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Earnings Release and Financial Results Q4 FY 2020: Excellent performance in remarkable times


For our outlook for fiscal 2021 we assume that the COVID-19 pandemic will not have a long-lasting impact on the world economy. Given this condition, we expect a fairly robust return to global GDP growth. While we anticipate that important customer industries for Siemens will continue to face challenges related to the pandemic and industry-specific structural changes, and that this will cause growth in global fixed investments to lag behind GDP growth, we expect improved conditions particularly for our high-margin short-cycle businesses in the second half of fiscal 2021.
We further anticipate that negative currency effects will strongly burden both nominal growth rates in volume and Adjusted EBITA for our industrial businesses in fiscal 2021.
For comparable revenue, net of currency translation and portfolio effects, we expect the Siemens Group to achieve moderate growth and a book-to-bill ratio above 1.
Digital Industries expects fiscal 2021 comparable revenue to grow modestly year-over-year. Adjusted EBITA margin is expected at 17% to 18%.
Smart Infrastructure expects to achieve moderate comparable revenue growth in fiscal 2021. Adjusted EBITA margin is expected at 10% to 11%.
Due mainly to executing its large order backlog, Mobility anticipates mid-single-digit comparable revenue growth in fiscal 2021. Adjusted EBITA margin is expected to be 9.5% to 10.5%.
Assuming the expectations described above are fulfilled during fiscal 2021, we anticipate net income to increase moderately from €4.2 billion in fiscal 2020 despite the strong currency headwinds.
For our net income guidance, we assume that the divestment gain related to the announced divestment of Flender will be largely offset by burdens related to Siemens Energy. Within our equity investment in Siemens Energy, we expect an €0.3 billion impact from amortization of assets in addition to our participation in its profit after tax. We also expect expenses remaining from the spin-off transaction.
Excluded from this outlook are burdens from legal and regulatory issues and effects in connection with Siemens Healthineers’ planned acquisition of Varian Medical Systems, Inc., which is expected to close in the first half of calendar 2021.

Please read the complete Earnings Release and Financial Results:  
Earnings Release Q4 FY 2020 July 1 to September 30, 2020: Excellent performance in remarkable times

Financial Publications are available for download at:

The Siemens team delivered a strong finish to a remarkable year. While shaping the structure of the new Siemens, our industrial and earnings performance in the quarter was up year over year. After the Energy spin-off and the Flender disposal, Siemens is very well positioned to lead the industrial transformation going forward.

Joe Kaeser, President and Chief Executive Officer of Siemens AG 


This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forward-looking statements in other reports, in prospectuses, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens’ management, of which many are beyond Siemens’ control. These are subject to a number of risks, uncertainties and factors, including, but not limited to, those described in disclosures, in particular in the chapter Report on expected developments and associated material opportunities and risks of the Annual Report, and in the Half-year Financial Report, which should be read in conjunction with the Annual Report. Should one or more of these risks or uncertainties materialize, events of force majeure, such as pandemics, occur or should underlying expectations including future events occur at a later date or not at all or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

This document includes – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently.

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.

All information is preliminary.

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Florian Martens

Siemens AG

Werner-von-Siemens-Straße 1                       
80333 Munich


+49 (89) 636 22804

Wolfram Trost

Siemens AG

Werner-von-Siemens-Straße 1
80333 Munich


+49 (89) 636-34794

Simon Friedle

Siemens AG

Werner-von-Siemens-Straße 1                       
80333 Munich


+49 (1525) 2159076