SIE Siemens N Ord

 
TIDMSIE 
 
 

  Earnings Release Q2 2010 (January 1 to March 31, 2010) 

  Munich, April 29, 2010 

  EXCELLENT PERFORMANCE IN STABILIZING MARKETS 

  Strong profitRevenue rises sequentially 

  Peter Löscher, President and Chief Executive Officer of Siemens AG 

  "Siemens has again demonstrated its profitability impressively," said Siemens CEO Peter Löscher. "In this regard we are profiting in particular from measures we initiated early on to strengthen our competitiveness. In times of crisis we very intentionally maintained our innovation power and are asserting our strength in the market. We expect Total Sectors profit above the prior-year level." 

  FINANCIAL HIGHLIGHTS: 

 
 
    -- Total Sectors profit for the quarter rose 16% year-over-year, to 

       EUR2.138 billion, on higher profit in all Sectors. 

 
    -- Income from continuing operations was EUR1.484 billion (basic EPS 

       EUR1.69), up 55% from the second quarter a year earlier, and net income 


       of EUR1.498 billion (basic EPS EUR1.70) was 48% higher. 

 
    -- Revenue of EUR18.227 billion was down 4% compared to the prior-year 

       period, on single-digit declines in Energy and Industry and stable 


       revenue in Healthcare. 

 
    -- Second-quarter orders of EUR17.844 billion came in 14% below the 

       prior-year period primarily because that quarter included an 


       exceptionally high volume from large orders. Nevertheless, a majority 


       of Siemens Divisions posted higher orders compared to the prior-year 


       period. 

 
    -- Free cash flow from continuing operations was EUR1.251 billion compared 

       to EUR1.138 billion in the second quarter a year ago. 

  ORDERS AND REVENUE 

  Revenue stabilizing, order development still uneven 

  Market development was again mixed for Siemens in the second quarter. While the Industry Sector saw signs of improving market conditions in its short-cycle businesses, some energy and industrial infrastructure businesses experienced further market contraction. As a result, orders came in 14% below the prior-year period, which included a peak volume from major orders. Due in part to the cushioning effect of strong order backlogs in a number of infrastructure businesses, revenue came in only 4% below the prior-year period and rose compared to the first quarter of fiscal 2010 in all three Sectors. The combined book-to-bill ratio for the Sectors was 0.98, and the combined order backlog increased slightly, to EUR84 billion, due to currency translation effects. 

  Modest revenue decline, growth in emerging markets 

  Revenue in Industry fell 4% on double-digit decreases at Drive Technologies and Industry Solutions, partly offset by increases in other Divisions led by OSRAM. Energy reported a decline of 3%, due primarily to lower revenue at its power grid businesses. Revenue in Healthcare came within 1% of the prior-year period. 

  On a geographic basis, revenue declined in the Americas and the region comprising Europe, the Commonwealth of Independent States, Africa and the Middle East (Europe/CAME). The general trend of stronger sales in emerging markets in the quarter was particularly evident in Asia, Australia, which posted 10% revenue growth. 

  Lower volume of large orders in Energy and Industry 

  In comparison with the prior-year period, which included the high volume from major orders mentioned above, orders came in 26% lower at Energy and 9% lower at Industry. The Industrial Automation and Drive Technologies Divisions recorded their first year-over-year order increases in more than a year. Healthcare orders came in level with the same quarter a year earlier. 

  On a geographic basis, Europe/CAME and Asia, Australia saw double-digit order declines due primarily to Energy and Industry as mentioned above. Growth in the Americas was due to higher order intake in Industry and Healthcare. 

  INCOME AND PROFIT 

  Higher profit in all Sectors 

  Total Sectors profit for the second quarter rose to EUR2.138 billion, on increases in all three Sectors. The Sectors' profit benefited from EUR180 million in gains related to curtailment of pension plans in the U.S., with the largest gains recorded at Healthcare and Industry. The pension gains were offset by EUR125 million in charges for capacity adjustments, most notably in Energy and Industry. 

  Energy's profit growth came primarily from the Fossil Power Generation Division, which improved its business mix. Healthcare improved its business mix and cut functional costs compared to the prior-year period, and also continued to benefit from a favorable currency hedge. The Industry Sector demonstrated the success of measures taken to address the economic downturn, profiting from improving markets for its short-cycle businesses. 

  Lower costs below the Sectors lift income from continuing operations 

  Income from continuing operations was EUR1.484 billion, up 55% compared to the second quarter a year earlier. The two major factors in the increase year-over-year were higher Total Sectors Profit and a significant improvement in Corporate items and pension expense, which were reduced to a negative EUR156 million from a negative EUR451 million in the prior-year period. In particular, Corporate items benefited from income resulting from resolution of compliance-related matters. 

  The increase in income from continuing operations also included improved results from Centrally managed portfolio activities and higher income from Siemens Real Estate compared to the prior-year period. The pretax gains on the pension plan curtailment mentioned above totaled EUR192 million for Siemens as a whole. 

  CASH, RETURN ON CAPITAL EMPLOYED (ROCE), PENSION FUNDED STATUS 

  Strong Free cash flow from Sectors 

  Free cash flow at the Sector level climbed 35% compared to the prior-year quarter, to EUR2.572 billion, due mainly to lower net working capital and tight control of capital expenditures. 

  Free cash flow from continuing operations was EUR1.251 billion compared to EUR1.138 billion in the same period a year earlier. The current period includes approximately EUR0.2 billion in outflows related to severance charges and substantially higher payments related to income taxes, cash outflows for treasury activities and supplemental pension funding in the UK. For comparison, the prior-year quarter includes approximately EUR0.3 billion in outflows stemming from charges related to project reviews and structural initiatives as well as to SG&A reduction. 

  ROCE rises on higher income 

  On a continuing basis, return on capital employed (ROCE) rose to 15.1% from 9.2% in the second quarter a year earlier. The increase was due mainly to higher income from continuing operations. To a lesser extent, ROCE improved on a decline in average capital employed. 

  Pension underfunding increases 

  The estimated underfunding of Siemens' principal pension plans as of March 31, 2010, amounted to approximately EUR4.6 billion, compared to an underfunding of approximately EUR4.0 billion at the end of fiscal 2009 and approximately EUR4.2 billion at the end of the first quarter. 

  The decline in funded status since December 31, 2009 is due to an increase in Siemens' defined benefit obligation (DBO), which was only partly offset by a positive return on plan assets and the supplemental pension funding in the UK. The DBO rose mainly due to a decrease in the discount rate assumption as of March 31, 2010 which more than offset an effect on the DBO from the pension plan adjustment in the U.S. While the change in funded status generally does not affect earnings for the current fiscal year, it affects equity on the balance sheet. 

  INDUSTRY SECTOR 

  Industry Sector sees signs of stabilizing demand 

  Profit rose 17% at Industry, to EUR783 million, driven by strong turnarounds at Industry Automation and OSRAM. Capacity and cost reduction measures in prior periods improved profitability, and demand strengthened in short-cycle businesses. Industry took EUR50 million in severance charges, including related costs, during the quarter. 

  Sector profit includes EUR76 million of the pension gain mentioned earlier, which affected all Divisions within the Sector. This was more than offset by charges related to a project engagement with a local partner in the U.S. and a provision for a supplier-related warranty. 

  Revenue came in 4% lower, due primarily to weaker demand for the Sector's process automation and late-cycle manufacturing businesses compared to the prior-year period. While orders declined 9% overall, this was due to a high basis of comparison at Mobility in the prior-year period which included an exceptionally large order in China. In contrast, all other Divisions except for Industry Solutions posted an increase in second-quarter orders year-over-year. On a geographic basis, revenue growth in Asia, Australia partially offset declines in Europe/CAME and the Americas. Orders rose in the Americas but came in lower in Europe/CAME and Asia, Australia due to lower volume from major orders. 

  The Sector's book-to-bill ratio was 0.97 and its order backlog remained at EUR28 billion. Industry is closely monitoring capacity utilization and expects to continue adjusting capacity to the extent necessary. 

  Broad-based profit growth, demand in emerging markets 

  The Industry Automation Division generated profit of EUR202 million, well above the recessionary level of the prior-year period. Cost and capacity measures helped all business units report higher earnings. Restoration of customer demand fueled a broad-based increase in orders and revenue. In particular, the Division's 14% increase in orders included accelerated growth in emerging markets. Purchase price accounting (PPA) effects related to the purchase of UGS Corp. in fiscal 2007 were EUR34 million in the current quarter and EUR36 million in the prior-year period. 

  Late-cycle businesses reaching bottom 

  Drive Technologies contributed EUR189 million to Sector profit in the second quarter. The Division's volume-driven decline in profit was due mainly to its drives businesses, which typically lag macroeconomic cycles. Order development in the second quarter indicated that markets are stabilizing on a lower level for Drive Technologies. The Division's 11% order increase compared to the prior-year period included growth in all regions and business units. 

  Steady execution in challenging environment 

  Cost discipline helped Building Technologies increase its profit despite a decline in revenue. Profit was held back by the supplier-related warranty, largely offset by a portion of the pension gain mentioned above. Rapid growth in emerging economies enabled the Division to post a modest increase in second-quarter orders compared to the prior-year period. 

  New demand cycle gains momentum in lighting 

  OSRAM's profit of EUR153 million benefited from EUR23 million of the pension gain mentioned above, and from a rebound in revenue compared to the prior-year period which significantly improved capacity utilization. Profit also rose on an improved product mix and streamlined cost structure. All business units reported higher revenue and earnings compared to the prior-year period, and revenue rose in all regions. With increasing demand for next-generation solid-state and LED lighting solutions, OSRAM intends to invest in market expansion and LED production capacity in coming quarters. 

  Downturn continues to affect process industries 

  Industry Solutions continued to address the effects of the downturn in global process industries. The Division's profit of EUR2 million in the quarter was burdened by EUR63 million in charges related to a project engagement with a local partner and EUR38 million in severance charges, including related costs, for ongoing capacity adjustment measures. Both revenue and orders came in lower than the prior-year period. 

  Higher profit, steady revenue generation from strong backlog 

  Mobility delivered profit of EUR127 million, benefiting from a portion of the pension gain mentioned above. Earnings rose in all business units, due in part to the strength of Mobility's order backlog after selective order intake in prior periods. Second-quarter orders came in well below the prior-year level, which included an exceptionally large order for high-speed trains in China. 

  ENERGY SECTOR 

  Strong backlog sustains revenue and profitability 

  The Energy Sector reported profit of EUR863 million and was the top contributor to Total Sectors profit. Profitability was burdened by charges of EUR59 million for capacity adjustments at Fossil Power Generation which more than offset EUR25 million of the pension gain mentioned earlier. Fossil Power Generation was again the primary driver of Sector profit growth. Challenging market conditions included customer postponements of large infrastructure projects and pricing pressure on available tenders. As a result, second-quarter orders fell 26% year-over-year, due mainly to lower volume from major orders. The Sector's strong order backlog cushioned market effects on revenue, mainly at Fossil Power Generation and Renewable Energy. Revenue still declined 3% for the Sector, due primarily to the power grid businesses. On a regional basis, orders declined in Europe/CAME and the Americas and rose in Asia, Australia. Revenue was higher in Europe/CAME and decreased in the Americas and Asia, Australia. The Sector's book-to-bill ratio was 0.98 in the second quarter, and currency translation effects lifted its order backlog slightly, to EUR50 billion. 

  Improved revenue mix in contracting market 

  Fossil Power Generation delivered another strong performance, taking second-quarter profit up 11% year-over-year, to EUR347 million. An improved business mix compared to the prior-year period included higher-margin projects from the order backlog and an increased revenue contribution from the Division's products business. Fossil Power Generation took EUR59 million in charges for capacity adjustments related to a shift of production capacity within the Americas region, including EUR26 million for severance. This impact was partly offset by the Division's share of the pension gain mentioned above. Second-quarter revenue rose 3% year-over-year on order conversion from the backlog. In contrast, order intake in the current period was heavily influenced by market contraction. For comparison, second-quarter orders a year earlier included EUR1.1 billion in contracts in Iraq. 

  Steady performance in dynamic environment 

  Renewable Energy continued to face an environment characterized by large orders, tight debt financing markets and adverse consequences from the economic downturn. The Division's profit rebounded from the low level of the first quarter to EUR107 million, up slightly compared to the prior-year period. Revenue rose 8% year-over-year, on conversion from the order backlog. Orders came in significantly lower compared to the prior-year period, which included several large off-shore wind-farm orders. The Division expects a book-to-bill ratio well above one in the second half of the fiscal year. 

  Favorable revenue mix, rebound in orders 

  The Oil & Gas Division contributed EUR127 million to Sector profit in the second quarter, above the prior-period level despite lower revenue. A favorable revenue mix again included a strong contribution from the service business. Orders climbed from the level of the prior-year quarter, which included relatively low volume from major orders. 

  Stable profit contribution, continued market challenges 

  Power Transmission held second-quarter profit near the prior-year level, at EUR161 million, despite lower revenue most notably in the transformers business. The Division saw an 11% order decline due in part to lower volume from major orders compared to the prior-year period. 

  Lower revenue reduces profit, order development stabilizing 

  Profit at Power Distribution declined modestly, to EUR100 million, despite benefiting from higher equity investment income as well as its portion of the pension gain mentioned above. Weak order development during the prior year led to significantly lower revenue conversion in the current period, particularly in the medium-voltage business. With demand stabilizing, Power Distribution was able to record its first year-over-year increase in quarterly orders in more than a year. 

  HEALTHCARE SECTOR 

  Structural cost savings, non-operating gains lift profit 

  The Healthcare Sector substantially increased second-quarter profit year-over-year. Passage of healthcare reform legislation in the U.S. removed some uncertainty in the market and contributes to an easing of customer restraint regarding capital expenditures. Strong revenue growth in Asia, Australia partly offset declines in other regions, which resulted in part from pressure on public spending for healthcare in developed economies. Profit climbed to EUR492 million from EUR355 million in the prior-year quarter, benefiting from EUR79 million of the pension gain in the U.S. mentioned earlier, which affected all Divisions in the Sector. Sector profit continued to benefit from a favorable currency hedge which affected results primarily at Imaging & IT. In addition, profit increased due to structural cost savings and a favorable product mix at Imaging & IT. PPA effects related to past acquisitions were EUR44 million in the second quarter. In addition, Healthcare recorded EUR26 million of integration costs associated with the next phase of integration activities at Diagnostics. In the same quarter a year earlier, PPA effects and integration costs totaled EUR64 million. 

  Orders came in nearly level with the same quarter a year earlier, even though that period included an unusually large order at Workflow & Solutions. Strong order growth at Imaging & IT included double-digit increases in Asia, Australia and the U.S. Second-quarter revenue was within 1% of the prior-year level, and also included growth in Asia, Australia for Imaging & IT and Diagnostics. Excluding negative currency translation effects, orders rose 1% and revenue remained flat. Healthcare's book-to-bill ratio was 0.99 in the second quarter. Its order backlog increased to EUR7 billion due to positive currency translation effects. 

  Order growth driven by Asia, Australia 

  Imaging & IT increased second-quarter profit to EUR374 million from EUR265 million in the prior-year period. Along with a favorable product mix and structural cost savings, the Division's profitability benefited from EUR44 million of the pension gain and from the currency hedge both mentioned above. Imaging & IT achieved double-digit growth in revenue and orders in the Asia, Australia region, particularly including Japan and China.Overall, orders rose 7% and revenue remained level compared to the second quarter a year earlier. On an organic basis, orders rose 8% and revenue increased 1% compared to the prior-year period. 

  Lower profit on revenue decline 

  Workflow & Solutions posted EUR22 million in profit, benefiting from EUR7 million of the pension gain mentioned above. Lower profit was due mainly to a decline in revenue, particularly in Europe/CAME. Orders also came in lower, primarily because the prior-year period included the large order in Asia, Australia mentioned above. 

  Topline growth in emerging markets 

  Revenue at Diagnostics rose 4% compared to the second quarter a year earlier, or 5% on an organic basis, excluding currency translation effects. The increase came primarily from emerging markets in Asia, Australia and the Americas. Revenue was stable in Europe/CAME. 

  Profitability rose from the prior-year level due in part to volume-driven economies of scale and lower SG&A expenses compared to the prior-year period, and also benefited from EUR22 million of the pension gain mentioned above. These positive factors more than offset an increase in total PPA effects and integration costs. In the second quarter a year earlier, these impacts were EUR47 million and EUR17 million, respectively. In the current period, PPA effects were EUR44 million, and the Division also recorded EUR26 million in costs for integration activities. 

  EQUITY INVESTMENTS AND CROSS-SECTOR BUSINESSES 

  Market challenges continue for Equity Investments 

  In the second quarter, Equity Investments recorded a loss of EUR87 million compared to a loss of EUR113 million a year earlier. The result related to Siemens' stake in Nokia Siemens Networks (NSN) was a negative EUR169 million compared to a negative EUR136 million in the prior-year period. NSN reported to Siemens that it took restructuring charges and integration costs totaling EUR125 million in the current quarter, compared to a total of EUR123 million in the same period a year earlier. Siemens' income from Equity Investments is expected to be volatile in coming quarters. 

  Siemens IT Solutions and Services impacted by weak IT demand 

  Second-quarter revenue and orders at Siemens IT Solutions and Services both showed a double-digit decline year-over-year due to challenging external markets and streamlined internal business with Siemens. Lower revenue resulted in a loss of EUR10 million in the current period compared to a profit of EUR25 million in the prior-year period. A previously announced plan to reduce its workforce is expected to result in substantial charges in coming quarters. 

  Robust profitability in finance business 

  Siemens Financial Services delivered EUR97 million in profit (defined as income before income taxes), including higher results in the commercial finance business. For comparison, profit of EUR117 million in the prior-year quarter included higher income from SFS' internal services and equity businesses. Total assets rose slightly, to EUR11.958 billion. 

  CENTRALLY MANAGED PORTFOLIO ACTIVITIES, CORPORATE ACTIVITIES AND ELIMINATIONS 

  Reduced losses at electronics assembly systems business 

  Centrally managed portfolio activities posted an aggregate loss of EUR25 million in the second quarter compared to a loss of EUR96 million in the prior-year period. The improvement was due primarily to the electronics assembly systems business, which reduced its loss to EUR22 million from EUR86 million in the prior-year quarter. While both periods under review included severance charges, the prior-year period also included impacts from impairments. Divestment of this business is expected to result in a loss. In addition, the second quarter a year earlier included a loss on the divestment of an industrial manufacturing unit in Austria, largely offset by positive effects related to former Com activities. 

  Higher gains from real estate disposals 

  Income before income taxes at Siemens Real Estate (SRE) was EUR107 million in the second quarter, up from EUR37 million in the same period a year earlier. The increase is due primarily to higher income related to the disposal of real estate. Assets with a book value of EUR194 million were transferred to SRE during the quarter as part of Siemens' program to bundle its real estate assets into SRE. SRE will continue to incur costs associated with the program in coming quarters, and expects to continue with real estate disposals depending on market conditions. 

  Corporate items benefit from compliance-related matters 

  Corporate items and pensions totaled a negative EUR156 million in the second quarter compared to a negative EUR451 million in the same period a year earlier. This change was driven by Corporate items, which were a negative EUR105 million compared to a negative EUR368 million in the second quarter of fiscal 2009. The current quarter benefited from a gain of EUR96 million, net of related costs, resulting from an agreement with the provider of the Siemens' directors and officers liability insurance and settlements with former members of Siemens' Managing Board and Supervisory Board, as well as income of EUR38 million related to the agreed recovery of certain funds frozen by authorities. For comparison, the prior-year period included a charge related to legal and regulatory matters, EUR33 million in expenses for outside advisors engaged in connection with investigations into legal and regulatory matters, and EUR33 million in net negative effects related to severance programs. 

  Stable result for Eliminations, Corporate Treasury and other reconciling items 

  Income before income taxes from Eliminations, Corporate Treasury and other reconciling items remained stable compared to the prior-year quarter, at a negative EUR32 million. Lower refinancing costs due to lower interest rates were offset by negative effects on changes in fair market value from interest rate derivatives not qualifying for hedge accounting. 

  OUTLOOK 

  While market conditions for our shorter-cycle businesses have started to improve, we anticipate that conditions for our late-cycle businesses will remain challenging in the second half of the fiscal year. We continue to expect a mid-single-digit percentage decline in organic revenue in fiscal 2010 due in part to the stabilizing effect of our strong order backlog. 

  We expect Total Sectors profit for fiscal 2010 above the prior-year level of EUR7.466 billion. This increase from our earlier guidance of EUR6.0 to EUR6.5 billion correspondingly raises our expectation for after-tax growth in income from continuing operations. 

  This outlook excludes major impacts that may arise from restructuring, portfolio transactions, impairments, and legal and regulatory matters. 

  NOTE AND DISCLAIMER 

  All figures are preliminary and unaudited. This Earnings Release should be read in conjunction with information Siemens published today regarding legal proceedings. 

  FinancialPublications are available for download at: www.siemens.com/ir - Publications & Events. 

  New orders and backlog; adjusted or organic growth rates of Revenue and new orders; book-to-bill ratio; return on equity, or ROE; return on capital employed, or ROCE; Free cash flow; cash conversion rate, or CCR; EBITDA (adjusted); EBIT (adjusted); earnings effect from purchase price allocation (PPA effects) and integration costs; net debt and adjusted industrial net debt are or may be non-GAAP financial measures. These supplemental financial measures should not be viewed in isolation as alternatives to measures of Siemens' financial condition, results of operations or cash flows as presented in accordance with IFRS in its Consolidated Financial Statements. 

  A definition of these supplemental financial measures, a reconciliation to the most directly comparable IFRS financial measures and information regarding the usefulness and limitations of these supplemental financial measures can be found on Siemens' Investor Relations website at www.siemens.com/nonGAAP. For additional information, see "Supplemental financial measures" and the related discussion in Siemens' annual report on Form 20-F, which can be found on Siemens' Investor Relations website or via the EDGAR system on the website of the United States Securities and Exchange Commission. 

  Today beginning at 09:00 a.m. CEST, the telephone conference at which CEO Peter Löscher and CFO Joe Kaeser discuss the quarterly figures will be broadcast live on the Internet at www.siemens.com/conferencecall. The accompanying slide presentation can also be viewed here, and a recording of the conference will subsequently be made available as well. Starting at 15:00 CEST, Peter Löscher and Joe Kaeser will hold a telephone conference in English for analysts and investors, which can be followed live at www.siemens.com/analystconference. 

  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 the current expectations and certain assumptions of Siemens' management, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond Siemens' control, affect Siemens' 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 Siemens, particular uncertainties arise, among others, from changes in general economic and business conditions (including margin developments in major business areas and recessionary trends); the possibility that customers may delay the conversion of booked orders into revenue or that prices will decline as a result of continued adverse market conditions to a greater extent than currently anticipated by Siemens' management; developments in the financial markets, including fluctuations in interest and exchange rates, commodity and equity prices, debt prices (credit spreads) and financial assets generally; continued volatility and a further deterioration of the capital markets; a worsening in the conditions of the credit business and, in particular, additional uncertainties arising out of the subprime, financial market and liquidity crises; future financial performance of major industries that Siemens serves, including, without limitation, the Sectors Industry, Energy and Healthcare; the challenges of integrating major acquisitions and implementing joint ventures and other significant portfolio measures; the introduction of competing products or technologies by other companies; a 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 and actions resulting from the findings of these investigations; the potential impact of such investigations and proceedings on Siemens' ongoing business including its relationships with governments and other customers; the potential impact of such matters on Siemens' financial statements; as well as various other factors. More detailed information about certain of the risk factors affecting Siemens is contained throughout this report and in Siemens' 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. 

  For tables omitted, please go to http://www.siemens.com/press/pool/de/events/corporate/2010-q2/2010-q2-earnings-release-e.pdf 

  For the full report, please go to http://www.siemens.com/investor/pool/en/investor_relations/financial_publications/speeches_and_presentations/q22010/q2_interim_report.pdf 

  CONTACTS 

  Media Relations: Alexander BeckerPhone: +49 89 636-36558E-mail: becker.alexander@siemens.com 

  Dr. Constantin BirnstielPhone: +49 89 636-33032E-mail: constantin.birnstiel@siemens.comSiemens AG,80333 Munich, Germany