1、Annual Report 2020 Table of contents A. Combined Management Report A.1 Organization of the Siemens Group and basis of presentation 2 A.2 Financial performance system 3 A.3 Segment information 6 A.4 Results of operations 18 A.5 Net assets position 22 A.6 Financial position 23 A.7 Overall assessment o
2、f the economic position 27 A.8 Report on expected developments and associated material opportunities and risks 29 A.9 Siemens AG 46 A.10 Compensation Report 50 A.11 Takeover-relevant information 82 B. Consolidated Financial Statements B.1 Consolidated Statements of Income 88 B.2 Consolidated Stateme
3、nts of Comprehensive Income 89 B.3 Consolidated Statements of Financial Position 90 B.4 Consolidated Statements of Cash Flows 92 B.5 Consolidated Statements of Changes in Equity 94 B.6 Notes to Consolidated Financial Statements 96 C. Additional Information C.1 Responsibility Statement 166 C.2 Indepe
4、ndent Auditor s Report 167 C.3 Report of the Supervisory Board 176 C.4 Corporate Governance 184 C.5 Notes and forward- looking statements 199 PAGES 1 86 A. Combined Management Report ANNUAL REPORT 2020 2 Combined Management Report A.1 Organization of the Siemens Group and basis of presentation Sieme
5、ns is a technology company that is active in nearly all countries of the world, focusing on the areas of automation and digitalization in the process and manufacturing indus- tries, intelligent infrastructure for buildings and distributed energy systems, smart mobility solutions for rail and road an
6、d medical technology and digital healthcare services. Siemens comprises Siemens Aktiengesellschaft (Siemens AG), a stock corporation under the Federal laws of Germany, as the parent company and its subsidiaries. Our Company is incorporated in Germany, with our cor- porate headquarters situated in Mu