FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For August 6, 2004

Commission File Number: 1-15174

Siemens Aktiengesellschaft

Wittelsbacherplatz 2
D-80333 Munich
Federal Republic of Germany
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

INTRODUCTION

          We prepare the Interim Report as an update of our Annual Report, with a focus on the current reporting period. As such, the Interim Report should be read in conjunction with the Annual Report, which includes detailed analysis of our operations and activities.

TABLE OF CONTENTS

Key figures

1

MANAGEMENT’S DISCUSSION AND ANALYSIS

OVERVIEW OF FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2004

	•		Net income was €815 million, up 29% from €632 million in the third fiscal quarter a year ago.
	•		Orders rose 11% to €19.077 billion and sales were up 5% to €18.216 billion from the third-quarter levels of fiscal 2003.
	•		Net cash from operating and investing activities for the third quarter was €279 million, up from €266 million in the third quarter a year earlier.

     For the third quarter ended June 30, 2004, Siemens reported net income of €815 million compared to €632 million in the same period a year earlier. Basic and diluted earnings per share rose to €0.91 and €0.88, respectively, compared to €0.71 per share in the prior-year period. Net income rose on the strength of Operations Groups.

     In Operations, a majority of Siemens’ Groups achieved double-digit earnings growth and higher profit margins compared to the same quarter of fiscal 2003. Top earnings performers included Automation and Drives (A&D), Power Generation (PG), Medical Solutions (Med), Siemens VDO Automotive (SV), and Osram. Challenges remain at Transportation Systems (TS) and Siemens Business Services (SBS), which reported losses.

     Third-quarter orders climbed 11% to €19.077 billion from €17.215 billion a year earlier, and third-quarter sales rose 5% to €18.216 billion from €17.380 billion in the prior year. Business volume was particularly strong in the closing month of the quarter. International business drove order growth, rising 16% year-over-year. Significantly reduced capital expenditures for rail transportation projects contributed to an 8% decline in orders in Germany year-over-year.

     Operations generated €379 million in net cash in the third quarter, despite a build-up in net working capital associated with volume growth. In the prior-year period, Operations used net cash of €569 million due to major investments. The two other components of Siemens worldwide, which include Financing and Real Estate and Corporate Treasury activities, used net cash of €100 million in the current period, particularly reflecting renewed asset growth in the financing business. In contrast, these activities provided net cash of €835 million in the prior-year period. In aggregate, net cash from operating and investing activities for Siemens worldwide was €279 million in the third quarter, up year-over-year from €266 million.

RESULTS OF SIEMENS WORLDWIDE

Results of Siemens worldwide — Third quarter of fiscal 2004 compared to third quarter of fiscal 2003

     Orders in the third quarter of fiscal 2004 improved 11%, to €19.077 billion, up significantly from €17.215 billion a year earlier. Sales increased 5% year-over-year to €18.216 billion, up from €17.380 billion in the prior-year period.

     Gross profit as a percentage of sales in the third quarter of fiscal 2004 increased to 29.6% from 29.4% in the prior year. Most of Siemens’ Groups increased their gross profit margins, led by significant improvements at A&D and SV. Gross profit margins were lower at TS and Med.

     Research and development (R&D) expenses were €1.264 billion compared to €1.248 billion in the prior-year quarter. R&D spending as a percentage of sales was 6.9% of sales, compared to 7.2% in the prior-year quarter, and represented a smaller percentage of sales due to revenue growth year-over-year. Marketing, selling and general administrative expenses of €3.287 billion, or 18.0% of sales, rose more slowly than revenues in the third quarter, compared to €3.190 billion, or 18.4% in the same period a year earlier.

     Other operating income (expense), net was €13 million, compared to €124 million in the prior-year period, which included higher cancellation gains at PG and a gain arising from Med’s contribution of assets to a joint venture. Income (loss) from investments in other companies, net improved to €70 million compared to €16 million in the third quarter a year earlier. The prior-year period included a negative €43 million representing Siemens’ equity share of Infineon’s net loss, while the current period does not include an equity share of Infineon’s net results.

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     The effective tax rate on income in the third quarter of fiscal 2004 was 16%, compared to 22% in the third quarter a year ago. The current period tax rate benefited from a number of tax effects outside of Germany which collectively reduced Siemens’ effective tax rate compared to the prior-year quarter.

     Net income in the third quarter increased sharply to €815 million, up from €632 million last year. Basic and diluted earnings per share were €0.91 and €0.88, respectively, for the third quarter of fiscal 2004. Basic and diluted earnings per share were €0.71 in the same quarter of fiscal 2003.

Results of Siemens worldwide — First nine months of fiscal 2004 compared to first nine months of fiscal 2003

     Orders for the first nine months of fiscal 2004 increased to €59.283 billion, up 5% from €56.444 billion, while sales were €54.339 billion, nearly level with €54.455 billion from a year earlier. Excluding currency translation effects and the net effect of acquisitions and dispositions, orders and sales were 7% and 4% higher, respectively. Sales in Germany for the first nine months of fiscal 2004 were €12.500 billion, up 2% compared to the same period a year earlier, while orders in Germany decreased 3% year-over-year, to €12.244 billion. International sales decreased 1% year-over-year, to €41.839 billion, and international orders increased 7%, to €47.039 billion. Excluding currency translation effects and the net effect of acquisitions and dispositions, international sales for the first nine months rose 3% and international orders climbed 10%.

     Within international results, sales in the U.S. of €9.768 billion for the first nine months were 15% lower compared to the same period a year earlier. Orders of €10.381 billion for the first nine months were 4% lower year-over-year. Excluding currency translation effects, sales were 4% lower and orders were up 9% in the U.S. year-over-year. Sales in the Asia-Pacific region for the first nine months increased 8% year-over-year, to €6.615 billion, and orders decreased 3%, to €7.271 billion. Excluding currency translation effects, sales in the Asia-Pacific region rose 13% and orders rose 2%. Sales in China were €2.131 billion, 11% above the prior-year level, while orders reached €2.265 billion, up 12%. Excluding currency translation effects, sales in China rose 19% and orders climbed 21%.

     Gross profit as a percentage of sales in the first nine months of fiscal 2004 increased to 29.3% from 28.6% in the prior-year period. The improvement in the current nine months resulted from higher margins at a majority of Siemens’ Groups. Among the Groups, in particular Information and Communication Mobile (ICM), A&D and PG recorded significantly higher gross profit while gross profit was lower at Med and TS. The prior-year period was negatively impacted by charges taken at Logistics and Assembly Systems (L&A - formerly called Siemens Dematic) for contract loss provisions as well as allowances on inventory, related in part to project cancellations at PG.

     Other operating income (expense), net was a negative €311 million compared to a positive €408 million in the first nine months of fiscal 2003, which included significantly higher net cancellation gains at PG. The current period primarily includes the €433 million goodwill impairment related to the airport logistics and distribution and industry logistics activities acquired from Atecs Mannesmann (Atecs) and gains from portfolio activities, particularly related to the sale of Med’s Life Support Systems (LSS) business. Income (loss) from investments in other companies, net increased to €952 million, up from €44 million in the first nine months of the prior year. The current year included the pre-tax gain of €590 million from the sale of Infineon shares and higher equity earnings, particularly at BSH Bosch und Siemens Hausgeräte GmbH. In fiscal 2004, Siemens’ equity share of Infineon’s net result was a positive €14 million compared to a negative €187 million in the prior-year period. In the second quarter of fiscal 2004, the Company reduced its ownership in Infineon to 18.9% and, accordingly, ceased accounting for its equity interest in Infineon under the equity method. For further information, see Note 3 to Consolidated Financial Statements.

     The effective tax rate in the first nine months of fiscal 2004 was 12%, positively impacted by a €246 million reversal in deferred tax liabilities arising as a consequence of the Infineon share sale, the sale of LSS by Med, and a number of positive tax effects outside of Germany. For comparison, the effective tax rate was 29% in the prior year period.

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     Net income for the first nine months of fiscal 2004 increased 60% year-over-year, to €2.751 billion, up from €1.721 billion a year earlier. The current period improvement was primarily influenced by the factors noted above. Basic and diluted earnings per share for the first nine months were €3.09 and €2.96, respectively, well above basic and diluted earnings per share of €1.93 in the same period a year earlier.

     As a result of the adoption of Statement of Financial Accounting Standards (SFAS) 143, Accounting for Asset Retirement Obligations, on October 1, 2002, the income in the first nine months of fiscal 2003 included €59 million (€36 million net of income taxes, or €0.04 per share) which was recorded as a cumulative effect of a change in accounting principle.

DISPOSITION

     In the nine months ended June 30, 2004, Med realized €118 million in gains from portfolio transactions. Included in this amount was a pre-tax gain of €105 million in connection with Med’s sale of its LSS business to Getinge AB, Sweden. Net proceeds from the sale totaled €176 million. As stipulated by the contribution agreement for the joint venture Dräger Medical AG & Co. KGaA (Dräger), Siemens contributed to Dräger these net proceeds less expected taxes on the sale.

SEGMENT INFORMATION ANALYSIS

Operations

Information and Communications

Information and Communication Networks (ICN)

     In the third quarter of fiscal 2004, ICN posted Group profit of €51 million compared to a loss a year earlier, when the Group took €72 million in charges primarily related to Efficient Networks, Inc. Third-quarter earnings at the Carrier Networks and Services business were €15 million compared to a loss of €128 million in the prior-year period, which included the charges mentioned above. Sales were €816 million, up from €801 million a year earlier. The Enterprise Networks division contributed €49 million in third-quarter earnings on sales of €859 million, compared to €62 million and €893 million in the prior-year quarter. For ICN overall, third-quarter sales were nearly level with the prior-year total, while orders were down 8%.

     For the first nine months of fiscal 2004, ICN posted Group profit of €139 million compared to a loss of €423 million in the same period of fiscal 2003, which included significant charges for severance and asset write-downs. The positive development year-over-year is most evident at the Carrier Networks and Services business. Sales declined modestly to €4.996 billion for the first nine months compared to €5.170 billion in the same period a year earlier. Similarly, orders were slightly below the prior-year level at €5.230 billion compared to €5.385 billion.

4

Information and Communication Mobile (ICM)

     ICM improved third-quarter Group profit year-over-year to €64 million in a market that remained intensely competitive. Earnings at the Mobile Networks division were €133 million on sales of €1.180 billion, compared to earnings of €36 million on sales of €968 million in the third quarter a year earlier. The Mobile Phones division generated €996 million in sales on a volume of 10.4 million handsets, up from €922 million and 8.1 million units in the same period a year earlier. Average selling price declined year-over-year, contributing to a loss of €88 million in the third quarter. For comparison, the division posted a loss of €42 million in the prior-year quarter, which included a positive effect related to warranty performance. For ICM as a whole, sales rose 13%, to €2.446 billion. Order growth of 23% included a major infrastructure order in Italy and market interest in the Mobile Phones’ new 65 series.

     For the first nine months of the fiscal year, ICM’s Group profit was €296 million, up from €131 million in the same period of fiscal 2003. The Mobile Networks division was the driver of the increase, with earnings of €235 million compared to €55 million in the first nine months a year earlier, which included positive net effects, particularly relating to a reduction in customer financing exposure. Nine-month sales for the division rose 8%, to €3.505 billion. The Mobile Phones division generated €3.725 billion in sales on a volume of 38.4 million handsets in the first nine months, up from €3.214 billion and 27.1 million units in the same period a year earlier. Average selling price declined due to competitive pressures. As a result, the division posted a nine-month loss of €11 million in the current year compared to a nine-month profit of €12 million a year earlier, which included the warranty-related positive effect mentioned above. For ICM overall, sales for the current period rose 10% year-over-year, to €8.064 billion, while orders climbed 21% year-over-year, to €8.586 billion.

Siemens Business Services (SBS)

     SBS posted a loss for the third quarter, reflecting pricing pressure in a weak market for IT solutions as well as delays in implementing capacity adjustments. Third-quarter sales declined to €1.140 billion and orders were also down year-over-year, at €1.218 billion.

     Group profit at SBS was up for the first nine months, at €68 million based on strong first quarter earnings, compared to €54 million for the same period a year earlier. While nine-month sales of €3.471 billion were lower than in the prior-year period, orders of €3.951 billion were nearly level with the prior-year period.

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Automation and Control

Automation and Drives (A&D)

     A&D was Siemens’ top earnings performer in the third quarter. Group profit rose 52% to a record high of €308 million, driven by continuing productivity increases across all divisions in an improved macroeconomic environment. The Industrial Automation Systems division contributed particularly strong profitability, helping to push A&D’s earnings margin close to 14%. Third-quarter sales rose 6% year-over-year, to €2.208 billion. Orders climbed 10% to €2.290 billion, reflecting rapid growth in Asia-Pacific, particularly in China, and improving demand in Europe.

     A&D boosted nine-month Group profit 35% year-over-year, to €764 million influenced by continuing productivity increases across all divisions in an improved macroeconomic environment. Sales for the first nine months rose 4% to €6.360 billion and orders for the period of €6.670 billion were up 3% compared to the prior-year period. Excluding currency translation and portfolio effects, sales and orders for the first nine months rose 7% and 6%, respectively, compared to a year earlier.

Industrial Solutions and Services (I&S)

     Third-quarter Group profit at I&S was €19 million, benefiting from a positive effect related to capacity reduction programs. Sales of €1.001 billion and orders of €952 million for the quarter increased from the prior-year quarter 4% and 5%, respectively.

     I&S recorded Group profit for the first nine months of €60 million. This result compares to a loss of €24 million for the same period a year earlier, which included significant charges, primarily for severance payments. Nine-month sales for I&S rose 4% year-over-year, to €2.981 billion, and orders for the same period increased 6% year-over-year, to €3.166 billion. Excluding currency translation effects, sales and orders for the first nine months rose 6% and 9%, respectively, compared to a year earlier.

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Logistics and Assembly Systems (L&A)

     L&A returned to profitability compared to the third quarter a year earlier, when the Group took charges for capacity reduction and project risks. The Electronics Assembly Systems division was the primary contributor to L&A’s improvement in Group profit, while losses at the Airport Logistics and Distribution & Industry Logistics divisions continued to slow earnings progress for the Group as a whole. Lower sales of €568 million reflect completion of projects between the periods under review, while lower orders of €513 million reflect more selective order intake.

     L&A posted a loss of €53 million for the first nine months, compared to a loss of €40 million in the same period a year earlier. Both periods included charges, primarily related to major projects. While nine-month sales were lower year-over-year, at €1.613 billion compared to €1.920 billion, nine-month orders climbed 19% year-over-year, to €2.135 billion, on the strength of major orders in the Middle East and the U.S. in the first half of fiscal 2004. Following an extensive internal review of the outlook for the L&A airport logistics activities and distribution and industry logistics activities, during the second quarter, management concluded that goodwill related to L&A was impaired. Because the businesses were acquired at the corporate level as part of the Siemens’ Atecs transaction, the resulting goodwill impairment was taken centrally. For additional information, see Corporate items, pension and eliminations.

Siemens Building Technologies (SBT)

     Lower sales in its existing businesses, particularly in its building automation business, led to lower earnings at SBT compared to the third quarter a year earlier, when the Group took significant charges for capacity reduction. Divestment of SBT’s facility management business between the periods under review further reduced sales for the Group overall, to €997 million. Orders of €1.070 billion, however, were up 3% year-over-year on a comparable basis.

     SBT’s Group profit for the first nine months was up slightly at €69 million on lower sales. In the prior year, Group profit of €63 million included significant charges for severance and associated asset write-downs. Sales and orders for the nine-month period were €3.033 billion and €3.205 billion, respectively. Excluding currency translation effects and divestment of businesses between the two periods under review, sales for the first nine months were 5% below the prior-year level and orders were nearly even year-over-year.

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Power

Power Generation (PG)

     In the third quarter of fiscal 2004, PG achieved double-digit growth in both sales and orders, to €1.933 billion and €2.029 billion, respectively. Sales rose on expansion of the Group’s service business and consolidation of the Alstom industrial turbine business between the periods under review. Order growth included large new contracts in Australia and the Middle East. Third-quarter Group profit was €236 million compared to €279 million a year earlier, which included €65 million in cancellation gains.

     PG’s Group profit for the first nine months of fiscal 2004 was €755 million. The higher level a year earlier was due primarily to substantial project cancellation gains. Nine-month sales at PG rose 11% year-over-year, to €5.548 billion. Orders climbed 17% year-over-year, to €7.119 billion. PG’s growth in sales and orders for the first nine months includes its acquisition of Alstom’s industrial turbine business between the periods under review.

Power Transmission and Distribution (PTD)