The Munich-based maker of products ranging from fast trains and gas turbines to light bulbs and hearing aids said on Thursday it would pay shareholders 3.00 euros per share. 

That was up from 2.70 euros last year but below a consensus estimate of 3.14 euros. 

Profits in the fiscal fourth quarter to September, normally the strongest period at Siemens, fell short of expectations as the company booked an impairment charge of 231 million euros  ($313.8 million) for its loss-making solar energy business. 

Siemens shares rose 0.3 percent to 72.55 euros by 1041 GMT, while Germany's blue-chip index was up 0.5 percent. 

The macroeconomic environment continued to be "highly volatile and difficult to assess", according to Chief Executive Peter Loescher, who said he was optimistic Europe's biggest engineering conglomerate can weather the rollercoaster ride in the euro zone.

Loescher said Siemens would benefit from its business in emerging markets, where it has grown at above-average rates. 

"Against this backdrop, Siemens will continue to grow faster than the global economy as a whole," Loescher said.  

He said the company was well positioned to post moderate revenue growth and boost its top line above 100 billion euros in the medium term. 

Siemens said it expects 2011/2012 income from continuing operations to match the year-earlier figure of 7.01 billion euros, excluding a 1 billion euro positive effect related to Areva. 

Analyst Theo Kitz of Merck Finck said that meant reported net income would decline by 1 billion euros year-on-year but would be flat when adjusted for the Areva gain. 

"I'm quite happy with their forecast. I was expecting worse than that," he said. 

He also said he was positively surprised by Siemens's expectation that it would have more new orders -- a barometer of future sales — than revenues in the full year again.

The operating profit of Siemens's three main businesses reached 2.17 billion euros ($2.95 billion) in the fourth quarter, while income from continuing operations swung to a profit of 1.23 billion euros from a loss of 42 million. 

But quarterly new orders exceeded consensus with a 2 percent decline to 21.57 billion euros in the fourth quarter, compared with the 20.37 billion euro average estimate. 

Recent data suggests the recovery in Germany, the main engine of growth in Europe, is losing speed as worries that a brewing crisis in the euro zone could drag down demand, but Loescher was upbeat. 

"The environment in Germany is still good," he said.

"We are not forecasting a recessionary scenario." 

German industrial orders in September slumped the deepest since January 2009 on sharply weaker demand from the euro zone, indicating the bloc's debt crisis is set to weigh considerably on growth in Europe's largest economy.

The industrial theme of still positive, but slowing growth was echoed by German engineering association VDMA, which said the slowdown in order growth was continuing.

Siemens's statements stood in contrast to a weaker trend set by rivals. Swiss engineer ABB sounded a cautious note last month as it unveiled weaker-than-expected quarterly profit. 

France's Schneider Electric slashed its 2011 profit margin outlook for the second time in three months.