Siemens AG — Earnings Release 2002

Jul 24, 2002

News Details

Ad-hoc | 24 July 2002 10:08

Siemens AG english

Siemens in the third quarter Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Siemens in the third quarter (April 1 to June 30) of fiscal 2002 – Net income in the third quarter was EUR 725 million. Comparable net income excluding special items in the third quarter last year was a negative EUR 705 million. Earnings per share for the third quarter were EUR 0.81, compared to a negative EUR 0.79 in the same quarter a year earlier (excluding special items). – EBIT from Operations was EUR 892 million, driven by strong earnings in the Power Generation, Medical Solutions, Automation and Drives, and Osram segments. – Compared to the same quarter a year earlier, sales decreased 4% to EUR 20.482 billion and orders fell 20% to EUR 19.033 billion. Excluding the effects of currency translation, acquisitions and dispositions, sales increased 3% and orders were 15% lower year-over-year. The decrease in orders was largely attributable to a high level of orders in the prior year at Power Generation and a EUR 1.6 billion record order at Transportation Systems. – Net cash from operating activities for the first nine months of the fiscal year improved strongly, to EUR 4.347 billion. Net cash used in investing activities totaled EUR 1.141 billion, resulting in net cash from operating and investing activities of EUR 3.206 billion for the first three quarters of the fiscal year. – The fourth quarter will be affected by certain items, including a gain on the merger of Siemens’ Unisphere Networks subsidiary into Juniper Networks. Results for the fourth quarter, however, are expected to come in below third- quarter levels. Siemens CEO Heinrich v. Pierer expressed satisfaction with the results for the third quarter and the fiscal year to date, considering the ongoing difficult conditions in many of Siemens’ markets. A majority of Siemens’ Groups increased their EBIT year-over-year. “I am also very pleased that we again generated positive net cash flow,” said Pierer. “This demonstrates again the success of our efforts in asset management.” The fourth quarter will be affected by a number of factors, including a gain from the merger of Siemens’ Unisphere Networks subsidiary into Juniper Networks, Inc.. Results for the fourth quarter, however, are expected to come in below third-quarter levels. Pierer: “We are working through each point of the ‘Operation 2003’ action plan and pursuing previously announced earnings targets despite the challenging fourth quarter and extremely difficult market conditions.” end of ad-hoc-announcement (c)DGAP 24.07.2002 ——————————————————————————– 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 241008 Jul 02