Siemens Second Quarter Results FY 2018

Alleen voor leden beschikbaar, wordt daarom gratis lid!

Overig advies 09/05/2018 08:40
Investments in digital industry making an impact
»Most of our businesses, primarily our digital offerings, showed impressive performance and operationally more than offset
structural challenges in fossil power generation. By raising our guidance, we demonstrate our commitment to the company’s
capability to master structural change and shape digital industry,« said Joe Kaeser, President and Chief Executive Officer of
Siemens AG.
- Revenue was €20.1 billion, nearly unchanged from Q2 FY 2017, and orders were also strong at €22.3 billion, 2% below the
high basis of comparison a year earlier which included a substantially higher volume from large orders; the book-to-bill
ratio was 1.11
- On a comparable basis, excluding currency translation and portfolio effects, revenue was level and orders declined by 1%
- Industrial Business profit of €2.3 billion and Industrial Business profit margin of 11.0%; strong performance led by Digital
Factory, held back by a sharp decrease in profit and profitability at Power and Gas
- Net income of €2.0 billion included a €0.7 billion profit from Centrally managed portfolio activities; basic earnings per
share (EPS) increased to €2.39, up from €1.75 in Q2 FY 2017
- The successful initial public offering (IPO) of Siemens Healthineers AG included the float of a 15% interest in the business

Q2 % Change
(in millions of €) FY 2018 FY 2017 Actual Comp.
Orders 22,318 22,746 (2)% (1)%
Revenue 20,141 20,135 0% 0%
Industrial Business 2,254 2,458 (8)%
therein: severance (130) (55)
Profit margin
Industrial Business 11.0% 12.0%
excl. severance 11.7% 12.3%
Income from continuing
operations 1,974 1,429 38%
therein: severance (161) (72)
Net income 2,018 1,454 39%
Basic earnings per
share (in €) 2.39 1.75 36%
Free cash flow
(continuing and
discontinued operations) 791 738 7%
ROCE (continuing and
discontinued operations) 16.6% 13.0%

? Strong order intake, only slightly below the high basis of
comparison in Q2 FY 2017; lower volume from large orders,
particularly in Siemens Gamesa Renewable Energy (SGRE),
which was formed via merger between the periods under
review, in Energy Management and in Power and Gas; orders
rose clearly excluding the change in large order volume
? Order backlog rose to €129 billion
? Revenue includes a sharp increase at SGRE due to the merger
and double-digit growth in Digital Factory; as expected,
continuing substantial revenue decline for Power and Gas in
contracting markets
? Negative currency translation effects took seven percentage
points from order and six percentage points from revenue
development; portfolio transactions added six percentage
points each to order and revenue development
? Profit Industrial Business declined due predominantly to Power
and Gas where market forces drove a €325 million reduction in
profit year-over-year; continued strong performance in a
majority of the other industrial businesses, most prominently in
Digital Factory, which sharply increased its profit on strength in
its short-cycle and product lifecycle management software
businesses; Mobility surpassed the high profitability it achieved
in Q2 FY 2017; Building Technologies and Siemens Healthineers
again made strong profit contributions, but reported declines
due to a €94 million gain related to amendments of pension
plans for Building Technologies in Q2 FY 2017 (total effect for
Industrial Business: €138 million) and negative currency effects
for Siemens Healthineers
? Outside Industrial Business, Centrally managed portfolio
activities (CMPA) recognized a €900 million gain related to
Siemens‘ investment in Atos SE, as a result of transferring
Siemens‘ Atos shares to Siemens Pension-Trust e.V.; this was
partly offset by a €154 million impairment loss related to an
equity investment, also within CMPA. While costs within
Corporate items came in lower, this was largely offset by higher
amortization of intangible assets acquired in business
combinations resulting mainly from the SGRE merger and the
acquisition of Mentor Graphics
? Income from continuing operations and net income benefited
from a lower income tax rate year-over-year due to effects from
release of tax provisions and the largely tax-free gain from the
above-mentioned transfer of shares in Atos SE; these factors
more than offset negative income tax effects related to
establishing the Siemens Healthineers Group
? The successful IPO of Siemens Healthineers in March 2018 with
a total placement volume of €4.2 billion resulted in cash inflows
(net of transaction costs) of €3.6 billion in the current quarter
and €0.5 billion at beginning of Q3 FY 2018; these cash inflows
are not part of Free cash flow
? ROCE benefited from higher net income in the current quarter
that more than offset an increase in average capital employed
due primarily to the SGRE merger and the acquisition of Mentor
? Contributions totaling €1.8 billion strengthen Siemens‘ pension
assets and further safeguard the post-employment benefits of
employees in Germany; substantial decrease in provisions for
pensions and similar obligations, to €8.1 billion as of March 31,
2018 (December 31, 2017: €9.7 billion)

see and

tijd 09.36
De DAX 12.921,72 +9,51 +0,07% Siemens EUR 115,00 +4,70 vol. ruim 1 milj.

Beperkte weergave !
Leden hebben toegang tot meer informatie! Omdat u nog geen lid bent of niet staat ingelogd, ziet u nu een beperktere pagina. Wordt daarom GRATIS Lid of login met uw wachtwoord

Copyrights © 2000 by all rights reserved
Niets mag zonder toestemming van de redactie worden gekopieerd, linken naar deze pagina is wel toegestaan.