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24 Directors’ Report Dear Shareholders The directors are pleased to present the Annual Report and the audited financial statements for the year ended September 30, 2008 together with Auditors' report thereon. Despite adverse economic conditions globally and locally throughout the year, your company remained innovative and achieved outstanding business successes. The performance of your company was once again the best ever and the targets set by the board were over achieved. Apart from focus on our business, the board kept a close look and remained deeply involved in the formulation and implementation of Siemens Compliance Program and Enterprise Risk Management. For this purpose the board established board committees on both the subjects and getting quarterly feedback on the status of these programs. All the business segments continued to focus on profitable growth keeping the momentum which the company has achieved through operational excellence and good corporate governance. The company experienced tremendous growth in its high voltage sub station business in Dubai, UAE. The branch operations in Afghanistan have also been successfully started with main focus on energy and medical sector. The recent reorganization in the Siemens world would most probably result in more opportunities for the company. Overview of National Economy Fiscal year 2007-08 has been a difficult year for Pakistan's economy. Several political and economic events, both on domestic and external front, occurred unexpectedly. These events include: disturbed political conditions; an unstable law and order situation; supply shocks; soaring oil, food and other commodity prices; softening of external demand; and turmoil in the international financial market. All these events have adversely affected the key macroeconomic fundamentals of Pakistan during the fiscal year 2007-08. According to the Economic Survey of Pakistan, country's manufacturing sector recorded the weakest growth in a decade during the fiscal year 2007-08. Overall manufacturing posted a growth of 5.4% during the first nine months of the current fiscal year against the target of 10.9% and 8.1% of last year. Large scale manufacturing, accounting for 70% of overall manufacturing, registered a growth of 4.8% in the current fiscal year 2007-08 against the target of 12.5% and year's achievement of 8.6%. The new democratically elected government has inherited an economy which after a few years of continuing high growth of around 6 to 7 percent is being threatened by domestic and global market issues. Business Review Even with the carve out of communications segments last year and the adverse economic conditions, this year proved one of the best years in the history of Siemens Pakistan for which the entire team deserves applause. All our businesses continue to prosper and established a distinctive character, and continue to provide an exceptional combination of value, convenience and service. And we are confident that by moving forward with the market, we will build further on our successes over the coming years.
Directors’ Report 25 Siemens Pakistan, through its portfolio of technology solutions, was able to optimally tap not only the local markets but was able to achieve success into the regional market opportunities. The performance and business growth in UAE is factually a success of our business strategy to tap the regional market initially at low margins and to curtail dependency on local markets. Our first level strategy remained to ensure that our base businesses grew healthily.
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Statement of Compliance 121 16. All
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Auditors’ Report 123 Auditors’
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