TIDMSIE
SIEMENS Earnings Release Q2 2013 January 1 to March 31, 2013
MIXED PICTURE, FOCUS ON EXECUTION
Lower Revenue & Total Sectors profit Double-digit order
growth, EPS up 17%
Peter Löscher, President and Chief Executive Officer of Siemens
AG "Results for the second quarter show a mixed picture. While we
were able to clearly increase orders, we still have challenges
regarding revenue and profit. Even more we're focusing on the
factors that lie in our own hands: we're rigorously executing our
company-wide Siemens 2014 program."
Financial Highlights:*
-- Orders for the second quarter rose 20% year-over-year, to EUR21.451
billion, due primarily to large orders. The book-to-bill ratio
was
1.19, and Siemens' order backlog increased to EUR101 billion at
the end
of the quarter.
-- Revenue for the second quarter was EUR18.011 billion, 7% below the
prior-year level.
-- Total Sectors Profit declined to EUR1.374 billion due primarily to lower
profit in Industry and Infrastructure & Cities.
-- Income from continuing operations increased slightly to EUR982 million.
For comparison, the prior-year period included an equity
investment
loss of EUR640 million related to NSN.
-- Net income improved to EUR1.030 billion, including a positive
contribution from discontinued operations. Corresponding basic
EPS was
EUR1.20, up from EUR1.03 in the prior-year period, benefiting
from share
buybacks between the periods under review.
-- Free cash flow from continuing operations improved to EUR1.375 billion
from EUR532 million in the second quarter a year ago.
* At the end of the second quarter Siemens' solar business no
longer fulfilled the conditions to be classified as discontinued
operations according to IFRS. It was therefore reclassified to
continuing operations and its results are reported within the
Energy Sector. Results for prior periods are presented on a
comparable basis. Siemens still intends to exit the solar
business.
ORDERS AND REVENUE
Double-digit order growth, book to bill above 1 While
macroeconomic conditions remained challenging in the second
quarter, Siemens won major long-cycle contracts for wind power and
trains that drove a 20% increase in orders year-over-year. In
contrast, revenue came in 7% lower compared to the prior-year
period. On a comparable basis, excluding currency translation and
portfolio effects, revenue was 6% lower. The book-to-bill ratio for
Siemens was 1.19, the order backlog (defined as the sum of the
order backlogs of the Sectors) increased to EUR101 billion.
Broad-based revenue decline Weaker investment sentiment in
recent quarters was evident in second-quarter revenue, which
declined in all Sectors and reporting regions. On a regional basis,
revenue declined significantly in the Americas and moderately in
the region comprising Europe, the Commonwealth of Independent
States, Africa and the Middle East (Europe/CAME) and in the Asia,
Australia region. Emerging markets on a global basis declined 4%
year-over-year, and accounted for EUR5.938 billion, or 33%, of
total revenue for the second quarter.
Orders climb on large contract wins in Europe The Energy and
Infrastructure & Cities Sectors both won a pair of major orders
in Europe/CAME that drove their double-digit order increases
compared to the prior-year period. Healthcare showed moderate order
growth year-over-year, while orders fell at Industry on weaker
demand for its short-cycle businesses and renewable energy
offerings. On a geographic basis, Europe/CAME and the Americas
showed double-digit increases due to higher volumes from large
orders. Emerging markets on a global basis grew faster than orders
overall, at 24% year-over-year, and accounted for EUR6.795 billion,
or 32%, of total orders for the quarter.
INCOME AND PROFIT
Profit declines at Industry, Infrastructure & Cities Total
Sectors profit declined to EUR1.374 billion from EUR1.929 billion
in the second quarter a year earlier. Industry profit declined to
EUR350 million from EUR662 million a year earlier, due mainly to
more challenging market conditions for its short-cycle businesses.
Profit in Infrastructure & Cities fell to EUR27 million from
EUR270 million a year earlier, due largely to charges of EUR161
million related to high-speed rail projects. Energy delivered
EUR551 million in profit, down 4% compared to the prior-year
period. Charges related to grid connection projects totaled EUR84
million in the second quarter compared to EUR278 million a year
earlier. Healthcare contributed EUR445 million in profit, up 5%
year-over-year.
Total Sectors profit included charges of EUR104 million for the
"Siemens 2014" productivity improvement program: EUR49 million in
Industry, EUR23 million in Infrastructure & Cities, EUR20
million in Energy, and EUR13 million in Healthcare. The program is
expected to generate substantially higher charges in the second
half of the fiscal year.
Stable income from continuing operations Income from continuing
operations of EUR982 million was slightly above the prior-year
level, as lower Total Sectors profit was offset by improvements
outside the Sectors. Above all, Equity Investments posted a profit
of EUR8 million in the current quarter compared to a loss of EUR594
million a year earlier. Basic EPS from continuing operations rose
to EUR1.14 from EUR1.08 a year earlier, benefiting from share
buybacks between the periods under review.
Discontinued operations turns positive Second-quarter net income
was up 10%, at EUR1.030 billion. Corresponding EPS rose 17%, to
EUR1.20 from EUR1.03 in the prior-year period, due to share
buybacks as mentioned above. The increase in net income was due
primarily to discontinued operations, which contributed EUR48
million in the current period. A year earlier, discontinued
operations posted a loss of EUR41 million, due mainly to a burden
of EUR142 million (pretax) from a settlement related to Greece.
Income from discontinued operations related to Siemens IT Solutions
and Services in the current period was a negative EUR9 million
compared to a positive EUR42 million a year earlier. Income from
discontinued operations related to OSRAM rose to EUR57 million, up
from EUR25 million a year ago. OSRAM reported a 3% decline in
revenue compared to the second quarter a year ago (0% decline on an
organic basis). Additional information regarding OSRAM is on page
13.
CASH, RETURN ON CAPITAL EMPLOYED (ROCE), PENSION FUNDED
STATUS
Strong improvement in Free cash flow Free cash flow from
continuing operations was EUR1.375 billion, up strongly from EUR532
million in the same period a year ago, due primarily to an improved
cash performance at the Sector level. The main component of Free
cash flow from continuing operations in the second quarter was
Income from continuing operations. Cash inflows related to the
decrease in operating net working capital were EUR0.4 billion,
including customer payments received particularly in Energy.
Siemens again took advantage of extraordinarily favorable
conditions to raise new long-term debt. The total amount raised was
EUR3.5 billion, denominated in both euros and the U.S. dollar, with
maturities ranging from 2018 to 2028. The new debt raised was
partly offset by the redemption of bonds totaling EUR2 billion.
Another major cash outflow during the second quarter was EUR2.5
billion for dividend payments. All these cash flows were financing
activities and therefore not part of Free cash flow.
Pension plan underfunding remains largely unchanged The
estimated underfunding of Siemens' pension plans as of March 31,
2013 amounted to EUR9.0 billion, compared to an underfunding of
EUR8.9 billion at the end of the first quarter.
ENERGY SECTOR
Profit near prior-year level, double-digit order growth Energy
reported second-quarter profit of EUR551 million, down 4%
year-over-year due mainly to lower revenue. Power Transmission
narrowed its loss due largely to substantially reduced project
charges. Fossil Power Generation contributed lower earnings than a
year earlier, but still accounted for most of the Sector's profit
and was the highest profit performer among all Siemens Divisions.
Profit at Wind Power fell compared to the strong second quarter a
year ago, while earnings at Oil & Gas came in close to the
prior-year level. Siemens' solar business was reclassified from
discontinued operations during the second quarter, and its results
are reported within Energy. The business posted a loss of EUR21
million, nearly unchanged from the second quarter a year earlier.
Additional information regarding the solar business is on page 13.
Energy recorded EUR20 million in charges under the "Siemens 2014"
productivity program.
Second-quarter revenue declined 9%, including lower revenue at
Fossil Power Generation and Wind Power. On a geographic basis,
lower revenue in the current period was due primarily to the
Americas region, where Wind Power orders were strongly influenced
in the second half of calendar 2012 by uncertainties in the U.S.
market. Orders for the quarter jumped 46% year-over-year, due
mainly to two large offshore wind-farm orders at Wind Power. Order
intake remained close to prior-year levels at Fossil Power
Generation and Oil & Gas, while lower orders at Power
Transmission were influenced by more selective order intake. On a
regional basis, orders rose sharply in Europe/CAME and the Americas
but fell in Asia, Australia. The book-to-bill ratio for Energy was
1.35, and its order backlog was EUR58 billion at the end of the
quarter.
Lower revenue reduces profit contribution Second-quarter profit
at Fossil Power Generation came in at EUR431 million, including a
strong contribution from the service business. The main factor in
the Division's profit decline year-over-year was significantly
lower revenue, resulting mainly from declining order intake for
turnkey projects in prior quarters. Orders for the current period
were up 4% year-over-year, with increases in the Americas and
Europe/CAME more than offsetting lower orders in Asia,
Australia.
Sharp order growth, revenue and profit down Second-quarter
profit at Wind Power was EUR53 million, down from EUR130 million in
a particularly strong quarter for revenue-driven profit a year
earlier. Key factors in the change included lower revenue and a
less favorable revenue mix. Revenue declined 19% due to the onshore
wind farm business, where the U.S is the largest national market
for Wind Power. New projects in the U.S. were halted or postponed
in late 2012 due to uncertainty regarding continuation of
production tax incentives. The resulting order gap led to a steep
drop in second-quarter revenue in the Americas region compared to a
year earlier. In contrast, orders in the current period climbed
sharply due mainly to the off-shore wind farm business, which
typically has longer lead times between orders and revenue
recognition. The Europe/CAME region posted the two large orders
mentioned above as well as a major service contract in Germany, and
led strong order growth for all three reporting regions.
Stable profit contribution Second-quarter profit at Oil &
Gas was EUR125 million, compared to EUR131 million in the same
period a year earlier. Revenue and orders for the Division were
close to prior-year levels.
Grid connection charges fall, though challenges remain Power
Transmission reported a loss of EUR49 million, compared to a loss
of EUR169 million in the same quarter a year earlier. The
improvement is due primarily to substantially lower charges related
mainly to grid connections to offshore-wind farms, totaling EUR84
million in the current period. A year earlier, these charges
totaled EUR278 million, partly offset by the release of a provision
of EUR64 million related to a successful project completion.
Second-quarter revenue for the Division was close to the prior-year
level, while orders came in 9% lower in part due to more selective
order intake in Europe/CAME. The Division expects continuing
challenges in coming quarters, including the transport and
installation of platforms for grid connections to certain offshore
wind farms.
HEALTHCARE SECTOR
Order growth, continued strong profit performance Second-quarter
profit in the Healthcare Sector rose to EUR445 million, due to
improvements in cost position resulting from the Sector's ongoing
Agenda 2013 initiative as well as lower charges associated with
this initiative. These charges totaled EUR13 million in the current
period compared to EUR38 million in the prior-year period. Profit
development improved despite lower revenue and an excise tax on
medical devices sold in the U.S., which was introduced on January
1, 2013 and affected most businesses in the Sector.
Profit at Diagnostics rose to EUR84 million from EUR67 million
in the prior-year period. The increase was due in part to Agenda
2013, including both improve-ments in cost position and lower
charges associated with the initiative compared to the prior-year
period. These charges declined to EUR8 million from EUR20 million a
year ago. Purchase price allocation (PPA) effects related to past
acquisitions at Diagnostics were EUR42 million in the second
quarter. A year earlier, Diagnostics recorded EUR43 million in PPA
effects.
Second-quarter revenue for Healthcare was down 2%
year-over-year, on declines at most businesses. Orders were up 3%,
driven by the Sector's imaging businesses. On a regional basis,
slight growth in Asia, Australia did not offset lower revenue in
Europe/CAME and the Americas. Significant order growth in the
region Asia, Australia was highlighted by double-digit increases in
China. The book-to-bill ratio for the Sector was 1.02, and
Healthcare's order backlog was EUR7 billion at the end of the
second quarter.
The Diagnostics business saw a slight revenue decline to EUR963
million from EUR976 million a year earlier. On a regional basis,
Diagnostics revenue followed the same pattern as the Sector.
INDUSTRY SECTOR
Challenging market conditions continue Industry continued to
face more challenging market conditions compared to the prior year,
affecting results for both short-cycle businesses and renewable
energy offerings. Due mainly to lower capacity utilization and a
less favorable business mix, profit at Industry declined to EUR350
million in the second quarter, well below EUR662 million a year
earlier. Profit was also burdened by EUR49 million in charges under
the "Siemens 2014" productivity program, with the majority of the
charges coming at Drive Technologies.
Revenue and orders were down 9% and 10% respectively on declines
in both Divisions and in the metals technologies business. On a
geographic basis, revenue was lower in all three regions including
double-digit declines in Asia, Australia and the Americas. The
decline in orders was spread more evenly among the regions but was
particularly evident in the important Chinese and German markets.
The Sector's book-to-bill ratio was 1.00 and its order backlog at
the end of the quarter was EUR11 billion.
Lower revenue, M&A and mix effects take profit lower Profit
at Industry Automation declined sharply year-over-year, to EUR201
million, as lower sales reduced capacity utilization and resulted
in a less favorable revenue mix compared to the prior-year period.
Profit also included PPA effects associated with the integration of
LMS International NV (LMS) beginning in the current quarter.
Revenue and orders both fell 7% including declines in most of the
Division's businesses. A notable exception was the Division's
industrial IT and software business, which benefited from recent
acquisitions including LMS. PPA effects related to the acquisition
of UGS Corp. in fiscal 2007 were EUR38 million in the current
quarter, compared to EUR36 million a year earlier. PPA effects
related to long-lived assets from the acquisition of LMS were EUR11
million in the current quarter. Effects from deferred revenue
adjustments and inventory step-ups related to LMS totaled an
additional EUR14 million. Based on current assumptions, similar
amounts are expected in the final two quarters of fiscal 2013.
Short-cycle businesses burden profit Second-quarter profit at
Drive Technologies fell to EUR147 million, due mainly to profit
declines in the Division's higher-margin short-cycle businesses and
offerings for renewable energy. Both saw double-digit declines in
revenue year-over-year. For the Division overall, second-quarter
revenue was down 10% from the prior-year level, including
double-digit declines in the Americas and Asia, Australia. Orders
came in 11% lower, due mainly to weaker demand in Europe/CAME.
INFRASTRUCTURE & CITIES SECTOR
Profit falls on project charges, weaker revenue Profit at
Infrastructure & Cities declined to EUR27 million in the second
quarter from EUR270 million in the same period a year earlier. The
Sector recorded project charges of EUR161 million related to
high-speed trains, and took charges of EUR23 million related to the
"Siemens 2014" productivity program. Profit development was held
back also by a 5% decline in revenue compared to the prior-year
period. Both Europe/CAME and the Americas posted lower revenue
year-over-year, more than offsetting higher sales in the Asia,
Australia region. In contrast, orders rose substantially
year-over-year, driven by major orders in Europe/CAME. The Sector's
book-to-bill ratio was 1.28 and its order backlog at the end of the
quarter was EUR25 billion.
Rolling stock charges burden profitability Transportation &
Logistics posted a loss of EUR156 million compared to profit of
EUR75 million a year earlier. This decline was due mainly to the
EUR161 million in charges mentioned above, which primarily involve
delays related to receiving certification for new trains. In
addition, Transportation & Logistics' business mix was less
favorable due to lower margins associated with large long-term
contracts from prior periods and revenue declined 7%
year-over-year. Order intake in the current period rose sharply,
benefiting from two major rolling stock orders in Europe/CAME. The
Transportation & Logistics business expects continuing
challenges in coming quarters, related to fulfillment of contracts
for high-speed rail projects.
After the end of the second quarter of fiscal 2013, the European
Commission authorized Siemens' acquisition of Invensys Rail. The
transaction is expected to close in the third quarter, at the
beginning of May.
Stable profit and revenue Power Grid Solutions & Products
posted EUR98 million in second-quarter profit, near the prior-year
level. While earnings from the smart grid solutions business rose
on a more favorable business mix, profit from the low and medium
voltage business declined compared to the prior-year period.
Revenue came in slightly below the prior-year level, with revenue
growth in the Americas partly offsetting a decline in Europe/CAME.
Orders were down 6% year-over-year, including lower demand in the
Americas and Europe/CAME.
Profit falls on lower revenue Second-quarter profit at Building
Technologies declined to EUR59 million from EUR77 million a year
earlier, driven mainly by a 5% decline in revenue. Orders for the
second quarter were nearly level year-over-year. On a geographic
basis, revenue was lower in all three reporting regions. Orders in
the Americas region rose, including a large order for an energy
efficiency project in the U.S. while orders in Asia, Australia were
lower year-over-year.
EQUITY INVESTMENTS AND FINANCIAL SERVICES
Loss from NSN sharply reduced Profit from Equity Investments in
the second quarter was EUR8 million compared to a loss of EUR594
million a year earlier. This improvement was due mainly to a
substantially smaller loss related to Siemens' share in Nokia
Siemens Networks B.V. (NSN). The loss was EUR62 million in the
current quarter compared to a loss of EUR640 million in the
prior-year quarter. NSN reported to Siemens that in the current
quarter it took EUR129 million in restructuring charges and other
associated items, including net charges related to country and
contract exits. Restructuring charges and other associated items
totaled EUR772 million in the second quarter a year earlier.
Results from equity investments are expected to be volatile in
coming quarters.
Sharp profit increase at Financial Services Financial Services
(SFS) continued to execute its growth strategy. Higher total assets
year-over-year helped generate a higher interest result compared to
the second quarter a year ago. For comparison, the prior-year
period included burdens on profit related to certain activities in
the U.S.
As a result, profit (defined as income before income taxes) rose
to EUR113 million from EUR74 million in the prior-year period.
Total assets rose to EUR17.872 billion, a moderate increase from
the level at the beginning of the fiscal year.
CORPORATE ITEMS AND PENSIONS
Corporate items and pensions reported a loss of EUR153 million
in the second quarter compared to a positive EUR12 million in the
same period a year earlier. The loss at Corporate items was EUR46
million, compared to a positive EUR101 million in the same quarter
a year earlier. The prior-year period included positive effects
totaling EUR95 million related to legal and regulatory matters.
Centrally carried pension expense totaled EUR106 million in the
second quarter, compared to EUR89 million in the prior- year
period.
SOLAR BUSINESS RECLASSIFIED AS CONTINUING OPERATIONS
At the end of the second quarter of fiscal 2013, Siemens' solar
business no longer fulfilled the conditions to be classified as
discontinued operations according to IFRS. The business therefore
was reclassified to continuing operations and is reported within
the Energy Sector. Prior-period results are presented on a
comparable basis.
In fiscal 2012, orders and revenue of the business were EUR50
million and EUR199 million, respectively; it posted a pre-tax loss
of EUR259 million. In the first quarter of fiscal 2013, the
business recorded a pre-tax loss of EUR157 million, which included
an impairment charge of EUR115 million. In the second quarter of
fiscal 2013, the pre-tax loss amounted to EUR21 million.
Siemens still intends to exit the solar business, and expects a
total negative impact on income from continuing operations of
approximately EUR0.3 billion from this portfolio matter in fiscal
2013.
OSRAM SPIN-OFF
At the Annual Shareholders' Meeting of Siemens AG on January 23,
2013, Siemens' shareholders approved the previously proposed
spin-off of OSRAM. Siemens plans to retain a 17.0% stake in OSRAM
after the spin-off and will additionally contribute a 2.5% stake to
the Siemens Pension Trust e.V. Based on the shareholders' approval
Siemens recognized a spin-off liability amounting to EUR2.6
billion. The spin-off liability reflects 80.5% of the fair value of
OSRAM and reduces retained earnings at the same amount.
During the second quarter of fiscal 2013, an action for
annulment and voidance was brought against the OSRAM spin-off
resolution of the Annual Shareholders' Meeting, blocking its
registration into the German Commercial registers in Berlin and
Munich. As part of a so-called judicial release procedure, Siemens
filed a motion with the Munich Higher Regional Court to remove the
blocking. After the end of the second quarter, the Court approved
Siemens' motion. The Company is continuing to take appropriate
steps to complete the spin-off as approved and expects a public
listing of OSRAM Licht AG in July 2013.
OUTLOOK
In fiscal 2013, Siemens is implementing "Siemens 2014," a
company-wide program supporting our One Siemens framework for
sustainable value creation. The goal of the program is to raise our
Total Sectors profit margin to at least 12% by fiscal 2014.
For fiscal 2013, we confirm our expectations of moderate organic
order growth. With continuing challenges for our businesses whose
results react strongly to short-term changes in the economic
environment, we now anticipate a moderate decline in revenue on an
organic basis compared to the prior year. Charges associated with
the Siemens 2014 program in the Sectors are expected to total up to
EUR0.9 billion for the full fiscal year. Given these developments
and financial results for the first half, we expect income from
continuing operations in fiscal 2013 to approach the low end of our
original expectation, EUR4.5 billion, before impacts related to
legal and regulatory matters and significant portfolio effects
which we expect to burden income by up to EUR0.5 billion due
primarily to the solar business.
NOTES AND FORWARD-LOOKING STATEMENTS
All figures are preliminary and unaudited.
FinancialPublications are available for download
at:www.siemens.com/ir -> Publications & Events.
This document includes supplemental financial measures that are
or may be non-GAAP financial measures. Orders and order backlog;
adjusted or organic growth rates of revenue and orders;
book-to-bill ratio; Total Sectors profit; return on equity (after
tax), or ROE (after tax); return on capital employed (adjusted), or
ROCE (adjusted); Free cash flow, or FCF; cash conversion rate, or
CCR; adjusted EBITDA; adjusted EBIT; adjusted EBITDA margins,
earnings effects from purchase price allocation, or PPA effects;
net debt and adjusted industrial net debt are or may be such
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.
Other companies that report or describe similarly titled
financial measures may calculate them differently. Definitions of
these supplemental financial measures, a discussion of the most
directly comparable IFRS financial measures, information regarding
the usefulness of Siemens' supplemental financial measures, the
limitations associated with these measures and reconciliations to
the most comparable IFRS financial measures are available on
Siemens' Investor Relations website at www.siemens.com/nonGAAP. For
additional information, see supplemental financial measures and the
related discussion in Siemens' most recent annual report on Form
20-F, which can be found on our Investor Relations website or via
the EDGAR system on the website of the United States Securities and
Exchange Commission.
This document contains statements related to our future business
and financial performance and future events or developments
involving Siemens that may constitute forward-looking statements.
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. We may also make forward-looking statements in other
reports, in presentations, in material delivered to stockholders
and in press releases. In addition, our representatives may from
time to time make oral forward-looking statements. 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 or
anticipated on the basis of historical trends. These factors
include in particular, but are not limited to, the matters
described in Item 3: Key information--Risk factors of our most
recent annual report on Form 20-F filed with the SEC, in the
chapter "Risks" of our most recent annual report prepared in
accordance with the German Commercial Code, and in the chapter
"Report on risks and opportunities" of our most recent interim
report.
Further information about risks and uncertainties affecting
Siemens is included throughout our most recent annual and interim
reports, as well as our most recent earnings release, which are
available on the Siemens website, www.siemens.com, and throughout
our most recent annual report on Form 20-F 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, performance
or achievements of Siemens may vary materially from those described
in the relevant forward-looking statement as being expected,
anticipated, intended, planned, believed, sought, estimated or
projected. Siemens neither intends, nor assumes any obligation, to
update or revise these forward-looking statements in light of
developments which differ from those anticipated.
Due to rounding, numbers presented throughout this and other
documents may not add up precisely to the totals provided and
percentages may not precisely reflect the absolute figures.
For tables omitted, please go
to:http://www.siemens.com/press/pool/de/events/2013/corporate/2013-Q2/2013-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/q22013/q2_interim_report.pdf
Media Relations:Alexander BeckerPhone: +49 89 636-36558E-mail:
becker.alexander@siemens.com
Oliver SantenPhone: +49 89 636-36669E-mail:
oliver.santen@siemens.comSiemens AG,80333 Munich, Germany
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