Form 6-K
Table of Contents

 

 

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

July 31, 2013

Commission File Number: 1-15174

Siemens Aktiengesellschaft

(Translation of registrant’s 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-


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LOGO   Investor Relations
  Munich, July 31, 2013

Ad-hoc Announcement

according to § 15 WpHG (Securities Trading Act)

Joe Kaeser new President and Chief Executive Officer of Siemens AG

Joe Kaeser, Chief Financial Officer (CFO) of Siemens AG since 2006, is designated as the new President and Chief Executive Officer of Siemens AG, effective August 1st, 2013.

The current CEO Peter Löscher resigns and leaves the Board of Siemens AG by mutual agreement. The Supervisory Board of Siemens AG has taken the decision unanimously to appoint Joe Kaeser as new CEO and has accepted the decision of Peter Löscher to resign and leave the Board. A new CFO will be appointed in due course.

Siemens will publish its figures for the third quarter of fiscal 2013 today at around 12:00 and not as originally planned on August 1st of 2013.

1 / 1

 

Siemens AG    Mariel von Drathen
CF IR    Wittelsbacherplatz 2
Investor Relations    D-80333 Munich
D-80312 Munich    Phone: +49-89 636 32474; Fax: -32830
   E-Mail: investorrelations@siemens.com


Table of Contents
Key figures   

Earnings Release

  

Earnings Release Consolidated Financial Statements (preliminary and unaudited)

  

SUPPLEMENTAL DATA:

  

Additional Information (I) (preliminary and unaudited)

  

Additional Information (II) (preliminary and unaudited)

  

Signature page

  


Table of Contents

LOGO

KEY FIGURES Q3 AND FIRST NINE MONTHS OF FISCAL 20131, 2

preliminary and unaudited; in millions of , except where otherwise stated

 

LOGO                         % Change    

1st nine months

          % Change  
  VOLUME   Q3 2013     Q3 2012     Actual     Adjusted3     2013     2012     Actual     Adjusted3  
  Continuing operations                                                
  Orders     21,141        17,770        19     21     61,984        55,458        12     12
  Revenue     19,248        19,542        (2 )%      (1 )%      55,404        56,741        (2 )%      (3 )% 
                 
                             

1st nine months

             
  EARNINGS   Q3 2013     Q3 2012    

% Change

    2013     2012     % Change  
  Total Sectors                    
  Adjusted EBITDA     1,823        2,299        (21)%        5,855        6,735        (13)%   
  Total Sectors profit     1,261        1,817        (31)%        4,175        5,347        (22)%   
 

in % of revenue (Total Sectors)

    6.5     9.2         7.5     9.3  
  Continuing operations                    
  Adjusted EBITDA     1,831        2,343        (22)%        6,044        7,085        (15)%   
 

Income from continuing operations

    1,004        1,152        (13)%        3,131        3,417        (8)%   
 

Basic earnings per share (in )4

    1.16        1.28        (9)%        3.64        3.81        (4)%   
 

Continuing and discontinued operations

                   
  Net income     1,098        770        43%        3,341        3,092        8%   
 

Basic earnings per share (in )4

    1.27        0.85        50%        3.88        3.43        13%   
                 
  CAPITAL EFFICIENCY  

Q3 2013

    Q3 2012    

1st nine months

2013

   

1st nine months

2012

 
  Continuing operations                
 

Return on capital employed (ROCE) (adjusted)

    13.1%        14.5%        13.5%        15.3%   
                 
  CASH PERFORMANCE   Q3 2013     Q3 2012    

1st nine months

2013

   

1st nine months

2012

 
  Continuing operations                  
  Free cash flow     973        899        915        418   
  Cash conversion rate     0.97        0.78        0.29        0.12   
 

Continuing and discontinued operations

                 
  Free cash flow     1,053        967        992        291   
  Cash conversion rate     0.96        1.26        0.30        0.09   
                 
  LIQUIDITY AND CAPITAL
STRUCTURE
  June 30, 2013     September 30, 2012  
 

Cash and cash equivalents

          6,071        10,891   
 

Total equity (Shareholders of Siemens AG)

          27,393        30,855   
 

Net debt

          16,219        9,292   
 

Adjusted industrial net debt

                            8,911        2,271   
                 
        June 30, 2013     September 30, 2012  
    EMPLOYEES (IN
THOUSANDS)
  Continuing
operations
   

Total6

   

Continuing

operations

    Total6  
             
  Employees     368        404        370        410   
  Germany     119        129        119        130   
  Outside Germany     249        275        251        280   

 

1 Orders; Adjusted or organic growth rates of revenue and orders; Total Sectors profit; ROCE (adjusted); Free cash flow and cash conversion rate; Adjusted EBITDA; Net debt 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 LOGO WWW.SIEMENS.COM/NONGAAP

 

2 April 1 — June 30, 2013 and October 1, 2012 — June 30, 2013.

 

3 Adjusted for portfolio and currency translation effects.

 

4 Basic earnings per share – attributable to shareholders of Siemens AG. For fiscal 2013 and 2012 weighted average shares outstanding (basic) (in thousands) for the third quarter amounted to 843,107 and 879,228 and for the first nine months to 844,046 and 877,466 shares, respectively.

 

5 Calculated by dividing adjusted industrial net debt as of June 30, 2013 and 2012 by annualized adjusted EBITDA.

 

6 Continuing and discontinued operations.


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Major Progress with Portfolio Optimization

Financial Highlights:

 

 

Orders for the third quarter rose 19% year-over-year, to 21.141 billion. Revenue was 19.248 billion, 2% below the prior-year level.

 

 

The book-to-bill ratio was 1.10, and Siemens’ order backlog reached a new high at 102 billion.

 

 

Total Sectors profit declined to 1.261 billion, due primarily to third-quarter charges totaling 436 million for the “Siemens 2014” productivity improvement program.

 

 

Income from continuing operations was lower year-over-year, at 1.004 billion.

 

 

Net income rose to 1.098 billion. Corresponding basic EPS was 1.27, up from 0.85 in the prior-year period.

 

 

Free cash flow from continuing operations increased to 973 million.

 

 

Table of Contents   
Siemens      2-4   

Sectors, Equity Investments,

Financial Services

     5-12   
Corporate Activities and OSRAM      13   
Outlook      13   

Notes and Forward–

Looking Statements

     14   

Media Relations:

Alexander Becker

Phone: +49 89 636-36558

E-mail: becker.alexander@siemens.com

Oliver Santen

Phone: +49 89 636-36669

E-mail: oliver.santen@siemens.com

Siemens AG,

80333 Munich, Germany

 

 

Earnings Release Q3 2013

April 1 to June 30, 2013

 

Munich, Germany, July 31, 2013

   LOGO
 


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Siemens      2

Orders and Revenue

 

Significant rise in orders, slight decline in revenue

Third-quarter orders rose 19% year-over-year, lifted by a higher volume of large orders. On a comparable basis, excluding currency translation and portfolio effects, orders were 21% higher. Reported revenue was 2% below the level a year earlier, and on a comparable basis revenue was less than 1% below the prior-year level. The book-to-bill ratio for Siemens was 1.10, and the order backlog (defined as the sum of the order backlogs of the Sectors) increased to a new high at 102 billion.

Orders climb on major contract win

Orders in Infrastructure & Cities rose on a contract win worth 3.0 billion for trains and maintenance in the U.K., one of Siemens’ largest train orders. Orders for the other three Sectors were close to their respective levels in the third quarter a year ago.

On a geographic basis, the region comprising Europe, the Commonwealth of Independent States, Africa and the Middle East (Europe/CAME) reported sharp order growth due primarily to the large order mentioned above. Orders came in lower in the Asia, Australia and Americas regions. Emerging markets on a global basis grew 6% year-over-year, and accounted for 7.096 billion, or 34%, of total orders for the quarter.

Revenue development shows mixed picture

The Infrastructure & Cities and Healthcare Sectors reported higher revenue compared to the prior-year quarter, with a majority of businesses in each Sector contributing to growth. These increases were more than offset by revenue declines in Energy and Industry compared to the third quarter a year earlier.

On a regional basis, revenue rose in Asia, Australia and Europe/CAME. In contrast, revenue fell in the Americas due primarily to the wind power market in the U.S. Emerging markets on a global basis reported a 2% increase in revenue year-over-year, and accounted for 6.458 billion, or 34%, of total revenue for the third quarter.

 

 

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Siemens      3

Income and Profit

 

Update on “Siemens 2014”

In the third quarter, Siemens continued to implement “Siemens 2014,” a company-wide program aimed at improving profitability in the Sectors. One condition required for reaching the program’s ambitious target margin was a return to moderate revenue growth in fiscal 2014. This growth is not expected to materialize, due mainly to the market environment. As a result, Siemens no longer expects to achieve a Total Sectors profit margin of at least 12% by fiscal 2014. Measures for optimizing Siemens’ portfolio and reducing costs are largely on track.

Cost reduction measures in the Sectors focused primarily on improving regional footprints, adjusting capacity, and increasing process efficiency. These measures resulted in charges of 436 million overall, taken primarily in Infrastructure & Cities (180 million), Industry (140 million), and Energy (102 million). Healthcare, which

launched its productivity improvement measures a year ahead of “Siemens 2014,” recorded 14 million in related charges. Siemens expects substantial additional charges for “Siemens 2014” in the fourth quarter of the fiscal year.

Total Sectors profit declines on “Siemens 2014” charges

Total Sectors profit was 1.261 billion in the third quarter, down from the prior-year level due primarily to the “Siemens 2014” charges mentioned above. While Healthcare increased its profit year-over-year to 499  million, the other three Sectors reported lower profit compared to the prior-year period. Energy recorded a 91 million profit impact related to inspecting and retrofitting onshore wind turbine blades, and reported profit of 430 million. Industry’s profit declined to 347 million, and Infrastructure & Cities posted a loss of 15 million due to “Siemens 2014” charges.

Positive effect from progress with portfolio optimization

Income from continuing operations came in at 1.004 billion, down from 1.152 billion a year earlier. Corresponding basic EPS was 1.16 in the current period compared to 1.28 a year earlier. The main factor in the decline was lower Total Sectors profit. This was partly offset by improved results outside the Sectors. In particular, Equity Investments included a positive 301 million effect related to the previously announced divestment of Siemens’ stake in Nokia Siemens Networks B.V. (NSN). In addition, the equity investment loss related to Siemens’ stake in NSN narrowed year-over-year.

Net income rises on income from discontinued operations

Net income for the third quarter increased to 1.098 billion from 770  million a year earlier. Corresponding basic EPS rose to 1.27 from 0.85 in the prior-year period. These increases were due primarily to discontinued operations, which recorded income of 94 million compared to a loss of 382 million a year earlier. The primary factor in this improvement was a positive contribution of 42 million from OSRAM, compared to a negative 354 million in the third quarter a year earlier. That prior-year period included a negative catch-up effect of 443 million (pre-tax), arising when Siemens deemed it no longer highly probable to complete its original plan to dispose of OSRAM via an initial public offering. After the close of the third quarter, Siemens completed the spin-off and listing of OSRAM. Additional information regarding OSRAM is on page 13. Income from discontinued operations related to Siemens IT Solutions and Services was a positive 47 million in the current period compared to a negative 10 million in the same period a year ago.

 

 

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Siemens      4

Cash, Return on Capital Employed (ROCE), Pension Funded Status

 

 

Increase in operating net working capital holds back Free cash flow

Free cash flow from continuing operations increased to 973 million from 899  million in the same period a year ago. Free cash flow was held back by an increase in operating net working capital of 1.3 billion, in part due to outstanding customer payments in the project business particularly in Energy and Infrastructure & Cities.

Decrease in pension plan underfunding

The estimated underfunding of Siemens’ pension plans as of June 30, 2013 amounted to 8.5 billion, compared to an estimated underfunding of 9.0 billion at the end of the second quarter. Siemens’ defined benefit obligation decreased in the third quarter due to an increase in the discount rate assumption as of June 30, 2013.

 

 

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Sectors      5

Energy Sector

 

Revenue and profit decline, orders up

Energy reported third-quarter profit of 430 million, down substantially year-over-year. The Sector took charges of 102 million under the “Siemens 2014” program, primarily for reducing the Sector’s cost structure, adjusting capacity and optimizing its regional footprint. Profit was also held back by 91  million in charges in the Wind Power Division, related to inspecting and retrofitting onshore turbine blades mainly in the U.S. While profit rose at Oil & Gas compared to the prior-year period, Fossil Power Generation and Wind Power posted lower profits and Power Transmission recorded a loss. Siemens decided to ramp down its solar business, and associated expenses contributed to a loss of 47 million for the business compared to a loss of 30 million in the third quarter a year ago.

Competitive pressures remained strong, and Energy’s third-quarter revenue came in 5% lower year-over-year on declines in all Divisions. Orders for the quarter were up 2% year-over-year, on double-digit increases at Oil & Gas, Power Transmission and Wind Power. In contrast, Fossil Power Generation took in a lower volume from large orders compared to the prior-year period, and posted a decline.

On a geographic basis, revenue was up in Asia, Australia and level in Europe/CAME but fell in the Americas due primarily to Wind Power’s on-shore business in the U.S. Orders were

higher in Europe/CAME and the Americas but declined in Asia, Australia. The book-to-bill ratio for Energy was 0.81, and its order backlog was 55 billion at the end of the quarter.

Lower revenue, “Siemens 2014” charges reduce profit

Third-quarter profit at Fossil Power Generation came in at 368 million, down substantially from the prior-year period due in part to 57  million in charges for “Siemens 2014.” Profit development was also held back by a 10% decline in revenue, a lower contribution from the service business, and a less favorable revenue mix in the products business. Even so, Fossil Power Generation again accounted for most of the Sector’s profit and was the highest profit performer among all Siemens Divisions. Orders came in 22% lower year-over-year, due mainly to an unusually low volume of large orders particularly in the solutions business. On a geographic basis, revenue rose in Asia, Australia and fell in the other reporting regions. Orders climbed in the Americas but came in substantially lower in Europe/CAME and Asia, Australia.

On-shore business holds back revenue and profit

Third-quarter profit at Wind Power was 21  million, down from 66  million a year earlier. Both periods included burdens on profit. The current period includes the 91 million in charges mentioned above related to wind turbine blades. A year earlier, third-quarter profit was held back by a 32 million provision related to a wind turbine component from an external supplier and a charge of 20 million related to capacity adjustment.

Third-quarter revenue came in lower year-over-year due to Wind Power’s onshore business, where the U.S. is the largest national market for the Division. New projects in the U.S. were halted or postponed in the second half of calendar 2012 due to uncertainty regarding the continuation of production tax incentives. The resulting order gap led to a steep drop in revenue in the Americas region for the current quarter compared to a year earlier. In contrast, revenue was up sharply in Europe/CAME. Third-quarter orders were up substantially from a low basis of comparison, and included higher service orders in Europe/CAME.

 

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Sectors      6

 

Higher profit contribution, substantial order growth

Third-quarter profit at Oil & Gas rose to 133 million from 108  million in the same period a year earlier. The increase was due mainly to a more favorable revenue mix and project execution. The Division recorded 19 million in charges under the “Siemens 2014” program. Revenue for the Division was down 5%, due mainly to the

steam turbine business. Orders climbed 28% on higher volume from large orders compared to the prior-year period. On a geographic basis, revenue rose in the Americas and declined in Asia, Australia. Orders grew strongly in Europe/CAME, including a large liquefied natural gas (LNG) order in Russia, and in Asia, Australia.

Multiple challenges and charges lead to loss

Power Transmission reported a loss of 49  million in the third quarter, compared to a profit of 52 million in the same quarter a

year earlier. Operational challenges and ongoing price pressure strongly cut back profit in the transformers and high-voltage products businesses compared to the prior-year period. Both quarters included charges related mainly to grid connections to offshore-wind farms, totaling 26 million in the current period and 22 million a year earlier. In addition, the current period includes 26 million in charges for “Siemens 2014.” Third-quarter revenue was down 6% compared to the prior-year level, due primarily to the transformers business. All three reporting regions posted revenue declines year-over-year. In contrast, a higher volume from large orders drove a 17% increase in third-quarter orders year-over-year. On a regional basis, order growth came primarily from Europe/CAME, offsetting a decline in the Americas. The Division expects continuing challenges in coming quarters.

 

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Sectors      7

Healthcare Sector

 

 

Strong profit contribution, solid revenue growth

Third-quarter profit in Healthcare rose to 499  million, due primarily to improvements in the Sector’s cost position resulting from its ongoing Agenda 2013 initiative as well as lower charges associated with this initiative. These charges totaled 14 million in the current period compared to 33 million in the prior-year period. While the current period was burdened by a 36  million impairment of an investment at Diagnostics in Italy, the prior-year quarter benefited from the successful pursuit of a patent infringement claim of 34 million.

Reported profit of 72 million at Diagnostics included the 36 million burden mentioned above. As a result, profit came in below the prior-year level of 94 million. Charges associated with Agenda 2013 were 2 million compared to 10 million in the third quarter a year ago. Purchase price allocation (PPA) effects related to past acquisitions at Diagnostics were 42 million in the third quarter. A year earlier, Diagnostics recorded 44 million in PPA effects.

Third-quarter revenue for Healthcare grew 1% year-over-year, led by the Sector’s imaging businesses. Orders declined 1% compared to the prior-year period. On a comparable basis both revenue and orders were up year-over-year. On a regional basis, the Sector’s revenue growth came from Asia-Australia, led by China with double-digit growth. Europe/CAME posted moderate order growth compared to the prior-year period, while Asia, Australia and the Americas posted declines. The book-to bill ratio for the Sector was 0.97, and Healthcare’s order backlog was 7 billion at the end of the third quarter.

The Diagnostics business saw a slight decline in third-quarter revenue, which was 992 million compared to 1.014 billion a year earlier. On a comparable basis, revenue was up slightly. Revenue grew in Asia, Australia but came in lower in Europe/CAME and the Americas.

 

 

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Sectors      8

Industry Sector

 

 

Revenue and orders stable, substantial charges for “Siemens 2014”

Market conditions for Industry showed signs of stabilizing in the third quarter. Orders were up slightly for the period and revenue declined 2% year-over-year. While profit for the quarter came in lower than a year earlier, at 347 million, the major factor in the change was 140 million in “Siemens 2014” charges, primarily to reduce costs associated with administrative processes and improve the Sector’s global footprint. The metals technologies business took 18 million of these charges, and while it closed a number of major orders during the quarter its market conditions remained weak overall.

On a regional basis, revenue was lower in all three reporting regions.

Orders rose in Europe/CAME and Asia, Australia but declined in the Americas. The Sector’s book-to-bill ratio was 1.03 and its order backlog at the end of the quarter was 11 billion.

 

 

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Sectors      9

 

Orders stable, business mix improves

Industry Automation contributed 236 million to Sector profit in the third quarter, after taking 59 million in charges related to “Siemens 2014.” Market conditions showed signs of stabilizing and the Division improved its business mix compared to the prior-year period. Revenue and orders declined slightly compared to the third quarter a year earlier. On a regional basis, third-quarter revenue rose in Asia, Australia year-over-year and declined in the other reporting regions. Orders were higher in the Americas and Asia, Australia and lower in Europe/CAME compared to the prior-year period. PPA effects related to the acquisition of UGS Corp. in fiscal 2007 were 36  million in the current period, down from 39 million year earlier. PPA effects related to long-lived assets from the acquisition of LMS in the second quarter of fiscal 2013 were 11 million. Effects from deferred revenue adjustments and inventory step-ups related to LMS totaled an additional 14 million.

Conditions remain challenging for long-cycle businesses

Profit at Drive Technologies came in at 127  million, below the prior-year level due mainly to 62 million in charges related to “Siemens 2014.” Third-quarter revenue declined 4% year-over-year. Orders were down 6%, due mainly to weak demand in the Division’s long-cycle businesses.

Revenue and orders were lower in all three reporting regions.

 

 

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Sectors      10

Infrastructure & Cities Sector

 

Orders climb, “Siemens 2014” charges lead to loss

Infrastructure & Cities recorded 180 million in charges for “Siemens 2014” in the third quarter, resulting in a loss of 15 million for the Sector compared to a profit in the prior-year period. Transportation & Logistics and Building Technologies took the majority of the charges, primarily for increasing cost efficiency in the rail business and improving Building Technologies’ setup in Europe. As a result, profit at Transportation & Logistics also turned negative and profit at Building Technologies declined year-over-year. In contrast, Power Grid Solutions & Products improved its profit compared to the prior-year-quarter.

Revenue for the third quarter grew 4% year-over-year on increases at all businesses except Building Technologies. Third-quarter orders climbed substantially due mainly to Transportation & Logistics, which won a number of large contracts including an order worth 3.0 billion for trains and maintenance in the U.K. On a regional basis, revenue rose in Asia, Australia and Europe/CAME while revenue declined in the Americas. Due to the large contract wins mentioned above, orders more than doubled in Europe/CAME year-over-year, while the other two regions reported moderate declines compared to the prior-year period. The Sector’s book-to-bill ratio was 1.68 and its order backlog at the end of the quarter increased to 29 billion.

 

 

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Sectors      11

 

Substantial charges lead to loss

Transportation & Logistics posted a third-quarter loss of 160 million compared to a profit of 61 million a year earlier. The largest factor in the change was 112 million in charges for “Siemens 2014.” Profit at the Rail Systems Division was reduced by additional 51 million due mainly to operational challenges as well as continued influences from low margins associated with large long-term contracts. The acquisition

of Invensys Rail during the current quarter led to 31 million in transaction and integration costs. PPA effects related to the Invensys Rail acquisition were 11 million in the current period. Revenue rose 13% year-over-year, benefiting from the acquisition of Invensys Rail. Third-quarter orders rose sharply year-over-year due to the large orders mentioned above, particularly in the U.K.

Profit rises, revenue and orders increase slightly

While markets for low and medium voltage products and smart grids remained challenging in the third quarter, profit at Power Grid Solutions & Products rose 35% year-over-year, to 102 million. This was due primarily to a substantially improved profit performance at the Low and Medium Voltage Division compared to the prior-year period. The Smart Grid Division kept profit stable year-over-year. Charges for “Siemens 2014” totaled 12 million. Revenue and orders for the third quarter were up slightly compared to the prior-year period, as increases in Asia, Australia and Europe/CAME more than offset declines in the Americas.

Improved business mix

Profit at Building Technologies came in at 31 million for the third quarter, below the prior-year level due to 56 million in “Siemens 2014” charges. Selective order intake resulted in a more favorable business mix compared to the prior-year period, particularly including the Division’s higher-margin product and service businesses. Revenue declined slightly year-over-year and orders remained stable. On a geographic basis, revenue rose in Asia, Australia, remained level in Europe/CAME, and declined in the Americas. Orders grew in Asia, Australia and Europe/CAME, while the Americas reported a decline compared to the third quarter a year ago.

 

 

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Equity Investments and Financial Services      12

 

Equity Investments and Financial Services

Equity Investments turn

positive on NSN effect

 

Equity Investments posted a profit of 143 million in the current period, compared to a loss of 74 million a year earlier. The change was due to a partial reversal of an impairment of Siemens’ stake in NSN, which was taken in a prior period. This reversal resulted in a positive effect of 301 million in the current period. The quarterly result related to Siemens’ stake in NSN was a loss of 65 million, reduced from a loss of 128 million a year earlier. NSN reported to Siemens that in the current quarter it took 308  million in restructuring charges and other associated items. A year earlier, third-quarter restructuring charges and other associated items related to NSN totaled 190 million. Improved results related to NSN were partly offset by a loss of 89  million related to Siemens’ share in Enterprise Networks Holding B.V. (EN). The loss was due largely to additions to Siemens’ net investment in EN, which resulted in the recognition of previously unrecognized losses.

At the beginning of the fourth quarter, Siemens and Nokia Corporation (Nokia) signed an agreement that Nokia will acquire Siemens’ 50% stake in NSN for a purchase price of 1.700 billion. The cash consideration amounts to 1.200 billion and the remaining 500 million comprise a loan to Nokia, maturing one year after the close of the transaction. Closing is expected in the fourth quarter of fiscal 2013.

 

 

Lower income from Financial Services

Financial Services (SFS) continued to execute its growth strategy. Higher total assets year-over-year helped generate a higher interest result compared to the third quarter a year ago. Due primarily to a 42 million impairment of SFS’s equity stake in a power plant project in the U.S., SFS

profit (defined as income before income taxes) came in lower, at 73  million compared to 105  million in the prior-year period. Total assets rose to 18.046 billion, a moderate increase from the level at the beginning of the fiscal year.

 

 

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Corporate Activities, OSRAM and Outlook      13

 

Corporate Activities

OSRAM

 

Corporate items and pensions stable year-over-year

Corporate items and pensions reported a loss of 127 million in the third quarter compared to a loss of 128 million in the same period a year earlier. Within these figures, the loss at Corporate items was 13 million compared to a loss of 21 million in the prior-year period. Centrally carried pension expense for the third quarter totaled 114 million compared to 107 million a year earlier.

Lower results from Corporate Treasury

Income before income taxes from Eliminations, Corporate Treasury and other reconciling items was a negative 27 million in the third quarter of fiscal 2013, compared to a positive 22  million in the same period a year earlier. The change year-over-year was due to lower results from Corporate Treasury activities, which included positive effects from changes in the fair value of interest rate derivatives used for hedging activities in the prior-year period.

Siemens successfully completes OSRAM listing

As of June 30, 2013, Siemens recognized a spin-off liability amounting to 2.2 billion, reflecting 80.5% of the fair value of OSRAM. At the beginning of the fourth quarter, Siemens successfully completed its planned spin-off and listing of OSRAM. As a result, Siemens derecognized the net carrying amount of the disposal group OSRAM and the associated spin-off liability. Siemens will present its remaining 17.0% stake in OSRAM within Equity Investments and has contributed an additional 2.5% stake to the Siemens Pension Trust e.V.

Siemens expects a modest positive result related to the OSRAM spin-off within discontinued operations in the fourth quarter.

 

 

Outlook

For fiscal 2013, we expect clear order growth and a moderate decline in revenue compared to the prior year, both on an organic basis. Charges associated with the “Siemens 2014” program in the Sectors are expected to total approximately 1.0 billion for the full fiscal year.

Given these developments and financial results for the first nine months, we expect income from continuing operations of 4.0 billion in fiscal 2013 including the solar business and NSN. This outlook excludes other significant portfolio effects and legal and regulatory matters in the fourth quarter.

 


Table of Contents

 

Notes and Forward-Looking Statements      14

 

Notes and Forward-Looking Statements

 

All figures are preliminary and unaudited.

Financial Publications are available for download at: www.siemens.com/ir g Publications & Events.

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; cash conversion rate, or CCR; 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 as alternatives to measures of Siemens’ financial condition, results of operations or cash flows 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 “expects,” “looks

forward to,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “project” or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to stockholders 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 information—Risk factors of our most recent annual report on Form 20-F filed with the SEC, in the chapter “Risks” of our most recent annual report prepared in accordance with the German Commercial Code, and in the chapter “Report on 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 SEC’s 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.

 


Table of Contents

SIEMENS

CONSOLIDATED STATEMENTS OF INCOME (preliminary and unaudited)

For the three and nine months ended June 30, 2013 and 2012

(in millions of , per share amounts in )

 

     Three months ended
June 30,
    Nine months ended
June 30,
 
     2013     2012(1)     2013     2012(1)  

Revenue

       19,248          19,542          55,404          56,741   

Cost of goods sold and services rendered

     (14,103     (14,004     (39,975     (40,566
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     5,145        5,539        15,430        16,174   

Research and development expenses

     (1,081     (1,083     (3,122     (3,137

Marketing, selling and general administrative expenses

     (2,938     (2,848     (8,336     (8,101

Other operating income

     78        98        277        322   

Other operating expense

     (57     (41     (250     (171

Income (loss) from investments accounted for using the equity method, net

     188        (26     352        (391

Interest income

     251        235        710        704   

Interest expense

     (203     (190     (578     (576

Other financial income (expense), net

     (32     68        (103     87   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations before income taxes

     1,350        1,753        4,380        4,911   

Income taxes

     (346     (600     (1,249     (1,494
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations

     1,004        1,152        3,131        3,417   

Income (loss) from discontinued operations, net of income taxes

     94        (382     210        (326
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     1,098        770        3,341        3,092   
  

 

 

   

 

 

   

 

 

   

 

 

 

Attributable to:

        

Non-controlling interests

     27        27        64        79   

Shareholders of Siemens AG

     1,071        743        3,277        3,013   

Basic earnings per share

        

Income from continuing operations

     1.16        1.28        3.64        3.81   

Income (loss) from discontinued operations

     0.11        (0.43     0.24        (0.38
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     1.27        0.85        3.88        3.43   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings per share

        

Income from continuing operations

     1.15        1.27        3.61        3.77   

Income (loss) from discontinued operations

     0.11        (0.43     0.24        (0.37
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     1.26        0.84        3.84        3.40   
  

 

 

   

 

 

   

 

 

   

 

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (preliminary and unaudited)

For the three and nine months ended June 30, 2013 and 2012

(in millions of )

  

  

  

     Three months
ended June 30,
    Nine months
ended June 30,
 
         2013             2012(1)              2013             2012(1)       

Net income

       1,098          770          3,341          3,092   

Items that will not be reclassified to profit or loss:

        

Remeasurements of defined benefit plans

     404        (1,124     349        (1,193

Items that may be reclassified subsequently to profit or loss:

        

Currency translation differences

     (585     613        (619     1,062   

Available-for-sale financial assets

     34        41        42        122   

Derivative financial instruments

     41        (146     83        (76
  

 

 

   

 

 

   

 

 

   

 

 

 
     (510     508        (494     1,108   
  

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income, net of tax (2)

     (106     (616     (145     (85
  

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income

     992        154        3,196        3,006   
  

 

 

   

 

 

   

 

 

   

 

 

 

Attributable to:

        

Non-controlling interests

     6        42        45        95   

Shareholders of Siemens AG

     985        112        3,152        2,911   

 

 

 

(1) Adjusted for effects of adopting IAS 19R.

 

(2) Includes income (expense) resulting from investments accounted for using the equity method of (12) million and (22)  million, respectively, for the three months ended June 30, 2013 and 2012, and (126) million and 2  million for the nine months ended June 30, 2013 and 2012, respectively.

Thereof - million and (40)  million, respectively, for the three months ended June 30, 2013 and 2012, and (117) million and (89)  million for the nine months ended June 30, 2013 and 2012, 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.


Table of Contents

SIEMENS

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of June 30, 2013 (preliminary and unaudited) and September 30, 2012

(in millions of )

 

     6/30/13     9/30/12(1)  

ASSETS

    

Current assets

    

Cash and cash equivalents

     6,071        10,891   

Available-for-sale financial assets

     506        524   

Trade and other receivables

     15,918        15,220   

Other current financial assets

     3,372        2,901   

Inventories

     16,807        15,679   

Income tax receivables

     698        836   

Other current assets

     1,353        1,277   

Assets classified as held for disposal

     6,763        4,799   
  

 

 

   

 

 

 

Total current assets

     51,488        52,128   
  

 

 

   

 

 

 

Goodwill

     18,225        17,069   

Other intangible assets

     5,399        4,595   

Property, plant and equipment

     10,180        10,763   

Investments accounted for using the equity method

     2,997        4,436   

Other financial assets

     14,213        14,666   

Deferred tax assets

     3,055        3,748   

Other assets

     958        846   
  

 

 

   

 

 

 

Total assets

     106,514        108,251   
  

 

 

   

 

 

 

LIABILITIES AND EQUITY

    

Current liabilities

    

Short-term debt and current maturities of long-term debt

     3,656        3,826   

Trade payables

     7,067        8,036   

Other current financial liabilities

     1,806        1,460   

Current provisions

     4,630        4,750   

Income tax payables

     1,751        2,204   

Other current liabilities

     21,689        20,302   

Liabilities associated with assets classified as held for disposal

     2,075        2,049   
  

 

 

   

 

 

 

Total current liabilities

     42,674        42,627   
  

 

 

   

 

 

 

Long-term debt

     19,140        16,880   

Pension plans and similar commitments

     9,325        9,801   

Deferred tax liabilities

     593        494   

Provisions

     3,715        3,908   

Other financial liabilities

     1,040        1,083   

Other liabilities

     2,118        2,034   
  

 

 

   

 

 

 

Total liabilities

     78,605        76,827   
  

 

 

   

 

 

 

Equity

    

Common stock, no par value (2)

     2,643        2,643   

Additional paid-in capital

     5,463        6,173   

Retained earnings

     21,669        22,877   

Other components of equity

     583        1,058   

Treasury shares, at cost (3)

     (2,966     (1,897
  

 

 

   

 

 

 

Total equity attributable to shareholders of Siemens AG

     27,393        30,855   
  

 

 

   

 

 

 

Non-controlling interests

     516        569   
  

 

 

   

 

 

 

Total equity

     27,909        31,424   
  

 

 

   

 

 

 

Total liabilities and equity

     106,514        108,251   
  

 

 

   

 

 

 

 

 

 

(1) Adjusted for effects of adopting IAS 19R.

 

(2) Authorized: 1,084,600,000 and 1,084,600,000 shares, respectively. Issued: 881,000,000 and 881,000,000 shares, respectively.

 

(3) 38,250,330 and 24,725,674 shares, respectively.

Due to rounding, numbers presented may not add up precisely to totals provided.


Table of Contents

SIEMENS

CONSOLIDATED STATEMENTS OF CASH FLOW (preliminary and unaudited)

For the three months ended June 30, 2013 and 2012

(in millions of )

 

     Three months
ended June 30,
 
     2013     2012(1)  

Cash flows from operating activities

    

Net income

     1,098        770   

Adjustments to reconcile net income to cash provided by (used in) operating activities — continuing operations

    

(Income) loss from discontinued operations, net of income taxes

     (94     382   

Amortization, depreciation and impairments

     685        678   

Income taxes

     346        600   

Interest (income) expense, net

     (48     (45

(Gains) losses on sales and disposals of businesses, intangibles and property, plant and equipment, net

     (3     (8

(Gains) losses on sales of investments, net (2)

            (14

(Gains) losses on sales and impairments of current available-for-sale financial assets, net

     (1     1   

(Income) losses from investments (2)

     (180     26   

Other non-cash (income) expenses

     233        16   

Change in assets and liabilities

    

(Increase) decrease in inventories

     (446     (166

(Increase) decrease in trade and other receivables

     (894     39   

Increase (decrease) in trade payables

     284        63   

Change in other assets and liabilities

     618        (783

Additions to assets held for rental in operating leases

     (84     (72

Income taxes paid

     (508     (433

Dividends received

     156        140   

Interest received

     212        220   
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities — continuing operations

     1,374        1,414   

Net cash provided by (used in) operating activities — discontinued operations

     114        104   
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities — continuing and discontinued operations

     1,489        1,518   

Cash flows from investing activities

    

Additions to intangible assets and property, plant and equipment

     (401     (514

Acquisitions, net of cash acquired

     (2,008     (531

Purchases of investments (2)

     (27     (77

Purchases of current available-for-sale financial assets

     (14     (10

(Increase) decrease in receivables from financing activities

     (567     290   

Proceeds and (payments) from sales of investments, intangibles and property, plant and
equipment
(2)

     35        65   

Proceeds and (payments) from disposals of businesses

     8          

Proceeds from sales of current available-for-sale financial assets

     31        17   
  

 

 

   

 

 

 

Net cash provided by (used in) investing activities — continuing operations

     (2,944     (760

Net cash provided by (used in) investing activities — discontinued operations

     (90     (123
  

 

 

   

 

 

 

Net cash provided by (used in) investing activities — continuing and discontinued operations

     (3,034     (883

Cash flows from financing activities

    

Purchase of common stock

     (74       

Proceeds (payments) relating to other transactions with owners

     (19     20   

Proceeds from issuance of long-term debt

     305          

Repayment of long-term debt (including current maturities of long-term debt)

     (122     (4

Change in short-term debt and other financing activities

     31        7   

Interest paid

     (99     (162

Dividends paid to non-controlling interest holders

     (26     (32

Financing discontinued operations (3)

     62        (16
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities — continuing operations

     57        (186

Net cash provided by (used in) financing activities — discontinued operations

     (24     18   
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities — continuing and discontinued operations

     33        (169

Effect of exchange rates on cash and cash equivalents

     (61     75   

Net increase (decrease) in cash and cash equivalents

     (1,573     541   

Cash and cash equivalents at beginning of period

     7,943        8,454   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

     6,370        8,996   

Less: Cash and cash equivalents of assets classified as held for disposal and discontinued operations at end of period

     298        32   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period (Consolidated Statements of Financial Position)

     6,071        8,963   
  

 

 

   

 

 

 

 

 

 

(1) Adjusted for effects of adopting IAS 19R.

 

(2) 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. Purchases of investments includes certain loans to investments accounted for using the equity method.

 

(3) Discontinued operations are financed principally through Corporate Treasury. The item Financing discontinued operations includes these intercompany financing transactions.

Due to rounding, numbers presented may not add up precisely to totals provided.


Table of Contents

SIEMENS

CONSOLIDATED STATEMENTS OF CASH FLOW (preliminary and unaudited)

For the nine months ended June 30, 2013 and 2012

(in millions of )

 

     Nine months
ended June 30,
 
     2013     2012(1)  

Cash flows from operating activities

    

Net income

     3,341        3,092   

Adjustments to reconcile net income to cash provided by (used in) operating activities — continuing operations

    

(Income) loss from discontinued operations, net of income taxes

     (210     326   

Amortization, depreciation and impairments

     2,045        1,998   

Income taxes

     1,249        1,494   

Interest (income) expense, net

     (131     (128

(Gains) losses on sales and disposals of businesses, intangibles and property, plant and equipment, net

     (40     (41

(Gains) losses on sales of investments, net (2)

     (6     (198

(Gains) losses on sales and impairments of current available-for-sale financial assets, net

     (2     1   

(Income) losses from investments (2)

     (326     486   

Other non-cash (income) expenses

     470        41   

Change in assets and liabilities

    

(Increase) decrease in inventories

     (943     (1,569

(Increase) decrease in trade and other receivables

     (879     (601

Increase (decrease) in trade payables

     (976     (306

Change in other assets and liabilities

     (337     (2,167

Additions to assets held for rental in operating leases

     (295     (264

Income taxes paid

     (1,782     (1,133

Dividends received

     255        191   

Interest received

     624        644   
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities — continuing operations

     2,055        1,866   

Net cash provided by (used in) operating activities — discontinued operations

     190        (9
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities — continuing and discontinued operations

     2,246        1,857   

Cash flows from investing activities

    

Additions to intangible assets and property, plant and equipment

     (1,140     (1,448

Acquisitions, net of cash acquired

     (2,727     (1,272

Purchases of investments (2)

     (223     (217

Purchases of current available-for-sale financial assets

     (43     (135

(Increase) decrease in receivables from financing activities

     (1,126     (943

Proceeds and (payments) from sales of investments, intangibles and property, plant and equipment (2)

     424        466   

Proceeds and (payments) from disposals of businesses

     (27     79   

Proceeds from sales of current available-for-sale financial assets

     62        92   
  

 

 

   

 

 

 

Net cash provided by (used in) investing activities — continuing operations

     (4,800     (3,379

Net cash provided by (used in) investing activities — discontinued operations

     (198     (530
  

 

 

   

 

 

 

Net cash provided by (used in) investing activities — continuing and discontinued operations

     (4,998     (3,909

Cash flows from financing activities

    

Purchase of common stock

     (1,394       

Proceeds (payments) relating to other transactions with owners

     (14     121   

Proceeds from issuance of long-term debt

     3,772        2,473   

Repayment of long-term debt (including current maturities of long-term debt)

     (2,153     (3,193

Change in short-term debt and other financing activities

     978        2,206   

Interest paid

     (328     (407

Dividends paid

     (2,528     (2,629

Dividends paid to non-controlling interest holders

     (134     (127

Financing discontinued operations (3)

     11        (568
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities — continuing operations

     (1,792     (2,123

Net cash provided by (used in) financing activities — discontinued operations

     8        539   
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities — continuing and discontinued operations

     (1,784     (1,584

Effect of exchange rates on cash and cash equivalents

     (44     121   

Net increase (decrease) in cash and cash equivalents

     (4,580     (3,516

Cash and cash equivalents at beginning of period

     10,950        12,512   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

     6,370        8,996   

Less: Cash and cash equivalents of assets classified as held for disposal and discontinued operations at end of period

     298        32   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period (Consolidated Statements of Financial Position)

     6,071        8,963   
  

 

 

   

 

 

 

 

 

 

(1) Adjusted for effects of adopting IAS 19R.

 

(2) 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. Purchases of investments includes certain loans to investments accounted for using the equity method.

 

(3) Discontinued operations are financed principally through Corporate Treasury. The item Financing discontinued operations includes these intercompany financing transactions.

Due to rounding, numbers presented may not add up precisely to totals provided.


Table of Contents

SIEMENS

SEGMENT INFORMATION (continuing operations — preliminary and unaudited)

As of and for the three months ended June 30, 2013 and 2012 and as of September 30, 2012

(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)
 
    2013     2012     2013     2012     2013     2012     2013     2012     2013     2012     6/30/13     9/30/12     2013     2012     2013     2012     2013     2012  

Sectors

                                   

Energy

    5,353        5,246        6,578        6,962        61        63        6,639        7,025        430        683        2,503        1,116        (54     (259     85        116        136        124   

Healthcare

    3,274        3,316        3,362        3,329        5        15        3,367        3,343        499        396        11,565        11,757        678        786        77        89        159        170   

Industry

    5,135        5,116        4,569        4,691        422        411        4,990        5,102        347        523        7,670        7,014        614        660        95        109        167        153   

Infrastructure & Cities

    7,505        4,185        4,285        4,061        172        210        4,456        4,271        (15     215        6,669        4,012        (196     (71     51        68        81        69   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Sectors

    21,266        17,863        18,793        19,042        660        699        19,453        19,741        1,261        1,817        28,407        23,899        1,043        1,115        308        382        543        516   

Equity Investments

                                                            143        (74     2,793        2,715        115        98                               

Financial Services (SFS)

    286        274        245        267        41        8        286        274        73        105        18,046        17,405        183        83        8        6        58        64   

Reconciliation to Consolidated Financial Statements

                                   

Centrally managed portfolio activities

    51        62        60        67        2        3        62        70        12        (11     (281     (448     (29     23        3        1        1        2   

Siemens Real Estate (SRE)

    631        615        70        80        562        535        632        615        16        22        4,863        5,018        16        (33     68        102        74        89   

Corporate items and pensions

    116        134        80        86        37        46        116        132        (127     (128     (10,898     (11,693     73        22        16        24        18        17   

Eliminations, Corporate Treasury and other reconciling items

    (1,209     (1,178                   (1,302     (1,290     (1,302     (1,290     (27     22        63,585        71,354        (428     (408     (1            (8     (10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Siemens

    21,141        17,770        19,248        19,542                      19,248        19,542        1,350        1,753        106,514        108,251        973        899        401        514        685        678   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

 

 

(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 net cash provided by (used in) 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.


Table of Contents

SIEMENS

SEGMENT INFORMATION (continuing operations — preliminary and unaudited)

As of and for the nine months ended June 30, 2013 and 2012 and as of September 30, 2012

(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)
 
    2013     2012     2013     2012     2013     2012     2013     2012     2013     2012     6/30/13     9/30/12     2013     2012     2013     2012     2013     2012  

Sectors

                                   

Energy

    21,188        18,244        19,013        19,917        189        171        19,201        20,089        1,392        1,737        2,503        1,116        81        (159     229        338        410        348   

Healthcare

    9,890        9,846        9,882        9,822        15        34        9,897        9,857        1,447        1,184        11,565        11,757        1,353        1,010        191        248        478        552   

Industry

    14,268        15,161        13,060        13,677        1,183        1,197        14,243        14,874        1,196        1,740        7,670        7,014        1,264        1,178        239        269        500        432   

Infrastructure & Cities

    17,078        12,760        12,143        11,994        516        589        12,658        12,582        140        686        6,669        4,012        (594     119        150        191        216        200   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Sectors

    62,424        56,010        54,097        55,411        1,902        1,991        56,000        57,402        4,175        5,347        28,407        23,899        2,104        2,149        808        1,046        1,605        1,532   

Equity Investments

                                                            286        (593     2,793        2,715        115        100                               

Financial Services (SFS)

    725        660        658        620        68        40        725        660        303        379        18,046        17,405        579        399        54        23        177        201   

Reconciliation to Consolidated Financial Statements

                                   

Centrally managed portfolio activities

    219        213        190        216        7        7        197        224        35        (5     (281     (448     (52     (31     5        3        3        4   

Siemens Real Estate (SRE)

    1,853        1,779        214        244        1,641        1,548        1,854        1,792        59        27        4,863        5,018        (61     (180     223        297        214        244   

Corporate items and pensions

    375        392        246        250        130        142        376        391        (446     (282     (10,898     (11,693     (438     (739     52        81        72        48   

Eliminations, Corporate Treasury and other reconciling items

    (3,613     (3,596                   (3,748     (3,729     (3,748     (3,729     (31     39        63,585        71,354        (1,333     (1,280     (2     (2     (26     (32
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Siemens

    61,984        55,458        55,404        56,741                      55,404        56,741        4,380        4,911        106,514        108,251        915        418        1,140        1,448        2,044        1,998   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

 

 

(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 net cash provided by (used in) 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.


Table of Contents

SUPPLEMENTAL DATA

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 June 30, 2013 and 2012

(in millions of )

 

    Orders     Revenue     Profit(1)     Profit
margin
 
    2013     2012     % Change     therein     2013     2012     % Change     therein     2013     2012     % Change     2013     2012  
                Actual     Adjus-
ted(2)
    Cur-
rency
    Port-
folio
                Actual     Adjus-
ted(2)
    Cur-
rency
    Port-
folio
                               

Sectors

                                 

Energy Sector

    5,353        5,246        2     3     (1 )%      0     6,639        7,025        (5 )%      (4 )%      (2 )%      0     430        683        (37 )%      6.5     9.7

therein:

                                 

Fossil Power Generation

    1,907        2,457        (22 )%      (22 )%      (1 )%      0     2,432        2,699        (10 )%      (9 )%      (1 )%      0     368        475        (23 )%      15.1     17.6

Wind Power

    631        518        22     19     1     1     1,373        1,402        (2 )%      (1 )%      (2 )%      0     21        66        (67 )%      1.6     4.7

Oil & Gas

    1,505        1,175        28     28     (1 )%      1     1,294        1,357        (5 )%      (3 )%      (2 )%      1     133        108        24     10.3     7.9

Power Transmission

    1,361        1,160        17     20     (3 )%      0     1,527        1,632        (6 )%      (4 )%      (2 )%      0     (49     52        n/a        (3.2 )%      3.2

Healthcare Sector

    3,274        3,316        (1 )%      2     (3 )%      0     3,367        3,343        1     4     (3 )%      0     499        396        26     14.8     11.8

therein:

                                 

Diagnostics

    992        1,009        (2 )%      1     (3 )%      0     992        1,014        (2 )%      1     (3 )%      0     72        94        (23 )%      7.3     9.2

Industry Sector

    5,135        5,116        0     0     (1 )%      1     4,990        5,102        (2 )%      (2 )%      (1 )%      0     347        523        (34 )%      7.0     10.2

therein:

                                 

Industry Automation

    2,282        2,289        0     0     (2 )%      2     2,296        2,332        (2 )%      (1 )%      (1 )%      1     236        273        (14 )%      10.3     11.7

Drive Technologies

    2,131        2,263        (6 )%      (5 )%      (1 )%      0     2,357        2,445        (4 )%      (3 )%      (1 )%      0     127        210        (40 )%      5.4     8.6

Infrastructure & Cities Sector

    7,505        4,185        79     83     (6 )%      3     4,456        4,271        4     3     (1 )%      3     (15     215        n/a        (0.3 )%      5.0

therein:

                                 

Transportation & Logistics

    4,575        1,264        >200     >200     (17 )%      9     1,647        1,455        13     6     (2 )%      9     (160     61        n/a        (9.7 )%      4.2

Power Grid Solutions & Products

    1,584        1,567        1     3     (2 )%      0     1,491        1,471        1     3     (2 )%      0     102        75        35     6.8     5.1

Building Technologies

    1,422        1,423        0     1     (1 )%      0     1,381        1,409        (2 )%      (1 )%      (1 )%      0     31        64        (51 )%      2.3     4.5
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

Total Sectors

    21,266        17,863        19     21     (3 )%      1     19,453        19,741        (1 )%      (1 )%      (2 )%      1     1,261        1,817        (31 )%     
 

 

 

   

 

 

           

 

 

   

 

 

           

 

 

   

 

 

       

 

 

 

(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.


Table of Contents

SUPPLEMENTAL DATA

SIEMENS

ADDITIONAL INFORMATION (I) (continuing operations — preliminary and unaudited)

Orders, Revenue, Profit, Profit margin developments and growth rates for Sectors

For the nine months ended June 30, 2013 and 2012

(in millions of )

 

    Orders     Revenue     Profit(1)     Profit
margin
 
    2013     2012     % Change     therein     2013     2012     % Change     therein     2013     2012     % Change     2013     2012  
                Actual     Adjus-
ted(2)
    Cur-
rency
    Port-
folio
                Actual     Adjus-
ted(2)
    Cur-
rency
    Port-
folio
                               

Sectors

                                 

Energy Sector

    21,188        18,244        16     15     0     1     19,201        20,089        (4 )%      (5 )%      0     1     1,392        1,737        (20 )%      7.2     8.6

therein:

                                 

Fossil Power Generation

    7,802        7,751        1     0     0     0     7,461        8,172        (9 )%      (9 )%      0     0     1,305        1,557        (16 )%      17.5     19.1

Wind Power

    5,083        2,627        93     93     0     0     3,555        3,595        (1 )%      (1 )%      0     0     126        170        (26 )%      3.6     4.7

Oil & Gas

    4,073        3,778        8     5     0     3     3,816        3,880        (2 )%      (5 )%      0     3     282        329        (14 )%      7.4     8.5

Power Transmission

    4,168        4,273        (2 )%      (2 )%      (1 )%      0     4,418        4,576        (3 )%      (3 )%      (1 )%      0     (114     (262     57     (2.6 )%      (5.7 )% 

Healthcare Sector

    9,890        9,846        0     1     (1 )%      0     9,897        9,857        0     1     (1 )%      0     1,447        1,184        22     14.6     12.0

therein:

                                 

Diagnostics

    2,916        2,914        0     1     (1 )%      0     2,916        2,914        0     1     (1 )%      0     268        227        18     9.2     7.8

Industry Sector

    14,268        15,161        (6 )%      (7 )%      0     1     14,243        14,874        (4 )%      (4 )%      0     0     1,196        1,740        (31 )%      8.4     11.7

therein:

                                 

Industry Automation

    6,705        7,160        (6 )%      (7 )%      0     1     6,695        6,915        (3 )%      (4 )%      0     1     745        931        (20 )%      11.1     13.5

Drive Technologies

    6,614        7,071        (6 )%      (7 )%      0     0     6,634        7,029        (6 )%      (6 )%      0     0     443        684        (35 )%      6.7     9.7

Infrastructure & Cities Sector

    17,078        12,760        34     35     (2 )%      1     12,658        12,582        1     0     0     1     140        686        (80 )%      1.1     5.5

therein:

                                 

Transportation & Logistics

    8,289        4,155        99     102     (5 )%      3     4,333        4,264        2     (1 )%      0     3     (370     163        n/a        (8.5 )%      3.8

Power Grid Solutions & Products

    4,753        4,613        3     3     0     0     4,369        4,284        2     2     0     0     300        258        16     6.9     6.0

Building Technologies

    4,245        4,228        0     0     0     0     4,158        4,221        (1 )%      (2 )%      0     0     183        226        (19 )%      4.4     5.3
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

Total Sectors

    62,424        56,010        11     11     (1 )%      1     56,000        57,402        (2 )%      (3 )%      0     1     4,175        5,347        (22 )%     
 

 

 

   

 

 

           

 

 

   

 

 

           

 

 

   

 

 

       

 

 

 

(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.


Table of Contents

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 June 30, 2013 and 2012

(in millions of )

 

     Profit(1)     Income (loss)
from investments
accounted for
using the equity
method, net
(2)
    Financial
income
(expense),
net
(3)
    Adjusted
EBIT
(4)
    Amortization(5)      Depreciation
and impairments
of property, plant
and equipment
and goodwill
(6)
    Adjusted
EBITDA
    Adjusted
EBITDA margin
 
     2013     2012     2013     2012     2013     2012     2013     2012     2013      2012      2013     2012     2013     2012     2013     2012  

Sectors

                                  

Energy Sector

     430        683        25        14        (5     (4     410        672        29         26         107        98        545        797        8.2     11.3

therein:

                                  

Fossil Power Generation

     368        475        5        11        (3     (3     366        468        5         5         35        35        406        508       

Wind Power

     21        66        (2     1        (1     (1     25        66        9         8         28        21        62        94       

Oil & Gas

     133        108                             (1     133        109        12         11         20        18        165        138       

Power Transmission

     (49     52        6        6        (2     (2     (53     48        3         3         25        22        (25     72       

Healthcare Sector

     499        396        1        1        (33     2        531        393        77         86         81        83        689        563        20.5     16.8

therein:

                                  

Diagnostics

     72        94                      (34     2        106        91        49         52         54        55        209        199       

Industry Sector

     347        523        (10     3        (11     (3     368        523        79         71         88        82        534        676        10.7     13.3

therein:

                                  

Industry Automation

     236        273               1        (2            238        273        65         56         37        35        341        364       

Drive Technologies

     127        210        (10     2        (8     (3     145        210        12         12         47        44        205        267       

Infrastructure & Cities Sector

     (15     215        5        9        8        12        (28     194        38         28         43        40        54        263        1.2     6.2

therein:

                                  

Transportation & Logistics

     (160     61        4        7        (1     (3     (162     58        16         3         13        11        (133     72       

Power Grid Solutions & Products

     102        75        2        2               (1     100        74        9         10         19        18        127        102       

Building Technologies

     31        64                      1               31        64        14         15         11        12        55        91       

Total Sectors

     1,261        1,817        22        27        (41     7        1,280        1,783        223         212         319        304        1,823        2,299       
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

     

Equity Investments

     143        (74     125        (85     2        2        15        9                                      15        9       

Financial Services (SFS)

     73        105        23        30        74        94        (25     (19     1         2         57        62        33        45       

Reconciliation to Consolidated Financial Statements

                                  

Centrally managed portfolio activities

     12        (11     20                             (7     (11     1         2         1               (6     (9    

Siemens Real Estate (SRE)

     16        22                      (27     (22     43        44                        73        89        117        133       

Corporate items and pensions

     (127     (128                   11        (23     (139     (105     4         4         14        13        (121     (88    

Eliminations, Corporate Treasury and other reconciling items

     (27     22        (1     2        (4     56        (22     (36                     (8     (10     (30     (46    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

     

Siemens

     1,350        1,753        188        (26     16        114        1,146        1,665        230         220         455        458        1,831        2,343       
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

(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 (expense), net comprises Interest income, Interest expense and Other financial income (expense), net as reported in the Consolidated Statements of Income.

 

(4) Adjusted EBIT is Income from continuing operations before income taxes less Financial income (expense), 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 — million and — million for the three months ended June 30, 2013 and 2012, respectively.

Due to rounding, numbers presented may not add up precisely to totals provided.


Table of Contents

SUPPLEMENTAL DATA

SIEMENS

ADDITIONAL INFORMATION (II) (continuing operations — preliminary and unaudited)

Reconciliation from Profit / Income before income taxes to adjusted EBITDA

For the nine months ended June 30, 2013 and 2012

(in millions of )

 

    Profit(1)     Income (loss)
from investments
accounted for
using the equity
method, net
(2)
    Financial
income
(expense),
net
(3)
    Adjusted
EBIT
(4)
    Amortization(5)     Depreciation
and impairments
of property, plant
and equipment
and goodwill
(6)
    Adjusted
EBITDA
    Adjusted
EBITDA margin
 
    2013     2012     2013     2012     2013     2012     2013     2012     2013     2012     2013     2012     2013     2012     2013     2012  

Sectors

                               

Energy Sector

    1,392        1,737        (42     43        (19     66        1,453        1,628        85        67