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Siemens Healthineers AG
Earnings Release • Aug 16, 2024
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Earnings Release
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Siemens Healthineers shows continued positive order momentum, confirms outlook
July 31, 2024 - Siemens Healthineers AG today announces its results for the third quarter of fiscal year 2024 ended June 30, 2024.
Q3 Fiscal Year 2024
- Good equipment book-to-bill ratio of 1.07 further increases already high order backlog
- Comparable revenue growth of $4.3 \%$ against a very strong prior-year quarter ( $10.1 \%$ excluding rapid COVID-19 antigen tests) and despite continued order delays in China
- Imaging comparable revenue growth of $3.8 \%$ against sharp growth in the prior-year quarter; adjusted EBIT margin of $20.0 \%$
- Diagnostics comparable revenue growth of $2.1 \%$; adjusted EBIT margin of $7.4 \%$ clearly above the prior-year quarter
- Varian comparable revenue growth of $9.6 \%$; adjusted EBIT margin of $16.6 \%$ shows clear improvement over prior-year quarter
- Advanced Therapies comparable revenue growth of $0.4 \%$ against significant growth in the prior-year quarter; adjusted EBIT margin of $13.9 \%$
- Overall adjusted EBIT margin of $15.2 \%$
- Adjusted basic earnings per share of $€ 0.52$
Outlook for Fiscal Year 2024
We confirm our expectation of comparable revenue growth of between $4.5 \%$ and $6.5 \%$ (between $5.0 \%$ and $7.0 \%$ excluding revenue from rapid COVID-19 antigen tests) and adjusted basic earnings per share of between $€ 2.10$ and $€ 2.30$.
Bernd Montag, CEO of Siemens Healthineers AG:
"We made good progress again in the third quarter, despite ongoing order delays in China. Varian and Diagnostics especially contributed to the strong operating performance. We confirm our outlook for the financial year."
Business Development Q3
| Siemens Healthineers | ||||
|---|---|---|---|---|
| (in millions of €) | Q3 2024 | Q3 2023 | Act. | $\begin{gathered} \text { \%-Change } \ \text { Comp. } \end{gathered}$ |
| Revenue | 5,423 | 5,201 | $4.3 \%$ | $4.3 \%$ |
| Adjusted EBIT ${ }^{1}$ | 825 | $758^{2}$ | $9 \%$ | |
| Adjusted EBIT margin | $15.2 \%$ | $14.6 \%^{3}$ | ||
| Net income | 472 | 451 | $5 \%$ | |
| Adjusted basic earnings per share ${ }^{4}$ | 0.52 | $0.55^{3}$ | $-4 \%$ | |
| Basic earnings per share | 0.42 | 0.40 | $5 \%$ | |
| Free cash flow ${ }^{5}$ | 546 | 285 | $92 \%$ |
[^0]Revenue in the third quarter of fiscal year 2024 was around $€ 5.4$ billion. This corresponds to comparable revenue growth of 4.3\%.
From a geographical perspective, the Americas region achieved very strong comparable revenue growth. In the EMEA region, comparable revenue rose strongly and in the region Asia Pacific Japan it rose moderately. In the China region, revenue declined by a low double-digit percentage against a very good prior-year quarter due to temporarily delayed customer orders.
Equipment order intake in the third quarter again exceeded equipment revenue, with an equipment book-to-bill ratio of 1.07 .
Adjusted EBIT increased by $9 \%$ year-on-year to $€ 825$ million in the third quarter. This resulted in an adjusted EBIT margin of $15.2 \%$, also higher than in the prior-year quarter. Negative currency effects were offset by earnings improvements associated with the transformation program in the Diagnostics business.
Net income was $€ 472$ million, an increase of $5 \%$ over the prior-year period. The tax rate of $21 \%$ was above the very low rate of $13 \%$ in the prior-year quarter.
Adjusted basic earnings per share of $€ 0.52$ were slightly below the prior-year figure of $€ 0.55$. Increased earnings contributions from operating business were offset by a higher tax rate and higher financing costs than in the prior-year period.
Free cash flow reached $€ 546$ million, clearly above the prior-year quarter. In particular, a reduction in receivables had a positive effect.
[^0]: 1 Year over year on a comparable basis, excluding currency translation and portfolio effects as well as effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Adjusted EBIT is defined as income before income taxes, interest income and expenses and other financial income, net, adjusted for expenses for portfolio-related measures, severance charges, other expenses in connection with restructuring measures within the meaning of IAS 37 and centrally carried pension service and administration expenses (only excluded from adjusted EBIT of the segments).
3 Comparable based on the definition of adjustments effective (Stieber 1, 2023.
4 Adjusted basic earnings per share are defined as basic earnings per share, adjusted for expenses for portfolio-related measures, severance charges, and other expenses in connection with restructuring measures within the meaning of IAS 37, net of tax.
5 Free cash flow comprises the cash flows from operating activities and additions to intangible assets and property, plant and equipment included in cash flows from investing activities.
| Imaging | ||||
|---|---|---|---|---|
| (In millions of €) | Q3 | Q3 | Act. | \%-Change |
| 2024 | 2023 | $\text { Comp. }{ }^{1}$ | ||
| Total adjusted revenue ${ }^{1}$ | 2,977 | 2,863 | $4.0 \%$ | $3.8 \%$ |
| Adjusted EBIT | 594 | $628^{2}$ | $-5 \%$ | |
| Adjusted EBIT margin | $20.0 \%$ | $21.9 \%^{2}$ |
1 Total adjusted revenue is defined as total revenue adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
3 Comparable based on the definition of adjustments effective October 1, 2023.
The Imaging segment generated revenue of almost $€ 3.0$ billion in the third quarter, representing comparable growth of $3.8 \%$ after sharp revenue growth in the prior-year quarter. Molecular Imaging, in particular, contributed to this. From a geographical perspective, Imaging achieved significant comparable growth in the Americas region and strong growth in EMEA. Meanwhile, revenue growth declined slightly in the Asia Pacific Japan region. In the China region, revenue declined by a low double-digit percentage rate, relative to a very good prior-year quarter and due to temporarily delayed customer orders.
The segment's adjusted EBIT margin of $20.0 \%$ was below the prior-year-quarter level. This was adversely affected by negative currency effects and lower absolute profit conversion from below-average revenue growth.
Diagnostics
| (In millions of €) | Q3 | Q3 | Act. | \%-Change |
|---|---|---|---|---|
| 2024 | 2023 | $\text { Comp. }{ }^{1}$ | ||
| Total adjusted revenue ${ }^{1}$ | 1,107 | 1,091 | $1.5 \%$ | $2.1 \%$ |
| Adjusted EBIT | 82 | $6^{2}$ | $>100 \%$ | |
| Adjusted EBIT margin | $7.4 \%$ | $0.5 \%^{2}$ |
[^0]Revenue in the Diagnostics segment increased by $2.1 \%$ on a comparable basis to around $€ 1.1$ billion in the third quarter. In the China region, the segment achieved comparable growth in the low double-digit percentage range against a significantly negative development in the prior-year quarter. In the EMEA region, revenue rose strongly. While revenue in the Asia Pacific Japan region was around the prior-year level, revenue in the Americas region declined moderately.
The segment's adjusted EBIT margin of $7.4 \%$ was clearly above the prior-year quarter. The main reason for this was cost reductions in connection with the transformation program. In addition, the longer useful life of leased-out laboratory analyzers and earnings contributions from revenue growth had a positive effect.
[^0]: 1 Total adjusted revenue is defined as total revenue adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
3 Comparable based on the definition of adjustments effective October 1, 2023.
| Varian | ||||
|---|---|---|---|---|
| (In millions of $€$ ) | Q3 | Q3 | $\%$-Change | |
| $\mathbf{2 0 2 4}$ | $\mathbf{2 0 2 3}$ | Act. | $\mathbf{0} \mathbf{0} \mathbf{0}$ | |
| Total adjusted revenue ${ }^{1}$ | 927 | 840 | $10.4 \%$ | $9.6 \%$ |
| Adjusted EBIT | 154 | 102 | $52 \%$ | |
| Adjusted EBIT margin | $16.6 \%$ | $12.1 \%$ |
1 Total adjusted revenue is defined as total revenue adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
Revenue in the Varian segment rose by $9.6 \%$ on a comparable basis to $€ 927$ million in the third quarter.
Comparable growth in the Americas region was sharp, in the EMEA region very strong and in the Asia Pacific Japan region strong. In the China region, revenue declined by a mid-double-digit percentage rate due to temporarily delayed customer orders.
Against the backdrop of very strong revenue development and a more favorable business mix than a year earlier, the segment's adjusted EBIT margin of $16.6 \%$ was clearly above the prior-year quarter. Currency developments had a negative effect.
| Advanced Therapies | ||||
|---|---|---|---|---|
| (In millions of $€$ ) | Q3 | Q3 | \%-Change | |
| 2024 | 2023 | Act. | Comp. ${ }^{1}$ | |
| Total adjusted revenue ${ }^{1}$ | 480 | 483 | $-0.7 \%$ | $0.4 \%$ |
| Adjusted EBIT | 66 | 74 | $-10 \%$ | |
| Adjusted EBIT margin | $13.9 \%$ | $15.3 \%$ |
[^0]Revenue in the Advanced Therapies segment increased by $0.4 \%$ to $€ 480$ million in the third quarter on a comparable basis, after significant growth in the prior-year quarter.
The segment achieved sharp comparable revenue growth in the Asia Pacific Japan region, while revenue in the EMEA and Americas regions grew moderately. Revenue in the China region declined by a low double-digit percentage rate after significant revenue growth in the prior-year period, and due to temporarily delayed customer orders.
The segment's adjusted EBIT margin of $13.9 \%$ was below the level of the prior-year quarter. This was mostly due to negative currency effects and lower absolute profit conversion from below-average revenue growth. Focusing the endovascular robotic solution exclusively on neurovascular interventions had a positive effect.
[^0]: 1 Total adjusted revenue is defined as total revenue adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
Reconciliation to consolidated financial statements
| Adjusted EBIT | ||
|---|---|---|
| (in millions of €) | Q3 2024 | Q3 2023 |
| Total Segments | 897 | $809^{1}$ |
| Corporate items, eliminations, other items | $-71$ | $-51^{1}$ |
| Adjusted EBIT | 825 | $758^{1}$ |
| Amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments | $-95$ | $-92$ |
| Transaction, integration, retention and carve-out costs | $-5$ | $-7$ |
| Gains and losses from divestments | $-0$ | - |
| Severance charges | $-27$ | $-56$ |
| Expenses for other portfolio-related measures | - | $-17$ |
| Other restructuring expenses | $-17$ | $-18^{1}$ |
| Total adjustments | $-145$ | $-190^{1}$ |
| EBIT | 680 | 568 |
| Financial income, net | $-85$ | $-52$ |
| Income before income taxes | 595 | 516 |
| Income tax expenses | $-122$ | $-65$ |
| Net income | 472 | 451 |
1 Comparable based on the definition of adjustments effective October 1, 2023.
Basic earnings per share
| (in €) | Q3 2024 | Q3 2023 |
|---|---|---|
| Basic earnings per share | 0.42 | 0.40 |
| Amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments | 0.09 | 0.08 |
| Transaction, integration, retention and carve-out costs | 0.00 | 0.01 |
| Gains and losses from divestments | 0.00 | - |
| Severance charges | 0.02 | 0.05 |
| Expenses for other portfolio-related measures | - | 0.02 |
| Other restructuring expenses | 0.02 | $0.02^{2}$ |
| Transaction-related costs within financial income | - | - |
| Tax effects on adjustments ${ }^{1}$ | $-0.03$ | $-0.02^{2}$ |
| Adjusted basic earnings per share | 0.52 | $0.55^{2}$ |
[^0]Severance charges fell by $€ 29$ million to $€ 27$ million. This was mainly due to lower personnel restructuring expenses in connection with the transformation of the Diagnostics business.
There were no expenses for other portfolio-related measures in the third quarter of the current fiscal year. The prioryear quarter was negatively impacted by measures connected with focusing the endovascular robotics solution in the Advanced Therapies segment exclusively on neurovascular interventions.
Other restructuring expenses of $€ 17$ million were around the level of the prior-year quarter and were mainly related to the transformation of the Diagnostics business.
Financial income, net dropped by $€ 33$ million to $€-85$ million, mainly due to higher interest rates.
Net income increased by 5\% year-on-year to $€ 472$ million. The tax rate of $21 \%$ was above the very low level of $13 \%$ in the prior-year quarter.
[^0]: 1 Calculated based on the income tax rate of the respective reporting period.
2 Comparable based on the definition of adjustments effective October 1, 2023.
Adjusted basic earnings per share of €0.52 were slightly below the prior-year level of €0.55. Increased earnings contributions from operating business were counteracted by a higher tax rate and higher financing costs than in the prioryear quarter. Adjustments decreased year-on-year, mainly due to lower severance charges related to the transformation of the Diagnostics business and the absence of expenses related to focusing the endovascular robotics solution on neurovascular interventions.
Outlook
For fiscal year 2024, we continue to expect comparable revenue growth of between $4.5 \%$ and $6.5 \%$ over fiscal year 2023. Excluding revenue from rapid COVID-19 antigen tests, this corresponds to comparable revenue growth of between $5.0 \%$ and $7.0 \%$.
The expectation for adjusted basic earnings per share remains unchanged at between $€ 2.10$ and $€ 2.30$.
The outlook is based on several assumptions. This includes the expectation that the current macroeconomic environment, including the interest rate level, will remain largely unchanged.
Furthermore, the outlook is based on assumptions regarding revenue growth and the adjusted earnings development of our segments. These assumptions remain unchanged, with the exception of the Imaging segment, for which the comparable revenue growth assumption has been revised as follows:
For the Imaging segment, we now expect comparable revenue growth of between $4.5 \%$ and $5.5 \%$ (previously $6 \%$ to $8 \%$ in the 2023 Annual Report).
Furthermore, the outlook is based on assumptions about the tax rate. We now expect this to be between $22.0 \%$ and $24.0 \%$ (previously $24.0 \%$ to $26.0 \%$ in the 2023 Annual Report).
In addition, the outlook is based on assumptions about exchange rate developments. Furthermore, this outlook excludes potential portfolio measures. In addition, the outlook is based on the assumption that developments related to the war in Ukraine and conflicts in the Middle East will not have a material impact on our business activities. The outlook is based on the number of shares outstanding at the end of fiscal year 2023. This outlook also excludes charges from legal, tax and regulatory issues and framework conditions.
Notes and forward-looking statements
The conference call for journalists with CEO Dr. Bernd Montag and CFO Dr. Jochen Schmitz on the financial figures of the third quarter will be broadcast live on the Internet starting today at 07:30 a.m. CEST:
siemens-healthineers.com/press-room
Starting today at 08:30 a.m. CEST, the conference call for analysts and investors with Dr. Bernd Montag and Dr. Jochen Schmitz can be followed live at:
siemens-healthineers.com/investor-relations
Recordings of both conferences will be made available afterwards.
Financial publications are available for download at:
siemens-healthineers.com/investor-relations/presentations-financial-publications
Contact for journalists
Georgina Prodhan - Phone: +44 7808 828799; Email: [email protected]
Ulrich Kuenzel - Phone: +49 162 2433492; Email: [email protected]
This document contains statements related to our future business and financial performance and future events or developments involving Siemens Healthineers that may constitute forward-looking statements. These statements may be identified by words such as "expect", "forecast", "anticipate", "intend", "plan", "believe", "seek", "estimate", "will", "target" or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forwardlooking statements. Such statements are based on the current expectations, plans and certain assumptions of Siemens Healthineers' management, of which many are beyond Siemens Healthineers' control. As they relate to future events or developments, these statements are subject to various risks, uncertainties and factors, including, but not limited to those possibly described in the respective disclosures. Should one or more of these or other risks, uncertainties or factors (e.g. events of force majeure, including but not limited to unrest, acts of war, pandemics or acts of God) materialize, plans change or should underlying expectations not occur or assumptions prove incorrect, Siemens Healthineers' management actions, actual results, performance or achievements of Siemens Healthineers may (negatively or positively) vary materially from those described explicitly or implicitly in the forward-looking statement. All forward-looking statements only speak as of the date when they were made and Siemens Healthineers neither intends, nor assumes any obligation, unless required by law, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
This document includes supplemental financial measures that are or may be alternative performance measures not precisely defined in the applicable financial reporting framework (non-GAAP-measures). These supplemental financial measures may have limitations as analytical tools and should not be viewed in isolation or as alternatives to measures of Siemens Healthineers' net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework. Other companies that report or describe similarly titled alternative performance measures may calculate them differently and therefore they may not be comparable to those included in this document.
Please find further explanations regarding our (supplemental) financial measures in chapter "A. 2 Financial performance system" and in the Notes to consolidated financial statements, Note 30 "Segment information" of the Annual Report 2023 of Siemens Healthineers. This document is available under the following internet link www.siemens-healthineers.com/investorrelations/presentations-financial-publications.
Due to rounding, individual 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 to which they refer.
This document is an English language translation of the German document. In case of discrepancies, the German language document is the sole authoritative and universally valid version.
The information contained in this document is provided as of the date of its publication and is subject to change without notice.
In the event that the male form is used in this document, the information nevertheless refers to all persons (male, female, non-binary).
Siemens Healthineers AG
Siemensstr. 3
91301 Forchheim, Germany
siemens-healthineers.com
Investor Relations
Telefon: +49 (9131) 84-3385
Email: [email protected]
siemens-healthineers.com/investor-relations
Press
Email: [email protected]
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Financial Results
Third quarter of fiscal year 2024
Additional information
| Revenue by region (location of customer) | ||||
|---|---|---|---|---|
| (in millions of €) | $\begin{gathered} \text { Q3 } \ 2024 \end{gathered}$ | $\begin{gathered} \text { Q3 } \ 2023 \end{gathered}$ | Act. | $\begin{gathered} \text { \%-Change } \ \text { Comp. } \end{gathered}$ |
| Europe, C.I.S., Africa, Middle East (EMEA) | 1,768 | 1,669 | $6 \%$ | $6 \%$ |
| Therein: Germany | 283 | 258 | $10 \%$ | $10 \%$ |
| Americas | 2,396 | 2,160 | $11 \%$ | $9 \%$ |
| Therein: United States | 2,057 | 1,834 | $12 \%$ | $10 \%$ |
| Asia Pacific Japan ${ }^{2}$ | 649 | 661 | $-2 \%$ | $3 \%$ |
| China | 611 | 711 | $-14 \%$ | $-13 \%$ |
| Siemens Healthineers | 5,423 | 5,201 | 4\% | 4\% |
1 Year-over-year on a comparable basis, excluding currency translation and portfolio effects as well as effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Including India.
| Revenue by region (location of customer) | ||||
|---|---|---|---|---|
| (in millions of €) | Q1-Q3 2024 | Q1-Q3 2023 | Act. | \%-Change Comp. ${ }^{1}$ |
| Europe, C.I.S., Africa, Middle East (EMEA) | 5,372 | 4,985 | $8 \%$ | $8 \%$ |
| Therein: Germany | 815 | 751 | $9 \%$ | $9 \%$ |
| Americas | 6,722 | 6,357 | $6 \%$ | $6 \%$ |
| Therein: United States | 5,710 | 5,395 | $6 \%$ | $6 \%$ |
| Asia Pacific Japan ${ }^{2}$ | 2,078 | 2,178 | $-5 \%$ | $1 \%$ |
| China | 1,863 | 2,104 | $-11 \%$ | $-7 \%$ |
| Siemens Healthineers | 16,034 | 15,624 | 3\% | 4\% |
[^0]
Employees
| Jun 30, 2024 | Sept 30, 2023 | |
|---|---|---|
| Number of employees (in thousands) | 71.8 | 71.2 |
| Germany | 16.2 | 16.2 |
| Outside Germany | 55.6 | 55.0 |
[^0]: 1 Year-over-year on a comparable basis, excluding currency translation and portfolio effects as well as effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Including India.
Consolidated statements of income
| On millions of €, earnings per share in €) | Q3 2024 | Q3 2023 | Q1-Q3 2024 | Q1-Q3 2023 |
|---|---|---|---|---|
| Revenue | 5,423 | 5,201 | 16,034 | 15,624 |
| Cost of sales | $-3,333$ | $-3,265$ | $-9,974$ | $-10,208$ |
| Gross profit | 2,090 | 1,936 | 6,061 | 5,416 |
| Research and development expenses | $-484$ | $-474$ | $-1,422$ | $-1,380$ |
| Selling and general administrative expenses | $-918$ | $-881$ | $-2,719$ | $-2,665$ |
| Other operating income | 5 | 2 | 15 | 13 |
| Other operating expenses | $-14$ | $-15$ | $-71$ | $-110$ |
| Income from investments accounted for using the equity method, net | - | - | $-1$ | 3 |
| Earnings before interest and taxes | 680 | 568 | 1,862 | 1,277 |
| Interest income | 27 | 20 | 90 | 60 |
| Interest expenses | $-116$ | $-83$ | $-334$ | $-194$ |
| Other financial income, net | 5 | 11 | 60 | 11 |
| Income before income taxes | 595 | 516 | 1,679 | 1,153 |
| Income tax expenses | $-122$ | $-65$ | $-343$ | $-168$ |
| Net income | 472 | 451 | 1,335 | 985 |
| Thereof attributable to: | ||||
| Non-controlling interests | 4 | 6 | 10 | 14 |
| Shareholders of Siemens Healthineers AG | 469 | 445 | 1,326 | 972 |
| Basic earnings per share | 0.42 | 0.40 | 1.19 | 0.87 |
| Diluted earnings per share | 0.42 | 0.40 | 1.18 | 0.86 |
Consolidated statements of comprehensive income
Consolidated statements of financial position
| (In millions of €) | Jun 30, 2024 | Sept 30, 2023 |
|---|---|---|
| Cash and cash equivalents ${ }^{1}$ | 2,056 | 2,247 |
| Trade and other receivables | 4,215 | 4,492 |
| Other current financial assets | 238 | 549 |
| Current receivables from the Siemens Group ${ }^{1}$ | 27 | 35 |
| Contract assets | 1,779 | 1,629 |
| Inventories | 4,721 | 4,294 |
| Current income tax assets | 473 | 244 |
| Other current assets | 678 | 645 |
| Total current assets | 14,187 | 14,136 |
| Goodwill | 18,018 | 18,118 |
| Other intangible assets | 7,366 | 7,726 |
| Property, plant and equipment | 4,385 | 4,210 |
| Investments accounted for using the equity method | 32 | 35 |
| Other non-current financial assets | 1,560 | 1,561 |
| Non-current receivables from the Siemens Group | - | 2 |
| Deferred tax assets | 546 | 416 |
| Other non-current assets | 532 | 480 |
| Total non-current assets | 32,440 | 32,548 |
| Total assets | 46,626 | 46,684 |
| Short-term financial debt and current maturities of long-term financial debt | 237 | 198 |
| Trade payables | 1,993 | 2,203 |
| Other current financial liabilities | 326 | 348 |
| Current liabilities to the Siemens Group | 2,203 | 4,204 |
| Contract liabilities | 3,755 | 3,627 |
| Current provisions | 368 | 409 |
| Current income tax liabilities | 470 | 462 |
| Other current liabilities | 1,815 | 1,990 |
| Total current liabilities | 11,167 | 13,440 |
| Long-term financial debt | 497 | 437 |
| Provisions for pensions and similar obligations | 553 | 539 |
| Deferred tax liabilities | 1,535 | 1,663 |
| Non-current provisions | 163 | 172 |
| Other non-current financial liabilities | 35 | 29 |
| Other non-current liabilities | 472 | 450 |
| Non-current liabilities to the Siemens Group | 13,923 | 11,821 |
| Total non-current liabilities | 17,178 | 15,110 |
| Total liabilities | 28,344 | 28,550 |
| Issued capital | 1,128 | 1,128 |
| Capital reserve | 15,842 | 15,839 |
| Retained earnings | 1,614 | 1,381 |
| Other components of equity | 102 | 339 |
| Treasury shares | $-450$ | $-607$ |
| Total equity attributable to shareholders of Siemens Healthineers AG | 18,236 | 18,081 |
| Non-controlling interests | 46 | 52 |
| Total equity | 18,282 | 18,133 |
| Total liabilities and equity | 46,626 | 46,684 |
[^0]
[^0]: 1 Prior year value includes retrospective adjustment due to the change in the composition of cash and cash equivalents. For further information, please refer to Note 2 Accounting policies in the notes to the half-year consolidated financial statements 2024.
Consolidated statements of cash flows
| (In millions of €) | $\begin{aligned} & \text { Q3 } \ & 2024 \end{aligned}$ | $\begin{aligned} & \text { Q3 } \ & 2023 \end{aligned}$ |
|---|---|---|
| Net income | 472 | 451 |
| Adjustments to reconcile net income to cash flows from operating activities: | ||
| Amortization, depreciation and impairments | 294 | 314 |
| Income tax expenses | 122 | 65 |
| Interest income/expenses, net | 90 | 63 |
| Income/loss related to investing activities | - | $-3$ |
| Other non-cash income/expenses, net | 59 | 68 |
| Change in operating net working capital | ||
| Contract assets | $-102$ | $-71$ |
| Inventories | $-58$ | $-187$ |
| Trade and other receivables | 69 | $-49$ |
| Receivables from and payables to the Siemens Group from operating activities | 1 | $-7$ |
| Trade payables | $-46$ | $-41$ |
| Contract liabilities | 4 | 11 |
| Change in other assets and liabilities | 177 | 190 |
| Additions to equipment leased to others in operating leases | $-79$ | $-62$ |
| Income taxes paid | $-288$ | $-278$ |
| Interest received | 16 | 11 |
| Cash flows from operating activities | 731 | 477 |
| Additions to intangible assets and property, plant and equipment | $-185$ | $-192$ |
| Purchase of investments and financial assets for investment purposes | - | $-5$ |
| Acquisitions of businesses, net of cash acquired | $-5$ | - |
| Disposal of investments, intangible assets and property, plant and equipment | 68 | 1 |
| Cash flows from investing activities | $-123$ | $-197$ |
| Purchase of treasury shares | - | $-302$ |
| Repayment of long-term debt (including current maturities of long-term debt) | $-48$ | $-45$ |
| Change in short-term financial debt and other financing activities | 5 | $-6$ |
| Interest paid | $-12$ | $-6$ |
| Dividends paid to shareholders of Siemens Healthineers AG | $-1,063$ | - |
| Interest paid to the Siemens Group | $-32$ | $-60$ |
| Other transactions/financing with the Siemens Group ${ }^{+}$ | ||
| Change in short-term financial debt and other financing activities | 282 | 355 |
| Cash flows from financing activities | $-867$ | $-63$ |
| Effect of changes in exchange rates on cash and cash equivalents ${ }^{+}$ | 10 | $-75$ |
| Change in cash and cash equivalents ${ }^{+}$ | $-249$ | 142 |
| Cash and cash equivalents at beginning of period ${ }^{+}$ | 2,305 | 2,286 |
| Cash and cash equivalents at end of period | 2,056 | 2,428 |
[^0]
[^0]: 1 Prior-year value includes retrospective adjustment due to the change in the composition of cash and cash equivalents. For further information, please refer to Note 2 Accounting policies in the notes to the half-year consolidated financial statements 2024.
Consolidated statements of cash flows
| (In millions of €) | $\begin{aligned} & \text { Q1-Q3 } \ & 2024 \end{aligned}$ | $\begin{aligned} & \text { Q1-Q3 } \ & 2023 \end{aligned}$ |
|---|---|---|
| Net income | 1,335 | 985 |
| Adjustments to reconcile net income to cash flows from operating activities: | ||
| Amortization, depreciation and impairments | 914 | 1,230 |
| Income tax expenses | 343 | 168 |
| Interest income/expenses, net | 244 | 134 |
| Income/loss related to investing activities | $-25$ | 73 |
| Other non-cash income/expenses, net | 160 | $-67$ |
| Change in operating net working capital | ||
| Contract assets | $-153$ | $-220$ |
| Inventories | $-433$ | $-639$ |
| Trade and other receivables | 221 | 48 |
| Receivables from and payables to the Siemens Group from operating activities | 8 | - |
| Trade payables | $-198$ | $-131$ |
| Contract liabilities | 144 | 243 |
| Change in other assets and liabilities | $-246$ | 335 |
| Additions to equipment leased to others in operating leases | $-174$ | $-175$ |
| Income taxes paid | $-800$ | $-695$ |
| Dividends received | 1 | 1 |
| Interest received | 46 | 33 |
| Cash flows from operating activities | 1,387 | 1,321 |
| Additions to intangible assets and property, plant and equipment | $-483$ | $-597$ |
| Purchase of investments and financial assets for investment purposes | $-3$ | $-5$ |
| Acquisitions of businesses, net of cash acquired | $-46$ | $-5$ |
| Disposal of investments, intangible assets and property, plant and equipment | 78 | 9 |
| Cash flows from investing activities | $-454$ | $-599$ |
| Purchase of treasury shares | - | $-345$ |
| Other transactions with owners | $-9$ | $-13$ |
| Repayment of long-term debt (including current maturities of long-term debt) | $-145$ | $-143$ |
| Change in short-term financial debt and other financing activities | 20 | $-36$ |
| Interest paid | $-29$ | $-18$ |
| Dividends paid to shareholders of Siemens Healthineers AG | $-1,063$ | $-1,066$ |
| Dividends paid to non-controlling interests | $-16$ | $-14$ |
| Interest paid to the Siemens Group | $-128$ | $-182$ |
| Other transactions/financing with the Siemens Group ${ }^{1}$ ? | ||
| Repayment of long-term debt (including current maturities of long-term debt) | $-20$ | - |
| Change in short-term financial debt and other financing activities | 291 | 1,621 |
| Cash flows from financing activities | $-1,098$ | $-197$ |
| Effect of changes in exchange rates on cash and cash equivalents ${ }^{1}$ | $-26$ | $-215$ |
| Change in cash and cash equivalents ${ }^{1}$ | $-190$ | 311 |
| Cash and cash equivalents at beginning of period ${ }^{1}$ | 2,247 | 2,117 |
| Cash and cash equivalents at end of period | 2,056 | 2,428 |
[^0]
[^0]: 1 Prior year value includes retrospective adjustment due to the change in the composition of cash and cash equivalents. For further information, please refer to Note 2 Accounting Policies in the notes to the half-year consolidated financial statements 2024.
2 From the beginning of fiscal year 2024 other transactions/financing with the Siemens Group are no longer presented on a net basis.
Overview of segment figures
EBITDA reconciliation
1 Income before income taxes, interest income and expenses, other financial income, net as well as amortization, depreciation \& impairments.
2 Comparable based on the definition of adjustments effective October 1, 2023.