DOCSLIB.ORG

EMERGING MARKETS: a Review of Business and Legal I Legal and Business of a MARKETS:Review EMERGING

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
EMERGING MARKETS: a Review of Business and Legal I Legal and Business of a MARKETS:Review EMERGING EMERGING MARKETS: EMERGING MARKETS: Review A of Business and Legal I Emerging Markets : A Review of Business and Legal Issues VOLUME 1 | No 1 | APRIL 2009 ssues ssues Articles: The Siemens Corruption Outburst and the CEOs Who Combat It: A Corporate Governance Case Study Wojciech Rogowski Capital Market Supervision in Poland Andrzej Michór Cybercrime Challenges in the Framework of Information-Oriented Society Kseniya Yurtayeva Judicially Legal Forms Of Copyrights Property Protection (Exceptional) According To The Legislation Of Ukraine And EU Burlakov Sergіy Yurievych Report on insurance frauds in Poland (2009) Tomasz Gulla VOLUME1 No| 1 APRIL | 2009 Student notes: Institution of The Crown Witness In Poland On The Basis Of The Crown Witness Act of June 25 1997 Marta Flis Poland as a part of the Eurozone. Current Problems and Discussions Agata Kochman EMERGING MARKETS: A Review of Business and Legal Issues The purpose of the journal is to provide forum Emerging Markets : for international, interdisciplinary work on the A Review of Business and business and legal issues confronting emerging markets. Legal Issues The journal combines theoretical soundness and practical relevance. The articles guide policy makers while also advancing theoretical understanding. Editorial Board Advisory Board Richard Warner Edward Carter Editor In Chief Assistant Illinois Attorney General Professor of Law Supervisor of the Financial Crimes Prosecution Unit Faculty Director, Center for Law and Computers Adjunct Professor of Law Chicago-Kent College of Law Chicago-Kent College of Law, Chicago Visiting Foreign Professor, Director School of American Law, University of Gdańsk, Poland Anna Fornalczyk Director, School of American Law, University of Partner - Założyciel Wrocław, Poland COMPER [email protected] Fornalczyk i Wspólnicy Agnieszka Cenzartowicz David Gerber Associate Editor Distinguished Professor of Law Adjunct Professor Co-Director of the Program in International and Chicago-Kent College of Law Comparative Law Program Manager Chicago-Kent College of Law Partners for Financial Stability (PFS) Program East-West Management Institute Representative Henry Peritt, Jr. Office in Poland Professor [email protected] Director of the Graduate Program in Financial Services Law Lukasz Grzejdziak Chicago-Kent College of Law Associate Editor Wojciech Rogowski Igor Solodovnik Expert, Economic Institute Associate Editor National Bank of Poland Adjunct Professor Assistant Professor Chicago-Kent College of Law Warsaw School of Economic Research Assistant Partners for Financial Stability (PFS) Program Judge Dariusz Sielicki East-West Management Institute Representative Ministry of Justice, Warsaw Office in Poland Adjunct Professor of Law Chicago-Kent College of Law, Chicago Tomasz Gulla Associate Editor Editor In Chief Printpol.pl (legal-insurance service) Disclaimer: Statements of fact and opinion in the articles in Emerging Markets Review are those of the respective authors and contributors and not of the Emerging Markets Review. Emerging Markets Review make any representation, express or implied, in respect of the accuracy of the material in this journal and cannot accept any legal responsibility or liability for any errors or omissions that may be made. The reader should make her or his own evaluation as to the appropriateness or otherwise of any experimental technique described. They are put forward to stimulate discussion. Cover design: Tomasz Gulla Page 2 Volume 1, April 2009 EMERGING MARKETS: A Review of Business and Legal Issues COTETS Articles: The Siemens Corruption Outburst and the CEOs Who Combat It: A Corporate Governance 4 Case Study Wojciech Rogowski Capital Market Supervision in Poland 57 Andrzej Michór Cybercrime Challenges in the Framework of Information-Oriented Society 81 Kseniya Yurtayeva Judicially Legal Forms Of Copyrights Property Protection (Exceptional) According To The 97 Legislation Of Ukraine And EU Burlakov Sergіy Yurievych Report on insurance frauds in Poland (2009) 119 Tomasz Gulla Student notes: Institution of The Crown Witness In Poland On The Basis Of The Crown Witness Act of June 142 25 1997 Marta Flis Poland as a part of the Eurozone. Current Problems and Discussions 153 Agata Kochman Page 3 Volume 1, April 2009 EMERGING MARKETS: A Review of Business and Legal Issues Wojciech Rogowski “The Siemens Corruption Outburst and CEOs Combat It: A Corporate Governance Case Study” Author: Wojciech Rogowski (PhD) is Assistant Professor at the Warsaw School of Economics and expert at the Economic Institute, National Bank of Poland. Dr Rogowski works in the areas of law & economics. His research activity focus on regulation and corporate governance (whistleblowing), industry restructuring, market structures and financial system issues. Educated at University of Warsaw, National School of Civil Services, London School of Economics and PhD graduated from Warsaw School of Economics. He gains experience working with Ministry of Finance, National Investment Fund and Bank PKO BP. He is a member of Centrum C-law.org and European Network for Better Regulation. Author of a several articles in a academic and policy journals, coauthor and coeditor of the book Ocena Skutków Regulacji – Poradnik, Doświadczenia, Perspektywy (Regulatory Impact Assessment – Guidebook, Experience and Prospects) published CH Beck Warszawa 2007. Page 4 Volume 1, April 2009 EMERGING MARKETS: A Review of Business and Legal Issues Article Contents: Prologue 8 An anatomy of corruption 9 Crisis management 17 Trial and punishment 24 Corporate governance at SIEMENS AG 27 The business strategy 34 Conclusions 42 References 53 Page 5 Volume 1, April 2009 EMERGING MARKETS: A Review of Business and Legal Issues The Siemens Corruption Outburst and CEOs Combat It: A Corporate Governance Case Study 1 Wojciech Rogowski 2 ABSTRACT This article presents a case study of a corruption scandal in a transnational corporation (a global corporation). It attempts to expose facts and analyse the causes and mechanisms of wrongdoing by sales and of financial embezzlements which took place in Siemens AG, Germany, and were revealed in autumn 2006. The article also attempts to answer why such a good company as Siemens, which employs the best staff and is famous for its innovative products, has used corruption. Why has the company been involved in corruption? What are the reasons for this? When does corruption become a crime and when is it only an operational technique? Will the means employed to fight it prove effective? The analysis included the information policy of the company as well as the response of markets, investors, and other stakeholders. Furthermore, the analysis covered the company's response to serious crisis and the influence it has had on the company, on its bodies and individuals in management circles. How were corporate governance and enterprise value affected by the suspected corruption? What was the response of the capital market to the revealed corruption and to measures taken to fight it? How did the company communicate with the market, public opinion or with its own 500,000 employees scattered all over the world? The case study of Siemens AG also helps to update the picture of German corporate governance, as well as to get acquainted with the relation between the corporation and the state. 1 The author has never meant to evaluate behaviour of private persons mentioned in the case study; he only wanted to present facts related their occupational activity. It aimed at providing teaching materials for jail- house seminars for MBA, Management and Economics studies. I would like to thank InfoCredit-online.pl and Siemens AG for some data and documents. 2 Ph.D., Warsaw School of Economics (SGH); Economic Institute of the National Bank of Poland (NBP), ul.Swietokrzyska 11/21; 00-919 Warszawa, Poland; phone +48 22 653 23 07, e-mail: [email protected] . The article illustrates the author’s personal opinions and not a position of the institution working with. Page 6 Volume 1, April 2009 EMERGING MARKETS: A Review of Business and Legal Issues Furthermore, the case study can be used to know the company’s achievements related to management, especially the management extensive global structures, knowledge management and risk management. It should be noted that “scandals” and crisises caused by them are often the only opportunity to learn in detail how these complex structures function, as well as what their malfunctions stem from. The case study of Siemens AG forms part of a wider trend to present case studies of international corporations (Mallin 2006; Ruigrok 2004; Probst 2002, etc). These case studies introduce an empirical hint/data to the discussion on the current problems and condition of corporate governance in the biggest and/or most dynamically developing companies of the world’s major economic systems. The structure of the article has been affected by case study methodology. The first part describes the mechanisms and effects of corruption, revealed as a result of an investigation carried out by the Bavarian prosecutor’s office and reported in the press and the company’s publications. In the second part the adopted crisis management method and its effects are analysed. Corporate governance and the strategy of a corrupted organisation are described in the third part. Finally, the summary discusses the determinants of corruption and its relations with corporate governance and enterprise value. Key words : transnational corporation, corruption, corporate governance, reputation,
Load more

Recommended publications
  • Siemens Share Price
    Siemens share price Stock market trend (XETRA closing prices, Frankfurt, in euros) indexed Low: 32.05 High*: 68.60 200 Siemens 180 DAX Dow Jones Stoxx 160 140 120 100 80 Nov. Jan. March May July Sept. Nov. Jan. 2003 2004 *as of January 19, 2004 Key figures – Fiscal 2003 in billions of euros Percentage 2003 2002 change Net income 2.445 1.661* + 47 Group profit 4.295 3.756 + 14 New orders 75.056 86.214 -5** Sales 74.233 84.016 -4** Net cash provided by operating activities 5.712 5.564 + 3 * excl. €936 million from sales of Infineon shares ** Adjusted for currency effects and portfolio activities Employees (I) 2003* 2002* Change Worldwide 417,000 426,000 - 9,000 Germany 170,000 175,000 - 5,000 Outside 247,000 251,000 - 4,000 Germany * September 30 Employees (II) 2% reduction worldwide Success in training and placement 5,000 new hires in Germany 12,000 in training programs Operation 2003 (I) 8 of 9 Groups Margin targets achieved targets Q4 03 FY 03 Target PG Power Generation 11.3 16.8 10 – 13 Med Medical Solutions 14.0 15.1 11 – 13 A&D Automation & Drives 10.5 9.6 11 – 13 Osram 10.3 9.8 10 – 11 PTD Power Transmission and Distr. 7.4 6.1 5 – 7 TS Transportation Systems 5.5 6.0 5 – 7 SV Siemens VDO Automotive 5.8 5.0 5 – 6 SFS* Siemens Financial Services 20.5 24.9 18 – 22 SBT Siemens Building Technologies 2.7 2.0 7 – 9 *) Return on shareholders' equity before income taxes Operation 2003 (II) Power Generation Demag Delaval successfully integrated Alstom industrial turbines round out product range Offerings for oil & gas industry expanded Operation
    [Show full text]
  • A Project Report on ³INVENTORY MANAGEMENT´
    A Project Report on ³INVENTORY MANAGEMENT´ SUBMITTED BY: Mujif Rahuman M. 520828621 Operations Management Submitted in fulfillment of the requirement of IVth Semester of MBA course, Sikkim Manipal University 1 Table of Contents INTRODUCTION INVENTORY MANAGEMENT««««««««2 SIEMENS«««««««««««««««««««««.........8 OBJECTIVES AND NEED OF SUPPLY CHAIN MANAGEMENT..16 ACTIVITIES/FUNCTIONS OF SCM IN SIEMENS«««««.20 INVENTORY CONTROL MANAGEMENT««««««««25 WAREHOUSE««««««««««««««««««««..43 TRANSPORTATION««««««««««««««««.«.45 DISTRIBUTION«««««««««««««««««««..48 PACKAGING AND LABELLING««««««««««««.53 CONCLUSION««««««««««««««««««««.59 2 INVENTORY MANAGEMENT 1. INTRODUCTION DEFINATION AND MEANING Inventory is a list of goods and materials, or those goods and materials themselves, held available in stock by a business. Inventory are held in order to manage and hide from the customer the fact that manufacture/supply delay is longer than delivery delay, and also to ease the effect of imperfections in the manufacturing process that lower production efficiencies if production capacity stands idle for lack of materials. The reasons for keeping stock All these stock reasons can apply to any owner or product stage. Buffer stock is held in individual workstations against the possibility that the upstream workstation may be a little delayed in providing the next item for processing. Whilst some processes carry very large buffer stocks, Toyota moved to one (or a few items) and has now moved to eliminate this stock type. Safety stock is held against process or machine failure in the hope/belief that the failure can be repaired before the stock runs out. This type of stock can be eliminated by programmes like Total Productive Maintenance Overproduction is held because the forecast and the actual sales did not match.
    [Show full text]
  • Qualitative and Quantitative Analysis of Siemens Ag
    QUALITATIVE AND QUANTITATIVE ANALYSIS OF SIEMENS AG Authors (Universitat de Barcelona): Patrícia Amor Agut Clara Valls Moreno Gemma Casserras EDITOR: Jordi Marti Pidelaserra (Dpt. Comptabilitat, Universitat Barcelona) 1 Patrícia Amor 14961785 Clara Valls 14959906 Gemma Casserras 14965090 Alessandra Cortegiani (Bloc 3) 14991480 2 BLOC 1: SIEMENS AG BLOC 2: Risk Analysis BLOC 3: Profitability Analysis 3 BLOC 1 SIEMENS AG BASIC INFORMATION 4 Index 1. Introduction 2. Company History 3. Vision, Mission and Strategy 3.1. Vision 3.2. Mission 3.3. Strategy 4. Company Structure 4.1. Board of directors 4.2. Management by sector 5. Company Sectors 5.1. Energy Sector 5.2. Industry Sector 5.3. Healthcare Sector 5.4. Infrastructure and cities Sector 5.5. Financial Services 5.6. Other activities 5.7. Revenues importance 6. Shareholders 7. Stakeholders 8. Competitors 5 1. Introduction: Siemens AG is a German multinational engineering and electronics conglomerate company headquartered in Munich, Germany. It is the largest based in Europe. Founded to manufacture and install telegraphic systems, Germany-based Siemens AG has prospered and grown over 165 years to become a multifaceted electronics and electrical engineering enterprise, and one of the most international corporations in the world. Founded to manufacture and install telegraphic systems, Germany-based Siemens AG has prospered and grown over 165 years to become a multifaceted electronics and electrical engineering enterprise, and one of the most international corporations in the world. The Siemens name has been synonymous with cutting-edge technologies and continuous growth in profitability. With their wide array of products, systems and services, they are world leaders in information and communications, automation and control, power, medical solutions, transportation and lighting.
    [Show full text]
  • Report on the Completed Acquisition of Wincor Nixdorf AG by Diebold, Incorporated
    Diebold and Wincor A report on the completed acquisition of Wincor Nixdorf AG by Diebold, Incorporated 16 March 2017 © Crown copyright 2017 You may reuse this information (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence, visit www.nationalarchives.gov.uk/doc/open-government- licence/ or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Website: www.gov.uk/cma Members of the Competition and Markets Authority who conducted this inquiry Martin Cave (Chair of the Group) Sarah Chambers Roger Finbow Robert Spedding Acting Chief Executive of the Competition and Markets Authority Andrea Coscelli The Competition and Markets Authority has excluded from this published version of the report information which the Inquiry Group considers should be excluded having regard to the three considerations set out in section 244 of the Enterprise Act 2002 (specified information: considerations relevant to disclosure). The omissions are indicated by []. Some numbers have been replaced by a range. These are shown in square brackets. Non-sensitive wording is also indicated in square brackets. Contents Page Summary .................................................................................................................... 3 Findings .................................................................................................................... 10 1. The reference ....................................................................................................
    [Show full text]
  • Siemens Company History Phase8
    New paths in a time of crisis 1989–2006 The years from 1989 to 2006 confronted the company with challenges unlike any before – including the first comprehensive reform of the corporate organization, the launch of the Ten- Point Program, and the compliance crisis – that compelled its chief players to make fundamental changes. 1989 was a year of profound changes, not just for Germany and global politics, but for Siemens. Twenty years after the company’s last major organizational reform, there was a need for action. Siemens AG had outgrown the structure that had been laid out back in 1966 and 1969. Where revenues in fiscal 1969 had been 12.7 billion deutschmarks, by 1986 they had risen to 51.4 billion. The number of business units had grown to eight by the end of the 1980s. Karlheinz Kaske, CEO from 1981 to 1992, aimed to improve "mo- bility, effectiveness and competitiveness," with an organizational structure that took due account of the company's changing envi- ronment – the technological paradigm shift from mechanical de- vices to electronics and microelectronics, the growth of interna- tional business, a greatly expanded worldwide customer base, and ever-intensifying competition. So top management first of all set up a more effective administrative structure. The eight former business units were rearranged into 15 new, leaner units, two operating Groups with their own legal form, and two independ- ent Divisions. Each was responsible for its own profits and value chain – from development through production to sales – and each was managed by three Group Executive Managers. Top management, which formerly included more than 30 people, was © Siemens Historical Institute 2017 1/4 siemens.com/history cut by a third.
    [Show full text]
  • Siemens Management Innovation at the Corporate Level Case Study Reference No 310-114-1
    Siemens Management Innovation at the Corporate Level Case study Reference no 310-114-1 This case was written by Dr Markus Menz and Professor Dr Guenter Mueller-Stewens, University of St Gallen, Switzerland. It is intended to be used as the basis for class discussion rather than to illustrate either effective or ineffective handling of a management situation. The case was written with the support of a Philip Law Scholarship awarded by ecch. The case was made possible by the co-operation of Siemens AG and from published sources. © 2010, University of St Gallen, Switzerland. No part of this publication may be copied, stored, transmitted, reproduced or distributed in any form or medium whatsoever without the permission of the copyright owner. Distributed by ecch, UK and USA North America Rest of the world www.ecch.com t +1 781 239 5884 t +44 (0)1234 750903 ecch the case for learning All rights reserved f +1 781 239 5885 f +44 (0)1234 751125 Printed in UK and USA e [email protected] e [email protected] 310-114-1 MARKUS MENZ GÜNTER MÜLLER-STEWENS SIEMENS: MANAGEMENT INNOVATION AT THE CORPORATE LEVEL INTRODUCTION At the Annual Shareholders’ Meeting in February 1998, Siemens announced disappointing overall results for fiscal 1997. While the firm’s sales growth met shareholder expectations, net income remained largely stable. During the following weeks and months, Siemens’ top management not only faced increased pressure from its shareholders, but also higher environmental uncertainty and stronger global competition than during the early and mid-1990s. The challenge for the top management team was to optimize the business portfolio in a way that promised to add substantial shareholder value over the next years.
    [Show full text]
  • Diebold Nixdorf, Incorporated (Exact Name of Registrant As Specified in Its Charter)
    Annual Report Transforming the Business Model to Generate Strong Free Cash Flow aanndd RReettuurrnn oonn IInnvveesstteedd CCapital1 The company is seeking to leverage its operating rigor and strong financial performance during 2020 to increase profitability, free cash flow generation and return on invested capital (ROIC) in 2021. $480 – $140 – $500 $170 ~18% 15% $453 $93 9% $401 $57 2019 2020 2021E 2019 2020 2021E 2019 2020 2021E Adjusted EBITDA1,2 Free Cash Flow 1,2 ROIC 1,2 Leveraging Competitive Differentiation for Growth Expecting 3% – 5% Revenue Growth in 2021 due to a strong product backlog and growth areas which include: $4,409 $4,000 – $4,100 $3,902 DN SeriesTM DN SeriesTM EASY DN AllConnectSM Data ATMs Self-Checkout Engine IoT-Enabled Solutions Service Model 2019 2020 2021E Revenue1 Managed Services Cloud-Native for Retailers and VynamicTM Payments Financial Institutions & Retail Software 1 All $ amounts are shown in millions. Company Outlook for 2021 provided on February 10, 2021. 2 Adjusted EBITDA, Free Cash Flow and ROIC are non-GAAP metrics. Please refer to “Notes for non-GAAP Measures,” following the “Exhibits” section of this report, for more information. Dear Shareholders Against the backdrop of a global pandemic, Diebold Nixdorf demonstrated the resiliency of its business model and a strong operating rigor in 2020. I am gratified by the many ways in which our employees adapted and responded to a dynamic and highly uncertain macro-environment. We cared for our employees, delivered for our customers, contributed to the well-being of our communities and generated strong financial results. Looking forward, we intend to build on this solid foundation in order to bring our DN Now transformation to a successful conclusion and evolve the business to deliver a balance of top-line growth, continuous operating improvements and significantly stronger free cash flow.
    [Show full text]
  • Universidade Estadual De Campinas Instituto De Economia Matheus De Oliveira Erhardt Brito Diversificação Como Estratégia De E
    UNIVERSIDADE ESTADUAL DE CAMPINAS INSTITUTO DE ECONOMIA MATHEUS DE OLIVEIRA ERHARDT BRITO DIVERSIFICAÇÃO COMO ESTRATÉGIA DE EXPANSÃO DO GRUPO SIEMENS CAMPINAS 2014 MATHEUS DE OLIVEIRA ERHARDT BRITO DIVERSIFICAÇÃO COMO ESTRATÉGIA DE EXPANSÃO DO GRUPO SIEMENS Trabalho de Conclusão de Curso apresentado à Graduação do Instituto de Economia da Universidade Estadual de Campinas para a obtenção do título de Bacharel em Ciências Econômicas, sob orientação do Prof. Dr. Rodrigo Lanna Franco da Silveira. CAMPINAS 2014 FOLHA DE APROVAÇÃO Monografia intitulada “DIVERSIFICAÇÃO COMO ESTRATÉGIA DE EXPANSÃO DO GRUPO SIEMENS”, área de concentração: Estratégias, custos, finanças e desempenho das empresas de autoria de MATHEUS DE OLIVEIRA ERHART BRITO, acadêmico do curso de Ciências Econômicas da Universidade Estadual de Campinas, aprovada pela banca examinadora constituída pelos professores abaixo especificados. ___________________________________________________ Prof. Dr. Rodrigo Lanna Franco da Silveira - Orientador Universidade Estadual de Campinas ___________________________________________________ Profª. Drª. Maria Carolina Azevedo Ferreira de Souza Universidade Estadual de Campinas Campinas 2014 DEDICATÓRIA Ao meu falecido pai, Rubens Erhardt Brito, que nos deixou precocemente, mas que vive eternamente em nossos corações e à minha mãe Eliana de Oliveira Erhardt Brito, que está ao meu lado todo o tempo. AGRADECIMENTOS Agradeço à minha mãe Eliana e ao meu pai Rubens, à minha avó Vicentina e ao meu tio Cleiton, que estiveram ao meu lado todas as fases da minha vida, por me apoiarem nas minhas decisões e por acreditarem em mim como pessoa. Não posso deixar de agradecer também ao meu irmão Miguel e à minha irmã Flávia, que me ensinaram aos poucos o irmão fraterno, assim como aos meu queridos sobrinhos Leonardo, Maria Paula, Beatriz e Felipe, que me proporcionam tantos momentos de felicidade.
    [Show full text]
  • Wir Sind CSU Erlangen
    November 2016 Gestern. Heute. Morgen. Wir sind CSU Erlangen. ahre 70 J en rlang CSU E en rzlich He ch! wuns Glück „Mein London“ Benefizkonzert mit den Nürnberger Symphonikern „Very british“ - so lässt sich das Neujahrskonzert 2017 unserer VR-Bank beschreiben. Erleben Sie Englands Hauptstadt musikalisch: in den Werken berühmter britischer Komponisten, interpretiert von den Nürnberger Symphonikern nach ihrem Qualitätsanspruch „Made in Nuremberg“. Am Dirigentenpult: Chefdirigent Alexander Shelley, der seine Geburtsstadt London perfekt zu inszenieren weiß. Programm: vr-bank-ehh.de/benefizkonzert Dienstag, 3. Januar 2017 Einlass: 18:30 Uhr - Beginn: 19:00 Uhr Heinrich-Lades-Halle, 91052 Erlangen Eintritt für VR-Mitglieder: 1. Kategorie -ausverkauft-, 2. Kategorie 21,50 Euro Eintritt für Nicht-Mitglieder: 1. Kategorie -ausverkauft-, 2. Kategorie 27,50 Euro Kinder/Jugendliche bis 16 Jahre: halber Preis Kartenbestellung: Telefon 09131 781-725, in unseren Filialen vr-bank-ehh.de/benefizkonzert – 70 Jahre CSU Erlangen – Wir sind CSU Erlangen. Gestern. Heute. Morgen. „Wir müssen uns immer wieder Grußwort Parteivorsitzender Horst Seehofer ....................................... 7 von neuem bemühen, die parlamen- Grußwort Kreisvorsitzende tarischen Prozesse der breiten Alexandra Wunderlich ........................... 9 Öffentlichkeit verständlich zu Gratulanten ......................................... 10 machen [...] und unsere Arbeit transparent und bürgernah gestalten“ in memoriam ....................................... 15 Dr. Wilhelm Vorndran CHRONIK
    [Show full text]
  • Supervisory Board Members
    318 Notes to Consolidated Financial Statements, Positions held by Supervisory Board members Supervisory Board Heinrich v. Pierer, Lothar Adler* Berthold Huber* Albrecht Schmidt, Prof. Dr. jur., Dr.-Ing. E. h. Chairman of the Combine Works Chairman, IG Metall Dr. jur., Dr. oec. publ. h. c. (until April 25, 2007) Council, Siemens AG Date of birth: February 15, 1950 Retired bank director Chairman Date of birth: February 22, 1949 Member since: July 1, 2004 Date of birth: March 13, 1938 Member since: January 23, 2003 Date of birth: January 26, 1941 External positions Member since: March 11, 1993 Member since: January 27, 2005 External positions Gerhard Bieletzki* German supervisory board positions: External positions (on April 25, 2007) Audi AG, Ingolstadt German supervisory board positions: Chairman of the Works Council German supervisory board positions: Münchener Rückversicherungs- of Siemens VDO Automotive AG, Deutsche Bank AG, Frankfurt/Main Walter Kröll, Prof. Dr. rer. nat. Gesellschaft AG, Munich Dortmund Hochtief AG, Essen Consultant Thyssen’sche Handelsgesellschaft m.b.H., Münchener Rückversicherungs- Date of birth: May 16, 1947 Mülheim/Ruhr Member since: January 23, 2003 Date of birth: May 30, 1938 Gesellschaft AG, Munich Member since: January 23, 2003 ThyssenKrupp AG, Düsseldorf Henning Schulte-Noelle, Dr. jur. John David Coombe External positions Volkswagen AG, Wolfsburg Chairman of the Supervisory Board, Chartered Accountant (FCA) German supervisory board positions: Allianz SE MTU Aero Engines GmbH, Munich Gerhard Cromme, Dr. jur. Date of birth: March 17, 1945 Date of birth: August 26, 1942 Wincor Nixdorf AG, Paderborn Chairman (since April 25, 2007) Member since: January 23, 2003 Member since: February 13, 1997 Date of birth: February 25, 1943 External positions Michael Mirow, Prof.
    [Show full text]
  • Siemens in the Third Quarter of Fiscal 2007 (Ended June 30, 2007)
    Earnings Release Munich, July 25, 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. Siemens in the third quarter of fiscal 2007 (ended June 30, 2007) • Orders were €22.147 billion, a 13% increase compared to the third quarter a year earlier, and revenue rose 8% year-over-year, to €20.176 billion. • Group profit from Operations for the quarter climbed 22% year-over-year, to €1.504 billion, despite negative equity investment income of €371 million related to Nokia Siemens Networks (NSN). • Income from continuing operations was €716 million, including the negative equity investment income related to NSN. For comparison, income from continuing operations of €1.341 billion in the third quarter a year earlier benefited from a substantial, non- recurring positive effect at Corporate Treasury. • Net income was €2.065 billion and basic earnings per share (EPS) were €2.25, compared to €1.344 billion and €1.45, respectively, in the third quarter a year earlier. Discontinued operations contributed €1.349 billion to net income in the current quarter, primarily due to a gain resulting from the transfer of assets into NSN. • On a continuing basis, free cash flow in the third quarter increased to €908 million compared to €850 million in the prior-year period, despite payment of €419 million related to a previously disclosed European Commission antitrust investigation. 1 / 17 Siemens AG Reference number: AXX200707.104 e Corporate Communications Wolfram Trost Media Relations 80312 Munich 80312 Munich Tel.: +49 89 636-34794 Fax: -32825 E-mail: [email protected] WorldReginfo - 72464a2b-aa2d-4c45-ba73-7e05b9939c63 “Siemens’ third quarter demonstrates that the company is on track, and we are off to a good start on our Fit for 2010 program,” said Peter Löscher, who joined Siemens as CEO at the beginning of the fourth quarter.
    [Show full text]
  • Siemens Annual Report 2001
    s FINLAND annual review 2001 Global network of innovation Siemens in Finland The Siemens Osakeyhtiö Group is a technology and service company active in the information technology, communications, industry, energy and transportation sectors. During the year under review, the group had a turnover of €347 million and employed 1,677 people. The group includes subsidiaries Siemens Metering Oy and Netron Oy, AS Siemens in Estonia, and its subsidi- ary AS Siemens Electroservices, Siemens SIA in Latvia, and its subsidiary Teka Telekom (75% interest) and UAB Siemens in Lithuania. Wincor Nixdorf Oy is a joint venture owned by Wincor Nixdorf International GmbH (50.1%) and Siemens Osakeyhtiö (49.9%), PICSI Automation Oy is owned by PI-Consulting Oyj (70%) and Siemens Osakeyhtiö (30%) and CoPower SIA by PVO Engineering Oy, Vantaa Energy and Siemens Osakeyhtiö (33%). Other Siemens companies in Finland are BSH Kodinkoneet Oy, Epcos Nordic Oy, Fujitsu Siemens Computers Oy, Infineon Technologies Nordic Oy, Oy Osram Ab, Siemens Building Technologies Oy (Building Automation & HVAC Products and Security & Fire Systems), Siemens-Elema AB and Siemens Rahoitus Oy, which has a subsidiary in Estonia. Siemens companies in Finland and the Baltics have a turnover of around €578 million and employ 2,154 people. Siemens – Global network of innovation. SIEMENS GROUP KEY FIGURES €M 2001 2000 1999 1998 1997 New orders1) 412 419 390 349 247 Back orders1) 163 119 123 155 155 Invoicing2) 367 437 419 315 349 Turnover 347 282 298 238 221 Operating profit 17 17 14 13 11 as
    [Show full text]