FORM 6-K

Report of Foreign Private Issuer

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

For July 29, 2004

Commission File Number: 1-15174

Siemens Aktiengesellschaft

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

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Table of Contents

Key figures

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

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Siemens in the third quarter (April 1 to June 30) of fiscal 2004

“I am pleased about the developments in the third quarter. Order intake is developing well, supported particularly by a very strong June. Also, net income is progressing ahead of our expectations and should allow us to exceed our own earnings objectives for the full year,” said Siemens CEO Heinrich v. Pierer. “These trends show that improvement in the broader macroeconomic environment is now arriving in our industry, and that we are succeeding with our enterprise-wide initiative, ‘Go for profit and growth’. To ensure our earnings momentum into the next fiscal year we are targeting further operational improvements by the Groups.”

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 Group Profit from Operations, which climbed to €1.239 billion from €1.023 billion in the same period a year ago.

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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.

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Operations in the third quarter of fiscal 2004

Information and Communications

Information and Communication Networks (ICN)

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%.

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-

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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.

Siemens Business Services (SBS)

SBS posted a loss for the 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.

Automation & 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.

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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.

Logistics and Assembly Systems (L&A)

L&A (formerly called Siemens Dematic) 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 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.

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Siemens Building Technologies (SBT)

Lower sales in its existing businesses, particular 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.

Power

Power Generation (PG)

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.

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Power Transmission and Distribution (PTD)

PTD increased Group profit 19% despite lower sales compared to the prior-year quarter, as nearly all divisions within the Group improved their earnings margins year-over-year. The High Voltage division was again the Group’s leading earnings contributor. While third-quarter sales of €822 million came in below the prior-year level, orders were up on a comparable basis as PTD won new contracts in Latin America, Africa, and the Middle East.

Transportation

Transportation Systems (TS)

Third-quarter orders of €942 million at TS were up 29% due to comparison with a prior-year quarter marked by unusually low order intake. Slowing demand for rail transportation systems, particularly in Germany, reduced third-quarter sales 7% year-over-year, to €1.019 billion. The loss of €48 million at TS in the third quarter reflects charges in its rolling stock business. The smaller part of the charges related to the Group’s Combino railcar business.

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Siemens VDO Automotive (SV)

SV maintained its positive momentum, boosting Group profit 57% compared to the third quarter of fiscal 2003 and earning its cost of capital for the first time since its fiscal 2001 merger. Profits rose year-over-year throughout the Group, driven by a particularly strong increase at the Interior & Infotainment division. The 20% increases in third-quarter sales and orders, to €2.502 billion and €2.517 billion, respectively, include SV’s acquisition of a U.S. automotive electronics business from DaimlerChrysler between the periods under review. On a comparable basis, SV still delivered double-digit sales and order growth.

Medical

Medical Solutions (Med)

Med was again a leading earnings contributor, recording Group profit of €219 million. For comparison, the prior-year period included a €74 million gain related to Med’s contribution of a portion of its electromedical systems business to a joint venture. Orders surged 26% year-over-year on a comparable basis, to nearly €2 billion, reflecting broad strength in Med’s diagnostics imaging and medical information systems businesses. Third-quarter sales of €1.670 billion were up 5% year-over-year on a comparable basis.

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Lighting

Osram

Osram’s Group profit rose on the strength of higher sales and orders in its large North America and Asia-Pacific markets. Third-quarter sales and orders of €1.029 billion were up 10% year-over-year excluding currency translation effects, with all divisions reporting revenue growth year-over-year.

Other operations

Other operations consist of centrally held equity investments and other operating businesses not related to a Group. These activities contributed €17 million in Group profit in the third quarter, up from €6 million in the same period a year earlier.

Corporate Items, Pensions and Eliminations

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Financing and Real Estate

Siemens Financial Services (SFS)

Income before income taxes at SFS was €67 million compared to €71 million in the third quarter a year earlier, due to lower earnings in the Group’s Equipment and Sales Financing division.

Siemens Real Estate (SRE)

Income before income taxes at SRE was €10 million compared to €77 million in the third quarter a year earlier. The decrease in earnings was due largely to termination of a major development project in Frankfurt and continued weakness in the commercial real estate market.

Eliminations, reclassifications and Corporate Treasury

Income statement highlights for Operations in the third quarter

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Research and development expenses remained level with the prior year, but represented a smaller percentage of sales due to revenue growth year-over-year. Marketing, selling, and general administration expenses rose more slowly than revenues, decreasing to 17.7% of sales from 18.1% in the same period a year earlier. Other operating income (expense), net was a negative €1 million, compared to a positive €81 million in the prior-year period, which reflected higher cancellation gains at PG and a gain arising from Med’s contribution of assets to a joint venture. Income from investments in other companies, net improved to €51 million compared to a negative €3 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.

Income and earnings per share in the first nine months

Sales and order trends for the first nine months

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

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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%.

Liquidity for the first nine months

The two other components of Siemens worldwide, which include Financing and Real Estate and Corporate Treasury activities, provided net cash of €1.048 billion for the first nine months compared to €1.477 billion in the prior-year period. Both periods include positive net effects from Corporate Treasury activities primarily related to the hedging of intra-company financings. These positive effects were substantially higher in the prior-year period. In aggregate, net cash provided by operating and investing activities for Siemens worldwide was €2.653 billion for the first nine months, up year-over-year from €527 million.

Funding status of pension plans

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Economic Value Added

Subsequent event

Note: Siemens CEO Heinrich v. Pierer and CFO Heinz-Joachim Neubürger will hold a German-language telephone conference with journalists on July 29, 2004 at 11.00 a.m. CET. You can follow this conference live on the Internet by going to www.siemens.com/telefonkonferenz. A recording of the telephone conference will be available later at the same location.

Note: Siemens CEO Heinrich v. Pierer and CFO Heinz-Joachim Neubürger will hold an English-language telephone conference with analysts on July 29, 2004 at 13.00 p.m. CET. You can follow this conference live on the Internet by going to www.siemens.com/analystcall. A recording of the telephone conference will be available later at the same location.

This press release report contains forward-looking statements based on beliefs of Siemens’ management. The words “anticipate,” “believe,” “estimate,” “forecast,” “expect,” “intend,” “plan,” “should” and “project” are used to identify forward-looking statements. Such statements reflect the company’s current views with respect to future events and are subject to risks and uncertainties. Many factors could cause the actual results to be materially different, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services and changes in business strategy. Actual results may vary materially from those projected here. Siemens does not intend or assume any obligation to update these forward-looking statements.

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SIEMENS AG

SEGMENT INFORMATION (unaudited)
As of and for the three months ended June 30, 2004 and 2003 and as of September 30, 2003
(in millions of €)

[Continued from above table, first column(s) repeated]

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SIEMENS AG

SEGMENT INFORMATION (unaudited)
As of and for the nine months ended June 30, 2004 and 2003 and as of September 30, 2003
(in millions of €)