Siemens AG at Bank of America Merrill Lynch Global Industrials Conference Transcript
Good morning, everybody. So it's with great pleasure I will introduce Mr. Ralf Thomas, CFO of Siemens.
Ralf, over to you.
So thank you, Alex, and thank you for having me, giving me opportunity to present our company. Just a quick 1-minute recap of how we have been implementing our Vision 2020. Most of you probably remember that we started out 5 years back, addressing a delayering of our organization, taking cost out of more than EUR 1 billion, tackling underperforming businesses, and also substantially investing into better risk management, which has been improved substantially since then. In the very old days we used to have project charges every other year, now, for 4 years in a row, we are literally down to a very, very low level and we will continue pursuing that policy in the years to come. The final result of that was that we could provide quite a decent total shareholder return of 51%
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