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Earnings Release Q1 FY 2019 -October 1 to December 31, 2018 - Strong orders continue into the new fiscal year

  • On a nominal basis, orders rose 12%, to €25.2 billion and revenue was up 1%, to €20.1 billion; the book-to-bill ratio was 1.25
  • Adjusted EBITA for Industrial Business was lower, at €2.1 billion, due mainly to a decline in Power and Gas; Industrial Business Adjusted EBITA margin at 10.2%, held back by severance charges amounting to 0.4 percentage points
  • Net income came in at €1.1 billion, resulting in basic EPS of €1.26, which was burdened by €0.08 from severance charges; the change year-over-year is due to two substantial positive factors outside of Industrial Business in the prior-year period: a gain from the sale of shares in OSRAM Licht AG and sharply lower income tax expenses related to U.S. tax reform
Beginning with the first quarter of fiscal 2019, the rail traction drives business was transferred from the Process Industries and Drives Division to the Mobility Division. Prior-period amounts are presented on a comparable basis.
  • Very strong order intake due to a sharply higher volume from large orders; increases in the majority of industrial businesses, led by sharp growth in Mobility which recorded among others a €1.6 billion order for metro trains in the U.K., and double-digit growth in Energy Management, Power and Gas, and Process Industries and Drives; significant decrease in Siemens Gamesa Renewable Energy (SGRE)
  • Digital Factory, Process Industries and Drives, and SGRE with the strongest revenue growth; clear revenue decline in Power and Gas in contracting markets
  • Digital Factory, Process Industries and Drives, and SGRE with the strongest revenue growth; clear revenue decline in Power and Gas in contracting markets
  •  Currency translation and portfolio transactions had only minor effects on volume development year-over-year
  • Adjusted EBITA Industrial Business down due mainly to sharp declines at Power and Gas and Energy Management, only partly offset by higher Adjusted EBITA at Process Industries and Drives and Digital Factory
  • Outside Industrial Business, continued strong earnings performance at Financial Services; Centrally managed portfolio activities (CMPA) posted a loss compared to a positive contribution in Q1 FY 2018 resulting from a largely tax-free €655 million gain from the sale of shares in OSRAM Licht AG (OSRAM)  
  • Strong decline in income from continuing operations and net income compared to the high level of Q1 FY 2018, which included the sale of OSRAM shares mentioned above as well as sharply lower tax expenses due primarily to a €437 million net positive effect from the revaluation of future tax positions related to U.S. tax reform; excluding these factors, Q1 FY 2019 income from continuing operations and net income are on their respective prior-year levels 
  • The change in Free cash flow was due largely to Industrial Business, which generated Free cash flow of €515 million compared to €1.587 billion in Q1 FY 2018; the main factors for the decline were Mobility, with a high basis of comparison in Q1 FY 2018, and SGRE, with a build-up of operating net working capital for upcoming wind power installations  
  • ROCE decreased due to lower net income
We assume a continued favorable market environment, particularly for our short-cycle businesses, with limited risks related to geopolitical uncertainties. For fiscal 2019, we expect moderate growth in revenue, net of currency translation and portfolio effects. We further anticipate that orders will exceed revenue for a book-to-bill ratio above 1. We expect a profit margin of 11.0% to 12.0% for our Industrial Business based on our current organizational structure, excluding severance charges. Furthermore we expect basic EPS from net income in the range of €6.30 to €7.00 also excluding severance charges. Fiscal 2018 basic EPS from net income of €7.12 benefited from €1.87 per share in portfolio gains related to our stakes in Atos SE and OSRAM Licht AG and was burdened by €0.76 from severance charges, resulting in €6.01 excluding these factors. This outlook excludes charges related to legal and regulatory matters and post-closing results from combining our mobility business with Alstom SA, which we expect to close in the first half of calendar 2019.
Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 170 years. The company is active around the globe, focusing on the areas of electrification, automation and digitalization. One of the largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of efficient power generation and power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. With its publicly listed subsidiary Siemens Healthineers AG, the company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2018, which ended on September 30, 2018, Siemens generated revenue of €83.0 billion and net income of €6.1 billion. At the end of September 2018, the company had around 379,000 employees worldwide. Further information is available on the Internet at
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Elisavet-Vasiliki Sachinidou

Siemens Α.Ε.

Αγησιλάου 6-8                                               
Μαρούσι Αττικής


210 68.64.267