SIE Siemens N Ord

RNS Number:5186G
Siemens AG
23 January 2003

Siemens in the first quarter (October 1 to December 31) of fiscal 2003

*         Net income for the first quarter of fiscal 2003 was Euro521 million,
compared to net income of Euro538 million in the same period a year earlier.
Earnings per share were Euro0.59 compared to Euro0.61 in the same quarter of the prior
year.

*         EBIT from Operations was Euro604 million, up from Euro487 million in the
same quarter of fiscal 2002.

*         Sales decreased 10% to Euro18.845 billion and orders decreased 21% to
Euro20.145 billion. Excluding currency effects and the net effect of acquisitions
and dispositions, sales decreased 1% and orders decreased 13%. Sequentially, and
excluding currency effects and the net effect of acquisitions and dispositions,
sales decreased 9% and orders increased 6%.

*         Net cash from operating and investing activities was a negative Euro1.137
billion, after a supplemental cash contribution of Euro442 million to Siemens'
pension trusts in Germany and the U.K.

Net income of Euro521 million includes negative Euro17 million related to Siemens'
ownership of shares in Infineon Technologies AG. In contrast, net income of Euro538
million in the first quarter a year earlier included a positive Euro157 million net
effect related to Infineon.

EBIT from Operations of Euro604 million includes a net gain at the Power Generation
Group of Euro125 million from the effect of project cancellations, net of certain
allowances on inventory. EBIT from Operations also benefited from lower charges
for severance programs and asset write-downs, totaling Euro115 million in the
current quarter compared to Euro147 million in the same quarter a year earlier.
Quarterly non-allocated pension-related expense was higher, as expected, at Euro198
million compared to Euro63 million in the first quarter of the prior year. Growth
in EBIT from Operations was also negatively impacted by currency translation
effects.

The first-quarter results were "better than we expected", said Siemens CEO
Heinrich v. Pierer. "However, we stand by the overall outlook which we provided
in December. The margins of our Groups continue to move toward their target
ranges specified in Operation 2003."


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

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