Siemens AG — Earnings Release 2002

Nov 13, 2002

News Details

Ad-hoc | 13 November 2002 12:44

Siemens AG english

Siemens in fiscal 2002 (ended September 30, 2002) Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Siemens in fiscal 2002 (ended September 30, 2002) * Net income for the fiscal year increased 24% to Eur 2.597 billion from Eur 2.088 billion in 2001. Earnings per share were Eur 2.92, compared to Eur 2.36 a year earlier. * EBIT from Operations rose to Eur 2.474 billion from Eur 1.329 billion a year ago. * Sales decreased 3% to Eur 84.016 billion and orders decreased 7% to 86.214 billion. Excluding currency effects and the net effect of acquisitions and dispositions, sales remained level and orders decreased 5%. * Net cash from operating and investing activities reached Eur 4.754 billion, up sharply from Eur 1.130 in the prior year. Net cash from operating activities totaled Eur 5.564 billion. This included a fourth-quarter cash contribution of Eur 1.782 billion to Siemens’ pension trusts in Germany, the U.S. and the U.K. Net cash used in investing activities was Eur 810 million. This included approximately Eur 2.800 billion of net proceeds from portfolio activities. * Siemens management proposed a dividend of Eur 1.00 per share. The prior year dividend was Eur 1.00 per share. * Fourth quarter net income was Eur 53 million. EBIT from Operations was Eur 176 million. Net cash from operating and investing activities in the quarter was Eur 1.548 billion, after the pension contribution of Eur 1.782 billion noted above. * After the close of the fiscal year, Siemens contributed a further Eur 819 million in cash and real estate to its pension trusts in Germany and the U.K. Together with the fourth quarter contribution, the total additional funding was Eur 2.601 billion. Siemens CEO Heinrich v. Pierer said he was satisfied with the year’s results. Despite difficult economic conditions, the company had significantly increased earnings in the majority of its businesses. Net income had also benefited from a number of non-operating gains. In his outlook, Pierer stated that “fiscal 2003 will be a year of challenges”. As the company doesn’t expect significant improvement in overall economic conditions, and had made major disposals of businesses, the management anticipates declining business volume for Siemens in the coming year. Apart from that, net income will be affected by the relative absence of portfolio gains and considerably higher pension-related expense. “I expect that all of the groups will approach, meet or exceed their respective earnings targets, said Pierer. “Siemens Dematic, whose Electronics Assembly Systems division is affected by the crisis in the telecommunications market, and Industrial Solutions and Services, which has undertaken a reorganization plan, should – as well as the I&C groups – reach their earnings targets in fiscal 2004. We will continue to focus on generating positive net cash from Operations, though progress will be more difficult since we have already made significant improvements.” end of ad-hoc-announcement (c)DGAP 13.11.2002 ——————————————————————————– WKN: 723610; ISIN: DE0007236101; Index: DAX, EURO STOXX 50 Listed: Amtlicher Markt in Berlin, Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover, München, Stuttgart; EUREX; Amsterdam; Brüssel; London; Paris; Zürich; New York 131244 Nov 02