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Earnings Release Q2 FY 2019 - January 1 to March 31, 2019 - Successful first half sets up strong fiscal year

  • On a comparable basis, excluding currency translation and portfolio effects, orders increased 4% and revenue was up 2% compared to Q2 FY 2018
  • Adjusted EBITA for Industrial Business climbed 7% to €2.4 billion, with most businesses increasing their performance; Industrial Business Adjusted EBITA margin reached 11.4%, even with severance charges taking 0.3 percentage points
  • Net income reached €1.9 billion, near the prior-year level which benefited substantially from a €0.7 billion Adjusted EBITA from Centrally managed portfolio activities; the current period benefited from a lower income tax rate, and basic EPS of €2.24 was burdened by €0.08 from severance charges
  • Strong order intake continued, led by sharp growth in Mobility, which recorded a higher volume from large orders; in addition, clear growth in Siemens Healthineers, Energy Management and Building Technologies; significant decrease in Siemens Gamesa Renewable Energy (SGRE)
  • Revenue growth across most industrial businesses, led by clear increases at Siemens Healthineers, Process Industries and Drives and SGRE; moderate decline in Power and Gas
  • Strong book-to-bill ratio of 1.13; order backlog at a new high of €142 billion.
  • Currency translation effects added two percentage points to both order and revenue growth; portfolio transactions had only minimal effects on volume growth year-over-year
  • Adjusted EBITA Industrial Business rose on increases at the majority of the industrial businesses; Digital Factory and Siemens Healthineers made the largest contributions to Adjusted EBITA Industrial Business  
  • Outside Industrial Business, earnings at Financial Services rose substantially due mainly to a gain from the sale of a stake in an equity investment; Q2 FY 2018 Adjusted EBITA of €731 million from Centrally managed portfolio activities (CMPA) included a €900 million gain resulting from the transfer of Siemens’ Atos shares to Siemens Pension-Trust e.V.
  • Income from continuing operations and net income benefited from sharply lower income tax expenses following the reversal of income tax provisions outside Germany; Q2 FY 2018 included the largely tax-free Atos share gain mentioned above  
  •  Digital Factory was the main contributor to Free cash flow from Industrial Business of €1.041 billion; negative Free cash flow outside Industrial Business included substantial tax payments  
  •  ROCE close to the target range due to strong net income
We confirm our financial expectations for fiscal 2019. We assume a continued favorable market environment, particularly for our shortcycle 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.
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 S.A.

Agisilaou 6-8                                             
Marousi Athens                       


210 68.64.2671