Ad-hoc | 4 October 2007 17:04
Siemens Aktiengesellschaft / Legal Matter
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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The Munich District Court has imposed a fine of €201 million on Siemens,
marking the end of the investigation by the Munich Office of Public
Prosecution at the former Group Communications (Com) as it relates to
Siemens AG. In addition, a final settlement has been reached with the
German tax authorities. Total payments of approximately €450 million at the
former Com Group have been determined to be non-deductible, resulting in a
tax charge of €179 million. Of this amount, €168 million has already been
recorded in the company’s consolidated financial statements for fiscal 2006
for questionable payments of approximately €420 million
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Information and Explaination of the Issuer to this News:
Today’s decision by Munich District Court (I) and the settlement with the
tax authorities conclude the German investigations into illegal conduct and
tax violations at Siemens’ former Com Group as they relate to Siemens AG.
The German tax authorities have based the settlement on the results of
investigations conducted jointly with the public prosecutors. Siemens
accepts the fine imposed by the court, and takes responsibility for past
misconduct at the Com Group. The company has waived its right to appeal.
The comprehensive independent investigation being conducted by the law firm
Debevoise and Plimpton continues. Siemens is committed to clarify all
related matters – also in the company’s other Groups – and continues to
support the work of the authorities. The company is also further
strengthening its compliance measures and internal control systems.
Disclaimer
This document contains forward-looking statements and information – that
is, statements related to future, not past, events. These statements may be
identified by words as 'expects', 'looks forward to', 'anticipates,'
'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' 'will' or words of
similar meaning. Such statements are based on our current expectations and
certain assumptions, and are, therefore, subject to certain risks and
uncertainties. A variety of factors, many of which are beyond Siemens’
control, affect its operations, performance, business strategy and results
and could cause the actual results, performance or achievements of Siemens
worldwide to be materially different from any future results, performance
or achievements that may be expressed or implied by such forward-looking
statements. For us, particular uncertainties arise, among others, from:
changes in general economic and business conditions (including margin
developments in major business areas); the challenges of integrating major
acquisitions and implementing joint ventures and other significant
portfolio measures; changes in currency exchange rates and interest rates;
introduction of competing products or technologies by other companies; lack
of acceptance of new products or services by customers targeted by Siemens
worldwide; changes in business strategy; the outcome of pending
investigations and legal proceedings; our analysis of the potential impact
of such matters on our financial statements; as well as various other
factors. More detailed information about our risk factors is contained in
Siemens’ filings with the SEC, which are available on the Siemens website,
www.siemens.com and on the SEC’s website, www.sec.gov. Should one or more
of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
described in the relevant forward-looking statement as expected,
anticipated, intended, planned, believed sought, estimated or projected.
Siemens does not intend or assume any obligation to update or revise these
forward-looking statements in light of developments which differ from those
anticipated. These reports also provide information on the status of
current investigations and inquiries as well as on measures to strengthen
compliance processes and internal control systems.
Christof Schwab, Tel.: ++49 89 636 32677
04.10.2007 Financial News transmitted by DGAP
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Language: English
Issuer: Siemens Aktiengesellschaft
Wittelsbacherplatz 2
80333 München
Deutschland
Phone: +49 (0)89 636-00
Fax: +49 (0)89 636-32908
E-mail: investorrelations@siemens.com
Internet: www.siemens.com
ISIN: DE0007236101
WKN: 723610
Indices: DAX, EURO STOXX 50
Listed: Amtlicher Markt in Berlin, Frankfurt (Prime Standard),
Hannover, München, Hamburg, Düsseldorf, Stuttgart;
Terminbörse EUREX; Foreign Exchange(s) London, NYSE, SWX
End of News DGAP News-Service
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