SIE Siemens N Ord

RNS Number:7417D
Siemens AG
13 November 2002

Siemens in fiscal 2002 (ended September 30, 2002)

*         Net income for the fiscal year increased 24% to Euro2.597 billion from
Euro2.088 billion in 2001. Earnings per share were Euro2.92, compared to Euro2.36 a year
earlier.

*         EBIT from Operations rose to Euro2.474 billion from Euro1.329 billion a year
ago.

*         Sales decreased 3% to Euro84.016 billion and orders decreased 7% to
86.214 billion. Excluding currency effects and the net effect of acquisitions
and dispositions, sales remained level and orders decreased 5%.

*         Net cash from operating and investing activities reached Euro4.754
billion, up sharply from Euro1.130 in the prior year. Net cash from operating
activities totaled Euro5.564 billion. This included a fourth-quarter cash
contribution of Euro1.782 billion to Siemens' pension trusts in Germany, the U.S.
and the U.K. Net cash used in investing activities was Euro810 million. This
included approximately Euro2.800 billion of net proceeds from portfolio activities.

*         Siemens management proposed a dividend of Euro1.00 per share. The prior
year dividend was Euro1.00 per share.

*         Fourth quarter net income was Euro53 million. EBIT from Operations was
Euro176 million. Net cash from operating and investing activities in the quarter
was Euro1.548 billion, after the pension contribution of Euro1.782 billion noted
above.

*         After the close of the fiscal year, Siemens contributed a further Euro819
million in cash and real estate to its pension trusts in Germany and the U.K.
Together with the fourth quarter contribution, the total additional funding was
Euro2.601 billion.



Siemens CEO Heinrich v. Pierer said he was satisfied with the year's results.
Despite difficult economic conditions, the company had significantly increased
earnings in the majority of its businesses. Net income had also benefited from a
number of non-operating gains.

In his outlook, Pierer stated that "fiscal 2003 will be a year of challenges".
As the company doesn't expect significant improvement in overall economic
conditions, and had made major disposals of businesses, the management
anticipates declining business volume for Siemens in the coming year. Apart from
that, net income will be affected by the relative absence of portfolio gains and
considerably higher pension-related expense. "I expect that all of the groups
will approach, meet or exceed their respective earnings targets," said Pierer. "
Siemens Dematic, whose Electronics Assembly Systems division is affected by the
crisis in the telecommunications market, and Industrial Solutions and Services,
which has undertaken a reorganization plan, should - as well as the I&C groups -
reach their earnings targets in fiscal 2004. We will continue to focus on
generating positive net cash from Operations, though progress will be more
difficult since we have already made significant improvements."


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

ACSBDBDBLBBGGDX

Siemens N Ord (LSE:SIE)
Historical Stock Chart
From Jun 2024 to Jul 2024

Siemens N Ord (LSE:SIE)
Historical Stock Chart
From Jul 2023 to Jul 2024