2023财年年度财务报告

for fiscal 2023 Combined ManagementReport for fiscal 2023 1. Organization of the Siemens Group and basis of presentation Siemens is a technology group that is active in nearly all countries of the world, focusing on the areas of automation and digitalization inthe process and manufacturing industries, intelligent infrastructure for buildings and distributed energy systems, smart mobility solutionsfor rail transport, and medical technology and digital healthcare services. Siemens comprises Siemens Aktiengesellschaft (Siemens AG), a stock corporation under the Federal laws of Germany, as the parentcompany, and its subsidiaries. Our Company is incorporated in Germany, with our corporate headquarters situated in Munich. As ofSeptember 30, 2023, Siemens had around 320,000 employees. As of September 30, 2023, Siemens has the following reportable segments:Digital Industries,Smart Infrastructure,MobilityandSiemens Healthineers, which together form our “Industrial Business” andSiemens Financial Services (SFS), which supports the activitiesof our industrial businesses and also conducts its own business with external customers. Furthermore, we report results forPortfolioCompanies, which comprises businesses that are managed separately to improve their performance. Our reportable segments and Portfolio Companies may do business with each other, leading to corresponding orders and revenue. Suchorders and revenue are eliminated on Group level. Non-financial matters of the Group and Siemens AG Siemens has policies for environmental, employee and social matters, for the respect of human rights, and anti-corruption and briberymatters, among others. Our business model is described in chapters 1 and 3 of this Combined Management Report. Reportable informationthat is necessary for an understanding of the development, performance, position and the impact of our activities on these matters isincluded in this Combined Management Report, in particular in chapters 3 through 7. Forward-looking information, including riskdisclosures, is presented in chapter 8. Chapter 9 includes additional information that is required to be reported in the CombinedManagement Report related to the parent company Siemens AG. EU Taxonomy disclosures are outlined in chapter 11. As supplementary information, amounts reported in the Consolidated Financial Statements and the Annual Financial Statements ofSiemens AG related to such non-financial matters, and additional explanations thereto, are included in Notes to Consolidated FinancialStatements for fiscal 2023, Notes 17, 18, 22, 26 and 27, and in the Notes to the Annual Financial Statements for fiscal 2023, Notes 16,17, 20, 21 and 25. In order to inform the users of the financial reports in a focused manner, these disclosures are not subject to a specificnon-financial framework – in contrast to the disclosures in our separate “Sustainability report 2023” document, which are based on thestandards developed by the Global Reporting Initiative (GRI). Said document also includes detailed information on DEGREE, Siemens’sustainability framework. With DEGREE, Siemens intends to manage and track its progress on selected ambitions in the environmental,social and governance areas. 2. Financial performance system 2.1 Revenue growth In the Siemens Financial Framework we aim to achieve a revenue growth range of 5% to 7% per year on a comparable basis over a cycleof three to five years. Our primary measure for managing and controlling our revenue growth is comparable growth, because it shows thedevelopment in our business net of currency translation effects, which arise from the external environment outside of our control, andportfolio effects, which involve business activities which are either new to or no longer a part of the respective business. Currency translation effects are the difference between revenue for the current period calculated using the exchange rates of the currentperiod and revenue for the current period calculated using the exchange rates of the comparison period. For calculating the percentagechange year-over-year, this absolute difference is divided by revenue for the comparison period. A portfolio effect arises in the case of anacquisition or a disposition and is calculated as the change year-over-year in revenue related to the transaction. For calculating thepercentage change, this absolute change is divided by revenue for the comparison period. Any portfolio effect is excluded for the twelvemonths following the relevant transaction after which both current and past reporting periods fully reflect the portfolio change. For orders,we apply the same calculations for currency translation and portfolio effects as described above. 2.2 Profitability and capital efficiency Within the Siemens Financial Framework, we aim to achieve over a cycle of three to five years margins that are comparable to those ofour relevant competitors. Therefore, we have defined profit margin ranges for our in