RNS Number:3206N
Siemens AG
19 November 2001
PART 1
Document dated 14 November 2001
Siemens 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.
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
goodwill write-offs 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. EUR959 million of these charges were taken in the fourth
quarter.
In spite of negative market conditions, net cash provided from operating
activities of EUR7.016 billion in fiscal 2001 was a further improvement on the
EUR6.154 billion achieved a year earlier. The balance of net cash provided from
operating activities and net cash used in investing activities was positive by
EUR1.130 billion, including the effect of the capital increase of Infineon.
Siemens worldwide sales increased 12% to EUR87.000 billion while orders
increased 11% to EUR92.528 billion. Acquisitions and deconsolidations for the
year made a net contribution of EUR3.943 billion, or 5% of sales. For Siemens
excluding Infineon, sales increased 15% to EUR82.256 billion in fiscal 2001.
Orders increased 17% to EUR88.956 billion.
A dividend of EUR1.00 per share will be recommended to the upcoming annual
meeting of shareholders. Following the stock split effective on April 30, 2001,
granting shareholders one additional share for each two shares owned, the sum of
EUR888 million paid in dividends for fiscal 2001 will be comparable to the
payout for fiscal 2000. The dividend for fiscal 2000 was EUR1.40 per share plus
a special bonus of EUR1.00 per share, which will not be paid for fiscal 2001.
Siemens worldwide results for the fourth quarter of fiscal 2001
Fourth-quarter net income for Siemens worldwide including special items was a
negative EUR1.098 billion. Net income excluding special items of negative EUR532
million was a negative EUR566 million in the fourth quarter compared to a
negative EUR705 million in the third quarter of fiscal 2001. EBITA from
Operations for the fourth quarter was a negative EUR130 million including
restructuring charges and asset write-downs of EUR959 million. Excluding this
charges, EBITA from Operations was a positive EUR829 million compared to EUR840
million in the same period a year earlier. In the fourth quarter, Siemens
worldwide generated EUR5.857 billion cash from operating activities. Sales for
Siemens worldwide were EUR24.540 billion, up from EUR23.660 billion in the prior
year. Orders were EUR22.213 billion, down from EUR23.539 billion a year
earlier. New acquisitions accounted for EUR1.879 billion in sales and EUR2.138
billion in orders in the fourth quarter.
Operations in fiscal 2001 (excluding Infineon)
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 (A&D), Medical Solutions (Med), Power Generation
(PG), Osram, Transportation Systems (TS). The Financing and Real Estate Groups
also contributed a solid combined earnings gain. In contrast, all three Groups
in the Information and Communications business area were adversely affected by
rapidly deteriorating business conditions in the sectors they serve.
In the Information and Communications business area, Information and
Communication Networks (ICN) was affected by the substantial cut-backs in
capital spending by telecom operators for telecommunications and networking
products. In this challenging environment, ICN's EBITA for the fiscal year was
EUR198 million excluding the effects of restructuring charges and asset write-
downs. Including these effects, which totaled EUR1.059 billion, EBITA was a
negative EUR861 million. EBITA in fiscal 2000 was EUR686 million, which included
approximately EUR200 million in gains from the sales of investments and real
estate. Both fiscal 2000 and fiscal 2001 included approximately EUR120 million
in gains on shares in start-up companies.
Working off its large order backlog, ICN increased sales to EUR12.882 billion
for the full fiscal year, 14% higher than in fiscal 2000. While order growth
slowed within the year, it still increased 9% year-over-year to EUR12.639
billion.
In the fourth quarter, ICN recorded EBITA of EUR65 million excluding
restructuring charges and asset write-downs of EUR563 million, compared to
EUR159 million a year earlier. Including charges and write-downs, EBITA was a
negative EUR498 million. Sales were EUR3.679 billion, compared to EUR3.412
billion a year earlier, while orders were flat at EUR3.024 billion.
Information and Communication Mobile (ICM) successfully weathered intense
competitive pressures and sharply slower market growth in its industry,
particularly compared to other companies in the sector. Full-year EBITA was
EUR134 million, not including asset write-downs of EUR441 million. Including the
write-downs, EBITA was a negative EUR307 million. Most of the write-downs were
confined to the Mobile Phones Division in the third quarter, and included
inventory write-offs, capacity adjustments and write-downs on investment
securities. Sales for the fiscal year grew 27%, to EUR11.299 billion. Orders of
EUR11.866 billion were 14% higher than fiscal 2000. The Mobile Phone Division
sold more than 28.7 million units compared to 23.9 million units sold in the
previous fiscal year. An estimated 0.9 million additional units reached
consumers from stock already owned by distributors.
In the fourth quarter, EBITA at ICM declined from EUR60 million a year earlier
to EUR50 million, excluding an asset write-down of EUR71 million. Including the
write-down, EBITA was a negative EUR21 million. The Networks Division brought in
EUR94 million in positive earnings on a 34% increase in sales compared to the
prior year despite a slow-growing market. The Mobile Phones Division narrowed
its loss in the fourth quarter, to EUR22 million, following a loss excluding
asset write-downs of EUR180 million in the third quarter, through prompt
application of cost-cutting measures. Sales and new orders for ICM as a
whole each grew 5% compared to the fourth quarter of fiscal 2000, to EUR3.066
billion and EUR3.001 billion, respectively.
EBITA at SBS was a negative EUR17 million excluding restructuring charges and
asset write-downs of EUR242 million. Including these effects, EBITA was a
negative EUR259 million. EBITA for fiscal 2001 includes loss provisions
relating to two significant business process outsourcing contracts of EUR192
million. Sales for the fiscal year edged up 3%, to EUR6.034 billion, while new
orders rose more quickly, by 8%, to EUR6.303 billion.
The restructuring charges and asset write-downs at SBS were taken in the fourth
quarter. Excluding these effects, fourth-quarter EBITA was a negative EUR62
million compared to a positive EUR61 million in the same quarter a year earlier.
Including these effects, EBITA was a negative EUR304 million for the fourth
quarter. Fourth-quarter EBITA included EUR126 million of the loss provisions
mentioned above. Sales and orders both declined, to EUR1.621 billion and
EUR1.584 billion, respectively, from EUR1.759 billion and EUR1.897 billion in
the same quarter of the previous year.
Within Siemens' Automation and Control business area, Automation and Drives
(A&D)delivered strong double-digit growth in earnings, sales, and orders, based
on excellent performance by the Group's three largest divisions: Industrial
Automation Systems, Low Voltage Controls and Distribution, and Motion Control
Systems. EBITA increased to EUR981 million, up 13% from fiscal 2000, and EBITA
margin reached 11.0%. Sales and orders for the fiscal year rose to EUR8.947
billion and EUR9.065 billion, respectively, 13% and 11% higher than the EUR7.943
billion and EUR8.163 billion recorded in fiscal 2000.
A&D increased its fourth-quarter EBITA to EUR270 million compared to EUR213
million in fiscal 2000. A&D's fourth-quarter sales were 7% higher than in a year
earlier, at EUR2.459 billion, compared to EUR2.299 billion last year, but as
anticipated new orders were 5% lower, reflecting slowing economic growth
particularly in the U.S.
EBITA at Industrial Solutions and Services (I&S) came in at EUR97 million
compared to EUR111 million in fiscal 2000. Sales rose 8% to EUR4.563 billion
from EUR4.226 billion a year earlier, while orders rose 11% to EUR4.881 billion
from EUR4.401 billion on increased volume at the Industrial Services Division.
Fourth-quarter EBITA at I&S increased 25% compared to the same period a year
earlier, to EUR81 million. Sales rose 6% year-over-year, to EUR1.391 billion,
and orders edged up 1% to EUR1.348 billion.
Siemens Dematic AG (SD) was formed during the year via a third-quarter merger of
the existing businesses of Siemens Production and Logistics Systems (PL) and
Dematic AG (part of the Atecs Mannesmann acquisition). EBITA at SD was a
negative EUR59 million compared to a positive EUR196 million for PL in fiscal
2000. Earnings were particularly affected by a sharp slow-down at the
Electronics Assembly Division, negative results at the Postal Automation
Division and contract loss provisions at the Logistics and Production Division.
Internal integration costs also reduced EBITA. Compared to fiscal 2000, sales
rose 41% to EUR2.520 billion and orders rose 19% to EUR2.281 billion, primarily
driven by Dematic AG's contribution. Both sales and orders declined year-over-
year on a comparable basis, however, principally due to postponement of major
projects by customers including the U.S. Postal Service.
SD's EBITA for the fourth quarter was a negative EUR35 million including certain
loss provisions, compared to EBITA of EUR64 million a year earlier. Fourth-
quarter sales were up 65% and orders were 32% higher than a year earlier, at
EUR844 million and EUR973 million, respectively, due largely to Dematic's
contribution.
Siemens Building Technologies (SBT) recorded EBITA of EUR132 million, compared
to EUR297 million in fiscal 2000. Margin erosion in its systems divisions,
together with rationalization costs, combined to reduce the Group's
profitability. International acquisitions helped increase sales and orders by
12% and 10%, respectively, to EUR5.518 billion and EUR5.549 billion.
The portion of the rationalization costs noted above that occurred in the fourth
quarter contributed to the reduction in EBITA from EUR111 million recorded a
year earlier to EUR39 million in the fourth quarter of fiscal 2001. Sales were
8% higher than a year earlier, while orders rose 2%.
In the Power business area, EBITA at Power Generation (PG) surged from EUR66
million in fiscal 2000 to EUR634 million in fiscal 2001. The Fossil Power
Generation Division drove the Group's profitability, primarily on strong demand
for its gas turbines in the U.S. Sales grew 10% to EUR8.563 billion despite
deconsolidation of the Group's nuclear business in the second quarter. Orders
jumped 30% to EUR12.219 billion, reflecting the widening demand for gas turbines
worldwide. The Group's bulging order backlog reached EUR26 billion at year-end,
including reservations. Higher customer prepayments enabled the Group to reduce
its EBITA assets to a negative EUR1.003 billion, compared to a positive EUR178
million at the end of fiscal 2000.
PG boosted EBITA from EUR35 million in the fourth quarter of fiscal 2000 to
EUR202 million in the same period of fiscal 2001. Sales rose 5% year-over-year,
to EUR2.651 billion, while orders fell 19%, to EUR2.343 billion, due to order
delays and the intervening deconsolidation of PG's nuclear business. On a
comparable basis, PG's fourth-quarter sales were 16% higher than in the prior-
year period, while orders were 16% lower.
EBITA at Power Transmission and Distribution (PTD) was EUR127 million excluding
restructuring charges and capacity adjustments of EUR31 million. Including these
effects, PTD improved its EBITA to EUR96 million compared to EUR45 million last
year. The High Voltage Division drove the Group's earnings improvement. Major
projects helped push sales up 29%, to EUR4.053 billion for the fiscal year,
while orders grew more slowly, at 9%, to EUR3.887 billion.
PTD contributed EBITA of EUR67 million, excluding EUR28 million of the charges
noted above. Including these effects, EBITA was EUR39 million, EUR58 million
higher than in the fourth quarter a year ago. Fourth-quarter sales of EUR1.284
billion were 29% higher than in the same quarter of fiscal 2000, while orders
were level with the prior-year period.
In the Transportation business area, Transportation Systems (TS) more than
doubled its earnings compared to the previous year, with EBITA of EUR186
million. EBITA margin also more than doubled, from 2.0% to 4.6%. TS achieved
this earnings performance on sales growth of 8%, to EUR4.021 billion from
EUR3.710 billion a year earlier, and successfully improved productivity. The
Group also excelled in winning new business, with orders growing 52% to EUR5.647
billion. The Group's order backlog jumped to nearly EUR11 billion at the end of
the fiscal year. TS further reduced its already negative EBITA assets to a
negative EUR916 million through ongoing asset management programs and higher
customer prepayments.
TS posted EBITA of EUR59 million for the fourth quarter, compared to EUR46
million in the fourth quarter of fiscal 2000. At EUR1.136 billion, sales rose
10% compared to the prior-year quarter, while orders decreased 28% compared to a
year earlier due to customer postponement of projects until fiscal 2002.
Siemens VDO Automotive AG (SV) is the new name of Siemens' automotive business,
which was merged with the VDO automotive operations of Atecs Mannesmann in the
third quarter. EBITA for the merged Group was a negative EUR171 million
excluding EUR90 million in asset write-downs, compared to EBITA of EUR89 million
a year earlier. EBITA including the write-downs was a negative EUR261 million.
The Group's performance includes ongoing development costs associated with next-
generation diesel technology. Sales and orders each rose 49%, to EUR5.702
billion, due primarily to the contribution of VDO.
SV's fourth-quarter EBITA was a negative EUR103 million excluding EUR55 million
of the charges noted above. Including these charges, EBITA was a negative EUR158
million compared to negative EUR2 million a year earlier. Sales and orders each
rose to EUR1.890 billion, nearly double the fourth-quarter level a year earlier,
due to the merger.
Medical Solutions (Med) turned in excellent performance, achieving record levels
in earnings, sales, and orders in part due to the successful integration of
recent acquisitions. EBITA of EUR808 million was 75% higher than in fiscal 2000.
Sales increased by 47% to EUR7.219 billion, and orders grew 61% to EUR8.444
billion.
Fourth quarter EBITA was EUR225 million compared to EUR120 million in the fourth
quarter of the prior year. Sales rose 27% year-over-year to EUR2.032 billion.
Orders were 37% higher, at EUR2.457 billion, than in the same period a year
earlier.
In the Lighting business area, despite a significantly more difficult economic
environment, particularly in the U.S., Osram increased its EBITA to EUR462
million in fiscal 2001, including EUR54 million in nonrecurring gains. Sales
grew 5% compared to fiscal 2000, to EUR4.522 billion.
Osram delivered EUR106 million in EBITA in the fourth quarter, up from EUR74
million in the same period a year earlier, including EUR31 million of the
nonrecurring gains noted above. Sales and orders were about level with the
comparable quarter a year ago, at EUR1.066 billion.
EBITA for Corporate, eliminations was a negative EUR320 million in fiscal 2001
compared to a negative EUR1.270 billion a year ago. The prior year includes
higher charges from foreign currency effects as well as higher expenses related
to the Siemens stock option plan and certain restructuring charges. In the
fourth quarter of fiscal 2001, EBITA was a negative EUR135 million, compared to
a negative EUR147 million in the fourth quarter last year.
Financing and Real Estate in fiscal 2001
Siemens Financial Services (SFS) increased its income before income taxes EUR80
million year-over-year, to EUR158 million. Factors driving this increase include
gains on the sale of equity stakes held by Siemens Project Ventures in India and
USA, higher interest income from the factoring of receivables and the Group's
growing leasing business. In the fourth quarter, SFS improved its pretax income
to EUR15 million compared to EUR9 million in the fourth quarter of fiscal 2000,
despite higher loan loss provisions.
Income before income taxes at Siemens Real Estate (SRE) increased 6% to EUR213
million. For the fourth quarter, pretax income declined to EUR44 million
compared to EUR51 million in the fourth quarter of the prior year, due to higher
maintenance costs.
Liquidity and balance sheet highlights
Significant cash flow improvement, particularly in the fourth quarter,
demonstrates successful focus on asset management, particularly in the area of
working capital deployment. Net cash provided by operating activities for
Siemens worldwide for the year was EUR7.016 billion compared to EUR6.154 billion
in the prior year. Net cash provided by Operations was EUR5.885 billion,
compared to EUR4.555 billion in fiscal 2000.
Capital spending of EUR11.656 billion remained at a level comparable to the
prior year. The decline in proceeds from dispositions resulted in the overall
increase in net cash used by investing activities. Increased proceeds from the
issuance of debt, shown in Corporate Treasury, is primarily associated with
refinancing in the Financing and Real Estate businesses. Together with the
factors noted above, this contributed to a net increase of EUR940 million in
cash and cash equivalents, to a total of EUR7.802 billion.
Economic Value Added
Siemens worldwide including special items realized EVA of negative EUR743
million in fiscal 2001 compared to an EVA of EUR7.095 billion in fiscal 2000,
when results included substantial gains on sales of significant business
interests.
International Activities (excluding Infineon)
Orders in Germany increased 8% to EUR18.110 billion from EUR16.712 billion in
fiscal 2000, including the effect of acquisitions. International orders rose
faster, from EUR59.108 billion a year ago to EUR70.846 billion in fiscal 2001,
an increase of 20%. Sales for the fiscal year climbed 15% to EUR82.256 billion.
Sales in Germany were flat at EUR18.085 billion, while international sales rose
20% to EUR64.171 billion. International business now accounts for approx. 80% of
Siemens' total volume.
Orders in the U.S. for the year climbed 38% to EUR23.876 billion and sales rose
31% to EUR19.887 billion. In Asia-Pacific, orders rose 10% to EUR9.938 billion
and sales 24% to EUR9.873 billion. China continued to account for the largest
share of sales in the region, contributing EUR3.640 billion. In Europe outside
Germany, orders and sales both increased 11%.
Outlook
"We are confident about our capabilities to successfully execute the various
restructuring programs especially at our I&C Groups, and therefore look forward
to improved earnings from Operations", said Siemens CEO Heinrich von Pierer.
"Before commenting more specifically on our outlook, however, we want to
continue to monitor our business performance, particularly the trend in sales
and order intake, to better assess the effects of September 11." While many
telecom operators have announced sharply reduced capital expenditures, directly
affecting business at the I & C Groups, other businesses such as Power
Generation, Medical Solutions and Transportation Systems are expected to
continue their positive development particularly due to their considerable order
backlog.
Siemens remains committed to its Operations 2003, aimed at achieving previously
communicated medium-term margin targets. Some Groups should be able to meet
their targets earlier or exceed them, while for the I&C Groups it might take
longer. Siemens has demonstrated that it can handle difficult times better than
many of its competitors. A global presence, broad business portfolio, and solid
capital structure, along with successful asset management activities, are the
pillars upon which Siemens continues to build its business.
Notice:
- A German language telephone conference for journalists with CEO Dr. Heinrich
v. Pierer and CFO Heinz-Joachim Neuburger will be transmitted live on the
Internet beginning at 1:30 p.m. CET. You can access the conference at
www.siemens.com/conferencecall. Please go to the Web site early enough to
download software, if needed. A recording of the telephone conference will be
available later at the same location.
- Dr. v. Pierer and Mr. Neuburger will hold a telephone conference with analysts
in English language at 3:00 p.m. CET and you can also follow this conference
live on the Internet. Please go to www.siemens.com/analystcall.
This report contains forward-looking statements based on beliefs of Siemens'
management. The words "anticipate," "believe," "estimate," "forecast," "expect,"
"intend," "plan," "should" and "project" are used to identify forward-looking
statements. Such statements reflect the company's current views with respect to
future events and are subject to risks and uncertainties. Many factors could
cause the actual results to be materially different, including, among others,
changes in general economic and business conditions, changes in currency
exchange rates and interest rates, introduction of competing products, lack of
acceptance of new products or services and changes in business strategy.
Actual results may vary materially from those projected here. Siemens does not
intend or assume any obligation to update these forward-looking statements.
Key figures
12 months ending(1) 4th quarter (2)
2001 2000 2001 2000
Net income (3) 2,088 8,860 (1,098) 562
(in millions of euros)
Special items (after taxes) 2,003 6,221 (532) (205)
(in millions of euros)
Special items (before taxes)
(in millions of euros) 2,880 7,546 (287) (342)
Net cash from operating activities of
Siemens worldwide 7,016 6,154 5,857 2,757
(in millions of euros)
Earnings per share(excluding Infineon
and special items)(4)(5) 0.39 1.99 (0.34) 0.40
(in euros)
EBITA from Operations (excluding
Infineon) 1,329 2,799 (130) 840
(in millions of euros)
Restructuring charges and asset
write-downs (1,863) - (959) -
(in millions of euros)
EBITA from Operations (excluding
Infineon)excluding restructuring
charges and asset write-downs 3,192 2,799 829 840
(in millions of euros)
New Orders (excluding Infineon) 88.9 75.8 21.7 21.3
(in billions of euros)
Sales (excluding Infineon) 82.2 71.3 23.6 21.6
(in billions of euros)
September 30, 2001 September 30, 2000
Employees (excluding Infineon)
(in thousands) 450 419
Germany 182 167
International 268 252
(1) October 1, 2000 - September 30, 2001.
(2) July 1, 2001 - September 30, 2001.
(3) Net income under U.S. GAAP per the attached consolidated statement of income
and including Infineon and special items.
(4) Basic earnings per share under U.S. GAAP for Siemens including Infineon: 4th
quarter EUR(1.24) (2000: EUR0.63), twelve months EUR2.36 (2000: EUR9.97).
(5) Reflects stock split (one additional share for two existing shares)
effective April 30, 2001.
Siemens AG
Consolidated Statements of Income
For the three months ended September 30, 2001 and September 30, 2000
(in millions of EUR, per share amounts in EUR)
Eliminations
reclassifications and
Siemens worldwide Corporate Treasury Operations
2001 2000 2001 2000 2001 2000
Net Sales 25,540 23,660 (783) (865) 23,687 21,672
Cost of sales (18,998) (16,347) 883 771 (17,783) (15,585)
Gross profit on sales 5,542 7,313 50 (94) 5,904 6,087
Research & development expenses(1,835) (1,992) (4) (92) (1,487) (1,552)
Marketing, selling and general
administrative expenses (4,357) (4,093) 6 34 (4,129) (3,846)
Other operating income
(expense), net (1,458) (253) (1,318) (147) (210) (160)
Income from investments in
other companies, net (16) 73 4 - (50) -
Income from financial assets
& marketable securities, net (78) 106 (66) (265) (72) 336
Interest income(expense) of
Operations, net (77) (25) 9 - (86) (25)
EBITA(1)from Operations/EBIT
Infineon - - - - (130) 840
Other interest(expense)income,
net (20) 19 79 106 (106) (145)
Goodwill amortization and
purchased in-process R&D
expenses of Operations - - 175 87 (175) (87)
Gains on sales & dispositions
of significant business
interests(therein gain on
issuance of subsidiary and
associated company stock
EUR617 and EUR53, respectively 779 71 173 - 606 71
Other special items - - 893 413 (893) (413)
Income(loss)before income taxes(1,520) 1,219 1 42 (698) 266
Income taxes(2) 207 (429) (8) (12) (93) (132)
Minority interest 215 (228) - - 209 (228)
Net Income(loss) (1,098) 562 (7) 30 (582) (94)
Basic earnings per share (1.24) 0.63
Diluted earnings per share (1.24) 0.63
(1) EBITDA is measured as earnings before financing interest, income taxes,
amortization of goodwill and purchased in-process R&D expenses and certain
one-time items. Interest income related to receivables from customers, cash
allocated to the segments and interest expense on payables to suppliers are
part of EBITA. EBITA differs from income before income taxes and you should
not consider it to be the same. Other companies that use EBITA may
calculate it differently, and their figures may not be comparable to ours.
(2) The income taxes of Eliminations, reclassifications and Corporate Treasury,
Operations, and Financing an Real Estate are based on the consolidated
effective corporate tax rate(excluding Infineon)applied to income before
income taxes.
Siemens AG
Consolidated Statements of Income....continued
For the three months ended September 30, 2001 and September 30, 2000
(in millions of EUR, per share amounts in EUR)
Financing and
Infineon Real Estate
2001 2000 2001 2000
Net Sales 1,085 2,380 551 473
Cost of sales (1,544)(1,122) (504) (411)
Gross profit on sales (459) 1,258 47 62
Research & development expenses (344) (348) - -
Marketing, selling and general
administrative expenses (175) (204) (59) (77)
Other operating income (expense), net 21 - 49 54
Income from investments in other
companies, net (1) 66 31 7
Income from financial assets
& marketable securities, net 76 35 (16) -
Interest income(expense) of Operations, net - - - -
EBITA(1)from Operations/EBIT Infineon (882) 807 - -
Other interest(expense)income, net - 44 7 14
Goodwill amortization and purchased
in-process R&D expenses of Operations - - - -
Gains on sales & dispositions of significant
business interests(therein gain on issuance
of subsidiary and associated company stock
EUR617 and EUR53, respectively - - - -
Other special items - - - -
Income(loss)before income taxes (882) 851 59 60
Income taxes(2) 353 (270) (45) (15)
Minority interest 6 - - -
Net Income(loss) (523) 581 14 45
(1) EBITDA is measured as earnings before financing interest, income taxes,
amortization of goodwill and purchased in-process R&D expenses and certain
one-time items. Interest income related to receivables from customers, cash
allocated to the segments and interest expense on payables to suppliers are
part of EBITA. EBITA differs from income before income taxes and you should
not consider it to be the same. Other companies that use EBITA may
calculate it differently, and their figures may not be comparable to ours.
(2) The income taxes of Eliminations, reclassifications and Corporate Treasury,
Operations, and Financing an Real Estate are based on the consolidated
effective corporate tax rate(excluding Infineon)applied to income before
income taxes.
Siemens AG
Consolidated Statements of Income
For the fiscal years ended September 30, 2001 and September 30, 2000
(in millions of EUR, per share amounts in EUR)
Eliminations
reclassifications and
Siemens worldwide Corporate Treasury Operations
2001 2000 2001 2000 2001 2000
Net sales 87,000 77,484 (3,114) (3,176) 82,427 71,603
Cost of sales (63,895) (55,949) 2,899 1,656 (60,192)(51,946)
Gross profit on sales 23,105 21,535 (215) (1,520) 22,235 19,657
Research & development expenses(6,782) (5,848) (166) (204) (5,427) (4,619)
Marketing, selling and general
administrative expenses (16,640) (14,173) 2 31 (15,559)(13,333)
Other operating income
(expense), net (1,476) (277) (1,701) (511) (118) (13)
Income from investments in
other companies, net 49 299 - (175) (24) 310
Income from financial assets
& marketable securities, net 173 2,732 (140) 1,867 263 832
Interest income(expense) of
Operations, net (32) (35) 9 - (41) (35)
EBITA(1)from Operations/EBIT
Infineon - - - - 1,329 2,799
Other interest(expense)income,
net 43 180 280 323 (304) (220)
Goodwill amortization and
purchased in-process R&D
expenses of Operations - - 665 253 (665) (253)
Gains on sales & dispositions
of significant business
interests(therein gain on
issuance of subsidiary and
associated company stock
EUR617 and EUR53, respectively 4,238 7,826 173 - 4,065 7,826
Other special items - - 1,185 280 (1,185) (280)
Income(loss)before income taxes 2,678 12,239 92 344 3,240 9,872
Income taxes(2) (781) (3,017) (30) (79) (1,058)(2,262)
Minority interest 191 (362) - - 185 (356)
Net Income(loss) 2,088 8,860 62 265 2,367 7,254
Basic earnings per share 2.36 9.97
Diluted earnings per share 2.36 9.96
(1) EBITDA is measured as earnings before financing interest, income taxes,
amortization of goodwill and purchased in-process R&D expenses and certain
one-time items. Interest income related to receivables from customers, cash
allocated to the segments and interest expense on payables to suppliers are
part of EBITA. EBITA differs from income before income taxes and you should
not consider it to be the same. Other companies that use EBITA may
calculate it differently, and their figures may not be comparable to ours.
(2) The income taxes of Eliminations, reclassifications and Corporate Treasury,
Operations, and Financing an Real Estate are based on the consolidated
effective corporate tax rate(excluding Infineon)applied to income before
income taxes.
Siemens AG
Consolidated Statements of Income....continued
For the fiscal years ended September 30, 2001 and September 30, 2000
(in millions of EUR, per share amounts in EUR)
Financing and
Infineon Real Estate
2001 2000 2001 2000
Net Sales 5,671 7,283 2,016 1,774
Cost of sales (5,021)(4,111) (1,581) (1,548)
Gross profit on sales 650 3,172 435 226
Research & development expenses (1,189)(1,025) - -
Marketing, selling and general
administrative expenses (786) (670) (297) (201)
Other operating income (expense), net 200 2 143 245
Income from investments in other
companies, net 36 154 37 10
Income from financial assets
& marketable securities, net 65 37 (15) (4)
Interest income(expense) of Operations, net - - - -
EBITA(1)from Operations/EBIT Infineon (1,024) 1,670 - -
Other interest(expense)income, net (1) 74 68 3
Goodwill amortization and purchased
in-process R&D expenses of Operations - - - -
Gains on sales & dispositions of significant
business interests(therein gain on issuance
of subsidiary and associated company stock
EUR617 and EUR53, respectively - - - -
Other special items - - - -
Income(loss)before income taxes (1,025) 1,744 371 279
Income taxes(2) 428 (612) (121) (64)
Minority interest 6 (6) - -
Net Income(loss) (591) 1,126 250 215
(1) EBITDA is measured as earnings before financing interest, income taxes,
amortization of goodwill and purchased in-process R&D expenses and certain
one-time items. Interest income related to receivables from customers, cash
allocated to the segments and interest expense on payables to suppliers are
part of EBITA. EBITA differs from income before income taxes and you should
not consider it to be the same. Other companies that use EBITA may
calculate it differently, and their figures may not be comparable to ours.
(2) The income taxes of Eliminations, reclassifications and Corporate Treasury,
Operations, and Financing an Real Estate are based on the consolidated
effective corporate tax rate(excluding Infineon)applied to income before
income taxes.
Siemens AG
Consolidated Balance Sheets
As of September 30, 2001 and September 30, 2000
(in millions of EUR)
Eliminations
reclassifications and
Siemens worldwide Corporate Treasury Operations
9/30/01 9/30/00 9/30/01 9/30/00 9/30/01 9/30/00
ASSETS
Current assets
Cash and cash equivalents 7,802 6,862 6,103 5,105 907 1,211
Marketable securities 791 3,317 36 34 638 2,768
Accounts receivable, net 18,928 19,228 734 431 14,055 13,267
Intracompany receivables - - (10,706) (14,116) 10,060 13,935
Inventories, net 13,406 12,422 (74) (119) 12,485 11,520
Deferred income taxes 1,113 1,596 - - 971 1,352
Other current assets 8,973 5,666 799 642 7,223 4,596
Total current assets 51,013 49,091 (3,108) (8,023) 46,339 48,649
Long-term investments 3,314 5,402 6 74 2,348 4,622
Intangible assets, net 9,771 6,446 (1) - 9,223 6,113
Property,plant and
equipment, net 17,803 15,720 2 3 8,547 7,861
Deferred income taxes 3,684 485 - - 3,071 240
Other assets 4,533 4,510 (56) 321 1,240 1,327
Other intracompany
receivables - - (152) (297) 149 297
Total assets 90,118 81,654 (3,309) (7,922) 70,917 69,109
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term debt and
current maturities of
long-term debt 2,637 2,604 1,499 808 878 1,572
Accounts payable 10,376 9,458 (86) (383) 9,173 8,419
Intracompany liabilities - - (7,068) (11,759) 1,215 4,182
Accrued liabilities 10,864 9,913 148 125 10,126 8,886
Deferred income taxes 754 1,086 1 - 631 848
Other current liabilities 19,893 13,794 (221) 1,607 19,145 11,767
Total current liabilities 44,524 36,855 (5,727) (9,602) 41,168 35,674
Long-term debt 9,973 6,734 6,205 3,224 3,121 2,980
Pension plans and similar
commitments 4,721 2,473 45 42 4,653 2,419
Deferred income taxes 111 662 - - 43 348
Other accruals and
provisions 2,957 4,068 (414) (280) 2,653 3,793
Other intracompany
liabilities - - (3,418) (1,306) 155 439
62,286 50,792 (3,309) (7,922) 51,793 45,653
Minority interests 4,020 2,382 - - 4,002 2,382
Shareholders' equity
Common stock, no par value.
Authorized: 1,145,773,579
and 1,078,130,900 shares,
respectively
Issued: 888,230,245 and
882,930,900 shares,
respectively 2,665 1,505
Additional paid-in capital 4,901 5,547
Retained earnings 19,762 19,280
Accumulated other
comprehensive income (3,516) 2,150
Treasury stock, at cost,
1,116 and 23,100 shares,
respectively - (2)
Total shareholders'
equity 23,812 28,480 - - 15,122 21,074
Total liabilities and
shareholders' equity 90,118 81,654 (3,309) (7,922) 70,917 69,109
Siemens AG
Consolidated Balance Sheets...continued
As of September 30, 2001 and September 30, 2000
(in millions of EUR, per share amounts in EUR)
Financing and
Infineon Real Estate
2001 2000 2001 2000
9/30/01 9/30/00 9/30/01 9/30/00
ASSETS
Current assets
Cash and cash equivalents 757 511 35 35
Marketable securities 93 498 24 17
Accounts receivable, net 719 1,698 3,420 3,832
Intracompany receivables 208 127 438 54
Inventories, net 882 841 113 180
Deferred income taxes 39 100 103 144
Other current assets 178 60 773 368
Total current assets 2,876 3,835 4,906 4,630
Long-term investments 655 432 305 274
Intangible assets, net 437 222 112 111
Property,plant and equipment, net 5,233 4,034 4,021 3,822
Deferred income taxes 412 166 201 79
Other assets 130 164 3,219 2,698
Other intracompany receivables - - 3 -
Total assets 9,743 8,853 12,767 11,614
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term debt and
current maturities of
long-term debt 119 138 141 86
Accounts payable 1,050 1,222 239 200
Intracompany liabilities 239 87 5,614 7,490
Accrued liabilities 426 719 164 183
Deferred income taxes 19 75 103 163
Other current liabilities 351 213 618 207
Total current liabilities 2,204 2,454 6,879 8,329
Long-term debt 249 128 398 402
Pension plans and similar commitments - - 23 12
Deferred income taxes 53 178 15 136
Other accruals and provisions 319 287 399 268
Other intracompany liabilities - - 3,263 867
2,825 3,047 10,977 10,014
Minority interests 18 - - -
Shareholders' equity
Common stock, no par value.
Authorized: 1,145,773,579
and 1,078,130,900 shares,
respectively
Issued: 888,230,245 and
882,930,900 shares,
respectively
Additional paid-in capital
Retained earnings
Accumulated other
comprehensive income
Treasury stock, at cost,
1,116 and 23,100 shares,
respectively
Total shareholders' equity 6,900 5,806 1,790 1,600
Total liabilities and shareholders' equity 9,743 8,853 12,767 11,614
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