UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

May 4, 2007

Commission File Number: 1-15174

Siemens Aktiengesellschaft

(Translation of registrant’s name into English)

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.

Form 20-F þ		Form 40-F o

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):

Yes o		No þ

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):

Yes o		No þ

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.

Yes o		No þ

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

 

 

Table of contents

Key figures
Management’s discussion and analysis
Consolidated Financial Statements (unaudited)
Notes
Quarterly summary
Supervisory Board and Managing Board changes
Financial calendar
Signatures

Introduction

     Effective with the first quarter of fiscal 2007, Siemens prepares its primary financial reporting according to International Financial Reporting Standards (IFRS). For fiscal year end 2006, our primary financial reporting was still under United States Generally Accepted Accounting Principles (U.S. GAAP). In addition, we published our first IFRS Consolidated Financial Statements as supplemental information in December 2006. We generally prepare the Interim Report as an update of our Annual Report, with a focus on the current period. The supplemental IFRS Consolidated Financial Statements serve as a basis for our primary IFRS reporting beginning with the first quarter of fiscal 2007 and as such, the Interim Report should be read in conjunction with these IFRS Consolidated Financial Statements and our Annual Report.

Key figures ⁽¹⁾

		2nd quarter (2)								first six months (3)
(in millions of €, except where otherwise stated)		2007				2006				2007				2006
Income from continuing operations			1,396				897				2,110				1,504
Income from discontinued operations, net of income taxes			(137	)			26				(63	)			358
Net income			1,259				923				2,047				1,862
attributable to:
Minority interest			63				50				112				103
Shareholders of Siemens AG			1,196				873				1,935				1,759
Earnings per share from continuing operations (4)			1.50				0.95				2.26				1.60
(in euros)
Earnings per share from discontinued operations (4)			(0.16	)			0.03				(0.09	)			0.38
(in euros)
Earnings per share (4)			1.34				0.98				2.17				1.98
(in euros)
Net cash from operating and investing activities (5)			(901	)			538				(2,061	)			(186	)
therein: Net cash provided by operating activities			3,582				1,246				3,881				1,732
Net cash used in investing activities			(4,483	)			(708	)			(5,942	)			(1,918	)
Group profit from Operations (5)			1,964				1,314				3,595				2,391
New orders (5)			23,469				21,529				48,051				45,196
Revenue (5)			20,626				18,824				39,694				36,800

		March 31, 2007								September 30, 2006
		Continuing								Continuing
		operations				Total (6)				operations				Total (6)
Employees (in thousands)			436				487				424				475
Germany			144				162				143				161
International			292				325				281				314

(1)		Unaudited, focused on continuing operations. (Discontinued operations consist of carrier networks, enterprise networks and mobile devices activities).
(2)		January 1 — March 31, 2007 and 2006, respectively.
(3)		October 1, 2006 and 2005 — March 31, 2007 and 2006, respectively.
(4)		Earnings per share — basic, attributable to shareholders of Siemens AG.
(5)		Continuing operations.
(6)		Continuing and discontinued operations.

Note: “Group profit from Operations” is reconciled to “Income before income taxes” of Operations under “Reconciliation to financial statements” on the table “Segment information.”

Management’s discussion and analysis

Overview of financial results for the second quarter of fiscal 2007

	•		Siemens successfully concluded its Fit4More program by achieving the profitability, growth and portfolio goals planned for April 2007.
	•		All Groups reached or exceeded their target earnings margins.
	•		Group profit from Operations rose 49% year-over-year, to €1.964 billion.
	•		Income from continuing operations climbed 56%, to €1.396 billion.
	•		Net income rose 36%, to €1.259 billion.
	•		Revenue rose 10%, to €20.626 billion and orders increased 9% to €23.469 billion. Excluding currency translation and portfolio effects, revenue rose 13% and orders increased 11%.
	•		On a continuing basis, operating and investing activities used net cash of €901 million in the second quarter, including a €3.8 billion cash payment for the diagnostics division of Bayer Aktiengesellschaft. A year earlier, operating and investing activities provided net cash of €538 million.

     We believe that Siemens’ financial performance in the second quarter is the result of successfully executing our Fit4More program. We significantly strengthened our strongest businesses, better aligned the Company to take full advantage of global demographic and urbanization trends, and reached or exceeded our margin targets at all Groups. Together these accomplishments are enabling Siemens to outgrow the economy at a higher level of profitability.

     Going forward, we believe that Siemens can do even better. So we are introducing a new program, ‘Fit for 2010,’ with ambitious goals for growth, capital efficiency, and cash conversion at the corporate level, and with higher margin ranges at a majority of our Groups. We look forward to maintaining the operating momentum we have built up in the first half of the fiscal year.

     In the second quarter of fiscal 2007, ended March 31, 2007, Siemens’ net income rose to €1.259 billion, an increase of 36% compared to €923 million in the second quarter a year earlier. Basic earnings per share rose to €1.34 from €0.98 in the prior-year quarter, and diluted earnings per share increased to €1.28 from €0.98 a year earlier. Income from continuing operations was €1.396 billion, an increase of 56% compared to €897 million in the same period a year earlier. Basic earnings per share on a continuing basis rose to €1.50 from €0.95 in the prior-year quarter, and diluted earnings per share increased to €1.44 from €0.95 a year earlier. Discontinued operations reduced net income by €137 million in the second quarter, due primarily to an impairment at the enterprise networks business formerly included in Communications (Com). A year earlier, discontinued operations contributed €26 million to net income in the second quarter.

     The dominant driver of income growth was Group profit from Operations, which rose 49% year-over-year, to €1.964 billion. Every Group in Operations reached or exceeded its target Group profit margin in the second quarter and a majority delivered strong double-digit profit growth compared to the same period a year earlier. Automation and Drives (A&D) and Power Transmission and Distribution (PTD) hit new highs in quarterly Group profit on an absolute basis. Other leading earnings contributors included Medical Solutions (Med), Power Generation (PG), Siemens VDO Automotive (SV) and Osram. Improvement in Group profit from Operations year-over-year also included a positive result at Siemens Business Services (SBS), which posted a significant loss in the prior-year period primarily due to substantial severance charges.

     Net income growth also benefited from the other two components of Siemens. Financing and Real Estate activities earned €179 million in income before income tax compared to €71 million in the second quarter a year earlier. Corporate Treasury activities contributed €31 million, compared to a negative €230 million a year ago. The difference relates primarily to a cash settlement option on a convertible bond, which resulted in a €257 million negative effect in the prior-year quarter.

     In a favorable macroeconomic environment, Siemens’ strengthened business portfolio generated substantial volume growth compared to the prior-year quarter. Revenue increased 10% year-over-year, to €20.626 billion, and orders of €23.469 billion were up 9% compared to the prior-year quarter. Excluding currency translation and portfolio effects, second-quarter revenue rose 13% and orders climbed 11%. Europe excluding Germany was the primary driver of revenue growth, with a 16% increase. Germany expanded by 6%. Order growth was more balanced regionally, with double-digit increases in Europe, Asia-Pacific and the Americas. A&D, Med, PG and PTD all delivered strong revenue and order growth to go along with their margin strength and substantial contributions to Group profit.

     On a continuing basis, operating and investing activities within Operations in the second quarter used €1.921 billion in cash compared to cash provided of €269 million in the same period a year earlier. The current period included an approximately €3.8 billion cash payment for the diagnostics division of Bayer Aktiengesellschaft (Bayer). Within Financing and Real Estate and Corporate Treasury activities, net cash provided by operating and investing activities in the second quarter was €1.020 billion compared to €269 million in the prior-year quarter. The difference was due primarily to lower receivables at Siemens Financial Services (SFS), including substantial receivables related to telecommunications carrier activities. For Siemens on a continuing basis, operating and investing activities used net cash of €901 million compared to net cash provided of €538 million in the same period a year earlier.

     As planned, we brought the Fit4More strategic program to a successful close in the second quarter. In addition to reaching or exceeding target margins throughout Operations and at SFS, we also achieved Fit4More’s April 2007 growth and portfolio goals. To deliver top-line growth at twice the rate of global expansion in gross domestic product (“2X global GDP”), we continued to invest for organic growth while making major acquisitions at our largest and most profitable Groups. For example, A&D increased its capabilities in large drives, gears, and software, PG added wind power and other clean energy offerings, and Med acquired a world-class in vitro diagnostics business.

     Fit4More further focused the Company’s business portfolio activities by reorienting the Information and Communications (I&C) businesses and Logistics and Assembly (L&A) Systems Group. Among the notable results is a telecommunications infrastructure joint venture with Nokia Corporation (Nokia), called Nokia Siemens Networks B.V. (NSN). This joint venture launched its operations on April 1, 2007. We divested or discontinued other businesses, including the enterprise networks business which is held for sale.

Results of Siemens

Results of Siemens — Second quarter of fiscal 2007 compared to second quarter of fiscal 2006

     The following discussion presents selected information for Siemens for the second quarter:

		March 31,
(€ in millions)		2007				2006
New orders			23,469				21,529
New orders in Germany			3,826				3,659
New international orders			19,643				17,870
Revenue			20,626				18,824
Revenue in Germany			3,860				3,641
International revenue			16,766				15,183

     Revenue in the second quarter was €20.626 billion, a 10% increase from €18.824 billion in the prior-year period. Orders were €23.469 billion, 9% higher than €21.529 billion a year earlier. On an organic basis, excluding currency translation effects and the net effect of acquisitions and dispositions, revenue climbed 13% and orders rose 11%.

     International revenue and orders for the second quarter both rose 10% year-over-year, to €16.766 billion and €19.643 billion, respectively. In Germany, revenue increased 6% in the current period, to €3.860 billion, and orders grew 5% year-over-year, to €3.826 billion. On a regional basis, Europe excluding Germany was the strongest contributor to volume growth, with revenue rising 16%, to €6.795 billion, and orders climbing 19%, to €8.105 billion. Asia-Pacific revenue grew 8%, to €2.892 billion, and orders rose 19%, to €3.396 billion. India generated high double-digit growth rates for both revenue and orders, while China balanced an 11% decline in revenue with 18% order growth compared to the prior-year period. In the Americas, revenue of €5.376 billion and orders of €6.332 billion were 1% and 12% higher, respectively, than in the second quarter a year ago. Excluding currency translation and portfolio effects, revenue and orders in the region were up 7% and 19%. The Middle East/Africa/Commonwealth of Independent States (CIS) region contributed €1.703 billion to revenue in the second quarter, a 30% increase year-over-year. Order volume was higher than revenue, at €1.810 billion, but came in 29% lower than the prior-year level which included a higher number of large orders.

		March 31,
(€ in millions)		2007				2006
Gross profit			5,661				4,776
as percentage of revenue			27.4	%			25.4	%

     Gross profit increased 19% year-over-year to €5.661 billion in the second quarter, rising nearly twice as fast as revenue over the same period. All Groups increased their gross profit, with the highest total increases coming from Med, A&D and PG. The gross profit margin climbed to 27.4% in the second quarter compared to 25.4% a year earlier.

		March 31,
(€ in millions)		2007				2006
Research and development expenses			(874	)			(857	)
as percentage of sales			4.2	%			4.6	%
Marketing, selling and general administrative expenses			(3,108	)			(3,104	)
as percentage of sales			15.1	%			16.5	%
Other operating income			112				194
Other operating expense			(163	)			(35	)
Income from investments accounted for using, the equity method, net			190				197
Financial income (expense), net			14				(37	)

     Research and development expenses increased year-over-year, but fell as a percent of sales at most Groups as revenue grew much faster. Marketing, selling and general administrative expenses showed a similar development, remaining stable compared to the prior-year period but declining as a percent of sales, including a positive development at SBS, reflecting an improved cost position and substantial severance charges in the prior year. Other operating income decreased compared to the second quarter a year earlier, which included a positive effect from the settlement of an arbitration proceeding. In the second quarter of fiscal 2007, other operating expense included a €52 million goodwill impairment at a regional payphone unit. Financial income (expense), net in the current quarter was positive and included higher interest expense, lower income associated with asset retirement obligations, and lower income from available-for-sale financial assets compared to the same quarter a year earlier. Financial income (expense), net was negative in the prior-year period due primarily to a €257 million negative effect related to mark-to-market valuation of a cash settlement option associated with the €2.5 billion convertible bond Siemens issued in 2003. Siemens irrevocably waived this option in the third quarter of fiscal 2006, effectively eliminating subsequent earnings effects.

		March 31,
(€ in millions)		2007				2006
Income from continuing operations before income taxes			1,832				1,134
Income taxes			(436	)			(237	)
as percentage of income from continuing operations before income taxes			24	%			21	%
Income from continuing operations			1,396				897
Income (loss) from discontinued operations, net of income taxes			(137	)			26
Net income			1,259				923
Net income attributable to Minority interest			63				50
Net income attributable to Shareholders of Siemens AG			1,196				873

     In the second quarter, income from continuing operations before income taxes rose 62%, to €1.832 billion. This rapid income growth year-over-year was driven by a significant increase in Group profit from Operations. All Groups reached or exceeded their target profit margins, and a majority of Groups in Operations delivered strong double-digit increases in Group profit. In addition, SBS posted a positive Group profit compared to a substantial loss in the prior-year period. The income tax rate was higher in the current period, at 24% compared to 21% a year earlier. While both periods under review included beneficial tax effects, the second quarter of fiscal 2006 benefited from a higher positive tax effect due to an income tax free gain from the sale of the Company’s interest in SMS Demag AG. Income from continuing operations in the second quarter grew 56% year-over-year, to €1.396 billion. Discontinued operations posted a loss, net of income taxes of €137 million, primarily due to a €148 million impairment at the enterprise networks business formerly included in Com. A year earlier, discontinued operations earned income, net of income taxes of €26 million in the second quarter. Net income of €1.259 billion in the current quarter was 36% higher than in the second quarter a year earlier, and net income attributable to shareholders of Siemens AG was €1.196 billion, up 37% compared to the prior-year period.

Results of Siemens — First six months of fiscal 2007 compared to first six months of fiscal 2006

     The following discussion presents selected information for Siemens for the first six months:

		March 31,
(€ in millions)		2007				2006
New orders			48,051				45,196
New orders in Germany			8,697				8,247
New international orders			39,354				36,949
Revenue			39,694				36,800
Revenue in Germany			7,760				7,449
International revenue			31,934				29,351

     In the first six months of fiscal 2007, revenue was €39.694 billion, an 8% increase from €36.800 billion in the prior-year period. Orders of €48.051 billion were up 6% from €45.196 billion a year earlier. Excluding currency translation effects and the net effect of acquisitions and dispositions, revenue rose 12% and orders climbed 9%.

     International revenue for the first six months rose 9% year-over-year, to €31.934 billion, and orders for the first six months grew 7%, to €39.354 billion. In Germany, revenue for the first half-year was up 4%, at €7.760 billion, and orders increased 5%, to €8.697 billion. On a regional basis, Europe excluding Germany was the strongest contributor to international volume growth, with revenue climbing 10%, to €12.733 billion, and orders rising 13%, to €15.911 billion. Both revenue and orders grew in the Americas as well, where first-half revenue of €10.324 billion was up 3% and orders of €12.716 billion came in 14% above the prior-year level. Adjusting for currency translation and portfolio effects, revenue and orders in the Americas were up 11% and 23%, respectively.

     While revenue in Asia-Pacific for the first six months grew 11%, to €5.589 billion, orders of €6.488 billion came in 7% lower. Both developments stemmed from a high level of orders in Asia-Pacific in prior periods. This was particularly evident in China, where revenue of €1.949 billion for the first half was 4% higher than the prior-year level, but orders of €2.209 billion were 21% lower than a year earlier. The Africa/Middle East/CIS region shared a similar development in the first half. Though orders of €4.239 billion were substantially higher than revenue of €3.288 billion, revenue was up 22% year-over-year and orders were 10% below the level of the prior-year period.

		March 31,
(€ in millions)		2007				2006
Gross profit			10,466				9,298
as percentage of revenue			26.4	%			25.3	%

     Gross profit for the first six months increased by 13% year-over-year, rising faster than revenue growth of 8%. Most Groups increased their gross profit, with leading increases at Med, A&D, SBS, PG and PTD. The gross profit margin for the first half of fiscal 2007 was 26.4% compared to 25.3% a year earlier.

		March 31,
(€ in millions)		2007				2006
Research and development expenses			(1,655	)			(1,648	)
as percentage of sales			4.2	%			4.5	%
Marketing, selling and general administrative expenses			(5,951	)			(6,110	)
as percentage of sales			15.0	%			16.6	%
Other operating income			340				394
Other operating expense			(662	)			(69	)
Income from investments accounted for using, the equity method, net			350				339
Financial income (expense), net			9				(299	)

     Research and development expenses were nearly unchanged year-over-year but declined to 4.2% of revenue. Marketing, selling and general administrative expenses were lower, including a positive development at SBS, reflecting an improved cost position and substantial severance charges in the prior year. These expenses also declined as a percent of revenue, to 15.0% from 16.6% in the prior-year period. Other operating income was higher in the prior-year period, which benefited from the settlement of an arbitration proceeding mentioned earlier as well as from higher gains on sale of real estate. The current period included a gain on the sale of a locomotive leasing business at TS. Other operating expense in the first half was substantially higher than in the same period a year earlier, primarily due to a penalty of €423 million imposed by the European Commission following its investigation of past anti-competitive behavior by providers of gas-isolated switchgear and €50 million primarily to fund job placement companies for former Siemens employees affected by the bankruptcy of BenQ Mobile GmbH & Co. OHG. The current period also includes the €52 million goodwill impairment at a regional payphone unit mentioned earlier. Financial income (expense), net for the first six months was a positive €9 million, and included higher interest expense, lower income associated with asset retirement obligations, and lower income from available-for-sale financial assets compared to the prior-year period. A year earlier, financial income (expense), net for the first half was a negative €299 million due primarily to a €572 million negative impact from the convertible bond option mentioned above.

		March 31,
(€ in millions)		2007				2006
Income from continuing operations before income taxes			2,897				1,905
Income taxes			(787	)			(401	)
as percentage of income from continuing operations before income taxes			27	%			21	%
Income from continuing operations			2,110				1,504
Income (loss) from discontinued operations, net of income taxes			(63	)			358
Net income			2,047				1,862
Net income attributable to Minority interest			112				103
Net income attributable to Shareholders of Siemens AG			1,935				1,759

     In the first six months of fiscal 2007, income from continuing operations before income taxes rose by 52% to €2.897 billion. Group profit from Operations was the primary driver of growth in income from continuing operations compared to the first half a year earlier. Higher revenues and margins at a majority of the Groups took Group profit from Operations up significantly year-over-year. The change year-over-year was positively influenced by developments at SBS as well, where €363 million in severance charges resulted in a significant loss for the prior-year period but helped the Group to return to profitability in the first half of fiscal 2007. The income tax rate for the first six months increased from 21% a year earlier to 27%. The major factor in this increase relates to the €423 million penalty mentioned above, which was not tax-deductible. As a result, income from continuing operations in the first quarter of €2.110 billion was 40% higher than in the prior-year period. Discontinued operations, net of income taxes lost €63 million in the first half, compared to income of €358 million in the same period of the prior year. The current period includes the €148 million impairment mentioned earlier. The prior-year period benefited from a €356 million gain on the sale of shares in Juniper Networks, Inc. (Juniper), partially offset by €164 million in severance charges. Net income for the first half rose 10% year-over-year, to €2.047 billion, and net income attributable to shareholders of Siemens AG was also 10% higher, at €1.935 billion.

Portfolio Activities

     On January 2, 2007, Siemens completed the acquisition of the diagnostics division of Bayer. The acquisition, which was consolidated as of January 2007, will be integrated into Med together with the recently acquired Diagnostic Products Corporation (DPC). The Bayer diagnostics division will enable Siemens to expand its position in the growing molecular diagnostics market. The estimated purchase price, payable in cash, amounts to €4.4 billion (including €180 million cash acquired). The Company has not yet finalized the purchase price allocation.

     On January 24, 2007, Siemens signed an agreement to acquire U.S.-based UGS Corp. (UGS), one of the leading providers of product lifecycle management (PLM) software and services for manufacturers, from its current owners Bain Capital Partners, L.L.C., Silver Lake Technology Management, L.L.C. and Warburg Pincus, L.L.C. The aggregate consideration for UGS, including the assumption of debt, amounts to approximately U.S.$3.5 billion (approximately €2.6 billion). The acquisition of UGS will enable A&D to provide an end-to-end software and hardware portfolio for manufacturers encompassing the complete lifecycle of products and production facilities. The transaction is expected to close at the beginning of May 2007.

     On January 24, 2007, Siemens announced that it plans an initial public offering (IPO) of a minority of shares in SV. The Company will also review offers and indicative bids for a trade sale, if these are deemed to be a beneficial option as compared to an IPO.

     In June 2006, Siemens and Nokia announced an agreement to contribute the carrier-related operations of Siemens and the Networks Business Group of Nokia into a new company, NSN, in exchange for shares in NSN. Siemens and Nokia will each own an economic share of approximately 50% of NSN. Siemens will account for its investment in NSN using the equity method. The transaction closed at the beginning of April 2007 (see also “Subsequent event”). Siemens expects to realize a significant non-cash gain on this transaction.

     For a detailed discussion of our acquisitions and dispositions, see “Notes to Consolidated Financial Statements.”

Segment information analysis

Operations

Information and Communications

Siemens Business Services (SBS)

		Second Quarter																Six months ended March 31,
										% Change																% Change
(€ in millions)		2007				2006				Actual				Adjusted*				2007				2006				Actual				Adjusted**
Group profit			63				(199	)											87				(431	)
Group profit margin			5.2	%			(14.3	)%											3.6	%			(15.4	)%
Revenue			1,206				1,393				(13	)%			5	%			2,386				2,799				(15	)%			5	%
New orders			964				1,360				(29	)%			(14	)%			2,181				2,865				(24	)%			(2	)%

     SBS posted Group profit of €63 million on revenue of €1.206 billion in the second quarter. A year earlier, the Group’s second-quarter result included substantial severance charges. SBS recorded no major orders during the quarter, and both revenue and orders were reduced by divestment of the Product Related Services (PRS) division between the periods under review.

     For the first half of fiscal 2007, Group profit at SBS was €87 million. The change year-over-year was due primarily to €363 million in severance charges in the first six months a year earlier, which resulted in a significant loss for the prior-year period but helped the Group to return to profitability in the current period. Revenue and orders came in lower year-over-year due primarily to the PRS divestment and more selective order intake.

     Beginning in the third quarter of fiscal 2007, SBS will join with other Siemens corporate IT activities worldwide to form a new Group called Siemens IT Solutions and Services (SIS).

Automation and Control

Automation and Drives (A&D)

		Second Quarter																Six months ended March 31,
										% Change																% Change
(€ in millions)		2007				2006				Actual				Adjusted*				2007				2006				Actual				Adjusted**
Group profit			526				385				37	%							976				744				31	%
Group profit margin			14.2	%			12.0	%											13.7	%			12.1	%
Revenue			3,711				3,205				16	%			18	%			7,101				6,173				15	%			17	%
New orders			4,154				3,520				18	%			20	%			8,173				7,202				13	%			15	%

     A&D’s second-quarter Group profit grew 37% year-over-year, to a new high of €526 million. Orders climbed 18% compared to the prior-year period, to €4.154 billion, and revenue grew 16%, to €3.711 billion. A&D’s results for the quarter showed good balance both on a regional level and among the divisions. During the current quarter, A&D announced an agreement to acquire UGS, a leading supplier of product lifecycle management software.

     In the first six months of fiscal 2007, A&D delivered €976 million in Group profit, a 31% increase compared to the same period a year earlier. The Group’s increase in revenue and orders was well distributed geographically, with strong growth in all major regions of the world including organic double-digit growth in Germany. A&D’s largest divisions all increased their revenue, orders and earnings for the first half compared to the same period a year earlier.

     The Group expects to complete the UGS acquisition for an aggregate consideration of approximately U.S.$3.5 billion (€2.6 billion) at the beginning of May 2007 and to incur acquisition-related costs.

Industrial Solutions and Services (I&S)

Second Quarter

Six months ended March 31,

% Change

% Change

(€ in millions)

2007

2006

Actual

Adjusted*

2007

2006

Actual

Adjusted**

Group profit

100

81