UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
May 7, 2014
Commission File Number: 1-15174
Siemens Aktiengesellschaft
(Translation of registrants name into English)
Wittelsbacherplatz 2
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.
Form 20-F x 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):
Yes ¨ No x
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):
Yes ¨ No x
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.
Yes ¨ No x
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
Key figures Q2 and first six months of fiscal 20141, 2
(preliminary and unaudited; in millions of , except where otherwise stated)
% Change | 1st six months | % Change | ||||||||||||||||||||||||||||||||
Volume | Q2 2014 | Q2 2013 | Actual | Adjusted3 | 2014 | 2013 | Actual | Adjusted3 | ||||||||||||||||||||||||||
Continuing operations |
||||||||||||||||||||||||||||||||||
Orders |
18,430 | 21,235 | (13 | )% | (10 | )% | 39,266 | 40,408 | (3 | )% | 0 | % | ||||||||||||||||||||||
Revenue |
17,449 | 17,779 | (2 | )% | 1 | % | 34,774 | 35,705 | (3 | )% | 0 | % | ||||||||||||||||||||||
|
1st six months | |||||||||||||||||||||||||||||||||
Profitability and Capital efficiency | Q2 2014 | Q2 2013 | % Change | 2014 | 2013 | % Change | ||||||||||||||||||||||||||||
Total Sectors |
||||||||||||||||||||||||||||||||||
Adjusted EBITDA |
2,013 | 1,867 | 8% | 4,263 | 4,015 | 6% | ||||||||||||||||||||||||||||
Total Sectors profit |
1,566 | 1,348 | 16% | 3,355 | 2,909 | 15% | ||||||||||||||||||||||||||||
in % of revenue (Total Sectors) |
8.8 | % | 7.5 | % | 9.5 | % | 8.1 | % | ||||||||||||||||||||||||||
Continuing operations |
||||||||||||||||||||||||||||||||||
Adjusted EBITDA |
1,982 | 1,957 | 1% | 4,431 | 4,196 | 6% | ||||||||||||||||||||||||||||
Income from continuing operations |
1,163 | 980 | 19% | 2,550 | 2,130 | 20% | ||||||||||||||||||||||||||||
Basic earnings per share |
1.34 | 1.14 | 18% | 2.95 | 2.48 | 19% | ||||||||||||||||||||||||||||
Return on capital employed (ROCE (adjusted)) |
14.7 | % | 12.7 | % | 16.4 | % | 13.9 | % | ||||||||||||||||||||||||||
Continuing and discontinued operations |
||||||||||||||||||||||||||||||||||
Net income |
1,153 | 1,030 | 12% | 2,610 | 2,243 | 16% | ||||||||||||||||||||||||||||
Basic earnings per share |
1.33 | 1.20 | 11% | 3.03 | 2.61 | 16% | ||||||||||||||||||||||||||||
Return on capital employed (ROCE (adjusted)) |
14.5 | % | 12.3 | % | 16.6 | % | 13.5 | % | ||||||||||||||||||||||||||
Capital structure and Liquidity |
March 31, 2014 |
September 30, 2013 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents |
8,585 | 9,190 | ||||||||||||||||||||||||||||||||
Total equity (Shareholders of Siemens AG) |
27,856 | 28,111 | ||||||||||||||||||||||||||||||||
Adjusted industrial net debt |
4,775 | 2,805 | ||||||||||||||||||||||||||||||||
Q2 2014 |
Q2 2013 | 1st six months 2014 |
1st six months 2013 |
|||||||||||||||||||||||||||||||
Continuing operations |
||||||||||||||||||||||||||||||||||
Free cash flow |
1,390 | 1,360 | 732 | (56) | ||||||||||||||||||||||||||||||
Continuing and discontinued operations |
||||||||||||||||||||||||||||||||||
Free cash flow |
1,402 | 1,335 | 703 | (61) | ||||||||||||||||||||||||||||||
March 31, 2014 |
September 30, 2013 | |||||||||||||||||||||||||||||||||
Continuing | Continuing | |||||||||||||||||||||||||||||||||
Employees | Operations | Total6 | Operations | Total6 | ||||||||||||||||||||||||||||||
Employees (in thousands) |
|
359 |
|
359 | 362 | 367 | ||||||||||||||||||||||||||||
Germany |
|
117 |
|
117 | 118 | 119 | ||||||||||||||||||||||||||||
Outside Germany |
|
243 |
|
243 | 244 | 248 |
1 | Orders; Adjusted or organic growth rates of revenue and orders; Total Sectors profit; ROCE (adjusted); Free cash flow; Adjusted EBITDA; and adjusted industrial net debt are or may be non-GAAP financial measures. Definitions of these supplemental financial measures, a discussion of the most directly comparable IFRS financial measures, information regarding the usefulness of Siemens supplemental financial measures, the limitations associated with these measures and reconciliations to the most comparable IFRS financial measures are available on our Investor Relations website under WWW.SIEMENS.COM/NONGAAP. |
2 | January 1 March 31, 2014 and October 1, 2013 March 31, 2014. |
3 | Adjusted for currency translation and portfolio effects. |
4 | Basic earnings per share attributable to shareholders of Siemens AG. For fiscal 2014 and 2013 weighted average shares outstanding (basic) (in thousands) for the second quarter amounted to 845,672 and 843,504 and for the first six months to 844,894 and 844,516 shares, respectively. |
5 | Calculated by dividing adjusted industrial net debt as of March 31, 2014 and 2013 by annualized adjusted EBITDA. |
6 | Continuing and discontinued operations. |
Siemens 2
Siemens 3
Income and Profit
Siemens 4
Cash, Return on Capital Employed (ROCE) (adjusted), Pension Funded Status
Sectors 5
Sectors 6
Sectors 7
Healthcare
Sectors 8
Industry
Sectors 9
Sectors 10
Infrastructure & Cities
Sectors 11
Equity Investments and Financial Services 12
Equity Investments and Financial Services
Corporate Activities and Outlook 13
Outlook
Notes and Forward-Looking Statements 14
Notes and Forward-Looking Statements
SIEMENS
CONSOLIDATED STATEMENTS OF INCOME (preliminary and unaudited)
For the three and six months ended March 31, 2014 and 2013
(in millions of , per share amounts in )
Three months ended March 31, |
Six months ended March 31, |
|||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue |
17,449 | 17,779 | 34,774 | 35,705 | ||||||||||||
Cost of sales |
(12,469 | ) | (12,764 | ) | (24,555 | ) | (25,502 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
4,980 | 5,016 | 10,219 | 10,202 | ||||||||||||
Research and development expenses |
(1,064 | ) | (1,036 | ) | (2,023 | ) | (2,030 | ) | ||||||||
Selling and general administrative expenses |
(2,613 | ) | (2,719 | ) | (5,207 | ) | (5,320 | ) | ||||||||
Other operating income |
153 | 56 | 467 | 196 | ||||||||||||
Other operating expenses |
(91 | ) | (55 | ) | (254 | ) | (191 | ) | ||||||||
Income from investments accounted for using the equity method, net |
195 | 68 | 349 | 163 | ||||||||||||
Interest income |
254 | 225 | 510 | 458 | ||||||||||||
Interest expenses |
(184 | ) | (185 | ) | (373 | ) | (375 | ) | ||||||||
Other financial income (expenses), net |
(21 | ) | (37 | ) | (113 | ) | (70 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Income from continuing operations before income taxes |
1,609 | 1,333 | 3,577 | 3,033 | ||||||||||||
Income tax expenses |
(446 | ) | (352 | ) | (1,027 | ) | (902 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Income from continuing operations |
1,163 | 980 | 2,550 | 2,130 | ||||||||||||
Income (loss) from discontinued operations, net of income taxes |
(10 | ) | 49 | 61 | 113 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
1,153 | 1,030 | 2,610 | 2,243 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Attributable to: |
||||||||||||||||
Non-controlling interests |
29 | 20 | 54 | 37 | ||||||||||||
Shareholders of Siemens AG |
1,124 | 1,009 | 2,556 | 2,207 | ||||||||||||
Basic earnings per share |
||||||||||||||||
Income from continuing operations |
1.34 | 1.14 | 2.95 | 2.48 | ||||||||||||
Income (loss) from discontinued operations |
(0.01 | ) | 0.06 | 0.07 | 0.13 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
1.33 | 1.20 | 3.03 | 2.61 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted earnings per share |
||||||||||||||||
Income from continuing operations |
1.33 | 1.13 | 2.92 | 2.46 | ||||||||||||
Income (loss) from discontinued operations |
(0.01 | ) | 0.06 | 0.07 | 0.13 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
1.32 | 1.18 | 3.00 | 2.59 | ||||||||||||
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (preliminary and unaudited)
For the three and six months ended March 31, 2014 and 2013
(in millions of )
Three months ended March 31, |
Six months ended March 31, |
|||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Net income |
1,153 | 1,030 | 2,610 | 2,243 | ||||||||||||||
Items that will not be reclassified to profit or loss: |
||||||||||||||||||
Remeasurements of defined benefit plans |
(607 | ) | 41 | (232 | ) | (55 | ) | |||||||||||
Items that may be reclassified subsequently to profit or loss: |
||||||||||||||||||
Currency translation differences |
(142 | ) | 341 | (510 | ) | (35 | ) | |||||||||||
Available-for-sale financial assets |
101 | 8 | 324 | 9 | ||||||||||||||
Derivative financial instruments |
(33 | ) | (32 | ) | (24 | ) | 42 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||||
(74 | ) | 316 | (211 | ) | 16 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Other comprehensive income, net of income taxes(1) |
(682 | ) | 357 | (442 | ) | (39 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Total comprehensive income |
471 | 1,386 | 2,168 | 2,205 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Attributable to: |
||||||||||||||||||
Non-controlling interests |
29 | 37 | 55 | 38 | ||||||||||||||
Shareholders of Siemens AG |
442 | 1,349 | 2,113 | 2,166 |
(1) | Includes income (expenses) resulting from investments accounted for using the equity method of (24) million and (48) million, respectively, for the three months ended March 31, 2014 and 2013, and (72) million and (114) million for the six months ended March 31, 2014 and 2013, respectively. Thereof 6 million and (59) million, respectively, for the three months ended March 31, 2014 and 2013, and 7 million and (117) million for the six months ended March 31, 2014 and 2013, respectively, are attributable to items that will not be reclassified to profit or loss. |
Due to rounding, numbers presented may not add up precisely to totals provided.
SIEMENS
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of March 31, 2014 (preliminary and unaudited) and September 30, 2013
(in millions of )
03/31/14 | 09/30/13 | |||||||
ASSETS |
||||||||
Cash and cash equivalents |
8,585 | 9,190 | ||||||
Available-for-sale financial assets |
799 | 601 | ||||||
Trade and other receivables |
14,231 | 14,853 | ||||||
Other current financial assets |
3,002 | 3,250 | ||||||
Inventories |
16,364 | 15,560 | ||||||
Current income tax assets |
579 | 794 | ||||||
Other current assets |
1,281 | 1,297 | ||||||
Assets classified as held for disposal |
418 | 1,393 | ||||||
|
|
|
|
|||||
Total current assets |
45,259 | 46,937 | ||||||
|
|
|
|
|||||
Goodwill |
17,673 | 17,883 | ||||||
Other intangible assets |
4,770 | 5,057 | ||||||
Property, plant and equipment |
9,505 | 9,815 | ||||||
Investments accounted for using the equity method |
3,253 | 3,022 | ||||||
Other financial assets |
16,461 | 15,117 | ||||||
Deferred tax assets |
3,152 | 3,234 | ||||||
Other assets |
972 | 872 | ||||||
|
|
|
|
|||||
Total non-current assets |
55,786 | 54,999 | ||||||
|
|
|
|
|||||
Total assets |
101,045 | 101,936 | ||||||
|
|
|
|
|||||
LIABILITIES AND EQUITY |
||||||||
Short-term debt and current maturities of long-term debt |
3,757 | 1,944 | ||||||
Trade payables |
6,787 | 7,599 | ||||||
Other current financial liabilities |
1,583 | 1,515 | ||||||
Current provisions |
4,550 | 4,485 | ||||||
Current income tax liabilities |
1,704 | 2,151 | ||||||
Other current liabilities |
18,486 | 19,701 | ||||||
Liabilities associated with assets classified as held for disposal |
126 | 473 | ||||||
|
|
|
|
|||||
Total current liabilities |
36,994 | 37,868 | ||||||
|
|
|
|
|||||
Long-term debt |
18,587 | 18,509 | ||||||
Post-employment benefits |
9,614 | 9,265 | ||||||
Deferred tax liabilities |
506 | 504 | ||||||
Provisions |
3,768 | 3,907 | ||||||
Other financial liabilities |
1,289 | 1,184 | ||||||
Other liabilities |
1,952 | 2,074 | ||||||
|
|
|
|
|||||
Total non-current liabilities |
35,715 | 35,443 | ||||||
|
|
|
|
|||||
Total liabilities |
72,709 | 73,312 | ||||||
|
|
|
|
|||||
Equity |
||||||||
Issued capital, no par value(1) |
2,643 | 2,643 | ||||||
Capital reserve |
5,449 | 5,484 | ||||||
Retained earnings |
22,412 | 22,663 | ||||||
Other components of equity |
56 | 268 | ||||||
Treasury shares, at cost(2) |
(2,704 | ) | (2,946 | ) | ||||
|
|
|
|
|||||
Total equity attributable to shareholders of Siemens AG |
27,856 | 28,111 | ||||||
|
|
|
|
|||||
Non-controlling interests |
480 | 514 | ||||||
|
|
|
|
|||||
Total equity |
28,336 | 28,625 | ||||||
|
|
|
|
|||||
Total liabilities and equity |
101,045 | 101,936 | ||||||
|
|
|
|
(1) | Authorized: 1,087,200,000 (thereof 176,200,000 pending commercial registry entry) and 1,084,600,000 shares, respectively. Issued: 881,000,000 and 881,000,000 shares, respectively. |
(2) | 34,871,122 and 37,997,595 shares, respectively. |
Due to rounding, numbers presented may not add up precisely to totals provided.
SIEMENS
CONSOLIDATED STATEMENTS OF CASH FLOWS (preliminary and unaudited)
For the three months ended March 31, 2014 and 2013
(in millions of )
Three months ended March 31, |
||||||||
2014 | 2013 | |||||||
Cash flows from operating activities |
||||||||
Net income |
1,153 | 1,030 | ||||||
Adjustments to reconcile net income to cash flows from operating activities continuing operations |
||||||||
(Income) loss from discontinued operations, net of income taxes |
10 | (49 | ) | |||||
Amortization, depreciation and impairments |
617 | 695 | ||||||
Income tax expenses |
446 | 352 | ||||||
Interest (income) expenses, net |
(70 | ) | (40 | ) | ||||
(Gains) losses on disposals of assets related to investing activities, net(1) |
(111 | ) | (2 | ) | ||||
Other (income) losses from investments(1) |
(191 | ) | (63 | ) | ||||
Other non-cash (income) expenses |
15 | 108 | ||||||
Change in assets and liabilities |
||||||||
Inventories |
(307 | ) | (61 | ) | ||||
Trade and other receivables |
294 | 679 | ||||||
Trade payables |
274 | 235 | ||||||
Other assets and liabilities |
49 | (619 | ) | |||||
Additions to assets leased to others in operating leases |
(96 | ) | (119 | ) | ||||
Income taxes paid |
(561 | ) | (702 | ) | ||||
Dividends received |
21 | 74 | ||||||
Interest received |
238 | 196 | ||||||
|
|
|
|
|||||
Cash flows from operating activities continuing operations |
1,779 | 1,712 | ||||||
Cash flows from operating activities discontinued operations |
12 | 20 | ||||||
|
|
|
|
|||||
Cash flows from operating activities continuing and discontinued operations |
1,791 | 1,732 | ||||||
Cash flows from investing activities |
||||||||
Additions to intangible assets and property, plant and equipment |
(390 | ) | (352 | ) | ||||
Acquisitions of businesses, net of cash acquired |
(6 | ) | (689 | ) | ||||
Purchase of investments(1) |
(44 | ) | (110 | ) | ||||
Purchase of current available-for-sale financial assets |
(142 | ) | (22 | ) | ||||
Change in receivables from financing activities |
(542 | ) | (440 | ) | ||||
Disposal of investments, intangibles and property, plant and equipment(1) |
68 | 331 | ||||||
Disposal of businesses, net of cash disposed |
78 | (1 | ) | |||||
Disposal of current available-for-sale financial assets |
17 | 10 | ||||||
|
|
|
|
|||||
Cash flows from investing activities continuing operations |
(960 | ) | (1,273 | ) | ||||
Cash flows from investing activities discontinued operations |
517 | (59 | ) | |||||
|
|
|
|
|||||
Cash flows from investing activities continuing and discontinued operations |
(444 | ) | (1,332 | ) | ||||
Cash flows from financing activities |
||||||||
Purchase of treasury shares |
| (100 | ) | |||||
Other transactions with owners |
(13 | ) | 8 | |||||
Issuance of long-term debt |
218 | 3,467 | ||||||
Repayment of long-term debt (including current maturities of long-term debt) |
(23 | ) | (2,023 | ) | ||||
Change in short-term debt and other financing activities |
962 | 969 | ||||||
Interest paid |
(163 | ) | (105 | ) | ||||
Dividends paid to shareholders of Siemens AG |
(2,533 | ) | (2,528 | ) | ||||
Dividends attributable to non-controlling interests |
(75 | ) | (66 | ) | ||||
|
|
|
|
|||||
Cash flows from financing activities continuing operations |
(1,628 | ) | (380 | ) | ||||
Cash flows from financing activities discontinued operations |
| (13 | ) | |||||
|
|
|
|
|||||
Cash flows from financing activities continuing and discontinued operations |
(1,628 | ) | (393 | ) | ||||
Effect of changes in exchange rates on cash and cash equivalents |
(45 | ) | 60 | |||||
Change in cash and cash equivalents |
(325 | ) | 68 | |||||
Cash and cash equivalents at beginning of period |
8,911 | 7,875 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period |
8,586 | 7,943 | ||||||
Less: Cash and cash equivalents of assets classified as held for disposal and discontinued operations at end of period |
1 | 51 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period (Consolidated Statements of Financial Position) |
8,585 | 7,892 | ||||||
|
|
|
|
(1) | Investments include equity instruments either classified as non-current available-for-sale financial assets, accounted for using the equity method or classified as held for disposal. Purchase of investments includes certain loans to investments accounted for using the equity method. |
Due to rounding, numbers presented may not add up precisely to totals provided.
SIEMENS
CONSOLIDATED STATEMENTS OF CASH FLOWS (preliminary and unaudited)
For the six months ended March 31, 2014 and 2013
(in millions of )
Six months ended March 31, |
||||||||
2014 | 2013 | |||||||
Cash flows from operating activities |
||||||||
Net income |
2,610 | 2,243 | ||||||
Adjustments to reconcile net income to cash flows from operating activities continuing operations |
||||||||
Income from discontinued operations, net of income taxes |
(61 | ) | (113 | ) | ||||
Amortization, depreciation and impairments |
1,229 | 1,339 | ||||||
Income tax expenses |
1,027 | 902 | ||||||
Interest (income) expenses, net |
(137 | ) | (84 | ) | ||||
(Gains) losses on disposals of assets related to investing activities, net(1) |
(238 | ) | (39 | ) | ||||
Other (income) losses from investments(1) |
(345 | ) | (146 | ) | ||||
Other non-cash (income) expenses |
282 | 236 | ||||||
Change in assets and liabilities |
||||||||
Inventories |
(990 | ) | (508 | ) | ||||
Trade and other receivables |
364 | (5 | ) | |||||
Trade payables |
(688 | ) | (1,244 | ) | ||||
Other assets and liabilities |
(1,006 | ) | (942 | ) | ||||
Additions to assets leased to others in operating leases |
(175 | ) | (211 | ) | ||||
Income taxes paid |
(984 | ) | (1,271 | ) | ||||
Dividends received |
123 | 99 | ||||||
Interest received |
465 | 412 | ||||||
|
|
|
|
|||||
Cash flows from operating activities continuing operations |
1,476 | 669 | ||||||
Cash flows from operating activities discontinued operations |
(24 | ) | 88 | |||||
|
|
|
|
|||||
Cash flows from operating activities continuing and discontinued operations |
1,452 | 757 | ||||||
Cash flows from investing activities |
||||||||
Additions to intangible assets and property, plant and equipment |
(745 | ) | (724 | ) | ||||
Acquisitions of businesses, net of cash acquired |
(5 | ) | (718 | ) | ||||
Purchase of investments(1) |
(148 | ) | (196 | ) | ||||
Purchase of current available-for-sale financial assets |
(216 | ) | (29 | ) | ||||
Change in receivables from financing activities |
(1,139 | ) | (559 | ) | ||||
Disposal of investments, intangibles and property, plant and equipment(1) |
261 | 388 | ||||||
Disposal of businesses, net of cash disposed |
90 | (42 | ) | |||||
Disposal of current available-for-sale financial assets |
37 | 30 | ||||||
|
|
|
|
|||||
Cash flows from investing activities continuing operations |
(1,865 | ) | (1,849 | ) | ||||
Cash flows from investing activities discontinued operations |
446 | (115 | ) | |||||
|
|
|
|
|||||
Cash flows from investing activities continuing and discontinued operations |
(1,419 | ) | (1,964 | ) | ||||
Cash flows from financing activities |
||||||||
Purchase of treasury shares |
| (1,320 | ) | |||||
Other transactions with owners |
(19 | ) | 4 | |||||
Issuance of long-term debt |
218 | 3,467 | ||||||
Repayment of long-term debt (including current maturities of long-term debt) |
(28 | ) | (2,032 | ) | ||||
Change in short-term debt and other financing activities |
2,101 | 947 | ||||||
Interest paid |
(241 | ) | (229 | ) | ||||
Dividends paid to shareholders of Siemens AG |
(2,533 | ) | (2,528 | ) | ||||
Dividends attributable to non-controlling interests |
(79 | ) | (108 | ) | ||||
|
|
|
|
|||||
Cash flows from financing activities continuing operations |
(582 | ) | (1,798 | ) | ||||
Cash flows from financing activities discontinued operations |
| (19 | ) | |||||
|
|
|
|
|||||
Cash flows from financing activities continuing and discontinued operations |
(582 | ) | (1,817 | ) | ||||
Effect of changes in exchange rates on cash and cash equivalents |
(98 | ) | 17 | |||||
Change in cash and cash equivalents |
(648 | ) | (3,007 | ) | ||||
Cash and cash equivalents at beginning of period |
9,234 | 10,950 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period |
8,586 | 7,943 | ||||||
Less: Cash and cash equivalents of assets classified as held for disposal and discontinued operations at end of period |
1 | 51 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period (Consolidated Statements of Financial Position) |
8,585 | 7,892 | ||||||
|
|
|
|
(1) | Investments include equity instruments either classified as non-current available-for-sale financial assets, accounted for using the equity method or classified as held for disposal. Purchase of investments includes certain loans to investments accounted for using the equity method. |
Due to rounding, numbers presented may not add up precisely to totals provided.
SIEMENS
SEGMENT INFORMATION (continuing operations preliminary and unaudited)
As of and for the three months ended March 31, 2014 and 2013 and as of September 30, 2013
(in millions of )
Orders(1) | External revenue |
Intersegment revenue |
Total revenue |
Profit(2) | Assets(3) | Free cash flow(4) |
Additions to intangible assets and property, plant and equipment |
Amortization, depreciation and impairments(5) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 03/31/14 | 9/30/13 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sectors |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy |
6,105 | 8,464 | 5,545 | 6,196 | 55 | 64 | 5,600 | 6,260 | 255 | 551 | 2,259 | 1,621 | 799 | 925 | 96 | 71 | 123 | 130 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare |
3,196 | 3,330 | 3,251 | 3,273 | 5 | 5 | 3,256 | 3,278 | 531 | 445 | 11,125 | 11,023 | 404 | 450 | 74 | 62 | 151 | 158 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry |
4,783 | 4,402 | 4,026 | 3,995 | 404 | 389 | 4,430 | 4,385 | 456 | 345 | 6,989 | 6,549 | 297 | 448 | 67 | 75 | 141 | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure & Cities |
4,662 | 5,210 | 4,268 | 3,876 | 154 | 186 | 4,422 | 4,062 | 325 | 6 | 5,437 | 4,973 | 226 | (37 | ) | 49 | 50 | 72 | 67 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Total Sectors |
18,746 | 21,406 | 17,089 | 17,340 | 619 | 644 | 17,708 | 17,984 | 1,566 | 1,348 | 25,809 | 24,166 | 1,726 | 1,786 | 285 | 258 | 487 | 529 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments |
| | | | | | | | 123 | 29 | 2,960 | 2,488 | | 5 | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Services (SFS) |
236 | 236 | 188 | 221 | 48 | 15 | 236 | 236 | 114 | 113 | 19,385 | 18,661 | 192 | 301 | 9 | 3 | 51 | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation to Consolidated Financial Statements |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Centrally managed portfolio activities |
55 | 102 | 58 | 66 | 1 | 3 | 59 | 68 | 35 | 21 | (249 | ) | (267 | ) | (2 | ) | (6 | ) | 1 | 2 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Siemens Real Estate (SRE) |
602 | 622 | 65 | 69 | 537 | 553 | 602 | 622 | 18 | (2 | ) | 4,607 | 4,747 | (11 | ) | 16 | 81 | 69 | 62 | 75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate items and pensions |
91 | 132 | 50 | 85 | 43 | 48 | 93 | 133 | (249 | ) | (152 | ) | (11,290 | ) | (11,252 | ) | (175 | ) | (75 | ) | 14 | 21 | 19 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||
Eliminations, Corporate Treasury and other reconciling items |
(1,301 | ) | (1,264 | ) | | | (1,249 | ) | (1,264 | ) | (1,249 | ) | (1,264 | ) | 3 | (25 | ) | 59,823 | 63,393 | (340 | ) | (666 | ) | (1 | ) | | (7 | ) | (9 | ) | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Siemens |
18,430 | 21,235 | 17,449 | 17,779 | | | 17,449 | 17,779 | 1,609 | 1,333 | 101,045 | 101,936 | 1,390 | 1,360 | 390 | 352 | 613 | 694 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | This supplementary information on Orders is provided on a voluntary basis. It is not part of the Interim Consolidated Financial Statements subject to the review opinion. |
(2) | Profit of the Sectors as well as of Equity Investments and Centrally managed portfolio activities is earnings before financing interest, certain pension costs and income taxes. Certain other items not considered performance indicative by Management may be excluded. Profit of SFS and SRE is Income before income taxes. |
(3) | Assets of the Sectors as well as of Equity Investments and Centrally managed portfolio activities is defined as Total assets less income tax assets, less non-interest bearing liabilities other than tax liabilities. Assets of SFS and SRE is Total assets. |
(4) | Free cash flow represents Cash flows from operating activities less Additions to intangible assets and property, plant and equipment. Free cash flow of the Sectors, Equity Investments and Centrally managed portfolio activities primarily exclude income tax, financing interest and certain pension related payments and proceeds. Free cash flow of SFS, a financial services business, and of SRE includes related financing interest payments and proceeds; income tax payments and proceeds of SFS and SRE are excluded. |
(5) | Amortization, depreciation and impairments contains amortization and impairments, net of reversals of impairments, of intangible assets other than goodwill as well as depreciation and impairments of property, plant and equipment, net of reversals of impairments. |
Due to rounding, numbers presented may not add up precisely to totals provided.
SIEMENS
SEGMENT INFORMATION (continuing operations preliminary and unaudited)
As of and for the six months ended March 31, 2014 and 2013 and as of September 30, 2013
(in millions of )
Orders(1) | External revenue |
Intersegment revenue |
Total revenue |
Profit(2) | Assets(3) | Free cash flow(4) |
Additions to intangible assets and property, plant and equipment |
Amortization, depreciation and impairments(5) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 03/31/14 | 9/30/13 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sectors |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy |
13,322 | 15,835 | 11,262 | 12,435 | 120 | 127 | 11,382 | 12,562 | 761 | 961 | 2,259 | 1,621 | 97 | 135 | 167 | 144 | 245 | 274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare |
6,395 | 6,616 | 6,338 | 6,519 | 13 | 10 | 6,350 | 6,530 | 1,002 | 948 | 11,125 | 11,023 | 692 | 675 | 145 | 114 | 299 | 320 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry |
9,394 | 8,691 | 7,975 | 8,039 | 774 | 756 | 8,749 | 8,796 | 938 | 851 | 6,989 | 6,549 | 377 | 649 | 124 | 129 | 288 | 314 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure & Cities |
10,985 | 9,574 | 8,489 | 7,858 | 297 | 344 | 8,786 | 8,202 | 654 | 147 | 5,437 | 4,973 | 123 | (403 | ) | 93 | 99 | 144 | 135 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Total Sectors |
40,096 | 40,717 | 34,063 | 34,852 | 1,204 | 1,238 | 35,267 | 36,090 | 3,355 | 2,909 | 25,809 | 24,166 | 1,288 | 1,056 | 529 | 486 | 976 | 1,042 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments |
| | | | | | | | 203 | 151 | 2,960 | 2,488 | (5 | ) | 5 | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Services (SFS) |
463 | 440 | 371 | 413 | 92 | 27 | 463 | 440 | 223 | 230 | 19,385 | 18,661 | 298 | 396 | 18 | 46 | 103 | 119 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation to Consolidated Financial Statements |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Centrally managed portfolio activities |
116 | 168 | 116 | 130 | 4 | 5 | 120 | 135 | 45 | 23 | (249 | ) | (267 | ) | 33 | (23 | ) | 3 | 2 | 1 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Siemens Real Estate (SRE) |
1,189 | 1,222 | 126 | 144 | 1,063 | 1,078 | 1,189 | 1,222 | 150 | 43 | 4,607 | 4,747 | (85 | ) | (77 | ) | 164 | 155 | 123 | 140 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate items and pensions |
174 | 259 | 98 | 166 | 78 | 93 | 176 | 259 | (435 | ) | (318 | ) | (11,290 | ) | (11,252 | ) | (515 | ) | (510 | ) | 32 | 36 | 37 | 54 | ||||||||||||||||||||||||||||||||||||||||||||||||
Eliminations, Corporate Treasury and other reconciling items |
(2,773 | ) | (2,398 | ) | | | (2,441 | ) | (2,442 | ) | (2,441 | ) | (2,442 | ) | 35 | (5 | ) | 59,823 | 63,393 | (284 | ) | (902 | ) | (2 | ) | | (15 | ) | (18 | ) | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Siemens |
39,266 | 40,408 | 34,774 | 35,705 | | | 34,774 | 35,705 | 3,577 | 3,033 | 101,045 | 101,936 | 732 | (56 | ) | 745 | 724 | 1,225 | 1,339 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | This supplementary information on Orders is provided on a voluntary basis. It is not part of the Interim Consolidated Financial Statements subject to the review opinion. |
(2) | Profit of the Sectors as well as of Equity Investments and Centrally managed portfolio activities is earnings before financing interest, certain pension costs and income taxes. Certain other items not considered performance indicative by Management may be excluded. Profit of SFS and SRE is Income before income taxes. |
(3) | Assets of the Sectors as well as of Equity Investments and Centrally managed portfolio activities is defined as Total assets less income tax assets, less non-interest bearing liabilities other than tax liabilities. Assets of SFS and SRE is Total assets. |
(4) | Free cash flow represents Cash flows from operating activities less Additions to intangible assets and property, plant and equipment. Free cash flow of the Sectors, Equity Investments and Centrally managed portfolio activities primarily exclude income tax, financing interest and certain pension related payments and proceeds. Free cash flow of SFS, a financial services business, and of SRE includes related financing interest payments and proceeds; income tax payments and proceeds of SFS and SRE are excluded. |
(5) | Amortization, depreciation and impairments contains amortization and impairments, net of reversals of impairments, of intangible assets other than goodwill as well as depreciation and impairments of property, plant and equipment, net of reversals of impairments. |
Due to rounding, numbers presented may not add up precisely to totals provided.
SIEMENS
ADDITIONAL INFORMATION (I) (continuing operations preliminary and unaudited)
Orders, Revenue, Profit, Profit margin developments and growth rates for Sectors
For the three months ended March 31, 2014 and 2013
(in millions of )
Orders | Revenue | Profit(1) | Profit margin |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | % Change | therein | 2014 | 2013 | % Change | therein | 2014 | 2013 | % Change | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | Adjus- ted(2) |
Cur- rency |
Port- folio |
Actual | Adjus- ted(2) |
Cur- rency |
Port- folio |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sectors |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy Sector |
6,105 | 8,464 | (28 | )% | (23 | )% | (4 | )% | 0 | % | 5,600 | 6,260 | (11 | )% | (6 | )% | (4 | )% | 0 | % | 255 | 551 | (54 | )% | 4.6 | % | 8.8 | % | ||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power Generation |
3,031 | 3,785 | (20 | )% | (14 | )% | (5 | )% | (1 | )% | 3,220 | 3,674 | (12 | )% | (8 | )% | (4 | )% | (1 | )% | 592 | 555 | 7 | % | 18.4 | % | 15.1 | % | ||||||||||||||||||||||||||||||||||||||||
Wind Power |
1,679 | 3,289 | (49 | )% | (46 | )% | (3 | )% | 0 | % | 1,156 | 1,046 | 11 | % | 13 | % | (3 | )% | 0 | % | (50 | ) | 53 | n/a | (4.3 | )% | 5.1 | % | ||||||||||||||||||||||||||||||||||||||||
Power Transmission |
1,445 | 1,421 | 2 | % | 7 | % | (5 | )% | 0 | % | 1,228 | 1,507 | (19 | )% | (14 | )% | (4 | )% | 0 | % | (297 | ) | (49 | ) | >(200) | % | (24.2 | )% | (3.2 | )% | ||||||||||||||||||||||||||||||||||||||
Healthcare Sector |
3,196 | 3,330 | (4 | )% | 1 | % | (5 | )% | 0 | % | 3,256 | 3,278 | (1 | )% | 5 | % | (6 | )% | 0 | % | 531 | 445 | 19 | % | 16.3 | % | 13.6 | % | ||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics |
937 | 963 | (3 | )% | 3 | % | (5 | )% | 0 | % | 937 | 963 | (3 | )% | 3 | % | (5 | )% | 0 | % | 101 | 84 | 20 | % | 10.8 | % | 8.7 | % | ||||||||||||||||||||||||||||||||||||||||
Industry Sector |
4,783 | 4,402 | 9 | % | 12 | % | (4 | )% | 0 | % | 4,430 | 4,385 | 1 | % | 5 | % | (3 | )% | 0 | % | 456 | 345 | 32 | % | 10.3 | % | 7.9 | % | ||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Automation |
2,174 | 2,021 | 8 | % | 11 | % | (4 | )% | 0 | % | 2,000 | 1,946 | 3 | % | 6 | % | (4 | )% | 0 | % | 316 | 197 | 61 | % | 15.8 | % | 10.1 | % | ||||||||||||||||||||||||||||||||||||||||
Drive Technologies |
2,472 | 2,230 | 11 | % | 14 | % | (3 | )% | 0 | % | 2,203 | 2,186 | 1 | % | 5 | % | (3 | )% | 0 | % | 210 | 147 | 42 | % | 9.5 | % | 6.7 | % | ||||||||||||||||||||||||||||||||||||||||
Infrastructure & Cities Sector |
4,662 | 5,210 | (11 | )% | (12 | )% | (3 | )% | 5 | % | 4,422 | 4,062 | 9 | % | 7 | % | (4 | )% | 6 | % | 325 | 6 | >200 | % | 7.3 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation & Logistics |
1,888 | 2,356 | (20 | )% | (29 | )% | (2 | )% | 11 | % | 1,791 | 1,317 | 36 | % | 21 | % | (3 | )% | 17 | % | 126 | (156 | ) | n/a | 7.0 | % | (11.9 | )% | ||||||||||||||||||||||||||||||||||||||||
Power Grid Solutions & Products |
1,498 | 1,460 | 3 | % | 9 | % | (6 | )% | 0 | % | 1,363 | 1,442 | (6 | )% | 1 | % | (6 | )% | 0 | % | 112 | 98 | 14 | % | 8.2 | % | 6.8 | % | ||||||||||||||||||||||||||||||||||||||||
Building Technologies |
1,337 | 1,455 | (8 | )% | (6 | )% | (2 | )% | 0 | % | 1,326 | 1,375 | (4 | )% | (1 | )% | (2 | )% | 0 | % | 91 | 59 | 54 | % | 6.9 | % | 4.3 | % | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Total Sectors |
18,746 | 21,406 | (12 | )% | (10 | )% | (4 | )% | 1 | % | 17,708 | 17,984 | (2 | )% | 1 | % | (4 | )% | 1 | % | 1,566 | 1,348 | 16 | % | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Profit is earnings before financing interest, certain pension costs and income taxes. Certain other items not considered performance indicative by Management may be excluded. |
(2) | Excluding currency translation and portfolio effects. |
Due to rounding, numbers presented may not add up precisely to totals provided.
SUPPLEMENTAL DATA
SIEMENS
ADDITIONAL INFORMATION (I) (continuing operations preliminary and unaudited)
Orders, Revenue, Profit, Profit margin developments and growth rates for Sectors
For the six months ended March 31, 2014 and 2013
(in millions of )
Orders | Revenue | Profit(1) | Profit margin |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | % Change | therein | 2014 | 2013 | % Change | therein | 2014 | 2013 | % Change | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | Adjus- ted(2) |
Cur- rency |
Port- folio |
Actual | Adju- sted(2) |
Cur- rency |
Port- folio |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sectors |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy Sector |
13,322 | 15,835 | (16 | )% | (11 | )% | (4 | )% | 0 | % | 11,382 | 12,562 | (9 | )% | (5 | )% | (4 | )% | 0 | % | 761 | 961 | (21 | )% | 6.7 | % | 7.7 | % | ||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power Generation |
6,856 | 8,383 | (18 | )% | (13 | )% | (4 | )% | (1 | )% | 6,445 | 7,468 | (14 | )% | (9 | )% | (4 | )% | (1 | )% | 1,128 | 1,087 | 4 | % | 17.5 | % | 14.6 | % | ||||||||||||||||||||||||||||||||||||||||
Wind Power |
3,937 | 4,451 | (12 | )% | (8 | )% | (4 | )% | 0 | % | 2,466 | 2,183 | 13 | % | 17 | % | (4 | )% | 0 | % | 13 | 105 | (88 | )% | 0.5 | % | 4.8 | % | ||||||||||||||||||||||||||||||||||||||||
Power Transmission |
2,635 | 2,807 | (6 | )% | (1 | )% | (5 | )% | 0 | % | 2,495 | 2,891 | (14 | )% | (9 | )% | (5 | )% | 0 | % | (381 | ) | (65 | ) | >(200) | % | (15.3 | )% | (2.2 | )% | ||||||||||||||||||||||||||||||||||||||
Healthcare Sector |
6,395 | 6,616 | (3 | )% | 2 | % | (6 | )% | 0 | % | 6,350 | 6,530 | (3 | )% | 3 | % | (6 | )% | 0 | % | 1,002 | 948 | 6 | % | 15.8 | % | 14.5 | % | ||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics |
1,847 | 1,924 | (4 | )% | 2 | % | (6 | )% | 0 | % | 1,847 | 1,924 | (4 | )% | 2 | % | (6 | )% | 0 | % | 202 | 195 | 3 | % | 10.9 | % | 10.2 | % | ||||||||||||||||||||||||||||||||||||||||
Industry Sector |
9,394 | 8,691 | 8 | % | 11 | % | (4 | )% | 1 | % | 8,749 | 8,796 | (1 | )% | 2 | % | (3 | )% | 0 | % | 938 | 851 | 10 | % | 10.7 | % | 9.7 | % | ||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Automation |
4,276 | 3,982 | 7 | % | 9 | % | (4 | )% | 2 | % | 4,016 | 3,941 | 2 | % | 4 | % | (4 | )% | 1 | % | 655 | 510 | 28 | % | 16.3 | % | 12.9 | % | ||||||||||||||||||||||||||||||||||||||||
Drive Technologies |
4,792 | 4,483 | 7 | % | 10 | % | (3 | )% | 0 | % | 4,247 | 4,277 | (1 | )% | 3 | % | (3 | )% | 0 | % | 343 | 316 | 8 | % | 8.1 | % | 7.4 | % | ||||||||||||||||||||||||||||||||||||||||
Infrastructure & Cities Sector |
10,985 | 9,574 | 15 | % | 14 | % | (4 | )% | 5 | % | 8,786 | 8,202 | 7 | % | 6 | % | (4 | )% | 5 | % | 654 | 147 | >200 | % | 7.4 | % | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation & Logistics |
5,120 | 3,713 | 38 | % | 29 | % | (4 | )% | 13 | % | 3,463 | 2,686 | 29 | % | 16 | % | (3 | )% | 17 | % | 210 | (210 | ) | n/a | 6.1 | % | (7.8 | )% | ||||||||||||||||||||||||||||||||||||||||
Power Grid Solutions & Products |
3,318 | 3,169 | 5 | % | 10 | % | (6 | )% | 0 | % | 2,771 | 2,878 | (4 | )% | 2 | % | (6 | )% | 0 | % | 238 | 198 | 20 | % | 8.6 | % | 6.9 | % | ||||||||||||||||||||||||||||||||||||||||
Building Technologies |
2,685 | 2,823 | (5 | )% | (2 | )% | (3 | )% | 0 | % | 2,666 | 2,777 | (4 | )% | (1 | )% | (3 | )% | 0 | % | 206 | 152 | 36 | % | 7.7 | % | 5.5 | % | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Total Sectors |
40,096 | 40,717 | (2 | )% | 2 | % | (4 | )% | 1 | % | 35,267 | 36,090 | (2 | )% | 1 | % | (4 | )% | 1 | % | 3,355 | 2,909 | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Profit is earnings before financing interest, certain pension costs and income taxes. Certain other items not considered performance indicative by Management may be excluded. |
(2) | Excluding currency translation and portfolio effects. |
Due to rounding, numbers presented may not add up precisely to totals provided.
SUPPLEMENTAL DATA
SIEMENS
ADDITIONAL INFORMATION (II) (continuing operations preliminary and unaudited)
Reconciliation from Profit / Income before income taxes to adjusted EBITDA
For the three months ended March 31, 2014 and 2013
(in millions of )
Profit(1) | Income (loss) from investments accounted for using the equity method, net(2) |
Financial income (expenses), net(3) |
Adjusted EBIT(4) |
Amortization(5) | Depreciation and impairments of property, plant and equipment and goodwill(6) |
Adjusted EBITDA |
Adjusted EBITDA margin |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sectors |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy Sector |
255 | 551 | 29 | 11 | (7 | ) | (7 | ) | 234 | 548 | 25 | 30 | 98 | 101 | 357 | 679 | 6.4 | % | 10.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power Generation |
592 | 555 | 16 | 6 | (5 | ) | (4 | ) | 580 | 553 | 14 | 17 | 50 | 55 | 644 | 625 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wind Power |
(50 | ) | 53 | 1 | (4 | ) | (2 | ) | (2 | ) | (49 | ) | 59 | 8 | 9 | 26 | 24 | (15 | ) | 92 | ||||||||||||||||||||||||||||||||||||||||||||
Power Transmission |
(297 | ) | (49 | ) | 8 | 5 | (2 | ) | (3 | ) | (303 | ) | (51 | ) | 3 | 3 | 21 | 25 | (279 | ) | (23 | ) | ||||||||||||||||||||||||||||||||||||||||||
Healthcare Sector |
531 | 445 | 1 | 2 | 17 | 4 | 513 | 440 | 70 | 78 | 85 | 80 | 668 | 598 | 20.5 | % | 18.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics |
101 | 84 | | | 18 | 3 | 84 | 82 | 46 | 48 | 53 | 53 | 183 | 183 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Sector |
456 | 345 | 1 | 4 | 2 | (1 | ) | 452 | 342 | 70 | 85 | 71 | 89 | 594 | 517 | 13.4 | % | 11.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Automation |
316 | 197 | | | 3 | | 313 | 197 | 57 | 64 | 25 | 29 | 396 | 290 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Drive Technologies |
210 | 147 | 1 | 4 | | | 209 | 144 | 11 | 19 | 43 | 57 | 263 | 221 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure & Cities Sector |
325 | 6 | 6 | 6 | (5 | ) | (6 | ) | 323 | 6 | 30 | 27 | 42 | 41 | 395 | 73 | 8.9 | % | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation & Logistics |
126 | (156 | ) | 3 | 4 | (4 | ) | (2 | ) | 127 | (158 | ) | 16 | 4 | 15 | 11 | 158 | (143 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Power Grid Solutions & Products |
112 | 98 | 3 | 2 | (1 | ) | (4 | ) | 110 | 100 | 5 | 9 | 16 | 18 | 131 | 126 | ||||||||||||||||||||||||||||||||||||||||||||||||
Building Technologies |
91 | 59 | 1 | | | | 91 | 59 | 10 | 14 | 10 | 11 | 110 | 85 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Sectors |
1,566 | 1,348 | 37 | 22 | 7 | (10 | ) | 1,522 | 1,337 | 196 | 219 | 296 | 311 | 2,013 | 1,867 | |||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Equity Investments |
123 | 29 | 119 | 6 | 4 | 23 | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Services (SFS) |
114 | 113 | 12 | 20 | 128 | 104 | (26 | ) | (11 | ) | 1 | 1 | 50 | 60 | 25 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation to Consolidated Financial Statements |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Centrally managed portfolio activities |
35 | 21 | 27 | 21 | | | 8 | | | 1 | | | 9 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Siemens Real Estate (SRE) |
18 | (2 | ) | | | (27 | ) | (28 | ) | 45 | 26 | | | 62 | 74 | 107 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate items and pensions |
(249 | ) | (152 | ) | | | (121 | ) | (88 | ) | (127 | ) | (64 | ) | 5 | 4 | 14 | 32 | (109 | ) | (27 | ) | ||||||||||||||||||||||||||||||||||||||||||
Eliminations, Corporate Treasury and other reconciling items |
3 | (25 | ) | | (1 | ) | 59 | 2 | (56 | ) | (25 | ) | | | (7 | ) | (9 | ) | (63 | ) | (34 | ) | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Siemens |
1,609 | 1,333 | 195 | 68 | 49 | 3 | 1,365 | 1,262 | 202 | 226 | 415 | 470 | 1,982 | 1,957 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Profit of the Sectors as well as of Equity Investments and Centrally managed portfolio activities is earnings before financing interest, certain pension costs and income taxes. Certain other items not considered performance indicative by Management may be excluded. Profit of SFS and SRE is Income before income taxes. Profit of Siemens is Income from continuing operations before income taxes. For a reconciliation of Income from continuing operations before income taxes to Net income see Consolidated Statements of Income. |
(2) | Includes impairments and reversals of impairments of investments accounted for using the equity method. |
(3) | Includes impairment of non-current available-for-sale financial assets. For Siemens, Financial income (expenses), net comprises Interest income, Interest expenses and Other financial income (expenses), net as reported in the Consolidated Statements of Income. |
(4) | Adjusted EBIT is Income from continuing operations before income taxes less Financial income (expenses), net and Income (loss) from investments accounted for using the equity method, net. |
(5) | Amortization and impairments, net of reversals, of intangible assets other than goodwill. |
(6) | Depreciation and impairments of property, plant and equipment, net of reversals. Includes impairments of goodwill of 4 million and million for the three months ended March 31, 2014 and 2013, respectively. |
Due to rounding, numbers presented may not add up precisely to totals provided.
SUPPLEMENTAL DATA
SIEMENS
ADDITIONAL INFORMATION (II) (continuing operations preliminary and unaudited)
Reconciliation from Profit / Income before income taxes to adjusted EBITDA
For the six months ended March 31, 2014 and 2013
(in millions of )
Profit(1) | Income (loss) from investments accounted for using the equity method, net(2) |
Financial income (expenses), net(3) |
Adjusted EBIT(4) |
Amortization(5) | Depreciation and impairments of property, plant and equipment and goodwill(6) |
Adjusted EBITDA |
Adjusted EBITDA margin |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sectors |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy Sector |
761 | 961 | 57 | (67 | ) | (20 | ) | (15 | ) | 724 | 1,043 | 52 | 56 | 193 | 218 | 969 | 1,317 | 8.5 | % | 10.5 | % | |||||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power Generation |
1,128 | 1,087 | 24 | 20 | (12 | ) | (9 | ) | 1,116 | 1,076 | 29 | 34 | 99 | 108 | 1,244 | 1,218 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wind Power |
13 | 105 | 3 | (7 | ) | (6 | ) | (3 | ) | 16 | 115 | 16 | 15 | 50 | 45 | 82 | 175 | |||||||||||||||||||||||||||||||||||||||||||||||
Power Transmission |
(381 | ) | (65 | ) | 15 | 10 | (4 | ) | (5 | ) | (392 | ) | (70 | ) | 7 | 7 | 43 | 50 | (343 | ) | (13 | ) | ||||||||||||||||||||||||||||||||||||||||||
Healthcare Sector |
1,002 | 948 | 2 | 4 | 21 | 4 | 979 | 941 | 141 | 160 | 162 | 159 | 1,281 | 1,260 | 20.2 | % | 19.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics |
202 | 195 | | | 21 | 6 | 181 | 190 | 93 | 99 | 103 | 106 | 377 | 395 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Sector |
938 | 851 | 2 | 5 | 1 | (3 | ) | 935 | 849 | 144 | 149 | 144 | 165 | 1,223 | 1,163 | 14.0 | % | 13.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Automation |
655 | 510 | | | 2 | (1 | ) | 652 | 511 | 118 | 114 | 52 | 56 | 823 | 681 | |||||||||||||||||||||||||||||||||||||||||||||||||
Drive Technologies |
343 | 316 | 2 | 5 | (1 | ) | (2 | ) | 342 | 313 | 23 | 31 | 86 | 103 | 450 | 446 | ||||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure & Cities Sector |
654 | 147 | 16 | 18 | (8 | ) | (10 | ) | 646 | 139 | 63 | 55 | 81 | 80 | 790 | 274 | 9.0 | % | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
therein: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation & Logistics |
210 | (210 | ) | 9 | 13 | (6 | ) | (4 | ) | 206 | (219 | ) | 33 | 7 | 27 | 21 | 266 | (191 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Power Grid Solutions & Products |
238 | 198 | 5 | 5 | (1 | ) | (5 | ) | 235 | 198 | 10 | 18 | 32 | 35 | 277 | 250 | ||||||||||||||||||||||||||||||||||||||||||||||||
Building Technologies |
206 | 152 | 2 | | (1 | ) | (1 | ) | 205 | 152 | 20 | 30 | 20 | 23 | 245 | 205 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Sectors |
3,355 | 2,909 | 77 | (40 | ) | (6 | ) | (24 | ) | 3,283 | 2,973 | 399 | 421 | 580 | 621 | 4,263 | 4,015 | |||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Equity Investments |
203 | 151 | 194 | 139 | 8 | 12 | 1 | | | | | | 1 | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Services (SFS) |
223 | 230 | 37 | 44 | 273 | 214 | (86 | ) | (29 | ) | 2 | 3 | 100 | 117 | 17 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation to Consolidated Financial Statements |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Centrally managed portfolio activities |
45 | 23 | 42 | 22 | (1 | ) | | 4 | 1 | | 1 | 1 | 1 | 6 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Siemens Real Estate (SRE) |
150 | 43 | | | (54 | ) | (56 | ) | 203 | 99 | 1 | 1 | 123 | 139 | 326 | 238 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate items and pensions |
(435 | ) | (318 | ) | | | (306 | ) | (166 | ) | (129 | ) | (151 | ) | 9 | 9 | 28 | 46 | (92 | ) | (97 | ) | ||||||||||||||||||||||||||||||||||||||||||
Eliminations, Corporate Treasury and other reconciling items |
35 | (5 | ) | | (3 | ) | 110 | 34 | (75 | ) | (36 | ) | | | (15 | ) | (18 | ) | (90 | ) | (54 | ) | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Siemens |
3,577 | 3,033 | 349 | 163 | 25 | 13 | 3,202 | 2,856 | 412 | 434 | 817 | 906 | 4,431 | 4,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Profit of the Sectors as well as of Equity Investments and Centrally managed portfolio activities is earnings before financing interest, certain pension costs and income taxes. Certain other items not considered performance indicative by Management may be excluded. Profit of SFS and SRE is Income before income taxes. Profit of Siemens is Income from continuing operations before income taxes. For a reconciliation of Income from continuing operations before income taxes to Net income see Consolidated Statements of Income. |
(2) | Includes impairments and reversals of impairments of investments accounted for using the equity method. |
(3) | Includes impairment of non-current available-for-sale financial assets. For Siemens, Financial income (expenses), net comprises Interest income, Interest expenses and Other financial income (expenses), net as reported in the Consolidated Statements of Income. |
(4) | Adjusted EBIT is Income from continuing operations before income taxes less Financial income (expenses), net and Income (loss) from investments accounted for using the equity method, net. |
(5) | Amortization and impairments, net of reversals, of intangible assets other than goodwill. |
(6) | Depreciation and impairments of property, plant and equipment, net of reversals. Includes impairments of goodwill of 4 million and million for the six months ended March 31, 2014 and 2013, respectively. |
Due to rounding, numbers presented may not add up precisely to totals provided.
SUPPLEMENTAL DATA
SIEMENS
ADDITIONAL INFORMATION (III) (continuing operations preliminary and unaudited)
External revenue of Sectors by regions
For the six months ended March 31, 2014 and 2013
(in millions of )
External revenue (location of customer) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europa, C.I.S.(1), Africa, Middle East |
therein Germany | Americas | Asia, Australia | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | % Change | 2014 | 2013 | % Change | 2014 | 2013 | % Change | 2014 | 2013 | % Change | 2014 | 2013 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||
Sectors |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy Sector |
5,772 | 6,756 | (15 | )% | 931 | 959 | (3 | )% | 3,299 | 3,493 | (6 | )% | 2,191 | 2,185 | 0 | % | 11,262 | 12,435 | (9 | )% | ||||||||||||||||||||||||||||||||||||||||
Healthcare Sector |
2,187 | 2,192 | (0 | )% | 471 | 479 | (2 | )% | 2,612 | 2,681 | (3 | )% | 1,539 | 1,646 | (6 | )% | 6,338 | 6,519 | (3 | )% | ||||||||||||||||||||||||||||||||||||||||
Industry Sector |
4,534 | 4,478 | 1 | % | 2,057 | 2,046 | 1 | % | 1,365 | 1,567 | (13 | )% | 2,077 | 1,994 | 4 | % | 7,975 | 8,039 | (1 | )% | ||||||||||||||||||||||||||||||||||||||||
Infrastructure & Cities Sector |
5,478 | 4,840 | 13 | % | 1,351 | 1,250 | 8 | % | 1,853 | 1,979 | (6 | )% | 1,157 | 1,039 | 11 | % | 8,489 | 7,858 | 8 | % | ||||||||||||||||||||||||||||||||||||||||
Reconciliation to Siemens |
545 | 616 | (12 | )% | 284 | 358 | (20 | )% | 151 | 226 | (33 | )% | 16 | 11 | 46 | % | 711 | 853 | (17 | )% | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Siemens |
18,515 | 18,883 | (2 | )% | 5,095 | 5,090 | 0 | % | 9,280 | 9,947 | (7 | )% | 6,980 | 6,875 | 2 | % | 34,774 | 35,705 | (3 | )% | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
External revenue of Sectors as a percentage of regional and Siemens total revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of regional external revenue (location of customer) | Percentage of Siemens | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europa, C.I.S.(1), Africa, Middle East |
therein Germany | Americas | Asia, Australia | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | 2014 | 2013 | Change | 2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||||||||||||||||||||||||||||||||
in pp | in pp | in pp | in pp | in pp | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sectors |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy Sector |
51 | % | 54 | % | (3.1 | ) pp | 8 | % | 8 | % | 0.6 | pp | 29 | % | 28 | % | 1.2 | pp | 20 | % | 18 | % | 1.9 | pp | 32 | % | 35 | % | (2.4 | ) pp | ||||||||||||||||||||||||||||||
Healthcare Sector |
35 | % | 34 | % | 0.9 | pp | 7 | % | 7 | % | 0.1 | pp | 41 | % | 41 | % | 0.1 | pp | 24 | % | 25 | % | (1.0 | ) pp | 18 | % | 18 | % | (0.0 | ) pp | ||||||||||||||||||||||||||||||
Industry Sector |
57 | % | 56 | % | 1.1 | pp | 26 | % | 25 | % | 0.4 | pp | 17 | % | 19 | % | (2.4 | ) pp | 26 | % | 25 | % | 1.2 | pp | 23 | % | 23 | % | 0.4 | pp | ||||||||||||||||||||||||||||||
Infrastructure & Cities Sector |
64 | % | 62 | % | 2.9 | pp | 16 | % | 16 | % | 0.0 | pp | 22 | % | 25 | % | (3.4 | ) pp | 14 | % | 13 | % | 0.4 | pp | 24 | % | 22 | % | 2.4 | pp | ||||||||||||||||||||||||||||||
Reconciliation to Siemens |
77 | % | 72 | % | 4.4 | pp | 40 | % | 42 | % | (1.9 | ) pp | 21 | % | 27 | % | (5.3 | ) pp | 2 | % | 1 | % | 1.0 | pp | 2 | % | 2 | % | (0.3 | ) pp | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Siemens |
53 | % | 53 | % | 0.4 | pp | 15 | % | 14 | % | 0.4 | pp | 27 | % | 28 | % | (1.2 | ) pp | 20 | % | 19 | % | 0.8 | pp | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Commonwealth of Independent States. |
Due to rounding, numbers presented may not add up precisely to totals provided.
Investor Relations
| ||
Munich, May 6, 2014 |
according to § 15 WpHG (Securities Trading Act)
Siemens AG adopts Vision 2020
The Supervisory Board of Siemens AG today has approved the Siemens Vision 2020 as adopted by the Managing Board on May, 5 2014. In the future, Siemens AG will position itself along electrification, automation and digitalization, where it has identified growth fields in which it sees its maximum long-term potential. The company is orienting its resource allocation toward these growth fields and has announced the first concrete measures in this connection.
Siemens is acquiring the Rolls-Royce Energy aero-derivative gas turbine and compressor business and thereby strengthening its position in the growing oil and gas industry as well as in the field of decentralized power generation. The purchase price is £785 million or about 950 million. In addition, as part of the transaction, Siemens will get exclusive access to future Rolls-Royce aero-turbine technology developments in the 4 to 85 megawatt power output range as well as preferred access to supply and engineering services. For this 25 year duration agreement, Siemens will pay Rolls-Royce an additional £200 million, or about 240 million. The transaction is expected to close before the end of December 2014, subject to regulatory approvals. As part of its realignment, Siemens AG is preparing to publicly list its audiology activities.
As of October 1, 2014, the organization will be streamlined by eliminating the Sector level and bundling business into nine Divisions instead of the current 16. In addition, the healthcare business will be separately managed in the future. This will give Healthcare greater flexibility on the medical engineering market, which is characterized by fundamental changes and paradigm shifts. In addition, the companys support functions for example, human resources and communications - are to be streamlined and centrally managed in the future. These measures, which are expected to increase productivity by some 1 billion a year, are to be fully effective by the end of fiscal 2016. To optimize cost development sustainably, the company has set a new target for total cost productivity. Starting in fiscal 2015, it is to total three to five percent a year.
Siemens AG GM IR Investor Relations D-80312 Munich |
Mariel von Drathen Wittelsbacherplatz 2 D-80333 Munich Phone: +49-89 636 32474; Fax: -32830 E-Mail: investorrelations@siemens.com |
Disclaimer
This document includes supplemental financial measures that are or may be non-GAAP financial measures. Orders and order backlog; adjusted or organic growth rates of revenue and orders; book-to-bill ratio; Total Sectors profit; return on equity (after tax), or ROE (after tax); return on capital employed (adjusted), or ROCE (adjusted); Free cash flow, or FCF; adjusted EBITDA; adjusted EBIT; adjusted EBITDA margins, earnings effects from purchase price allocation, or PPA effects; net debt and adjusted industrial net debt are or may be such non-GAAP financial measures. These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens net assets and financial positions or results of operations as presented in accordance with IFRS in its Consolidated Financial Statements. Other companies that report or describe similarly titled financial measures may calculate them differently. Definitions of these supplemental financial measures, a discussion of the most directly comparable IFRS financial measures, information regarding the usefulness of Siemens supplemental financial measures, the limitations associated with these measures and reconciliations to the most comparable IFRS financial measures are available on Siemens Investor Relations website at www.siemens.com/nonGAAP. For additional information, see supplemental financial measures and the related discussion in Siemens most recent annual report on Form 20-F, which can be found on our Investor Relations website or via the EDGAR system on the website of the United States Securities and Exchange Commission.
This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as expect, look forward to, anticipate, intend, plan, believe, seek, estimate, will, project or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens management, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond Siemens control, affect Siemens operations, performance, business strategy and results and could cause the actual results, performance or achievements of Siemens to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or anticipated on the basis of historical trends. These factors include in particular, but are not limited to, the matters described in Item 3: Key informationRisk factors of our most recent annual report on Form 20-F filed with the SEC, in the chapter C.9.3 Risks of our most recent annual report prepared in accordance with the German Commercial Code, and in the chapter C.7 Risks and opportunities of our most recent interim report.
Further information about risks and uncertainties affecting Siemens is included throughout our most recent annual and interim reports, as well as our most recent earnings release, which are available on the Siemens website, www.siemens.com, and throughout our most recent annual report on Form 20-F and in our other filings with the SEC, which are available on the Siemens website, www.siemens.com, and on the SECs website, www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of Siemens may vary materially from those described in the relevant forward-looking statement as being expected, anticipated, intended, planned, believed, sought, estimated or projected. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Siemens AG GM IR Investor Relations D-80312 Munich |
Mariel von Drathen Wittelsbacherplatz 2 D-80333 Munich Phone: +49-89 636 32474; Fax: -32830 E-Mail: investorrelations@siemens.com |
Investor Relations
| ||
Munich, May 6, 2014 |
according to § 15 WpHG (Securities Trading Act)
Management Board Changes
As part of its realignment, Siemens AG has named its future management team. The Supervisory Board of Siemens AG has appointed Lisa Davis who is currently Executive Vice President Strategy, Portfolio and Alternative Energies at Royal Dutch Shell to the Managing Board, effective August 1, 2014. Lisa Davis will be responsible on the Managing Board for the Power and Gas Division, the Wind Power and Renewables Division, the Power Generation Services Division, the Region North America and the Region South America. She will be based in the United States. Michael Süß is resigning from the Managing Board with immediate effect, for personal reasons and by mutual consent. He will continue to be available to Siemens President and CEO in a consultative capacity. Until Lisa Davis assumes her position, the Energy Sector will be headed by Randy Zwirn on an acting basis and represented on the Managing Board by Klaus Helmrich.
A number of further changes in business responsibilities on the Managing Board will take effect on October 1, 2014. Klaus Helmrich and Siegfried Russwurm will exchange their current responsibilities: Siegfried Russwurm will be the companys new Chief Technology Officer and Labor Director. He will also be responsible for the Region Middle East and the Region Russia/C.I.S. Klaus Helmrich will be responsible for the Digital Factory Division, the Process Industries and Drives Division, the Region Europe and the Region Africa. Roland Busch will have responsibility for the Building Technologies Division and the newly formed Mobility and Energy Management Divisions and will remain responsible for the Region Asia/Australia. Ralf P. Thomas will head Corporate Services in addition to serving as CFO.
Disclaimer
This document includes supplemental financial measures that are or may be non-GAAP financial measures. Orders and order backlog; adjusted or organic growth rates of revenue and orders; book-to-bill ratio; Total Sectors profit; return on equity (after tax), or ROE (after tax); return on capital employed (adjusted), or ROCE (adjusted); Free cash flow, or FCF; adjusted EBITDA; adjusted EBIT; adjusted EBITDA margins, earnings effects from purchase price allocation, or PPA
Siemens AG GM IR Investor Relations D-80312 Munich |
Mariel von Drathen Wittelsbacherplatz 2 D-80333 Munich Phone: +49-89 636 32474; Fax: -32830 E-Mail: investorrelations@siemens.com |
effects; net debt and adjusted industrial net debt are or may be such non-GAAP financial measures. These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens net assets and financial positions or results of operations as presented in accordance with IFRS in its Consolidated Financial Statements. Other companies that report or describe similarly titled financial measures may calculate them differently. Definitions of these supplemental financial measures, a discussion of the most directly comparable IFRS financial measures, information regarding the usefulness of Siemens supplemental financial measures, the limitations associated with these measures and reconciliations to the most comparable IFRS financial measures are available on Siemens Investor Relations website at www.siemens.com/nonGAAP. For additional information, see supplemental financial measures and the related discussion in Siemens most recent annual report on Form 20-F, which can be found on our Investor Relations website or via the EDGAR system on the website of the United States Securities and Exchange Commission.
This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as expect, look forward to, anticipate, intend, plan, believe, seek, estimate, will, project or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens management, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond Siemens control, affect Siemens operations, performance, business strategy and results and could cause the actual results, performance or achievements of Siemens to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or anticipated on the basis of historical trends. These factors include in particular, but are not limited to, the matters described in Item 3: Key informationRisk factors of our most recent annual report on Form 20-F filed with the SEC, in the chapter C.9.3 Risks of our most recent annual report prepared in accordance with the German Commercial Code, and in the chapter C.7 Risks and opportunities of our most recent interim report.
Further information about risks and uncertainties affecting Siemens is included throughout our most recent annual and interim reports, as well as our most recent earnings release, which are available on the Siemens website, www.siemens.com, and throughout our most recent annual report on Form 20-F and in our other filings with the SEC, which are available on the Siemens website, www.siemens.com, and on the SECs website, www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of Siemens may vary materially from those described in the relevant forward-looking statement as being expected, anticipated, intended, planned, believed, sought, estimated or projected. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Siemens AG GM IR Investor Relations D-80312 Munich |
Mariel von Drathen Wittelsbacherplatz 2 D-80333 Munich Phone: +49-89 636 32474; Fax: -32830 E-Mail: investorrelations@siemens.com |
| ||
Munich, May 7, 2014 |
| Focus on growth fields along the electrification, automation and digitalization |
| Acquisition of Rolls-Royce gas turbine and compressor business, joint venture for Metals Technologies and public listing of audiology set the course |
| New organization with flatter structures Sector level eliminated |
| Greater employee participation in company success Siemens to make up to 400 million available annually depending on company performance |
| Launch of share buyback of up to 4 billion upcoming |
In the future, Siemens AG will position itself along the electrification, automation and digitalization. Along these value chains Siemens has identified several growth fields in which it sees its greatest long-term potential. The company is orienting its resource allocation toward these growth fields and has announced concrete measures in this direction. The measures include the purchase of the major part of Rolls-Royces energy business and the contribution of Siemens Metals Technologies into a joint venture. A public listing of the audiology business will also be prepared. In addition, Siemens is making its organization flatter and more customer-oriented. This is Siemens Vision 2020.
Our Vision 2020 addresses our companys long-term perspectives along the modern electrification and automation value chains. By expanding share-based employee participation in our companys success, were creating a sustainable ownership culture at Siemens, said Siemens President and CEO Joe Kaeser.
The company wants to expand its share plans for employees below the senior management level and increase the number of employee shareholders by at least 50 percent to well over 200,000. For this purpose, Siemens will make up to 400 million available annually depending on company performance. In addition, the launch of the previously announced share buyback program of up to 4 billion is upcoming.
Siemens AG
Wittelsbacherplatz 2, 80333 Munich, Germany
Communications and Government Affairs
Head: Stephan Heimbach
Siemens AG | Press release |
The future focus on electrification, automation and digitalization is the result of the in-depth and extensive analysis begun in August 2013. Siemens has identified the fields where it will be able to achieve long-term growth and high profitability with its products and its unique technological knowhow.
In electrification and automation, Siemens already holds a clear No. 1 position in many markets. The growth fields in these two areas include the markets for small gas turbines and offshore wind turbines, which are profiting from a growing demand for secure and sustainable power supplies. The process industry, for example, offers attractive opportunities that Siemens can leverage even more intensively with its automation and drives solutions. The market for the production of unconventional oil and gas also offers attractive growth potential for Siemens.
Siemens intends to fully exploit the potential of increasing digitalization not just in manufacturing. Utilizing software and simulations, the Digital Factory makes product development considerably faster and more efficient. Data-driven services, software and IT solutions are of decisive importance as they have a substantial influence on all of Siemens future growth fields.
In order to take full advantage of the market potential in these fields, Siemens is realigning its organizational structures. As of October 1, 2014, the organization will be streamlined by eliminating the Sector level and bundling business into nine Divisions instead of the current 16. In addition, Healthcare will be separately managed in the future. This means that regional organization structures can be tailored to the requirements of the healthcare market and do not have to conform to the companys organizational matrix. This will give Healthcare greater flexibility on the medical technologies market, which is characterized by fundamental changes and paradigm shifts. As part of its realignment, Siemens is also preparing the going public of its audiology business.
Bundling the Divisions and eliminating the Sectors will reduce bureaucracy, cut costs and accelerate decision-making within the company. In addition, the companys support functions for example, human resources and communications are to be streamlined and centrally managed in the future. These measures, which are expected to increase productivity by some 1 billion a year, are to be fully effective by the end of fiscal 2016. To optimize cost development sustainably, the company has set a new target for total cost productivity. Starting in fiscal 2015, it is to total three to five percent a year.
As of fiscal 2015, the Divisions will be assigned target profit margin ranges excluding ppa that is, excluding the acquisition-related amortization of intangibles. These target ranges are oriented on the profit margins of each Divisions main competitors.
Siemens AG | Press release |
Power and Gas |
11 15% | |
Wind Power and Renewables |
5 8% | |
Energy Management |
7 10% | |
Building Technologies |
8 11% | |
Mobility |
6 9% | |
Digital Factory |
14 20% | |
Process Industries and Drives |
8 12% | |
Healthcare |
15 19% | |
Financial Services |
15 20% (Return on equity) |
Contact for journalists:
Marc Langendorf, Tel.: +49 89 636-41436
E-mail: marc.langendorf@siemens.com
Find all information regarding Siemens strategic realignment and the combined press and analyst conference on May 7, 2014 at 8:45 AM CEST at www.siemens.com/pressconference
Follow us on Twitter at: www.twitter.com/siemens_press
Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the fields of industry, energy and healthcare as well as providing infrastructure solutions, primarily for cities and metropolitan areas. For over 165 years, Siemens has stood for technological excellence, innovation, quality, reliability and internationality. The company is one of the worlds largest providers of environmental technologies. Around 43 percent of its total revenue stems from green products and solutions. In fiscal 2013, which ended on September 30, 2013, revenue from continuing operations totaled 75.9 billion and income from continuing operations 4.2 billion. At the end of September 2013, Siemens had around 362,000 employees worldwide on the basis of continuing operations. Further information is available on the Internet at: www.siemens.com.
This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as expect, look forward to, anticipate, intend, plan, believe, seek, estimate, will, project or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens management, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond Siemens control, affect Siemens operations, performance, business
Siemens AG | Press release |
strategy and results and could cause the actual results, performance or achievements of Siemens to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or anticipated on the basis of historical trends. These factors include in particular, but are not limited to, the matters described in Item 3: Key informationRisk factors of our most recent annual report on Form 20-F filed with the SEC, in the chapter C.9.3 Risks of our most recent annual report prepared in accordance with the German Commercial Code, and in the chapter C.7 Risks and opportunities of our most recent interim report. Further information about risks and uncertainties affecting Siemens is included throughout our most recent annual and interim reports, as well as our most recent earnings release, which are available on the Siemens website, www.siemens.com, and throughout our most recent annual report on Form 20-F and in our other filings with the SEC, which are available on the Siemens website, www.siemens.com, and on the SECs website, www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of Siemens may vary materially from those described in the relevant forward-looking statement as being expected, anticipated, intended, planned, believed, sought, estimated or projected. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
| ||
Munich, May 6, 2014 |
Siemens names future management team
As part of its realignment, Siemens AG has named its future management team. The Supervisory Board of Siemens AG has appointed Lisa Davis who is currently Executive Vice President Strategy, Portfolio and Alternative Energies at Royal Dutch Shell to the Managing Board, effective August 1, 2014. Lisa Davis will be responsible on the Managing Board for the Power and Gas Division, the Wind Power and Renewables Division, the Power Generation Services Division, the Region North America and the Region South America. She will be based in the United States. Michael Süß is resigning from the Managing Board with immediate effect, for personal reasons and by mutual consent. He will continue to be available to Siemens President and CEO in a consultative capacity. Until Lisa Davis assumes her position, the Energy Sector will be headed by Randy Zwirn on an acting basis and represented on the Managing Board by Klaus Helmrich.
A number of further changes in business responsibilities on the Managing Board will take effect on October 1, 2014. Klaus Helmrich and Siegfried Russwurm will exchange their current responsibilities: Siegfried Russwurm will be the companys new Chief Technology Officer and Labor Director. He will also be responsible for the Region Middle East and the Region Russia/C.I.S. Klaus Helmrich will be responsible for the Digital Factory Division, the Process Industries and Drives Division, the Region Europe and the Region Africa. Roland Busch will have responsibility for the Building Technologies Division and the newly formed Mobility and Energy Management Divisions and will remain responsible for the Region Asia/Australia. Ralf P. Thomas will head Corporate Services in addition to serving as CFO.
As of the beginning of fiscal 2015 on October 1, 2014, Siemens activities will be organized into nine Divisions. In addition, Healthcare will be managed as a separate business within Siemens AG.
Siemens AG
Wittelsbacherplatz 2, 80333 Munich, Germany
Communications and Government Affairs
Head: Stephan Heimbach
Siemens AG | Press release |
At the Division level, the future Power and Gas Division will include, among other segments, Siemens portfolio for large gas and steam turbines, compressors and gas turbines for distributed power generation. Revenue in fiscal 2013 was an estimated 14 billion. The Division will be headed by Roland Fischer, currently CEO of the Power Generation Division.
The Wind Power and Renewables Division will serve, among other things, the rapidly growing field of onshore and offshore wind power generation. Revenue was roughly 5 billion. Markus Tacke, currently CEO of Wind Power, has been named CEO of the new Division.
The Power Generation Services Division will comprise the service business for the large installed base of Siemens power generation products and will be headed by Randy Zwirn, who is presently CEO of the Energy Service Division. Its business figures will continue to be included in the reporting of the two Divisions named above.
The Energy Management Division will bundle solutions and products for power transmission and distribution as well as technologies for smart grids. Revenue was around 12 billion. The Division will be in the hands of Ralf Christian and Jan Mrosik, who are currently responsible for the Low and Medium Voltage Division and the Smart Grid Division, respectively. Effective May 7, 2014, Jan Mrosik will, under the present Division structure and in addition to his current responsibilities, succeed Karlheinz Springer as head of the Power Transmission Division.
The Building Technologies Division will offer integrated automation solutions and intelligent technologies for buildings and continue to be headed by Johannes Milde. Revenue was approximately 6 billion in fiscal 2013.
The Mobility Division will comprise the companys train technology and rail automation activities in order to address the growth field of Smart Mobility with intelligent and integrated solutions. Revenue was around 7 billion in fiscal 2013. Division CEO will be Jochen Eickholt, who currently heads the Rail Systems Division.
Siemens AG | Press release |
The Digital Factory Division intends to shape the future of manufacturing by merging the real and digital worlds in the areas of design, production and service. The Division will bundle specialized solutions and technologies for automation systems, industrial switchgear and industry software (PLM) under one roof. Revenue amounts to about 9 billion. The Division will be headed by Anton Huber, who is presently CEO of the Industry Automation Division.
The Process Industries and Drives Division will build on a solid market position in the growth field of process industries. The Division will offer products, systems, applications and solutions for integrated drive technologies and systems. Here, Siemens expects growth impulses by focusing on booming core industries like oil and gas, food and beverages, chemicals and pharmaceuticals. Revenue for the Division amounts to approximately 11 billion. Division CEO will be Peter Herweck, who currently is responsible for the process industries project at Siemens.
Financial Services (SFS), provider of financial solutions for Siemens and outside companies, will continue to be headed by Roland Chalons-Browne.
Healthcare will remain under the leadership of Hermann Requardt, member of the Managing Board of Siemens AG, who will manage this unit as a separate business within Siemens AG in the future.
The companys Corporate Services Information Technology, Corporate Supply Chain Management, Global Shared Services and Siemens Real Estate will be bundled under the management of Hannes Apitzsch, currently CFO of the Infrastructure & Cities Sector.
Contact for journalists:
Marc Langendorf, Tel.: +49 89 636-41436
E-mail: marc.langendorf@siemens.com
Siemens AG | Press release |
All information on the companys strategic realignment and the combined press and analyst conference at 8:45 a.m. on May 7, 2014 is available at www.siemens.com/presskonferenz.
Follow us on Twitter at www.twitter.com/siemens_press.
Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the fields of industry, energy and healthcare as well as providing infrastructure solutions, primarily for cities and metropolitan areas. For over 165 years, Siemens has stood for technological excellence, innovation, quality, reliability and internationality. The company is one of the worlds largest providers of environmental technologies. Around 43 percent of its total revenue stems from green products and solutions. In fiscal 2013, which ended on September 30, 2013, revenue from continuing operations totaled 75.9 billion and income from continuing operations 4.2 billion. At the end of September 2013, Siemens had around 362,000 employees worldwide on the basis of continuing operations. Further information is available on the Internet at: www.siemens.com
This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as expect, look forward to, anticipate, intend, plan, believe, seek, estimate, will, project or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens management, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond Siemens control, affect Siemens operations, performance, business strategy and results and could cause the actual results, performance or achievements of Siemens to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or anticipated on the basis of historical trends. These factors include in particular, but are not limited to, the matters described in Item 3: Key informationRisk factors of our most recent annual report on Form 20-F filed with the SEC, in the chapter C.9.3 Risks of our most recent annual report prepared in accordance with the German Commercial Code, and in the chapter C.7 Risks and opportunities of our most recent interim report. Further information about risks and uncertainties affecting Siemens is included throughout our most recent annual and interim reports, as well as our most recent earnings release, which are available on the Siemens website, www.siemens.com, and throughout our most recent annual report on Form 20-F and in our other filings with the SEC, which are available on the Siemens website, www.siemens.com, and on the SECs website, www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of Siemens may vary materially from those described in the relevant forward-looking statement as being expected, anticipated, intended, planned, believed, sought, estimated or projected. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
The financial measures identified in this document are in part transitional figures attained by comparison, classification, appreciation and rounding of historical financial measures; these financial measures and their transitional basis must be regarded as preliminary.
| ||
Munich, May 6, 2014 |
Siemens to acquire the Rolls-Royce Energy gas turbine and compressor business and enter into a long-term technology partnership
| Siemens completes portfolio with aero-derivative gas turbines for growth in the oil and gas and decentralized power generation sectors |
| Purchase price for the acquired business is £785 million or about 950 million |
| Transaction expected to close before the end of December 2014 |
Siemens is acquiring the Rolls-Royce Energy aero-derivative gas turbine and compressor business and thereby strengthening its position in the growing oil and gas industry as well as in the field of decentralized power generation. The purchase price is £785 million or about 950 million. The transaction is expected to close before the end of December 2014, subject to regulatory approvals.
In addition, as part of the transaction, Siemens will get exclusive access to future Rolls-Royce aero-turbine technology developments in the 4 to 85 megawatt power output range as well as preferred access to supply and engineering services. For this 25 year duration agreement, Siemens will pay Rolls-Royce an additional £200 million, or about 240 million.
By acquiring Rolls-Royces small and medium aero-derivative gas turbines with a power output of up to 66 megawatts (ISO/wet-rating), Siemens will close a technology gap in its extensive gas turbine portfolio.
Originally developed for use in the aviation industry, Rolls-Royce Energys aero-derivative gas turbines have a compact, weight-optimized construction and are highly efficient. These characteristics make aero-derivative gas turbines an
Siemens AG
Wittelsbacherplatz 2, 80333 Munich, Germany
Communications and Government Affairs
Head: Stephan Heimbach
Siemens AG | Press release |
attractive power supply option in the oil and gas industry, in particular for the operators of offshore oil platforms where space is limited. Due to their efficiency and fast start-up capabilities, aero-derivative gas turbines are also used for the dependable decentralized power generation in industry their flexibility helps meet peak electricity demands, provide emergency power reserves and stabilize the power grid.
Rolls-Royce Energys gas turbine and compressor business is one of the leading providers of aero-derivative gas turbines. In this segment, the acquired business, which has around 2,400 employees, delivered revenue of £871 million (approximately 1.1 billion) and earnings before interest and tax (EBIT) of £72 million (about 88 million) in fiscal 2013. With an installed base of about 2,500 gas turbines, Rolls-Royce Energys business has the worlds second-largest fleet of aero-derivative gas turbines.
Contact for journalists:
Wolfram Trost, Tel.: +49 89 636-34794
E-mail: wolfram.trost@siemens.com
Find all information regarding Siemens strategic realignment and the combined press and analyst conference on May 7, 2014 at 8:45 AM CEST at www.siemens.com/pressconference
Follow us on Twitter at: www.twitter.com/siemens_press
Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the fields of industry, energy and healthcare as well as providing infrastructure solutions, primarily for cities and metropolitan areas. For over 165 years, Siemens has stood for technological excellence, innovation, quality, reliability and internationality. The company is one of the worlds largest providers of environmental technologies. Around 43 percent of its total revenue stems from green products and solutions. In fiscal 2013, which ended on September 30, 2013, revenue from continuing operations totaled 75.9 billion and income from continuing operations 4.2 billion. At the end of September 2013, Siemens had around 362,000 employees worldwide on the basis of continuing operations. Further information is available on the Internet at: www.siemens.com.
Siemens AG | Press release |
This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as expect, look forward to, anticipate, intend, plan, believe, seek, estimate, will, project or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens management, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond Siemens control, affect Siemens operations, performance, business strategy and results and could cause the actual results, performance or achievements of Siemens to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or anticipated on the basis of historical trends. These factors include in particular, but are not limited to, the matters described in Item 3: Key informationRisk factors of our most recent annual report on Form 20-F filed with the SEC, in the chapter C.9.3 Risks of our most recent annual report prepared in accordance with the German Commercial Code, and in the chapter C.7 Risks and opportunities of our most recent interim report. Further information about risks and uncertainties affecting Siemens is included throughout our most recent annual and interim reports, as well as our most recent earnings release, which are available on the Siemens website, www.siemens.com, and throughout our most recent annual report on Form 20-F and in our other filings with the SEC, which are available on the Siemens website, www.siemens.com, and on the SECs website, www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of Siemens may vary materially from those described in the relevant forward-looking statement as being expected, anticipated, intended, planned, believed, sought, estimated or projected. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
| ||
Munich, May 6, 2014 |
Siemens prepares public listing of audiology business
As part of its realignment, Siemens AG is preparing to publicly list its audiology activities in order to give the business an opportunity to better leverage its potential outside the company. Step by step, Siemens hearing aid activities have succeeded in capturing a strong market position in recent years. Experts predict that by 2020 the market for hearing aids will have grown by an average of four percent per year.
However, the audiology business has a special position within the company. Both its technology and its consumer-oriented market access limit synergy potentials with other Siemens businesses. In addition, anticipated technological developments at Siemens Audiology differ greatly from those of the company and its healthcare activities. This applies particularly to growth fields like implants and the link to consumer electronics.
Siemens Audiology has more than 4,000 employees and a worldwide presence. Key locations are Singapore, Erlangen (Germany), Piscataway (New Jersey / U.S.), Kanagawa (Greater Tokyo / Japan), Crawley (UK) and Saint Denis (Greater Paris / France). As a medium-sized enterprise, the business is the only manufacturer focusing exclusively on the development and production of hearing aids (pure play).
Siemens has been active in the audiology field for more than 100 years. In 1913, the company brought to market the first industrially produced hearing aid, the Esha Phonophor. In the late 1950s, Siemens presented the first behind-the-ear device, in 1966 the first in-the-ear device and in 1997 the first digital hearing system.
In 2004, Siemens was the first producer to introduce hearing aids utilizing radio technology to synchronize operation between the left and right ears. In 2012,
Siemens AG
Wittelsbacherplatz 2, 80333 Munich, Germany
Communications and Government Affairs
Head: Stephan Heimbach
Siemens AG | Press release |
Siemens was awarded the German Future Prize by the Federal President of Germany for developing a binaural hearing system that enables hearing aids in both ears to communicate.
Contact for journalists:
Marc Langendorf, Tel.: +49 89 636-41436
E-mail: marc.langendorf@siemens.com
Find all information regarding Siemens strategic realignment and the combined press and analyst conference on May 7, 2014 at 8:45 AM CEST at www.siemens.com/pressconference
Follow us on Twitter at: www.twitter.com/siemens_press
Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the fields of industry, energy and healthcare as well as providing infrastructure solutions, primarily for cities and metropolitan areas. For over 165 years, Siemens has stood for technological excellence, innovation, quality, reliability and internationality. The company is one of the worlds largest providers of environmental technologies. Around 43 percent of its total revenue stems from green products and solutions. In fiscal 2013, which ended on September 30, 2013, revenue from continuing operations totaled 75.9 billion and income from continuing operations 4.2 billion. At the end of September 2013, Siemens had around 362,000 employees worldwide on the basis of continuing operations. Further information is available on the Internet at: www.siemens.com.
This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as expect, look forward to, anticipate, intend, plan, believe, seek, estimate, will, project or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens management, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond Siemens control, affect Siemens operations, performance, business strategy and results and could cause the actual results, performance or achievements of Siemens to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or anticipated on the basis of historical trends. These factors include in particular, but are not limited to, the matters described in Item 3: Key informationRisk factors of our most recent annual report on Form 20-F filed with the SEC, in the chapter C.9.3 Risks of our most recent annual report prepared in accordance with the German Commercial Code, and in the chapter C.7 Risks and opportunities of our most recent interim report. Further information about risks and uncertainties affecting Siemens is included throughout our most recent annual and interim reports, as well as our most recent earnings release, which are available on the Siemens website, www.siemens.com, and throughout our most recent annual report on Form 20-F and in our other filings with the
Siemens AG | Press release |
SEC, which are available on the Siemens website, www.siemens.com, and on the SECs website, www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of Siemens may vary materially from those described in the relevant forward-looking statement as being expected, anticipated, intended, planned, believed, sought, estimated or projected. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
| ||
Munich, May 7, 2014 |
Siemens and Mitsubishi Heavy Industries form joint venture for metals industry
| Strong partners with complementing technological competencies found joint venture |
| Existing regional organizations ideally complement one another |
| Structures tailored to global market requirements and the international competitive environment |
Siemens and Mitsubishi Heavy Industries (MHI) want to cooperate in the field of metallurgical industry and are forming a globally operating complete provider for plants, products and services for the iron, steel and aluminum industry. Responding to the challenging market environment and high price pressure, two strong partners are bundling their individual strengths and establishing a powerful and globally well positioned joint venture. An agreement to this effect has just been signed. According to the agreement, MHI will hold a 51-percent and Siemens a 49-percent stake in the joint venture. Subject to approval of the relevant authorities, the joint venture will start operations in January 2015.
Both partners are contributing their metallurgical industry activities to the joint venture. The new joint venture will integrate Mitsubishi-Hitachi Metals Machinery, Inc. (MH) an MHI consolidated group company with equity participation by Hitachi, Ltd. and IHI Corporation. Siemens and MHI ideally complement one another with regard to their product portfolios, production know-how and geographical spread. The new joint venture with approximately 9,000 employees will focus fully on business with iron, steel and aluminum-producing industry. The companys structures are lean and tailored to global market requirements and the international competitive environment. The bundling of competencies will result in a powerful joint venture that is better able to compensate for market fluctuations.
Siemens AG
Wittelsbacherplatz 2, 80333 Munich, Germany
Communications and Government Affairs
Head: Stephan Heimbach
Siemens AG | Press release |
The companys headquarters will be located in the United Kingdom. The joint venture includes supply agreements for Siemens Industry Automation and Drive Technologies Divisions.
Regionally, the steel market has strongly shifted to Asia. Over 50 percent of the worlds steel production now takes place in China, with growing competition also through local technology providers. Drawing on the centers of competence of Siemens Metals Technologies in Central Europe and those of MHI in Asia, the new joint venture has a very solid regional set-up.
The portfolios of the two partners ideally complement one another. While the technology strengths of Siemens Metals Technologies lie in particular in iron and steel production, casting, automation, environmental technologies and lifecycle services, MHIs technology competence is primarily focused on hot and cold rolling, processing as well as production expertise. By combining both portfolios, the joint venture can offer its customers the entire value chain in iron, steel and aluminum production, from technologies for processing raw materials to surface finishing at the end of the production process, as well as the related lifecycle service competencies.
The Metals Technologies Business Unit (headquartered in Linz, Austria), part of the Siemens Industry Sector, is a worldwide leading lifecycle partner for the metals industry. The Business Unit offers a comprehensive technology, modernization, product and service portfolio and integrated automation and environmental solutions for complete plant lifecycles. Further information is available in the Internet at: www.siemens.com/metals
Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, Japan, is one of the worlds leading heavy machinery manufacturers, with consolidated sales of 2,817.8 billion yen in fiscal 2012, the year ended March 31, 2013. MHIs diverse lineup of products and services encompasses shipbuilding, power plants, chemical plants, environmental equipment, steel structures, industrial and general machinery, aircraft, space systems and air-conditioning systems. The steel production machinery divisions of Mitsubishi Heavy Industries and Hitachi were combined in the year 2000 to create Mitsubishi-Hitachi Metals Machinery, Inc. (MH), establishing a worldwide leading company for steel production machinery. For more information, please visit www.mhi-global.com/index.html and www.m-hmm.co.jp/index.html
Siemens AG | Press release |
Contact for journalists:
Siemens AG:
Günter Gaugler, Tel: +49 (89) 636-34782
E-mail: guenter.gaugler@siemens.com
Mitsubishi Heavy Industries:
Hideo Ikuno, Tel: +813-6716-5277
E-mail: h.ikuno@daiya-pr.co.jp
Find all information regarding Siemens strategic realignment and the combined press and analyst conference on May 7, 2014 at 8:45 AM CEST at www.siemens.com/pressconference
Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the fields of industry, energy and healthcare as well as providing infrastructure solutions, primarily for cities and metropolitan areas. For over 165 years, Siemens has stood for technological excellence, innovation, quality, reliability and internationality. The company is one of the worlds largest providers of environmental technologies. Around 43 percent of its total revenue stems from green products and solutions. In fiscal 2013, which ended on September 30, 2013, revenue from continuing operations totaled 75.9 billion and income from continuing operations 4.2 billion. At the end of September 2013, Siemens had around 362,000 employees worldwide on the basis of continuing operations. Further information is available on the Internet at: www.siemens.com.
This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as expect, look forward to, anticipate, intend, plan, believe, seek, estimate, will, project or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens management, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond Siemens control, affect Siemens operations, performance, business strategy and results and could cause the actual results, performance or achievements of Siemens to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or anticipated on the basis of historical trends. These factors include in particular, but are not limited to, the matters described in Item 3: Key informationRisk factors of our most recent annual report on Form 20-F filed with the SEC, in the chapter C.9.3 Risks of our most recent annual report prepared in accordance with the German Commercial Code, and in the chapter C.7 Risks and opportunities of our most recent interim report. Further information about risks and uncertainties affecting Siemens is included throughout our most recent annual and interim reports, as well as our most recent earnings release, which are available on the Siemens website, www.siemens.com, and throughout our most recent annual report on Form 20-F and in our other filings with the SEC, which are available on the Siemens website, www.siemens.com, and on the SECs website, www.sec.gov.
Siemens AG | Press release |
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of Siemens may vary materially from those described in the relevant forward-looking statement as being expected, anticipated, intended, planned, believed, sought, estimated or projected. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SIEMENS AKTIENGESELLSCHAFT | ||||||||
Date: May 7, 2014 | /S/ DR. JOCHEN SCHMITZ |
|||||||
Name: | Dr. Jochen Schmitz | |||||||
Title: | Corporate Vice President and Controller | |||||||
/S/ DR. JUERGEN M. WAGNER |
||||||||
Name: | Dr. Juergen M. Wagner | |||||||
Title: | Head of Financial Disclosure and Corporate Performance Controlling |