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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-Fx 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¨ Nox
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¨ Nox
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¨ Nox
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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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 |
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Key figures | ||
Earnings Release Consolidated Financial Statements (preliminary and unaudited) | ||
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KEY FIGURES Q3 AND FIRST NINE MONTHS OF FISCAL 20131, 2
preliminary and unaudited; in millions of€, except where otherwise stated
% 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 underWWW.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. |
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Siemens | 2-4 | |||
5-12 | ||||
Corporate Activitiesand OSRAM | 13 | |||
Outlook | 13 | |||
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
April 1 to June 30, 2013
Munich, Germany, July 31, 2013 |
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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 atWind 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 atOil & 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 forIndustry 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 atDrive 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 atPower 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 atBuilding 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 fromEliminations, 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.
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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/irg 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 atwww.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
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 | ) | ||||||||
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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 | ||||||||||
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Income from continuing operations before income taxes | 1,350 | 1,753 | 4,380 | 4,911 | ||||||||||||
Income taxes | (346 | ) | (600 | ) | (1,249 | ) | (1,494 | ) | ||||||||
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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 | ) | ||||||||||
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Net income | 1,098 | 770 | 3,341 | 3,092 | ||||||||||||
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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 | ) | ||||||||||
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Net income | 1.27 | 0.85 | 3.88 | 3.43 | ||||||||||||
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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 | ) | ||||||||||
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Net income | 1.26 | 0.84 | 3.84 | 3.40 | ||||||||||||
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (preliminary and unaudited) For the three and nine months ended June 30, 2013 and 2012 (in millions of€) |
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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 | ) | ||||||||||
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(510 | ) | 508 | (494 | ) | 1,108 | |||||||||||
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Other comprehensive income, net of tax (2) | (106 | ) | (616 | ) | (145 | ) | (85 | ) | ||||||||
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Total comprehensive income | 992 | 154 | 3,196 | 3,006 | ||||||||||||
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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 | ||||||
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Total current assets | 51,488 | 52,128 | ||||||
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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 | ||||||
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Total assets | 106,514 | 108,251 | ||||||
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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 | ||||||
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Total current liabilities | 42,674 | 42,627 | ||||||
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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 | ||||||
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Total liabilities | 78,605 | 76,827 | ||||||
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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 | ) | ||||
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Total equity attributable to shareholders of Siemens AG | 27,393 | 30,855 | ||||||
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Non-controlling interests | 516 | 569 | ||||||
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Total equity | 27,909 | 31,424 | ||||||
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Total liabilities and equity | 106,514 | 108,251 | ||||||
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(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 | ||||||
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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 | ||||||
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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 | 35 | 65 | ||||||
Proceeds and (payments) from disposals of businesses | 8 | — | ||||||
Proceeds from sales of current available-for-sale financial assets | 31 | 17 | ||||||
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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 | ) | ||||
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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 | ) | |||||
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Net cash provided by (used in) financing activities — continuing operations | 57 | (186 | ) | |||||
Net cash provided by (used in) financing activities — discontinued operations | (24 | ) | 18 | |||||
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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 | ||||||
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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 | ||||||
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Cash and cash equivalents at end of period (Consolidated Statements of Financial Position) | 6,071 | 8,963 | ||||||
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(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 | ||||||
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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 | ) | |||||
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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 | ||||||
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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 | ) | ||||
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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 | ) | |||||
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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 | ||||||
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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 | ||||||
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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 | ||||||
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Cash and cash equivalents at end of period (Consolidated Statements of Financial Position) | 6,071 | 8,963 | ||||||
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(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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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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 | ) | ||||||||||||||||||||||||||||||||||||||||||
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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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 | ) | |||||||||||||||||||||||||||||||||||||||||
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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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(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
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 | % | ||||||||||||||||||||||||||||||||||||||||
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Total Sectors | 21,266 | 17,863 | 19 | % | 21 | % | (3 | )% | 1 | % | 19,453 | 19,741 | (1 | )% | (1 | )% | (2 | )% | 1 | % | 1,261 | 1,817 | (31 | )% | ||||||||||||||||||||||||||||||||||||||||||||
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(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 | % | ||||||||||||||||||||||||||||||||||||||||
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Total Sectors | 62,424 | 56,010 | 11 | % | 11 | % | (1 | )% | 1 | % | 56,000 | 57,402 | (2 | )% | (3 | )% | 0 | % | 1 | % | 4,175 | 5,347 | (22 | )% | ||||||||||||||||||||||||||||||||||||||||||||
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(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
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
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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 | ) | |||||||||||||||||||||||||||||||||||||||||
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Siemens | 1,350 | 1,753 | 188 | (26 | ) | 16 | 114 | 1,146 | 1,665 | 230 | 220 | 455 | 458 | 1,831 | 2,343 | |||||||||||||||||||||||||||||||||||||||||||||||||
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(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 | 325 | 281 | 1,863 | 1,977 | 9.7 | % | 9.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
therein: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fossil Power Generation | 1,305 | 1,557 | 25 | 28 | (10 | ) | 72 | 1,291 | 1,457 | 14 | 15 | 103 | 100 | 1,408 | 1,572 | |||||||||||||||||||||||||||||||||||||||||||||||||
Wind Power | 126 | 170 | (10 | ) | 4 | (4 | ) | (5 | ) | 140 | 172 | 24 | 19 | 72 | 60 | 237 | 251 | |||||||||||||||||||||||||||||||||||||||||||||||
Oil & Gas | 282 | 329 | — | — | (2 | ) | (3 | ) | 284 | 332 | 37 | 25 | 59 | 50 | 380 | 407 | ||||||||||||||||||||||||||||||||||||||||||||||||
Power Transmission | (114 | ) | (262 | ) | 16 | 20 | (7 | ) | (3 | ) | (123 | ) | (280 | ) | 10 | 7 | 75 | 65 | (38 | ) | (207 | ) | ||||||||||||||||||||||||||||||||||||||||||
Healthcare Sector | 1,447 | 1,184 | 5 | 5 | (30 | ) | (9 | ) | 1,471 | 1,188 | 238 | 293 | 241 | 259 | 1,950 | 1,740 | 19.7 | % | 17.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
therein: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diagnostics | 268 | 227 | — | — | (28 | ) | 4 | 296 | 223 | 148 | 181 | 160 | 167 | 604 | 571 | |||||||||||||||||||||||||||||||||||||||||||||||||
Industry Sector | 1,196 | 1,740 | (4 | ) | 9 | (14 | ) | (10 | ) | 1,215 | 1,742 | 235 | 199 | 266 | 232 | 1,715 | 2,173 | 12.0 | % | 14.6 | % | |||||||||||||||||||||||||||||||||||||||||||
therein: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Automation | 745 | 931 | 1 | 2 | (3 | ) | (4 | ) | 747 | 933 | 186 | 155 | 106 | 97 | 1,039 | 1,186 | ||||||||||||||||||||||||||||||||||||||||||||||||
Drive Technologies | 443 | 684 | (5 | ) | 7 | (10 | ) | (6 | ) | 458 | 683 | 43 | 36 | 150 | 126 | 651 | 845 | |||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure & Cities Sector | 140 | 686 | 23 | 19 | 6 | 22 | 112 | 645 | 94 | 82 | 123 | 118 | 328 | 845 | 2.6 | % | 6.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
therein: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation & Logistics | (370 | ) | 163 | 17 | 12 | (5 | ) | (11 | ) | (381 | ) | 162 | 23 | 9 | 34 | 33 | (324 | ) | 205 | |||||||||||||||||||||||||||||||||||||||||||||
Power Grid Solutions & Products | 300 | 258 | 6 | 7 | (5 | ) | (2 | ) | 298 | 253 | 27 | 29 | 53 | 50 | 378 | 333 | ||||||||||||||||||||||||||||||||||||||||||||||||
Building Technologies | 183 | 226 | — | — | — | (2 | ) | 183 | 227 | 44 | 44 | 34 | 35 | 261 | 306 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Sectors | 4,175 | 5,347 | (18 | ) | 76 | (57 | ) | 69 | 4,250 | 5,202 | 651 | 642 | 954 | 890 | 5,855 | 6,735 | ||||||||||||||||||||||||||||||||||||||||||||||||
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Equity Investments | 286 | (593 | ) | 264 | (611 | ) | 6 | 6 | 15 | 12 | — | — | — | — | 15 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||
Financial Services (SFS) | 303 | 379 | 67 | 145 | 289 | 288 | (53 | ) | (54 | ) | 4 | 5 | 173 | 196 | 124 | 147 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation to Consolidated Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Centrally managed portfolio activities | 35 | (5 | ) | 42 | 4 | (1 | ) | — | (6 | ) | (9 | ) | 2 | 3 | 1 | 1 | (3 | ) | (4 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Siemens Real Estate (SRE) | 59 | 27 | — | — | (83 | ) | (82 | ) | 142 | 109 | 1 | 1 | 213 | 243 | 355 | 352 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate items and pensions | (446 | ) | (282 | ) | — | — | (155 | ) | (191 | ) | (291 | ) | (91 | ) | 13 | 11 | 59 | 37 | (218 | ) | (43 | ) | ||||||||||||||||||||||||||||||||||||||||||
Eliminations, Corporate Treasury and other reconciling items | (31 | ) | 39 | (4 | ) | (5 | ) | 30 | 126 | (58 | ) | (82 | ) | — | — | (26 | ) | (32 | ) | (84 | ) | (113 | ) | |||||||||||||||||||||||||||||||||||||||||
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Siemens | 4,380 | 4,911 | 352 | (391 | ) | 29 | 216 | 3,999 | 5,087 | 670 | 662 | 1,374 | 1,336 | 6,044 | 7,085 | |||||||||||||||||||||||||||||||||||||||||||||||||
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(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 nine months ended June 30, 2013 and 2012, respectively. |
Due to rounding, numbers presented may not add up precisely to totals provided.
Table of Contents
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: July 31, 2013 | /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 |