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Siemens AG : Siemens and the Hellenic Republic reach a settlement agreement and mark a new beginning

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04/05/2012 | 04:40pm CEST

Munich, Germany, 2012-Apr-05

Today, the Hellenic Parliament ratified the settlement agreement between Siemens and the Greek State. This marks the beginning of a new chapter in Siemens' long history in Greece. The Greek Government's commitment to foster growth was one of the pillars on which this agreement was based. This agreement will allow Siemens to continue to be a real supporter. To this end, Siemens will explore actual and substantial areas of investment in Greece, with special emphasis to sectors which increase employment and support the economy.

In total, this settlement will reach approximately 270 million Euro. In this context, Siemens waives claims of €80 million that concern implemented projects and the delivery of equipment to the Greek State. Siemens will dispense up to the amount of 90 million Euro for transparency initiatives and anti-corruption programs, as well as for academic and research programs that aim at enhancing Greece's competitiveness. Finally, Siemens will spend over €100 million, in order to enhance its activities in Greece and preserve a significant number of jobs in the local market.

The company is committed to ensure going forward, full and overall compliance to sound corporate principles.

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Financials (€)
Sales 2017 85 057 M
EBIT 2017 9 235 M
Net income 2017 6 266 M
Debt 2017 19 034 M
Yield 2017 3,10%
P/E ratio 2017 16,04
P/E ratio 2018 15,32
EV / Sales 2017 1,47x
EV / Sales 2018 1,37x
Capitalization 106 038 M
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Number of Analysts 29
Average target price 138 €
Spread / Average Target 11%
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Josef Kaeser President & Chief Executive Officer
Gerhard Cromme Chairman-Supervisory Board
Ralf Peter Thomas Chief Financial Officer
Roland Emil Busch Chief Technology Officer
Helmuth Ludwig Chief Information Officer
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1st jan.Capitalization (M$)
SIEMENS6.81%118 582
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