Earnings Release • Aug 7, 2023
Earnings Release
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August 2, 2023 – Siemens Healthineers AG today announces its results for the third quarter, ending June 30, of fiscal year 2023.
We confirm our expectation for comparable revenue growth of -1% to 1% (6% to 8% excluding revenue from rapid COVID-19 antigen tests) and adjusted basic earnings per share of €2.00 to €2.20.
»The Siemens Healthineers team once again delivered a quarter of strong growth. This clearly underlines the special relevance and meaning of our innovations for our customers and their patients worldwide.«
| Siemens Healthineers | ||||
|---|---|---|---|---|
| (in millions of €) | Q3 2023 |
Q3 2022 |
Act. | %-Change Comp.¹ |
| Revenue | 5,201 | 5,186 | 0.3% | 3.6% |
| Adjusted EBIT² | 740 | 765 | −3% | |
| Adjusted EBIT margin | 14.2% | 14.7% | ||
| Net income | 451 | 364 | 24% | |
| Adjusted basic earnings per share³ | 0.53 | 0.43 | 24% | |
| Basic earnings per share | 0.40 | 0.32 | 23% | |
| Free cash flow⁴ | 285 | 478 | −40% | |
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 and centrally carried pension service and administration expenses (only excluded from adjusted EBIT of the segments).
3 Adjusted basic earnings per share are defined as basic earnings per share, adjusted for expenses for portfolio-related measures and severance charges, net of tax.
4 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.
Revenue increased by 3.6% on a comparable basis in the third quarter of fiscal year 2023. Excluding the tailing-off rapid COVID-19 antigen test business, comparable revenue rose by a very strong 10.1%, driven by sharp growth in the Imaging segment and significant growth in the Advanced Therapies segment.
From a geographical perspective, the China region delivered sharp revenue growth. Revenue grew significantly in the EMEA region, and strongly in the Asia Pacific Japan region. Revenue in the Americas region fell by a high single-digit percentage due to the end of the rapid COVID-19 antigen test business. Excluding rapid antigen tests, the Americas recorded strong comparable growth.
Nominal revenue was around €5.2 billion.
Equipment order intake again exceeded strong equipment revenues in the third quarter; the equipment book-to-bill ratio was 1.11.
Adjusted EBIT fell by 3% in the third quarter to €740 million, resulting in a slightly lower adjusted EBIT margin of 14.2%. This was mainly due to markedly lower contributions from the tailing-off rapid COVID-19 antigen test business. In the previous year, below-average expenses for performance-related remuneration components had a positive effect on all segments. In the third quarter of the current fiscal year, very good revenue development (excluding the rapid antigen tests) and currency effects had a positive impact.
Net income rose 24% to €451 million. A very low tax rate of 12.6% was clearly below the level of the prior-year quarter. This was mostly due to new insights and assessments from discrete items, that resulted in the reduction of tax provisions.
Free cash flow of €285 million was below the level of the prior-year quarter, when it was lifted by positive effects from the rapid COVID-19 antigen test business in the Diagnostics segment. This year's third quarter included effects from inventory build-up in preparation for strong revenue development in the fourth quarter.
| Imaging | ||||
|---|---|---|---|---|
| Q3 | Q3 | %-Change | ||
| (in millions of €) | 2023 | 2022² | Act. | Comp.³ |
| Total adjusted revenue¹ | 2,863 | 2,575 | 11.2% | 15.2% |
| Adjusted EBIT | 625 | 470 | 33% | |
| Adjusted EBIT margin | 21.8% | 18.3% |
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 Comparable based on the organizational structure effective October 1, 2022.
3 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
Imaging segment revenue was around €2.9 billion in the third quarter. This represents broad-based revenue growth of 15.2% on a comparable basis. Molecular Imaging and Magnetic Resonance made especially significant contributions to this growth.
From a geographical perspective, Imaging showed sharp revenue growth in the China region, as well as in EMEA and Asia Pacific Japan. Revenue in the Americas region grew strongly.
The adjusted EBIT margin for the segment was significantly above the prior-year quarter at 21.8% due to the very good revenue development, as well as positive currency effects.
| Diagnostics | ||||
|---|---|---|---|---|
| Q3 | Q3 | %-Change | ||
| (in millions of €) | 2023 | 2022 | Act. | Comp.² |
| Total adjusted revenue¹ | 1,091 | 1,409 | −22.6% | −20.1% |
| Adjusted EBIT | −6 | 178 | −103% | |
| Adjusted EBIT margin | −0.5% | 12.6% |
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.
Third-quarter revenue in the Diagnostics segment fell 20.1% on a comparable basis to around €1.1 billion. This was because of tailing-off contributions from rapid COVID-19 antigen tests, where no appreciable revenues were booked in the third quarter (prior-year quarter: around €300 million). Excluding rapid antigen tests, comparable revenue rose by 2.0%.
Diagnostics revenue in the Asia Pacific Japan region increased slightly while it decreased significantly in the China region. Revenues in the EMEA region fell slightly, and in the Americas region they dropped by a mid double-digit percentage, in both cases due to the end of the rapid antigen test business. Excluding rapid antigen tests, revenue in the Americas grew strongly. In EMEA, revenue grew moderately.
The adjusted EBIT margin in the segment fell to -0.5%. The decline was largely due to the drop out of contributions from rapid antigen test business, as well as negative currency effects. In addition, transformation costs of €12 million weighed on the margin. First cost reductions from the transformation program and lower logistics costs had a positive effect.
| Varian | ||||
|---|---|---|---|---|
| Q3 | Q3 | %-Change | ||
| (in millions of €) | 2023 | 2022² | Act. | Comp.³ |
| Total adjusted revenue¹ | 840 | 808 | 3.9% | 6.7% |
| Adjusted EBIT | 102 | 147 | −31% | |
| Adjusted EBIT margin | 12.1% | 18.1% |
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 Comparable based on the organizational structure effective October 1, 2022.
3 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
The Varian segment posted third-quarter revenue of €840 million and growth of 6.7% on a comparable basis, held back by temporary challenges in outbound logistics.
The EMEA region showed significant revenue growth, with the Americas and Asia Pacific Japan regions growing strongly. The China region showed a slight increase in revenue.
The adjusted EBIT margin fell to 12.1%. This was due to cost increases, particularly for procurement and logistics as well as for research and development, negative currency effects, and the missing profit contributions related to the temporary outbound logistics challenges that held back revenue.
| Advanced Therapies | ||||
|---|---|---|---|---|
| Q3 | Q3 | %-Change | ||
| (in millions of €) | 2023 | 2022 | Act. | Comp.² |
| Total adjusted revenue¹ | 483 | 449 | 7.6% | 11.9% |
| Adjusted EBIT | 74 | 35 | 114% | |
| Adjusted EBIT margin | 15.3% | 7.7% |
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.
Third-quarter revenue in the Advanced Therapies segment rose by 11.9% on a comparable basis to €483 million. The China and EMEA regions posted sharp revenue growth. In the Americas region, revenue grew moderately, while in the Asia Pacific Japan region it fell by a low double-digit percentage.
The adjusted EBIT margin of 15.3% was markedly higher than in the prior-year quarter, driven by the very positive revenue growth and currency effects. Furthermore, effects from focusing endovascular robotics on neurovascular interventions had a positive impact.
| Adjusted EBIT | ||
|---|---|---|
| (in millions of €) | Q3 2023 |
Q3 2022 |
| Total Segments | 794 | 829¹ |
| Corporate items, eliminations, other items | −54 | -64¹ |
| Adjusted EBIT | 740 | 765 |
| Amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments | −92 | −148 |
| Transaction, integration, retention and carve-out costs | −7 | −8 |
| Gains and losses from divestments | ‐ | −1 |
| Severance charges | −56 | −14 |
| Expenses for other portfolio-related measures | −17 | ‐ |
| Total adjustments | −172 | −170 |
| EBIT | 568 | 595 |
| Financial income, net | −52 | −69 |
| Income before income taxes | 516 | 526 |
| Income tax expenses | −65 | −162 |
| Net income | 451 | 364 |
1 Comparable based on the organizational structure effective October 1, 2022.
| (in €) | Q3 2023 |
Q3 2022 |
|---|---|---|
| Basic earnings per share | 0.40 | 0.32 |
| Amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments | 0.08 | 0.13 |
| Transaction, integration, retention and carve-out costs | 0.01 | 0.01 |
| Gains and losses from divestments | ‐ | 0.00 |
| Severance charges | 0.05 | 0.01 |
| Expenses for other portfolio-related measures | 0.02 | ‐ |
| Tax effects on adjustments¹ | −0.02 | −0.05 |
| Adjusted basic earnings per share | 0.53 | 0.43 |
1 Calculated based on the income tax rate of the respective reporting period.
Amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments decreased to €92 million from the prior-year quarter, which contained higher effects in connection with the Varian acquisition.
Severance charges rose €42 million to €56 million. These essentially comprised significantly higher severance charges related to the transformation of the Diagnostics business.
Expenses for other portfolio-related measures were solely related to the focusing of the endovascular robotics solution exclusively on neurovascular interventions initiated at the end of the second quarter, and the associated withdrawal from the robotic-assisted endovascular cardiology business in the Advanced Therapies segment.
Financial income, net rose €17 million to €-52 million, despite increased interest expenses. The prior-year quarter was impacted by a negative effect from the application of the financial reporting regulations for high-inflation countries.
Third-quarter net income rose 24% to €451 million. The very low tax rate of 12.6% was clearly below the level of the prior-year quarter. This was mostly due to new insights and assessments from discrete items, that resulted in the reduction of tax provisions.
The higher adjustments compared with the prior-year quarter were mainly due to severance charges in connection with the transformation of the Diagnostics business and expenses related to the focusing of the endovascular robotics solution exclusively on neurovascular interventions.
For fiscal year 2023, we continue to expect comparable revenue growth of between -1% and 1%. Excluding revenue from rapid COVID-19 antigen tests, this corresponds to comparable revenue growth of between 6% and 8%.
Adjusted basic earnings per share (adjusted for expenses for portfolio-related measures and severance charges, net of tax) are still expected to be between €2.00 and €2.20.
On the segment level, we make the following adjustment:
For the Varian segment, we still expect comparable revenue growth of between 9% and 12%. For the adjusted EBIT margin, we now expect 14% to 15% (previously 16% to 18%).
The expectations for the Imaging, Diagnostics and the Advanced Therapies segments remain unchanged.
The outlook is based on several assumptions including the expectation that current and potential future measures to keep the COVID-19 pandemic under control will not negatively impact demand for our products and services. Regarding developments related to the war in Ukraine, we assume there will be no material adverse effect on our business activities. The outlook is also based on the current macroeconomic environment and current exchange-rate assumptions, and excludes potential portfolio activities. Exchange rates have significantly changed from the expectations underlying the outlook in the annual report 2022. From today's perspective, this results in a negative effect of more than €0.10 on expected adjusted basic earnings per share for fiscal year 2023. The outlook is based on the number of outstanding shares at the end of fiscal year 2022. The outlook further excludes charges related to legal, tax, and regulatory matters and frameworks.
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 29 "Segment information" of the Annual Report 2022 of Siemens Healthineers. Additional information is also included in the Half-Year Financial Report 2023. These documents are available under the following internet link https://www.siemens-healthineers.com/investor-relations/presentations-financialpublications.
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.
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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 Henkestr. 127 91052 Erlangen, Germany siemens-healthineers.com
Investor Relations Telefon: +49 (9131) 84-3385 Email: [email protected] siemens-healthineers.com/investor-relations
Press Email: [email protected] siemens-healthineers.com/press
Third quarter of fiscal year 2023
| Q3 | Q3 | %-Change | ||
|---|---|---|---|---|
| (in millions of €) | 2023 | 2022 | Act. | Comp.² |
| Europe, C.I.S., Africa, Middle East (EMEA) | 1,669 | 1,494 | 12% | 14% |
| Therein: Germany | 258 | 254 | 1% | 1% |
| Americas | 2,160 | 2,374 | −9% | −8% |
| Therein: United States | 1,834 | 2,070 | −11% | −10% |
| Asia Pacific Japan³ | 661 | 664 | 0% | 7% |
| China | 711 | 655 | 9% | 17% |
| Siemens Healthineers | 5,201 | 5,186 | 0% | 4% |
1 Regional reporting is based on 4 regions (previously 3 regions) starting fiscal year 2023: prior year figures comparable based on the new regional structure.
2 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.
3 Including India.
| (in millions of €) | Q1-Q3 2023 |
Q1-Q3 2022 |
Act. | %-Change Comp.² |
|---|---|---|---|---|
| Europe, C.I.S., Africa, Middle East (EMEA) | 4,985 | 5,277 | −6% | −5% |
| Therein: Germany | 751 | 1,147 | −35% | −35% |
| Americas | 6,357 | 6,421 | −1% | −5% |
| Therein: United States | 5,395 | 5,576 | −3% | −8% |
| Asia Pacific Japan³ | 2,178 | 2,063 | 6% | 10% |
| China | 2,104 | 1,953 | 8% | 11% |
| Siemens Healthineers | 15,624 | 15,714 | −1% | −1% |
1 Regional reporting is based on 4 regions (previously 3 regions) starting fiscal year 2023: prior year figures comparable based on the new regional structure.
2 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.
3 Including India.
| (in millions of €, earnings per share in €) | Q3 2023 |
Q3 2022 |
Q1-Q3 2023 |
Q1-Q3 2022 |
|---|---|---|---|---|
| Revenue | 5,201 | 5,186 | 15,624 | 15,714 |
| Cost of sales | −3,265 | −3,317 | −10,208 | −9,899 |
| Gross profit | 1,936 | 1,869 | 5,416 | 5,815 |
| Research and development expenses | −474 | −436 | −1,380 | −1,288 |
| Selling and general administrative expenses | −881 | −840 | −2,665 | −2,469 |
| Other operating income | 2 | 7 | 13 | 10 |
| Other operating expenses | −15 | −4 | −110 | −22 |
| Income from investments accounted for using the equity method, net | ‐ | −2 | 3 | 1 |
| Earnings before interest and taxes | 568 | 595 | 1,277 | 2,047 |
| Interest income | 20 | 14 | 60 | 34 |
| Interest expenses | −83 | −32 | −194 | −81 |
| Other financial income, net | 11 | −51 | 11 | −59 |
| Income before income taxes | 516 | 526 | 1,153 | 1,941 |
| Income tax expenses | −65 | −162 | −168 | −522 |
| Net income | 451 | 364 | 985 | 1,419 |
| Thereof attributable to: | ||||
| Non-controlling interests | 6 | 1 | 14 | 12 |
| Shareholders of Siemens Healthineers AG | 445 | 363 | 972 | 1,407 |
| Basic earnings per share | 0.40 | 0.32 | 0.87 | 1.25 |
| Diluted earnings per share | 0.40 | 0.32 | 0.86 | 1.25 |
| (in millions of €) | Q3 2023 |
Q3 2022 |
Q1-Q3 2023 |
Q1-Q3 2022 |
|---|---|---|---|---|
| Net income | 451 | 364 | 985 | 1,419 |
| Remeasurements of defined benefit plans | −54 | 97 | −25 | 198 |
| Therein: Income tax effects | 22 | −48 | 16 | −90 |
| Remeasurements of equity instruments | −1 | - | −1 | −1 |
| Therein: Income tax effects | - | - | - | −1 |
| Other comprehensive income that will not be reclassified to profit or loss | −54 | 97 | −25 | 197 |
| Currency translation differences | −149 | 1,039 | −2,516 | 1,802 |
| Cash flow hedges | −23 | 56 | −56 | 84 |
| Therein: Income tax effects | 9 | −23 | 26 | −37 |
| Cost/Income from hedging | −101 | −71 | 233 | −195 |
| Therein: Income tax effects | 42 | 30 | −97 | 83 |
| Other comprehensive income that may be reclassified subsequently to profit or loss |
−274 | 1,024 | −2,339 | 1,691 |
| Other comprehensive income, net of taxes | −328 | 1,121 | −2,364 | 1,888 |
| Comprehensive income | 123 | 1,485 | −1,379 | 3,307 |
| Thereof attributable to: | ||||
| Non-controlling interests | 6 | 1 | 12 | 12 |
| Shareholders of Siemens Healthineers AG | 118 | 1,484 | −1,392 | 3,295 |
| (in millions of €) | Jun 30, 2023 |
Sept 30, 2022 |
|---|---|---|
| Cash and cash equivalents | 1,779 | 1,436 |
| Trade and other receivables | 3,922 | 4,287 |
| Other current financial assets | 605 | 724 |
| Current receivables from the Siemens Group | 669 | 819 |
| Contract assets | 1,538 | 1,412 |
| Inventories | 4,387 | 4,009 |
| Current income tax assets | 168 | 73 |
| Other current assets | 635 | 619 |
| Total current assets | 13,703 | 13,379 |
| Goodwill | 17,786 | 19,061 |
| Other intangible assets | 7,520 | 8,712 |
| Property, plant and equipment | 4,089 | 4,273 |
| Investments accounted for using the equity method | 35 | 32 |
| Other non-current financial assets | 1,463 | 2,577 |
| Non-current receivables from the Siemens Group | 2 | 2 |
| Deferred tax assets | 480 | 575 |
| Other non-current assets | 441 | 444 |
| Total non-current assets | 31,815 | 35,677 |
| Total assets | 45,518 | 49,056 |
| Short-term financial debt and current maturities of long-term financial debt | 204 | 234 |
| Trade payables | 2,060 | 2,315 |
| Other current financial liabilities | 283 | 343 |
| Current liabilities to the Siemens Group | 5,426 | 2,617 |
| Contract liabilities | 3,683 | 3,749 |
| Current provisions | 374 | 358 |
| Current income tax liabilities | 381 | 609 |
| Other current liabilities | 1,703 | 1,799 |
| Total current liabilities | 14,113 | 12,024 |
| Long-term financial debt | 419 | 464 |
| Provisions for pensions and similar obligations | 631 | 668 |
| Deferred tax liabilities | 1,672 | 2,110 |
| Non-current provisions | 194 | 173 |
| Other non-current financial liabilities | 129 | 13 |
| Other non-current liabilities | 460 | 405 |
| Non-current liabilities to the Siemens Group | 10,698 | 13,347 |
| Total non-current liabilities | 14,203 | 17,180 |
| Total liabilities | 28,316 | 29,204 |
| Issued capital | 1,128 | 1,128 |
| Capital reserve | 15,807 | 15,861 |
| Retained earnings | 801 | 894 |
| Other components of equity | 19 | 2,357 |
| Treasury shares | −567 | −405 |
| Total equity attributable to shareholders of Siemens Healthineers AG | 17,187 | 19,836 |
| Non-controlling interests | 15 | 16 |
| Total equity | 17,202 | 19,852 |
| Total liabilities and equity | 45,518 | 49,056 |
| (in millions of €) | Q3 2023 |
Q3 2022 |
|---|---|---|
| Net income | 451 | 364 |
| Adjustments to reconcile net income to cash flows from operating activities: | ||
| Amortization, depreciation and impairments | 314 | 343 |
| Income tax expenses | 65 | 162 |
| Interest income/expenses, net | 63 | 18 |
| Income/loss related to investing activities | −3 | 21 |
| Other non-cash income/expenses, net | 68 | 89 |
| Change in operating net working capital | ||
| Contract assets | −71 | −8 |
| Inventories | −187 | −149 |
| Trade and other receivables | −49 | 326 |
| Receivables from and payables to the Siemens Group from operating activities | −7 | −4 |
| Trade payables | −41 | −205 |
| Contract liabilities | 11 | 85 |
| Change in other assets and liabilities | 190 | −26 |
| Additions to equipment leased to others in operating leases | −62 | −71 |
| Income taxes paid | −278 | −291 |
| Dividends received | ‐ | 4 |
| Interest received | 11 | 7 |
| Cash flows from operating activities | 477 | 664 |
| Additions to intangible assets and property, plant and equipment | −192 | −186 |
| Purchase of investments and financial assets for investment purposes | −5 | −1 |
| Acquisitions of businesses, net of cash acquired | ‐ | −14 |
| Disposal of investments, intangible assets and property, plant and equipment | 1 | 1 |
| Cash flows from investing activities | −197 | −200 |
| Purchase of treasury shares | −302 | −2 |
| Repayment of long-term debt (including current maturities of long-term debt) | −45 | −45 |
| Change in short-term financial debt and other financing activities | −6 | ‐ |
| Interest paid | −6 | −6 |
| Interest paid to the Siemens Group | −60 | −20 |
| Other transactions/financing with the Siemens Group | 613 | −133 |
| Cash flows from financing activities | 194 | −206 |
| Effect of changes in exchange rates on cash and cash equivalents | −65 | 38 |
| Change in cash and cash equivalents | 409 | 296 |
| Cash and cash equivalents at beginning of period | 1,370 | 1,076 |
| Cash and cash equivalents at end of period | 1,779 | 1,373 |
| (in millions of €) | Q1-Q3 2023 |
Q1-Q3 2022 |
|---|---|---|
| Net income | 985 | 1,419 |
| Adjustments to reconcile net income to cash flows from operating activities: | ||
| Amortization, depreciation and impairments | 1,230 | 1,011 |
| Income tax expenses | 168 | 522 |
| Interest income/expenses, net | 134 | 47 |
| Income/loss related to investing activities | 73 | 27 |
| Other non-cash income/expenses, net | −67 | 143 |
| Change in operating net working capital | ||
| Contract assets | −220 | −43 |
| Inventories | −639 | −523 |
| Trade and other receivables | 48 | 191 |
| Receivables from and payables to the Siemens Group from operating activities | ‐ | −17 |
| Trade payables | −131 | 72 |
| Contract liabilities | 243 | 465 |
| Change in other assets and liabilities | 335 | −717 |
| Additions to equipment leased to others in operating leases | −175 | −200 |
| Income taxes paid | −695 | −660 |
| Dividends received | 1 | 4 |
| Interest received | 33 | 24 |
| Cash flows from operating activities | 1,321 | 1,766 |
| Additions to intangible assets and property, plant and equipment | −597 | −568 |
| Purchase of investments and financial assets for investment purposes | −5 | −1 |
| Acquisitions of businesses, net of cash acquired | −5 | −25 |
| Disposal of investments, intangible assets and property, plant and equipment | 9 | 13 |
| Disposal of businesses, net of cash disposed | ‐ | −2 |
| Cash flows from investing activities | −599 | −583 |
| Purchase of treasury shares | −345 | −87 |
| Other transactions with owners | −13 | 1 |
| Repayment of long-term debt (including current maturities of long-term debt) | −143 | −124 |
| Change in short-term financial debt and other financing activities | −36 | −2 |
| Interest paid | −18 | −17 |
| Dividends paid to shareholders of Siemens Healthineers AG | −1,066 | −955 |
| Dividends paid to non-controlling interests | −14 | −19 |
| Interest paid to the Siemens Group | −182 | −126 |
| Other transactions/financing with the Siemens Group | 1,615 | 99 |
| Cash flows from financing activities | −202 | −1,228 |
| Effect of changes in exchange rates on cash and cash equivalents | −177 | 96 |
| Change in cash and cash equivalents | 344 | 50 |
| Cash and cash equivalents at beginning of period | 1,436 | 1,322 |
| Cash and cash equivalents at end of period | 1,779 | 1,373 |
| (in millions of €) | Adjusted external revenue¹ |
Intersegment revenue Total adjusted revenue¹ | Adjusted EBIT² | Assets³ | Free cash flow | Additions to other intangible assets and property, plant and equipment⁴ |
Amortization, depreciation and impairments |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q3 2023 |
Q3 2022 |
Q3 2023 |
Q3 2022 |
Q3 2023 |
Q3 2022 |
Q3 2023 |
Q3 2022 |
Jun 30, 2023 |
Sep 30, 2022 |
Q3 2023 |
Q3 2022 |
Q3 2023 |
Q3 2022 |
Q3 2023 |
Q3 2022 |
|
| Imaging⁵ | 2,753 | 2,486 | 109 | 89 | 2,863 | 2,575 | 625 | 470 | 8,568 | 8,802 | 507 | 482 | 56 | 41 | 47 | 48 |
| Diagnostics | 1,091 | 1,409 | ‐ | ‐ | 1,091 | 1,409 | −6 | 178 | 5,850 | 6,289 | −120 | 217 | 141 | 141 | 93 | 90 |
| Varian⁵ | 840 | 808 | ‐ | ‐ | 840 | 808 | 102 | 147 | 14,075 | 15,043 | 137 | 78 | 16 | 25 | 8 | 13 |
| Advanced Therapies | 478 | 448 | 5 | 2 | 483 | 449 | 74 | 35 | 1,817 | 2,295 | 89 | 34 | 6 | 5 | 7 | 5 |
| Total Segments⁵ | 5,162 | 5,151 | 115 | 91 | 5,277 | 5,242 | 794 | 829 | 30,311 | 32,431 | 612 | 812 | 219 | 212 | 155 | 157 |
| Reconciliation to Consolidated Financial Statements⁵ ⁶ |
39 | 36 | −115 | −91 | −75 | −56 | −278 | −304 | 15,207 | 16,625 | −328 | −333 | 101 | 113 | 158 | 186 |
| Siemens Healthineers | 5,201 | 5,186 | ‐ | ‐ | 5,201 | 5,186 | 516 | 526 | 45,518 | 49,056 | 285 | 478 | 320 | 325 | 314 | 343 |
1 Siemens Healthineers: IFRS revenue.
2 Siemens Healthineers: Income before income taxes.
3 On segment level: net capital employed.
4 Including additions through business combinations, excluding goodwill.
5 Prior year comparable based on the organizational structure effective October 1, 2022.
6 Including effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
| Adjusted external revenue¹ |
Intersegment revenue Total adjusted revenue¹ | Adjusted EBIT² | Assets³ | Free cash flow | Additions to other intangible assets and property, plant and equipment⁴ |
Amortization, depreciation and impairments |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions of €) | Q1-Q3 2023 |
Q1-Q3 2022 |
Q1-Q3 2023 |
Q1-Q3 2022 |
Q1-Q3 2023 |
Q1-Q3 2022 |
Q1-Q3 2023 |
Q1-Q3 2022 |
Jun 30, 2023 |
Sep 30, 2022 |
Q1-Q3 2023 |
Q1-Q3 2022 |
Q1-Q3 2023 |
Q1-Q3 2022 |
Q1-Q3 2023 |
Q1-Q3 2022 |
| Imaging⁵ | 8,193 | 7,394 | 323 | 274 | 8,517 | 7,668 | 1,823 | 1,490 | 8,568 | 8,802 | 1,497 | 1,301 | 175 | 115 | 146 | 140 |
| Diagnostics | 3,319 | 4,623 | ‐ | ‐ | 3,319 | 4,623 | −140 | 764 | 5,850 | 6,289 | −210 | 452 | 405 | 402 | 286 | 288 |
| Varian⁵ | 2,543 | 2,301 | 1 | ‐ | 2,544 | 2,302 | 348 | 398 | 14,075 | 15,043 | 145 | 277 | 32 | 53 | 25 | 43 |
| Advanced Therapies | 1,446 | 1,339 | 9 | 4 | 1,455 | 1,342 | 213 | 152 | 1,817 | 2,295 | 174 | 141 | 17 | 12 | 265 | 14 |
| Total Segments⁵ | 15,501 | 15,656 | 334 | 279 | 15,835 | 15,935 | 2,244 | 2,804 | 30,311 | 32,431 | 1,606 | 2,171 | 628 | 583 | 722 | 485 |
| Reconciliation to Consolidated Financial Statements⁵ ⁶ |
123 | 58 | −334 | −279 | −211 | −221 | −1,090 | −863 | 15,207 | 16,625 | −882 | −973 | 348 | 355 | 507 | 527 |
| Siemens Healthineers | 15,624 | 15,714 | ‐ | ‐ | 15,624 | 15,714 | 1,153 | 1,941 | 45,518 | 49,056 | 724 | 1,197 | 976 | 938 | 1,230 | 1,011 |
1 Siemens Healthineers: IFRS revenue.
2 Siemens Healthineers: Income before income taxes.
3 On segment level: net capital employed.
4 Including additions through business combinations, excluding goodwill.
5 Prior year comparable based on the organizational structure effective October 1, 2022.
6 Including effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
| (in millions of €) | Adjusted EBIT | Therein adjusted for amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments |
Therein adjusted for transaction, integration, retention and carve-out costs |
Therein adjusted for gains and losses from divestments |
Therein adjusted for severance charges |
Therein adjusted for other portfolio-related measures |
Amortization, depreciation & impairments |
EBITDA¹ | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q3 2023 |
Q3 2022 |
Q3 2023 |
Q3 2022 |
Q3 2023 |
Q3 2022 |
Q3 2023 |
Q3 2022 |
Q3 2023 |
Q3 2022 |
Q3 2023 |
Q3 2022 |
Q3 2023 |
Q3 2022 |
Q3 2023 |
Q3 2022 |
|
| Imaging² | 625 | 470 | ‐ | ‐ | −1 | ‐ | ‐ | ‐ | −12 | −8 | ‐ | ‐ | 47 | 48 | 659 | 510 |
| Diagnostics | −6 | 178 | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | −39 | −1 | ‐ | ‐ | 93 | 90 | 49 | 267 |
| Varian² | 102 | 147 | −3 | −24 | ‐ | ‐ | ‐ | ‐ | −1 | −1 | ‐ | ‐ | 8 | 13 | 106 | 135 |
| Advanced Therapies | 74 | 35 | ‐ | ‐ | ‐ | ‐ | ‐ | −1 | −3 | −1 | −17 | ‐ | 7 | 5 | 60 | 37 |
| Total Segments² | 794 | 829 | −3 | −24 | −2 | ‐ | ‐ | −1 | −54 | −12 | −17 | ‐ | 155 | 157 | 874 | 948 |
| Reconciliation to consolidated financial statements² |
−54 | −64 | −89 | −123 | −5 | −8 | ‐ | ‐ | −2 | −2 | ‐ | ‐ | 158 | 186 | 8 | −10 |
| Siemens Healthineers | 740 | 765 | −92 | −148 | −7 | −8 | ‐ | −1 | −56 | −14 | −17 | ‐ | 314 | 343 | 882 | 938 |
1 Income before income taxes, interest income and expenses, other financial income, net as well as amortization, depreciation & impairments.
2 Prior year comparable based on the organizational structure effective October 1, 2022.
| Adjusted EBIT | Therein adjusted for amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments |
Therein adjusted for transaction, integration, retention and carve-out costs |
Therein adjusted for gains and losses from divestments |
Therein adjusted for severance charges |
Therein adjusted for other portfolio-related measures |
Amortization, depreciation & impairments |
EBITDA¹ | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions of €) | Q1-Q3 2023 |
Q1-Q3 2022 |
Q1-Q3 2023 |
Q1-Q3 2022 |
Q1-Q3 2023 |
Q1-Q3 2022 |
Q1-Q3 2023 |
Q1-Q3 2022 |
Q1-Q3 2023 |
Q1-Q3 2022 |
Q1-Q3 2023 |
Q1-Q3 2022 |
Q1-Q3 2023 |
Q1-Q3 2022 |
Q1-Q3 2023 |
Q1-Q3 2022 |
| Imaging² | 1,823 | 1,490 | ‐ | ‐ | −2 | −1 | ‐ | ‐ | −24 | −31 | ‐ | ‐ | 146 | 140 | 1,944 | 1,597 |
| Diagnostics | −140 | 764 | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | −62 | −8 | ‐ | ‐ | 286 | 288 | 84 | 1,044 |
| Varian² | 348 | 398 | −10 | −161 | −3 | −6 | ‐ | ‐ | −3 | −4 | ‐ | ‐ | 25 | 43 | 356 | 271 |
| Advanced Therapies | 213 | 152 | ‐ | ‐ | ‐ | ‐ | ‐ | −1 | −6 | −5 | -347³ | ‐ | 265 | 14 | 125 | 160 |
| Total Segments² | 2,244 | 2,804 | −10 | −161 | −5 | −7 | ‐ | −2 | −95 | −47 | -347³ | ‐ | 722 | 485 | 2,509 | 3,072 |
| Reconciliation to consolidated financial statements² |
−175 | −161 | −289 | −348 | −18 | −26 | ‐ | 1 | −27 | −6 | ‐ | ‐ | 507 | 527 | −2 | −14 |
| Siemens Healthineers | 2,068 | 2,644 | −300 | −509 | −23 | −33 | ‐ | −1 | −122 | −54 | -347³ | ‐ | 1,230 | 1,011 | 2,507 | 3,059 |
1 Income before income taxes, interest income and expenses, other financial income, net as well as amortization, depreciation & impairments.
2 Prior year comparable based on the organizational structure effective October 1, 2022.
3 Including expenses for impairments of other intangible assets in the amount of €244 million.
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