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Press Release01 August 2019Siemens AGAthens

Earnings Release Q3 FY 2019 - April 1 to June 30, 2019 - Siemens continues to grow despite significant headwinds in key markets

    • On a comparable basis, excluding currency translation and portfolio effects, orders increased 6% and revenue was up 2% compared to Q3 FY 2018 
  • Adjusted EBITA Industrial Businesses declined to €1.9 billion, due mainly to decreases in Digital Industries and Gas and Power; Industrial Businesses Adjusted EBITA margin was 9.6%, held back by severance charges which took 0.3 percentage points
  •  Net income of €1.1 billion included substantially better results outside Industrial Businesses compared to Q3 FY 2018; basic earnings per share (EPS) of €1.28 was burdened by severance charges amounting to €0.09
Beginning with Q3 FY 2019, Siemens reports financial results according to the new company structure as described in the Annual Report for fiscal 2018. Prior-period amounts are presented on a comparable basis.
  • Another quarter of very strong order intake; increases in the majority of industrial businesses, led by sharp growth in Siemens Gamesa Renewable Energy (SGRE) which recorded among others two orders for offshore wind-farms including service in Taiwan totaling €2.3 billion; in addition, significant order growth in Siemens Healthineers and in Mobility, which recorded a €1.2 billion contract for high-speed trains including maintenance in Russia; significant decrease in Gas and Power  
  • Revenue growth driven by a substantial increase in SGRE and clear growth in Siemens Healthineers; moderate decline in Gas and Power
  • Strong book-to-bill ratio of 1.15; order backlog at a record high of €144 billion 
  • Currency translation effects added one percentage point each to order and revenue growth; portfolio effects had a minimal effect on volume growth year-over-year
  • Higher Adjusted EBITA in Siemens Healthineers and Mobility; Digital Industries made the largest contribution to Adjusted EBITA Industrial Businesses although adverse market conditions for its short-cycle businesses caused a significant margin deterioration; lower Adjusted EBITA in Gas and Power, which in Q3 FY 2018 benefited from a divestment gain 
  • Strong improvement outside Industrial Businesses included better results from Corporate Treasury activities
  • Net income benefited from a lower income tax rate year-overyear; Q3 FY 2018 included €46 million in income from discontinued operations primarily related to former Communications activities 
  • Decrease in Free cash flow from Industrial Businesses, to €977 million from €1.764 billion in Q3 FY 2018, was primarily driven by Mobility; in Q3 FY 2018 Free cash flow outside Industrial Businesses included a significant contribution to pension assets
  • ROCE declined due to a combination of higher average capital employed and lower net income
Outlook
The favorable market environment for our short cycle businesses, which was a material basis for our outlook, has significantly deteriorated in the second half of the fiscal year. Nevertheless, we confirm our financial expectations for fiscal 2019, even though it becomes more challenging to achieve our expectation of moderate growth in revenue, net of currency translation and portfolio effects. We continue to anticipate that orders will exceed revenue for a book-to-bill ratio above 1. We expect that Adjusted EBITA margin for our Industrial Businesses will reach the lower half of the range of 11.0% to 12.0% excluding severance charges. Finally, we confirm our expectation of basic EPS from net income in the range of €6.30 to €7.00 excluding severance charges.

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 www.siemens.com.
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Contact

Elisavet-Vasiliki Sachinidou

Siemens S.A.

Agisilaou 6-8                                             
Marousi Athens                     

210 68.64.267