FORM 6-K

Report of Foreign Private Issuer

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

For November 12, 2004

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.

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-

Table of Contents

Key figures⁽¹⁾

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.

		Press Presse For the business and financial press Munich, November 11, 2004

Siemens in fiscal 2004 (ended September 30, 2004)

“Fiscal 2004 was a very successful year for Siemens,” said CEO Heinrich v. Pierer upon releasing preliminary full-year results for fiscal 2004. “Most of our Groups delivered impressive results, including strong volume growth and double-digit earnings growth, thanks to successful implementation of our ‘Go for profit and growth’ initiative.”

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“We are continuing this initiative in fiscal 2005. We are also pursuing further operational improvements at our Groups, given that factors such as a weakening U.S. dollar and rising commodity prices may make the macroeconomic environment more challenging,” Pierer continued. “In addition we will deal with the particular issues at Transportation Systems (TS), Siemens Business Services (SBS) and Communications (Com).”

For the fiscal year ended September 30, 2004, Siemens reported net income of €3.405 billion, up 39% compared to fiscal 2003. Basic and diluted earnings per share rose to €3.82 and €3.66, respectively, compared to €2.75 per share a year earlier. Net income was €3.002 billion on a comparable basis, excluding the Infineon and goodwill effects mentioned above. Group profit from Operations rose 16%, to just under €5 billion, as 10 of the 13 Groups in Operations increased their profits compared to fiscal 2003. Automation and Drives (A&D), Medical Solutions (Med), and Power Generation (PG) contributed the lion’s share of Group profit from Operations, followed by Siemens VDO Automotive (SV) and Osram. Despite difficult markets, Information and Communication Networks (ICN), Logistics and Assembly Systems (L&A), Information and Communication Mobile (ICM) and Industrial Solutions and Services (I&S) all made significant improvements in Group profit. At TS, management took decisive steps to address challenges in the Group’s rolling stock business.

Siemens achieved its goal of restoring top-line growth in fiscal 2004, posting sales of €75.167 billion compared to €74.233 billion a year earlier. Sales were up 3% year-over-year on a comparable basis, excluding currency translation effects and the net effect of acquisitions and dispositions. Orders rose to €80.830 billion from €75.056 billion in the prior fiscal year, a 9% increase on a comparable basis. A majority of the Groups in Operations reported increases in both sales and orders for the year, despite declining business volume in Germany, particularly in the fourth quarter.

Net cash from operating and investing activities was €3.262 billion in fiscal 2004, compared to €1.773 billion a year earlier. The difference is due primarily to net proceeds of €1.794 billion from the sale of Infineon shares in fiscal 2004. Within Operations, operating activities generated €4.008 billion in cash while investing activities included €822 million used to acquire USFilter, a water systems and services business in the U.S. For comparison, operating activities provided €4.123 billion in fiscal 2003, and investing activities included €929 million used for PG’s industrial turbine business. Siemens also made similar

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supplemental cash contributions to its pension plans in both years, totaling €1.255 billion in fiscal 2004 and €1.192 billion a year earlier.

Siemens worldwide results for the fourth quarter of fiscal 2004
Sales rose 5% compared to the fourth quarter a year earlier, to €20.828 billion. Orders climbed 16%, to €21.547 billion, despite a 9% decline in orders in Germany. Broad-based margin improvements in Operations fueled a 20% rise in Group profit from Operations year-over-year, to €1.322 billion. Net income for the quarter was €654 million. For comparison, fourth-quarter net income of €724 million a year earlier included a positive effect related to Corporate items and higher income from Corporate Treasury activities. Basic and diluted earnings per share were €0.73 and €0.70, respectively, compared to €0.81 in the same period a year earlier. Net cash from operating and investing activities was €609 million in the fourth quarter. Investing activities included USFilter, which used €822 million, as well as additional smaller acquisitions. Net cash of €1.246 billion in the same period a year earlier included a €424 million payment for PG’s industrial turbine acquisition and a supplemental cash pension contribution of €750 million.

Operations in fiscal 2004

Information and Communications

Information and Communication Networks (ICN)

ICN posted profits in all four quarters and delivered Group profit of €222 million for the full fiscal year. The loss of €366 million a year earlier included significant charges for severance as well as write-downs of venture capital and other investments. ICN’s Carrier Networks and Services businesses accounted for much of the profit improvement year-over-year. While

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sales remained virtually unchanged year-over-year, at €3.426 billion, carrier activities delivered €98 million in earnings compared to a loss of €439 million a year earlier. The Enterprise Networks division earned €208 million on sales of €3.578 billion, close to prior-year levels. For ICN overall, sales of just under €7.0 billion for the fiscal year were level with the prior year on a comparable basis. Orders also remained stable year-over-year. In the fourth quarter, ICN increased Group profit to €83 million on sales of €1.998 billion. Orders of €1.781 billion were up 6% year-over-year.

Information and Communication Mobile (ICM)

In fiscal 2004, ICM substantially increased its Group profit compared to fiscal 2003 and also achieved double-digit growth in sales and orders. The improvement was due primarily to the Mobile Networks division, which delivered €396 million in earnings on sales of €4.979 billion. Both figures were up strongly from the prior year, when the division earned €116 million on €4.311 billion in sales. The Cordless Products division also contributed increases in both earnings and sales year-over-year. ICM’s Mobile Phones division sold 51.1 million handsets during the year, well above the 39.1 million handsets sold a year earlier. Competitive pressures reduced average selling price per unit, however, and quality issues delayed both the rollout and full profitability of the division’s new 65 series of mobile handsets. As a result, Mobile Phones posted a loss of €152 million on sales of €4.979 billion compared to earnings of €27 million on sales of €4.474 billion in the prior year. In the fourth quarter, ICM’s Group profit was up 4% year-over-year and revenues were up 14%. Mobile Networks increased earnings substantially year-over-year, to €161 million, on significantly higher sales of €1.474 billion. In contrast, the impacts from the 65 series mentioned above contributed to a loss of €141 million at Mobile Phones compared to earnings of €14 million a year earlier. While fourth-quarter handset volume rose year-over-year from 12.0 million to 12.7 million units, revenues at Mobile Phones were nearly unchanged at €1.254 billion.

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Siemens Business Services (SBS)

SBS posted Group profit of €40 million compared to €13 million a year earlier. The current year includes a €93 million gain from the sale of 74.9% of SBS’ Kordoba unit, largely offset by charges for severance. The prior year included significant charges for risks associated with a long-term business process outsourcing contract. Declining demand for IT solutions, particularly in Germany, resulted in sales of €4.716 billion compared to €5.205 billion a year earlier. SBS won two major outsourcing contracts in England, which pushed orders up 20% year-over-year, to €6.293 billion. The fourth quarter includes the Kordoba gain, severance charges, and outsourcing orders mentioned above.

Automation & Control

Automation and Drives (A&D)

A&D exemplified the success of Siemens’ profit and growth initiative in fiscal 2004, driving Group profit up to €1.077 billion for the year on solid gains in sales and orders. A&D further improved its earnings margin, as a result of increased productivity and higher capacity utilization. Stronger demand in international markets, including 25% growth with customers in Asia-Pacific, increased sales to €8.829 billion for the year. Orders rose 6% year-over-year, to

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€8.980 billion. In the fourth quarter, orders increased 15%, to €2.310 billion. Sales rose 8%, to €2.469 billion, leading to higher Group profit of €313 million.

Industrial Solutions and Services (I&S)

I&S contributed €95 million in Group profit for the year, on broad-based earnings improvement. Group profit also benefited from positive effects related to capacity reduction programs. In contrast, severance charges contributed to a loss a year earlier. Sales at I&S were up 7% year-over-year, to €4.290 billion, and orders rose 10%, to €4.356 billion. The fourth quarter confirmed the trend, as I&S reported Group profit of €35 million and a higher earnings margin. Fourth-quarter sales and orders grew 15% and 24%, respectively, benefiting from the USFilter acquisition between the periods under review.

Logistics and Assembly Systems (L&A)

A particularly strong fourth quarter enabled L&A to finish in the black following a loss in fiscal 2003. Fiscal 2004 included charges related to excess capacity and cost overruns, while the prior year included substantial loss provisions related to two large contracts. The Electronics Assembly division was the Group’s leading earnings contributor, and also increased its sales, orders, and earnings margin year-over-year. Completion of major projects led to lower sales, at €2.338 billion. Orders of €2.687 billion were up 3% year-over-year. L&A’s Group profit of

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€55 million in the fourth quarter included earnings from project incentives and also benefited from successful pursuit of a patent infringement claim. Electronics Assembly also made a substantial contribution to the improvement in earnings year-over-year.

Siemens Building Technologies (SBT)

SBT increased Group profit to €108 million despite lower sales following the divestment of its facility management business early in the year. Group profit of €101 million a year earlier included substantial severance charges. On a comparable basis, SBT’s sales of €4.247 billion for fiscal 2004 were 4% below the prior-year level and orders of €4.358 billion were up 2% year-over-year. For the fourth quarter, SBT’s Group profit reflected higher margins from an improved revenue mix. On a comparable basis, sales came in 4% lower than the prior-year quarter while orders climbed 12% year-over-year.

Power

Power Generation (PG)

PG contributed €961 million in Group profit for the year. Excluding the net effect of cancellation gains of €267 million in fiscal 2003 and €47 million in fiscal 2004, Group profit

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was stable year-over-year. Sales at PG rose 8% year-over-year, to €7.527 billion. Orders climbed 27%, to €9.243 billion, driven in part by full-year inclusion of the industrial turbine businesses PG acquired in the second half of fiscal 2003. Order growth was regionally widespread, as PG won new business in Africa, Asia, Europe, the Near East, and Latin America. PG’s service business also continued to grow year-over-year. In the fourth quarter, PG generated Group profit of €206 million on sales of €1.979 billion. Orders were €2.124 billion, up strongly from the prior-year level.

Power Transmission and Distribution (PTD)

PTD increased Group profit to €238 million for the year on broad-based earnings growth within the Group. PTD also achieved solid sales growth, particularly in Europe and Asia-Pacific. Overall, sales rose 6% year-over-year, to €3.611 billion, and orders were up 8%, at €3.863 billion. For the fourth quarter, Group profit was stable year-over-year while sales and orders surged, including volume from PTD’s acquisition of Trench Electric Holding and new orders in Africa and the Middle East.

Transportation

Transportation Systems (TS)

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TS responded decisively to the technical problems and associated issues that affected its rolling stock business, particularly the Combino light rail-car program, in fiscal 2004. The Group identified technical solutions during the year and is beginning to implement them. These actions and associated charges, accompanied by a corresponding slow-down in rolling stock sales, led to a loss of €434 million. In addition to these factors, TS also faced generally slower demand for rail transportation systems, particularly in Germany. As a result, sales and orders at TS were €4.310 billion and €4.321 billion, respectively, 8% below fiscal 2003 levels. Earnings in the fourth quarter included a significant portion of the charges mentioned above, mainly for Combino but also for other rolling stock projects in Europe and the Americas. These factors resulted in a loss on lower sales compared to a profit and sales growth a year earlier.

Siemens VDO Automotive (SV)

Group profit of €562 million at SV enabled the Group to break even relative to its full-year cost of capital for the first time. Earnings improved at all divisions within SV, with the fastest growth coming at the Interior & Infotainment division. Revenue growth was also broad-based, as sales rose 7% compared to the prior year, to €9.001 billion. Orders rose 8%, to €9.029 billion. Fourth-quarter Group profit increased to €160 million on a strong rise in sales, which benefited from SV’s acquisition of a U.S.-based automotive electronics business between the periods under review. This transaction pushed top-line growth into double digits in the fourth quarter, with sales reaching €2.298 billion and orders climbing to €2.313 billion.

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Medical

Medical Solutions (Med)

Med again delivered more than €1 billion in full-year Group Profit. Fiscal 2004 included €118 million in gains from portfolio transactions, primarily the sale of Med’s Life Support Systems (LSS) business. For comparison, fiscal 2003 included a €63 million gain related to the contribution of a portion of Med’s electromedical systems business to a joint venture with Drägerwerk AG. While these transactions reduced Med’s revenue base compared to the prior year, sales of €7.072 billion were up 6% year-over-year excluding currency translation and portfolio effects. Orders climbed to €8.123 billion, up 15% on a comparable basis. In the fourth quarter, Group profit of €272 million on sales of €2.046 billion, almost unchanged year-over-year, reflected increased pressure on margins. At the same time, orders in the quarter reached a new high, at €2.497 billion, on strong demand for Med’s diagnostic imaging solutions and innovative medical information systems.

Lighting

Osram

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Osram increased its Group profit 9% for the year, to €445 million, leveraging higher manufacturing productivity to achieve a double-digit earnings margin for the year. Sales increased to €4.240 billion, up 8% year-over-year on a comparable basis. Higher revenue year-over-year was highlighted by particularly strong growth in Asia-Pacific and Latin America. Results for the fourth quarter confirmed these trends, as Osram’s Group profit, earnings margin, and revenue all rose compared to the same period a year earlier.

Other Operations

Other Operations consist of centrally held equity investments and other operating businesses not related to a Group, such as Siemens’ joint ventures for household appliances (BSH Bosch und Siemens Hausgeräte GmbH) and computers (Fujitsu Siemens Computers). Equity earnings from these joint ventures again were the primary contributor to earnings from Other Operations, which totaled €289 million in fiscal 2004 compared to €212 million in fiscal 2003.

Corporate items, pensions and eliminations
Corporate items, pensions and eliminations were a negative €1.207 billion in fiscal 2004, compared to a negative €1.576 billion in the same period a year earlier. Corporate items totaled a negative €450 million for the year compared to a negative €747 million in fiscal 2003. Corporate items in fiscal 2004 included the pre-tax gain of €590 million from the sale of Infineon shares, partly offset by the €433 million goodwill impairment related to L&A. This impairment is taken centrally because the relevant businesses were acquired at the corporate level as part of Siemens’ Atecs Mannesmann transaction. Corporate items a year earlier benefited from the positive resolution of an arbitration proceeding. Siemens’ equity share of Infineon’s net result was a positive €14 million compared to a negative €170 million in fiscal 2003. Centrally carried pension expense was €730 million in fiscal 2004 compared to €828 million a year earlier. Domestic pension service costs were carried centrally in fiscal 2003 but are allocated to the Groups beginning in fiscal 2004. The effect of this change was partly offset by higher amortization of unrealized pension plan losses in fiscal 2004.

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Financing and Real Estate

Siemens Financial Services (SFS)

Income before income taxes at SFS in fiscal 2004 was €250 million compared to €269 million a year earlier. The difference is due in part to higher write-downs of receivables in the Equipment & Sales Financing (ESF) division compared to the prior year. Income at SFS for the year also reflects a strategic expansion of the ESF division in Europe and North America, resulting in a corresponding increase in total assets compared to fiscal 2003. Results for the fourth quarter include the positive effect of these activities, with income before income taxes rising 7% compared to the same period a year earlier.

Siemens Real Estate (SRE)

Income before income taxes at SRE in fiscal 2004 was €108 million compared to €206 million a year earlier. While sales were level with the prior year, weakness in the market for commercial real estate reduced returns. Market conditions also led the Group to terminate a major development project in Frankfurt during fiscal 2004, and the associated charges contributed to the decline in income for the year. Results for the fourth quarter include concluding charges.

Eliminations, reclassifications and Corporate Treasury
Income before taxes from Eliminations, reclassifications and Corporate Treasury of €224 million for fiscal year 2004 included higher interest income. In comparison, the prior

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year amount of €266 million included higher positive effects from hedging activities not qualifying for hedge accounting, as well as a €35 million gain related to the buyback of a note exchangeable into Infineon shares.

Income statement highlights for Siemens worldwide in fiscal 2004
Siemens reported net income for fiscal 2004 of €3.405 billion, up 39% from €2.445 billion a year earlier. Net income benefited from a pre-tax gain of €590 million and €246 million in positive tax effects related to the sale of Infineon shares, partially offset by a €433 million goodwill impairment related to L&A. Excluding these effects, net income was €3.002 billion, up 23% year-over-year.

For Siemens worldwide, gross profit margin increased to 28.8% from 28.1%, as most of the Groups in Operations improved their gross profit year-over-year. ICM, A&D, and PG were the leaders in this regard, while gross profit was lower at TS and Med. Research and development expenses were stable at 6.7% of sales. Marketing, selling and general administrative expenses improved to 18.0% of sales, compared to 18.2% in the prior year, as sustained efforts at cost control coincided with rising revenues.

Other operating income (expense), net, was a negative €156 million, as gains from divestments, particularly Med’s sale of LSS, were offset by the goodwill impairment related to L&A. For comparison, other operating income (expense), net, in fiscal 2003 was a positive €642 million, including significant net gains from project cancellations at PG and Med’s gain from the contribution of assets to a joint venture. Income (loss) from investments in other companies, net, was a positive €1.031 billion, up from €142 million in fiscal 2003. The change is due primarily to Infineon, including the gain on share sales in the current year and the equity share of Infineon’s net loss in the prior year.

Sales and order trends for fiscal 2004
Sales for Siemens worldwide in fiscal 2004 were €75.167 billion, up from €74.233 billion a year earlier. Orders for Siemens worldwide increased 8% to €80.830 billion compared to €75.056 billion in the prior year. Both sales and orders increased primarily on the strength of international business. In Germany, sales of €17.073 billion were level with the prior year and orders of €16.001 billion came in 5% lower. International sales increased 2% year-over-year, to €58.094 billion, and international orders climbed 11%, to €64.829 billion.

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Within international results, sales in the Asia-Pacific region increased 7% year-over-year, to €9.349 billion, and orders rose 10%, to €10.028 billion. Within Asia-Pacific, sales in China were up 1% at €2.873 billion and orders rose 12% year-over-year, to €3.134 billion. Sales in the U.S. were €13.621 billion, 11% lower compared to the same period a year earlier. U.S. orders of €14.043 billion, were 4% lower year-over-year. Excluding currency translation effects, sales were level and orders increased 8% in the U.S.

Liquidity for fiscal 2004
In Operations, net cash from operating and investing activities was €2.485 billion, benefiting from €1.794 billion in proceeds from the sale of Infineon shares. Cash used for acquisitions in fiscal 2004 was €1.472 billion, including €822 million for USFilter. Net cash from operating and investing activities in Operations in fiscal 2003, €468 million, included higher outflows for investing activities, including €929 million for PG’s industrial turbine business. Both periods included supplemental cash contributions to Siemens pension plans, totaling €1.255 billion in fiscal 2004 and €1.192 billion in fiscal 2003.

The two other components of Siemens worldwide, which include Financing and Real Estate and Corporate Treasury activities, provided net cash from operating and investing activities of €777 million in fiscal 2004. These components provided net cash of €1.305 billion in the prior year. Fiscal 2004 included renewed asset growth in the financing business. Positive net effects from Corporate Treasury activities, primarily related to the hedging of intra-company financings, were substantially higher in the prior year. In aggregate, net cash provided by operating and investing activities for Siemens worldwide was €3.262 billion in the current year compared to €1.773 billion in fiscal 2003.

Funding status of pension plans
The funding status of Siemens’ principal pension plans on September 30, 2004 improved significantly compared to the end of the prior fiscal year, with an underfunding of approximately €3.1 billion compared to an underfunding of approximately €5.0 billion at September 30, 2003. The improvement in funding status is mainly due to supplemental contributions in the first quarter. The return on plan assets during the last twelve months amounted to €1.128 billion, close to the expected annualized return of 6.7%.

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Economic Value Added
Economic Value Added (EVA) for Siemens worldwide was €1.364 billion in fiscal 2004, up from €449 million a year earlier. EVA benefited from significantly higher Group profit, and also included the gain on the sale of Infineon shares and the goodwill impairment mentioned above. Excluding Infineon and the goodwill impairment, EVA improved from €822 million in fiscal 2003 to €1.188 billion in fiscal 2004.

Subsequent events
The following events took place or will take place after the close of the fiscal year:

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Note: The Siemens Annual Press Conference with CEO Heinrich v. Pierer and CFO Heinz-Joachim Neubürger will be transmitted live on the Internet beginning at 10:00 a.m. CET on November 11, 2004. You can access the conference at www.siemens.com/pressconference. At the same location you will find the speeches and the presentation.

Siemens CEO Heinrich v. Pierer and CFO Heinz-Joachim Neubürger will hold a conference with analysts and investors on November, 12, 2004 at 3.00 p.m. CET. You can follow this conference live on the Internet by going to www.siemens.com/analystconference.

All figures are preliminary and unaudited. A reconciliation of EVA to net income is available online at www.siemens.com/investors.

This document contains forward-looking statements and information — that is, statements related to future, not past, events. These statements may be identified by words as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will” or words of similar meaning. Such statements are based on our current expectations and certain assumptions, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond Siemens’ control, affect its operations, performance, business strategy and results and could cause the actual results, performance or achievements of Siemens worldwide to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. For us, particular uncertainties arise, among others, from changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products or technologies by other companies, lack of acceptance of new products or services by customers targeted by Siemens worldwide, changes in business strategy and various other factors. More detailed information about certain of these factors is contained in Siemens’ filings with the SEC, which are available on the Siemens website, www.siemens.com and on the SEC’s website, www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the relevant forward-looking statement as anticipated, believed, estimated, expected, intended, planned or projected. Siemens does not intend or assume any obligation to update or revise these forward-looking statements in light of developments which differ from those anticipated.

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SIEMENS AG

SEGMENT INFORMATION (preliminary and unaudited)
As of and for the fiscal years ended September 30, 2004 and 2003
(in millions of €)