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52 Directors’ Report 3i Program Siemens Idea Management Program called 3i which is an acronym for Ideas, Impulses and Initiatives has been revamped. The principles of the Idea management are based on the fast and un-bureaucratic manner in which employees through all hierarchy levels are called to act on their own initiatives and develop and implement suggestions for improvement within the company. Suggestions relating to improving profitability and growth, innovation and new markets, process optimization, cost reduction, quality improvement, environmental protection in and occupational, health and safety are of particular importance. Employees discuss such ideas with their managers and show them their economic benefits. The managers scrutinize them and all workable ideas are implemented. The managers are also empowered to assess and give monetary reward for these ideas up to a predefined limit while encouraging and supporting employees for promoting initiative work. Business risks and challenges Major changes have occurred in the political landscape of the country over the past years resulting in a deteriorating law and order situation that now threatens business activities. Adding to this is the adverse impact of global economic crisis, sky rocketing inflation and devaluation of local currency all of which are contributing to increase in cost of doing business. Also compounding the impediments to growth is the energy crisis in the country. The decision of the Central Bank not to provide cover on foreign currency imports is also a threat and may impact our import bill significantly. All these challenges require joint efforts by the government and private sector. On our part the strategy will be to continue strengthening our local presence and expertise within the country thereby reducing our dependence on outside sources with the aim to eventually become self reliant and thus better equipped to deal with these challenges.
Directors’ Report 53 At the same time we are strengthening our presence in the regional market particularly UAE in order to balance the risks of local market. Our focus is also on reducing our selling and administrative costs in order to cop with the growing competition. The Company has a comprehensive risk management system in place in order to avoid, mitigate or transfer risks, where possible. Fund Management Financial Management Siemens Pakistan is committed to a strong financial profile, which gives us the financial flexibility to achieve our growth and portfolio optimization goals. Our principal source of company financing is cash inflows from operating activities. Our treasury generally manages cash and cash equivalents for the entire company and has primary responsibility for keeping funds available as and when required. In addition to excess liquidity the company has more than Rs. 38 billion credit lines with various banks. At September 30, 2008 the company held Rs. 3,407 million in cash and cash equivalents in various currencies which were managed by treasury. Treasury carefully manages investments of cash and cash equivalents to optimize profits subject to strict credit requirements.
Page 1 and 2: 1 Annual Report 2008 Pakistan Answe
Page 3 and 4: Mission 3 Mission To realize our vi
Page 5 and 6: Contents 5 Corporate Governance At
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Page 9 and 10: Our Values 9 Our values Highest per
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