate improved to 1.73 from 0.69 in fiscal 2006.

Funding status of pension plans
The funding status of Siemens’ principal pension plans on September 30, 2007, was an underfunding of approximately €1.0 billion compared to an underfunding of approximately €0.2 billion at the end of the third quarter of fiscal 2007. The increase in underfunding is primarily due to a decrease in the discount rate assumption at September 30, 2007, increasing Siemens’ defined benefit obligation, and furthermore due to the regular increase in the defined benefit obligation as a result of service and interest cost. Altogether this by far offset the positive effect on funding status due to the actual return on plan assets and employer contributions. The actual return on plan assets during the last three months amounted to €199 million. This represents a 3.5% return on an annualized basis, compared to the expected annual return of 6.5%.

All figures are preliminary and unaudited. Reconciliation and Definitions of our Non-GAAP Measures are available on our Investor Relations website under www.siemens.com/ir, Financial Publications, Quarterly Reports.

This Earnings Release should be read in conjunction with information Siemens published today regarding legal proceedings. More detailed disclosure regarding legal proceedings is provided in the Annual Report.

IFRS Conversion

Beginning with the first quarter of fiscal 2007, Siemens prepares its primary financial reporting according to International Financial Reporting Standards (IFRS). For the years prior to fiscal 2007, Siemens prepared its primary financial reporting according to United States Generally Accepted Accounting Principles (U.S. GAAP). As part of its transition to IFRS, Siemens has published IFRS Consolidated Financial Statements for fiscal 2006 and fiscal 2005 as supplemental information to its U.S. GAAP figures. This document is available at www.siemens.com/ir, where you can also find a presentation explaining major differences between IFRS and U.S. GAAP in Siemens financial results.

Siemens AG Corporate Communications and Government Affairs Media Relations 80312 Munich		Reference number: AXX200711.10 e Wolfram Trost 80312 Munich Tel.: +49 89 636-34794; Fax: -32825 E-Mail: wolfram.trost@siemens.com

SIEMENS

SEGMENT INFORMATION (continuing operations — preliminary and unaudited)
As of and for the three months ended September 30, 2007 and 2006
(in millions of €)

																																																										Additions to
																																																										intangible assets								Amortization,
																		Intersegment																								Net capital																and property, plant								depreciation and
		New orders								External revenue								revenue								Total revenue								Group profit(1)								employed(2)								Free cash flow(3)								and equipment								impairments(4)
		2007				2006				2007				2006				2007				2006				2007				2006				2007				2006				9/30/07				9/30/06				2007				2006				2007				2006				2007				2006
Operations Groups
Siemens IT Solutions and Services (SIS)(5)			1,595				1,266				1,041				1,066				397				358				1,438				1,424				80				(230	)			253				18				211				(11	)			39				68				75				66
Automation and Drives (A&D)			4,351				3,520				3,901				3,179				502				430				4,403				3,609				607				427				7,026				3,837				809				470				168				182				131				80
Industrial Solutions and Services (I&S)			2,168				2,129				2,184				2,191				316				286				2,500				2,477				130				61				1,198				1,279				232				126				23				46				27				32
Siemens Building Technologies (SBT)			1,331				1,402				1,307				1,363				46				40				1,353				1,403				102				77				1,807				1,764				151				43				30				27				33				28
Power Generation (PG)			4,012				2,738				3,528				2,923				5				1				3,533				2,924				358				122				1,371				1,945				621				84				116				140				63				60
Power Transmission and Distribution (PTD)			1,882				1,683				2,093				1,697				190				142				2,283				1,839				225				54				1,865				1,701				391				84				59				71				31				32
Transportation Systems (TS)			2,189				743				1,204				1,436				8				10				1,212				1,446				62				19				(58	)			111				97				(40	)			22				48				17				19
Medical Solutions (Med)			2,999				2,994				2,833				2,330				15				29				2,848				2,359				380				266				8,234				4,975				518				316				123				97				120				102
Osram			1,203				1,110				1,199				1,107				4				3				1,203				1,110				128				86				1,994				1,976				164				132				90				104				70				66
Strategic Equity Investments (SEI)(6)			—				—				—				—				—				—				—				—				(11	)			75				4,891				1,008				—				—				—				—				—				—
Other Operations			587				958				570				850				93				162				663				1,012				(71	)			(208	)			181				201				(45	)			89				56				56				33				21
Total Operations Groups			22,317				18,543				19,860				18,142				1,576				1,461				21,436				19,603				1,990				749				28,762				18,815				3,149				1,293				726				839				600				506
Reconciliation to financial statements
Corporate items, pensions and eliminations			(1,219	)			(1,217	)			49				29				(1,505	)			(1,361	)			(1,456	)			(1,332	)			(451	)			(493	)			(3,536	)			(6,392	)			(634	)(7)			(283	)(7)			5				18				103				14
Other interest expense			—				—				—				—				—				—				—				—				(117	)			(77	)			—				—				—				—				—				—				—				—
Other assets related and miscellaneous reconciling items			—				—				—				—				—				—				—				—				—				—				62,432				67,799				—				—				—				—				—				—
Total Operations (for columns Group profit/Net capital employed, i.e. Income before income taxes/Total assets)			21,098				17,326				19,909				18,171				71				100				19,980				18,271				1,422				179				87,658				80,222				2,515				1,010				731				857				703				520
																																		Income before
																																		income taxes								Total assets
Financing and Real Estate Groups
Siemens Financial Services (SFS)			198				169				183				154				15				15				198				169				52				120				8,912				10,543				53				31				242				175				84				65
Siemens Real Estate (SRE)			435				446				109				146				326				300				435				446				48				13				3,091				3,221				(23	)			20				67				68				47				52
Eliminations			(3	)			(3	)			—				—				(3	)			(3	)			(3	)			(3	)			—				—				(458	)			(462	)			99	(7)			37	(7)			—				—				—				—
Total Financing and Real Estate			630				612				292				300				338				312				630				612				100				133				11,545				13,302				129				88				309				243				131				117
Eliminations, reclassifications and Corporate Treasury			(400	)			(363	)			—				—				(409	)			(412	)			(409	)			(412	)			19				(4	)			(7,648	)			(5,793	)			(91)	(7)			(135)	(7)			—				—				—				—
Siemens			21,328				17,575				20,201				18,471				—				—				20,201				18,471				1,541				308				91,555				87,731				2,553				963				1,040				1,100				834				637