RNS Number:0375Z
Siemens AG
24 July 2002

Siemens in the third quarter (April 1 to June 30) of fiscal 2002



•         Net income in the third quarter was €725 million. Comparable net
income excluding special items in the third quarter last year was a negative
€705 million. Earnings per share for the third quarter were €0.81, compared to a
negative €0.79 in the same quarter a year earlier (excluding special items).

•         EBIT from Operations was €892 million, driven by strong earnings in
the Power Generation, Medical Solutions, Automation and Drives, and Osram
segments.

•         Compared to the same quarter a year earlier, sales decreased 4% to
€20.482 billion and orders fell 20% to €19.033 billion. Excluding the effects of
currency translation, acquisitions and dispositions, sales increased 3% and
orders were 15% lower year-over-year. The decrease in orders was largely
attributable to a high level of orders in the prior year at Power Generation and
a €1.6 billion record order at Transportation Systems.

•         Net cash from operating activities for the first nine months of the
fiscal year improved strongly, to €4.347 billion. Net cash used in investing
activities totaled €1.141 billion, resulting in net cash from operating and
investing activities of €3.206 billion for the first three quarters of the
fiscal year.

•         The fourth quarter will be affected by certain items, including a gain
on the merger of Siemens' Unisphere Networks subsidiary into Juniper Networks.
Results for the fourth quarter, however, are expected to come in below
third-quarter levels.



Siemens CEO Heinrich v. Pierer expressed satisfaction with the results for the
third quarter and the fiscal year to date, considering the ongoing difficult
conditions in many of Siemens' markets. A majority of Siemens' Groups increased
their EBIT year-over-year. "I am also very pleased that we again generated
positive net cash flow," said Pierer. "This demonstrates again the success of
our efforts in asset management." The fourth quarter will be affected by a
number of factors, including a gain from the merger of Siemens' Unisphere
Networks subsidiary into Juniper Networks, Inc.. Results for the fourth quarter,
however, are expected to come in below third-quarter levels. Pierer: "We are
working through each point of the 'Operation 2003' action plan and pursuing
previously announced earnings targets despite the challenging fourth quarter and
extremely difficult market conditions."




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