Siemens AG
Project Reviews Substantially Complete
Charges lower than expected
2010 targets remain unchanged
Siemens in the second quarter 2008 (ended March 31, 2008)
-- Orders rose 12%, to EUR 23.371 billion, and revenue increased 1% to EUR
18.094 billion. On an organic basis, excluding the net effect of
portfolio transactions and currency translation, orders climbed 15%
year-over-year, and revenue rose 2%.
-- Siemens substantially completed reviews of projects primarily in fossil
power plant solutions and rail transportation, aimed at identifying
risks and taking corresponding measures. As a result, Group profit from
Operations was EUR 1.203 billion in the second quarter, including
charges at Power Generation, Transportation Systems, and Siemens IT
Solutions and Services totaling EUR 857 million.
-- These impacts also affected net income, which was EUR 412 million for
the quarter, and income from continuing operations, which came in at EUR
565 million. Basic EPS for net income and income from continuing
operations were EUR 0.42 and EUR 0.59, respectively.
-- Siemens completed the first tranche of its previously announced share
buyback program, with purchases totaling approximately EUR 2.0 billion.
"Our order growth in the first half has been excellent on a global basis, and
our industry and healthcare sectors combined strong growth with higher
earnings," said CEO Peter L�scher. "Furthermore, our energy portfolio performed
well in most areas, with very strong overall order growth. We have now concluded
our project reviews in the fossil power business and, in total, we have a clear
picture of the relevant risks. We also demonstrated our commitment to increasing
transparency and accountability at Siemens. We expect organic revenue to grow at
twice the rate of GDP growth in fiscal 2008 and that our full-year Group profit
from Operations and income from continuing operations will match the levels we
achieved in fiscal 2007." L�scher concluded, "we remain fully committed to our
targets for 2010."
Revenue and Orders
Robust order growth generated a book-to-bill ratio of 1.3. On an organic basis,
excluding the net effect of currency translation and portfolio transactions,
orders rose 15% with good regional distribution. Strong demand in Germany
included major contract wins at Power Generation (PG) and a large order at
Medical Solutions (Med), while order growth in Asia-Pacific was more
broad-based. High double-digit growth in the region comprising the Near and
Middle East, Africa and Commonwealth of Independent States (CIS) was driven by
large energy infrastructure orders at Power Transmission and Distribution (PTD).
Revenue for the quarter rose 2% organically compared to a strong prior-year
period. Europe outside Germany, Siemens' largest region, was on pace with 2%
growth for the quarter. Revenue in the Asia-Pacific and Americas regions grew 6%
and 3%, respectively, with particular strength at Automation and Drives (A&D).
On an organic basis, particularly excluding strong negative currency translation
effects, the U.S. posted revenue growth of 7% year-over-year. Revised estimates
of project completion, mainly at PG, reduced revenue for Siemens as a whole by
approximately EUR 250 million.
New Orders (location of customer)
--------------------------------------------------------------------
% Change
Second quarter vs. previous year Therein
(EUR in millions) 2008 2007 Actual Adjusted* Currency Portfolio
----------------------------- ---------- ----------- ---------- ----------- ---------- -----------
Germany 3,786 3,085 23% 21% 0% 2%
Europe (other than Germany) 7,567 7,264 4% 6% (3)% 1%
Americas 5,834 5,661 3% 10% (13)% 6%
Asia-Pacific 3,630 3,092 17% 19% (6)% 4%
Africa, Near and Middle East,
C.I.S.** 2,554 1,748 46% 54% (8)% 0%
----------------------------- ---------- ----------- ---------- ----------- ---------- -----------
Siemens 23,371 20,850 12% 15% (6)% 3%
----------------------------- ---------- ----------- ---------- ----------- ---------- -----------
* Excluding currency translation and portfolio effects.
** Commonwealth of Independent States.
Revenue (location of customer)
--------------------------------------------------------------------
% Change
Second quarter vs. previous year Therein
(EUR in millions) 2008 2007 Actual Adjusted* Currency Portfolio
----------------------------- ---------- ----------- ---------- ----------- ---------- -----------
Germany 2,918 3,103 (6)% (7)% 0% 1%
Europe (other than Germany) 5,795 5,692 2% 1% (2)% 3%
Americas 4,921 4,756 3% 9% (13)% 7%
Asia-Pacific 2,975 2,796 6% 5% (4)% 5%
Africa, Near and Middle East,
C.I.S.** 1,485 1,654 (10)% (5)% (4)% (1)%
----------------------------- ---------- ----------- ---------- ----------- ---------- -----------
Siemens 18,094 18,001 1% 2% (5)% 4%
----------------------------- ---------- ----------- ---------- ----------- ---------- -----------
* Excluding currency translation and portfolio effects.
** Commonwealth of Independent States.
Income and Group Profit
Group profit from Operations strongly affected by results of project reviews.
The second quarter included strong profit performances at A&D, Med, PTD, and
Industrial Solutions and Services (I&S). In contrast, PG, Transportation Systems
(TS) and Siemens IT Solutions and Services posted losses in the second quarter
due to charges totaling EUR 857 million. As a result, Group Profit from
Operations came in at EUR 1.203 billion compared to EUR 1.781 billion in the
prior-year period.
Income and EPS reflect project review impacts. Net income was EUR 412 million
compared to EUR 1.259 billion in the second quarter a year earlier, resulting in
basic EPS of EUR 0.42 compared to EUR 1.34 in the prior-year period. Income from
continuing operations was EUR 565 million compared to EUR 1.286 billion in the
second quarter a year ago, with corresponding basic EPS of EUR 0.59 compared to
EUR 1.39 in the prior-year period. The declines are due largely to Group profit
from Operations. In addition, Corporate items were significantly higher
year-over-year, at a negative EUR 506 million compared to a negative EUR 210
million. Major factors included increased expenses for compliance investigations
and costs related to Siemens' transformation programs.
Net income was also affected by discontinued operations. In the second quarter,
discontinued operations posted a loss of EUR 153 million compared to a loss of
EUR 27 million in the same quarter a year earlier. The prior-year period
included positive operating results at Siemens VDO Automotive (SV) and at
telecommunications carrier activities, both of which were divested between the
periods under review. The enterprise networks business took EUR 109 million in
severance charges and a EUR 12 million asset impairment in the current period. A
year earlier, this business took a goodwill impairment of EUR 148 million.
Cash, Return on Capital Employed (ROCE) and Pension Funding Status
Siemens completes the first tranche of its share buyback program. Purchases
totalled approximately EUR 2.0 billion for 24,854,541 shares. The tranche was
completed shortly after the close of the quarter on April 8, 2008.
Free cash flow from continuing operations was EUR 1.623 billion. For comparison,
free cash flow of EUR 2.619 billion in the second quarter a year earlier
benefited from a positive effect related to receivables associated with the
transfer of the carrier activities into Nokia Siemens Networks B.V. (NSN). In
the current period, Operations generated EUR 1.010 billion in free cash flow
while Financing & Real Estate and Corporate Treasury activities contributed EUR
613 million. The cash conversion rate for continuing operations in the second
quarter was 2.87, positively influenced by the charges within Operations.
ROCE for the first half of fiscal 2008 was 8.6%, strongly affected by project
charges. A year earlier, ROCE in the first six months of the fiscal year was
13.6%. As expected, ROCE development in the current period was affected also by
a substantial increase in capital employed year-over-year stemming from major
acquisitions completed in fiscal 2007 and fiscal 2008. This effect will continue
in coming quarters.
Pension funding status improved. Siemens' principal pension plans were fully
funded as of March 31, 2008, compared to an underfunding of approximately EUR
1.0 billion at the end of fiscal 2007.
Expenses for compliance investigations
Siemens incurred EUR 175 million in expenses in the second quarter for outside
advisors engaged in connection with investigations into alleged violations of
anti-corruption laws and related matters as well as remediation activities. The
total for continuing operations was EUR 148 million, with the remaining EUR 27
million related to discontinued operations. More information regarding these
matters is provided in the document "Legal Proceedings."
Operations in the second quarter fiscal 2008
Automation and Drives (A&D): Strong Demand Drives Economies of Scale
Second quarter
----------------------------------------------------------
% Change
(EUR in millions) 2008 2007 Actual Adjusted*
------------------------ ------------ ---------- --- --- -------- -----------------
Group profit 712 526 35%
Group profit margin 16.7% 14.2%
------------------------ ------------ ---------- --- --- -------- -----------------
Revenue 4,271 3,711 15% 11%
New orders 4,814 4,154 16% 14%
------------------------ ------------ ---------- --- --- -------- -----------------
* Excluding currency translation effects of (3)% and (4)% on revenue and orders,
respectively, and portfolio effects of 7% and 6% on revenue and orders,
respectively.
A&D's second-quarter Group profit was EUR 712 million, as the Group operated at
high capacity utilization in a strong market for automation and control
solutions. Group profit includes purchase price accounting (PPA) effects and
integration costs related to A&D's product lifecycle management (PLM) software
business, acquired between the periods under review, and the acquisition of
Flender Holdings GmbH. PPA effects were EUR 35 million and integration costs
were EUR 2 million in the current quarter, compared to PPA effects of EUR 10
million in the prior-year period. Revenue for A&D climbed 15% year-over-year, to
EUR 4.271 billion, and second-quarter orders rose 16%, to EUR 4.814 billion.
These topline figures included double-digit growth in Germany as well as
internationally. During the quarter, Siemens entered into an agreement to sell
A&D's wireless modules business to a consortium with complementary expertise in
the global machine-to-machine (M2M) modules business. Siemens also initiated a
carve-out of A&D's electronics assembly business.
Industrial Solutions and Services (I&S): Divestment Gain Benefits Group Profit
Second quarter
----------------------------------------------------------
% Change
(EUR in millions) 2008 2007 Actual Adjusted*
------------------------ ------------ ---------- --- --- -------- -----------------
Group profit 167 100 67%
Group profit margin 7.8% 4.6%
------------------------ ------------ ---------- --- --- -------- -----------------
Revenue 2,128 2,172 (2)% 2%
New orders 2,602 2,434 7% 12%
------------------------ ------------ ---------- --- --- -------- -----------------
* Excluding currency translation effects of (4)% and (5)% on revenue and orders,
respectively.
I&S posted Group profit of EUR 167 million, benefiting from a EUR 30 million
gain on the sale of its hydrocarbon service business as well as payment of a
performance incentive related to a large postal automation contract in the U.S.
Revenue was EUR 2.128 billion in the second quarter, near the prior-year level,
and orders rose 7% year-over-year, to EUR 2.602 billion. Both topline figures
include negative currency translation effects and somewhat lower demand in
Germany compared to the second quarter a year earlier. I&S expanded its water
treatment business in Asia-Pacific with the acquisition of Chemitreat Group
during the second quarter. After the close of the quarter, I&S also acquired
Morgan Construction Co., which extends the Group's capabilities in metal
technologies.
Siemens Building Technologies (SBT): Margin Discipline in a Competitive Market
Second quarter
----------------------------------------------------------
% Change
(EUR in millions) 2008 2007 Actual Adjusted*
------------------------ ------------ ---------- --- --- -------- -----------------
Group profit 90 100 (10)%
Group profit margin 7.5% 7.5%
------------------------ ------------ ---------- --- --- -------- -----------------
Revenue 1,201 1,335 (10)% (5)%
New orders 1,333 1,364 (2)% 2%
------------------------ ------------ ---------- --- --- -------- -----------------
* Excluding currency translation effects of (5)% on revenue and orders, and
portfolio effects of 1% on orders.
Group Profit at SBT was EUR 90 million in the second quarter. Group profit
margin remained level year-over-year, even as revenue declined to EUR 1.201
billion from the prior-year level which included completion of major projects in
Europe and the Middle East. Orders totaled EUR 1.333 billion. Both topline
figures include negative currency effects related primarily to SBT's U.S.
business.
Osram: Continued Expansion into Emerging Markets
Second quarter
----------------------------------------------------------
% Change
(EUR in millions) 2008 2007 Actual Adjusted*
------------------------ ------------ ---------- --- --- -------- -----------------
Group profit 122 125 (2)%
Group profit margin 10.3% 10.5%
------------------------ ------------ ---------- --- --- -------- -----------------
Revenue 1,188 1,189 (0)% 6%
New orders 1,188 1,189 (0)% 6%
------------------------ ------------ ---------- --- --- -------- -----------------
* Excluding currency translation effects of (7)% on revenue and orders, and
portfolio effects of 1% on revenue and orders.
Osram delivered EUR 122 million in Group profit in the second quarter, on
revenue of EUR 1.188 billion. The Group's continued rapid growth in Asia-Pacific
and other emerging markets was offset by strong negative currency translation
effects in Osram's large NAFTA business, keeping reported results for the
quarter near the level of the prior-year period. After the close of the quarter,
Osram announced an agreement to sell its Global Tungsten & Powders unit.
Completion of the transaction is subject to regulatory review.
Transportation Systems (TS): Assessing Project Risks
Second quarter
----------------------------------------------------------
% Change
(EUR in millions) 2008 2007 Actual Adjusted*
------------------------ ------------ ---------- --- --- -------- -----------------
Group profit (153) 58
Group profit margin (15.6)% 5.0%
------------------------ ------------ ---------- --- --- -------- -----------------
Revenue 982 1,161 (15)% (14)%
New orders 838 714 17% 19%
------------------------ ------------ ---------- --- --- -------- -----------------
* Excluding currency translation effects of (1)% and (2)% on revenue and orders,
respectively.
In the second quarter, TS took EUR 209 million in charges and posted a loss of
EUR 153 million. The largest single charge in the quarter related to the
Shanghai Transrapid monorail. A majority of the charges resulted from a
substantially completed review of projects at TS, including Combino. Revenue of
EUR 982 million came in lower than the prior-year period, due in part to lower
billings on large projects in the Turnkey Systems division. Orders in both
periods under review included a relatively low number of major new contracts. TS
intends to realign its organization and adjust its cost structure in coming
quarters.
Power Generation (PG): Project Review Completed, Actions Defined
Second quarter
----------------------------------------------------------
% Change
(EUR in millions) 2008 2007 Actual Adjusted*
------------------------ ------------ ---------- --- --- -------- -----------------
Group profit (221) 330
Group profit margin (7.5)% 10.7%
------------------------ ------------ ---------- --- --- -------- -----------------
Revenue 2,932 3,072 (5)% 1%
New orders 6,062 5,017 21% 29%
------------------------ ------------ ---------- --- --- -------- -----------------
* Excluding currency translation effects of (6)% and (8)% on revenue and orders,
respectively.
PG completed a review of project risks in its fossil power turnkey solutions
business in the second quarter. The review identified resource constraints
leading to project delays, expiring supplier price agreements, and significantly
higher commodity prices. Based on the review, the Group recorded charges of EUR
559 million in the fossil power turnkey business and posted a loss of EUR 221
million in the second quarter compared to Group profit of EUR 330 million in the
same period a year earlier. The largest single impact was EUR 163 million at a
technically challenging project in Finland (Olkiluoto), which was less than 50%
complete at the close of the quarter. PG expects negative margin impacts in
coming quarters, stemming from the project review mentioned above. The other
businesses within PG were all profitable in both periods under review. These
include wind power, industrial applications, products, and plant services.
Equity investment income at PG was EUR 21 million for the quarter, including a
positive contribution from Areva NP. In the prior-year period, equity
investments produced a negative result. PG's revenue in the current quarter
includes a reduction of approximately EUR 200 million due to revised estimates
of completion at some projects. Reported revenue also reflects negative currency
translation effects related to growth in the Americas. Orders climbed 21%, to
EUR 6.062 billion, as demand more than doubled in the wind and product
businesses compared to the same quarter a year earlier and PG won several new
orders for high-efficiency combined-cycle power plants. The Group continues to
emphasize more selective order intake and increased engineering and project
management capabilities, particularly in the fossil power plant business. Equity
investment income is expected to remain volatile in coming quarters.
Power Transmission and Distribution (PTD): Another Surge in Profitable Growth
Second quarter
----------------------------------------------------------
% Change
(EUR in millions) 2008 2007 Actual Adjusted*
------------------------ ------------ ---------- ---- --- -------- ----------------
Group profit 220 143 54%
Group profit margin 11.6% 8.1%
------------------------ ------------ ---------- ---- --- -------- ----------------
Revenue 1,903 1,756 8% 13%
New orders 2,864 2,476 16% 23%
------------------------ ------------ ---------- ---- --- -------- ----------------
* Excluding currency translation effects of (5)% and (7)% on revenue and orders,
respectively.
PTD's second-quarter Group profit jumped 54%, to EUR 220 million. Group profit
margin also rose significantly, on a favorable product mix and economies of
scale associated with higher revenue. This latter development was particularly
evident in results for the Group's three largest businesses. PTD as whole
delivered 8% revenue growth and 16% order growth, showing its ability to respond
to varying regional cycles in the global market for secure, high-efficiency
power transmission and distribution. While revenue in the current period
reflects significant order growth in Europe and Asia Pacific in prior periods,
new contracts in the second quarter came primarily from robust demand in Africa
and the Middle East.
Medical Solutions (Med): Sustained Profitability on Global Growth
Second quarter
----------------------------------------------------------
% Change
(EUR in millions) 2008 2007 Actual Adjusted*
------------------------ ------------ ---------- --- --- -------- -----------------
Group profit 341 332 3%
Group profit margin 12.5% 13.4%
------------------------ ------------ ---------- --- --- -------- -----------------
Revenue 2,722 2,470 10% 2%
New orders 2,790 2,544 10% 1%
------------------------ ------------ ---------- --- --- -------- -----------------
* Excluding currency translation effects of (9)% and (8)% on revenue and orders,
respectively, and portfolio effects of 17% on revenue and orders.
Med delivered Group profit of EUR 341 million in the second quarter. Group
profit margin was strongly influenced by PPA effects and integration costs
associated with acquisitions by Med's Diagnostics division, including the
acquisition of Dade Behring Holdings, Inc. (Dade Behring) between the periods
under review. These factors took approximately 370 basis points from Group
profit margin, including PPA effects of EUR 50 million and integration costs of
EUR 52 million. A year earlier, PPA and integration costs were EUR 37 million
and EUR 9 million, respectively, taking 190 basis points from Group profit
margin. Furthermore, these prior-period effects were largely offset by gains on
divestments as well as from the sale of a portion of Med's stake in a joint
venture, Draeger Medical AG & Co. Including the PPA and integration effects
mentioned above, the Diagnostics division posted earnings of EUR 50 million on
revenue of EUR 817 million in the current quarter. Med's imaging and IT business
continued to deliver solid profitability despite increasing challenges in market
conditions. Second-quarter revenue and orders rose 10% year-over-year, as new
volume from the Dade Behring acquisition more than offset significant negative
currency translation effects in the U.S. Med also won a major order from a
particle therapy center, the first of its kind in northern Germany.
Siemens IT Solutions and Services: Major Orders with External Customers
Second quarter
----------------------------------------------------------
% Change
(EUR in millions) 2008 2007 Actual Adjusted*
------------------------ ------------ ---------- --- --- -------- -----------------
Group profit (35) 80
Group profit margin (2.8)% 5.9%
------------------------ ------------ ---------- --- --- -------- -----------------
Revenue 1,266 1,351 (6)% (4)%
New orders 1,445 1,106 31% 38%
------------------------ ------------ ---------- --- --- -------- -----------------
* Excluding currency translation effects of (3)% and (5)% on revenue and orders,
respectively, and portfolio effects of 1% and (2)% on revenue and orders,
respectively.
Results for Siemens IT Solutions and Services in the second quarter were
influenced strongly by charges at projects in the U.K. These charges had a net
earnings impact of EUR 89 million, leading to a loss of EUR 35 million in the
quarter. Revenues declined to EUR 1.266 billion in part due to cancellation of a
large contract. In contrast, second-quarter orders rose sharply, to EUR 1.445
billion, as the Group became the lead vendor to NSN for IT infrastructure
services and won a major digital media contract from the BBC in England.
Strategic Equity Investments (SEI)
SEI includes results at equity from three companies in which Siemens holds a
strategic equity stake: NSN, BSH Bosch und Siemens Hausger�te GmbH, and Fujitsu
Siemens Computers (Holding) B.V. SEI contributed equity investment income of EUR
14 million in the second quarter compared to EUR 99 million in the same period a
year earlier. The largest factor in this decline was NSN, which became part of
SEI between the periods under review. NSN took charges of EUR 100 million in the
quarter, primarily involving integration costs. As a result, Siemens incurred an
equity investment loss of EUR 45 million related to NSN.
Other Operations
Other Operations consist of centrally held business activities, shared services
and central costs not allocated to a Group. In the second quarter, Siemens
determined a course of action for each of the activities within Other Operations
and began executing corresponding measures. Options under this transformation
program include integration into an existing Siemens Group, divestment, joint
venture, or closure. Partly as a result of the program, sales for Other
Operations declined to EUR 630 million from EUR 743 million in the prior-year
quarter, and the loss from Other Operations narrowed to a negative EUR 54
million from a negative EUR 112 million in the second quarter a year earlier.
Within business activities, earnings at Siemens Home and Office Communications
Devices (SHC) remained stable near break-even. The closure of a regional
payphone unit in Europe entailed EUR 46 million in expenses, primarily for
severance. In the prior-year period, this business had an impairment of EUR 52
million. Regional expenses not allocated to the Groups fell compared to the
second quarter a year ago.
Corporate items, pensions and eliminations
Corporate items, pensions and eliminations totaled a negative EUR 499 million in
the second quarter compared to a negative EUR 169 million in prior-year period.
The increase is due primarily to Corporate items, which totaled a negative EUR
506 million compared to a negative EUR 210 million in the same quarter a year
ago. The largest factor within this change was an increase in costs for outside
advisors engaged in connection with investigations into alleged violations of
anti-corruption laws and related matters as well as remediation activities.
These expenses rose to EUR 148 million from EUR 13 million in the prior-year
quarter. Corporate items in the current period also include costs associated
with the transformation of Siemens' corporate structure. The largest of these
was EUR 64 million related to a regional sales organization in Germany,
primarily including an impairment. Finally, the current quarter includes a EUR
32 million donation to the Siemens Foundation in the U.S., which conducts
prestigious national competitions and scholarship programs in math, science and
engineering.
Financing and Real Estate
Siemens Financial Services (SFS)
Second quarter
-----------------------------------------------
(EUR in millions) 2008 2007 %Change
------------------------------ ------------- ----------- -- --- --------------
Income before income taxes 101 137 (26)%
------------------------------ ------------- ----------- -- --- --------------
March 31, Sept. 30,
2008 2007
------------------------------ ------------- ----------- -- --- --------------
Total assets 8,792 8,912 (1)%
------------------------------ ------------- ----------- -- --- --------------
Income before income taxes at SFS was EUR 101 million in the second quarter
compared to EUR 137 million in the same period a year earlier. While both
periods benefited from special dividends resulting from divestment gains by a
company in which SFS holds an equity position, the dividend was higher in the
prior-year quarter.
Siemens Real Estate (SRE)
Second quarter
-----------------------------------------------
(EUR in millions) 2008 2007 %Change
------------------------------ ------------- ----------- -- --- --------------
Income before income taxes 60 42 43%
------------------------------ ------------- ----------- -- --- --------------
Revenue 416 414 0%
------------------------------ ------------- ----------- -- --- --------------
March 31, Sept. 30,
2008 2007
------------------------------ ------------- ----------- -- --- --------------
Total assets 3,167 3,091 2%
------------------------------ ------------- ----------- -- --- --------------
Income before income taxes at SRE was EUR 60 million, up from EUR 42 million a
year earlier on increased gains from real estate sales. Disposals of real estate
are expected to increase in coming quarters.
Eliminations, reclassifications and Corporate Treasury
Income before income taxes from Eliminations, reclassifications and Corporate
Treasury was a negative EUR 2 million compared to a positive EUR 31 million in
the same period a year earlier. The difference was mainly due to negative
results from hedging activities not qualifying for hedge accounting and lower
interest income from intra-company financing.
Outlook
Siemens expects organic revenue to grow at twice the rate of GDP growth in
fiscal 2008 and that full-year Group profit from Operations and income from
continuing operations will match the levels achieved in fiscal 2007.This outlook
excludes earnings impacts that may arise from legal and regulatory matters,
which are not yet quantifiable, and from measures that may be taken as part of
Siemens' transformation programs, including SG&A reduction. Within discontinued
operations, divestment of the enterprise networks business is expected to result
in a substantial loss.
All figures are preliminary and unaudited. This Earnings Release should be read
in conjunction with information Siemens published regarding legal proceedings.
More detailed disclosure regarding legal proceedings is provided in the Annual
Report.
EBITDA (adjusted), Return on capital employed (ROCE), Free cash flow and Cash
conversion rate are non-GAAP financial measures. A reconciliation of these
amounts to the most directly comparable IFRS financial measures is available on
our Investor Relations website under www.siemens.com/ir -> Financial
Publications -> Quarterly Reports. "Group profit from operations" is reconciled
to "Income before income taxes" of Operations under "Reconciliation to financial
statements" in the table "Segment Information."
Note
Beginning today at 09:00 a.m. CEST, the press conference at which CEO Peter
L�scher, CFO Joe Kaeser and General Counsel and member of the managing board
Peter Y. Solmssen discuss the quarterly figures will be broadcast live on the
Internet at www.siemens.com/pressconference. A recording of the press conference
will subsequently be made available as well. Starting at 15:30 CEST, Peter
L�scher and Joe Kaeser will hold a telephone conference in English for analysts
and investors, which can be followed live at www.siemens.com/analystcall.
This document contains forward-looking statements and information - that is,
statements related to future, not past, events. These statements may be
identified by words such as "expects," "looks forward to," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates," "will," "project" or words
of similar meaning. Such statements are based on our current expectations and
certain assumptions, and are, therefore, subject to certain risks and
uncertainties. A variety of factors, many of which are beyond Siemens' control,
affect our operations, performance, business strategy and results and could
cause the actual results, performance or achievements of Siemens to be
materially different from any future results, performance or achievements that
may be expressed or implied by such forward-looking statements. For us,
particular uncertainties arise, among others, from changes in general economic
and business conditions (including margin developments in major business areas);
the challenges of integrating major acquisitions and implementing joint ventures
and other significant portfolio measures; changes in currency exchange rates and
interest rates; introduction of competing products or technologies by other
companies; lack of acceptance of new products or services by customers targeted
by Siemens; changes in business strategy; the outcome of pending investigations
and legal proceedings, especially the corruption investigation we are currently
subject to in Germany, the United States and elsewhere; the potential impact of
such investigations and proceedings on our ongoing business including our
relationships with governments and other customers; the potential impact of such
matters on our financial statements; as well as various other factors. More
detailed information about certain of these factors is contained throughout this
report and in our other filings with the SEC, which are available on the Siemens
website, www.siemens.com, and on the SEC's website, www.sec.gov. Should one or
more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
described in the relevant forward-looking statement as expected, anticipated,
intended, planned, believed, sought, estimated or projected. Siemens does not
intend or assume any obligation to update or revise these forward-looking
statements in light of developments which differ from those anticipated.
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