SIE Siemens N Ord

RNS Number:1074N
Siemens AG
14 November 2001


Siemens in fiscal 2001

- In fiscal 2001 Siemens earned EUR2.088 billion in net income including
  Infineon, special items as well as restructuring charges and asset write-     
  downs.

- EBITA from Operations (excluding Infineon) was EUR1.329 billion including     
  restructuring charges and asset write-downs of EUR1.863 billion. Excluding    
  these charges and write-downs, EBITA from Operations was EUR3.192 billion.

- Net cash provided from operating activities for Siemens worldwide was EUR7.016
  billion for the year, well above the prior year's level.

- A proposed dividend of EUR1.00 per share is comparable to the prior-year      
  dividend of EUR1.40 on a post-split basis.

- Fourth-quarter net income for Siemens worldwide was impacted by special items 
  of negative EUR532 million after taxes. This resulted in net income of        
  negative EUR1.098 billion after taxes, including the special items, Infineon, 
  and restructuring charges and asset write-downs. EBITA from Operations was a  
  negative EUR130 million including restructuring charges and asset write-downs 
  of EUR959 million. Excluding these effects, EBITA from Operations was a       
  positive EUR829 million. Net cash provided from operating activities was up   
  sharply at EUR5.857 billion.

Earnings trends in fiscal 2001 were influenced by a number of special items. 
Special items after taxes totaled a positive EUR2.003 billion. Special items 
before taxes were EUR2.880 billion. Special items before taxes include EUR3.459 
billion resulting from the transfer of Infineon Technologies AG shares into 
Siemens' domestic pension trust. Pretax special items also include the effects 
of various capital increases at Infineon. Offsetting these non-cash gains are 
charges including EUR927 million before taxes taken in the fourth quarter as a 
goodwill write-off relating primarily to the acquisitions of Efficient Networks,
Inc. and Milltronics.

In addition to these special items, the Operating Groups took charges totaling 
EUR1.863 billion before taxes relating to previously announced restructurings 
and for write-downs of inventories, receivables and other assets as well as 
capacity adjustments.

Siemens worldwide sales increased 12% to EUR87.000 billion while orders 
increased 11% to EUR92.528 billion. For Siemens excluding Infineon, sales 
increased 15% to EUR82.256 billion in fiscal 2001. Orders increased 17% to 
EUR88.956 billion.

Despite a weakening economic environment during the second half of the fiscal 
year, a number of Operating Groups delivered strong earnings performance. These 
include Automation and Drives, Medical Solutions, Power Generation, Osram and 
Transportation Systems. In contrast, all three Groups in the Information and 
Communications business segment were adversely affected by rapidly deteriorating
business conditions in the sectors they serve.

Siemens is confident about its capabilities to successfully execute the various 
restructuring programs, especially at the I&C Groups, and therefore looks 
forward to improved earnings from Operations. Before commenting more 
specifically on the outlook, however, the company will continue to monitor its 
business performance, particularly the trend in sales and order intake, to 
better assess the effects of September 11.

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