Siemens AG — Earnings Release 2002

Apr 25, 2002

News Details

Ad-hoc | 25 April 2002 08:09

Siemens AG english

Siemens in the second quarter (January 1 to March 31) of fiscal 2002 Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Siemens in the second quarter (January 1 to March 31) of fiscal 2002 – Net income in the second quarter was EUR 1.281 billion, compared to EUR 538 million in the previous quarter and EUR 578 million in the same quarter a year ago. Earnings per share for the second quarter were EUR 0.76 compared to EUR 0.65 in the same quarter a year earlier. – Net income includes a net positive effect of EUR 561 million from Infineon: Gain on the sale of Infineon-shares (EUR 604 million) was offset by Siemens’ portion of Infineon’s second-quarter net loss (EUR 43 million). – EBIT from Operations was EUR 919 million, despite restructuring charges and asset write-downs totaling EUR 114 million as well as a EUR 79 million impact in Argentina resulting from the financial crisis in that country. Strong performance from Siemens’ power generation, medical, and lighting businesses. EBIT from Operations was EUR 487 million in the previous quarter and EUR 922 million in the same quarter a year ago. – Compared to the same quarter a year earlier, sales rose 3% to EUR 21.258 billion and orders decreased 2% to EUR 22.431 billion. Excluding currency effects and the net effect of acquisitions and deconsolidations, sales increased 1% and orders declined 6% compared to the same quarter a year ago. – Net cash from operating activities for the first six months improved to EUR 2.253 billion. Net cash used in investing activities totaled EUR 513 million, primarily due to transactions related to Atecs Mannesmann and Infineon. Net cash from operating and investing activities for the half-year totaled EUR 1.740 billion. Siemens CEO Heinrich v. Pierer expressed satisfaction with the results of the second quarter and first six months, considering the difficult economic environment. “A majority of the operating units improved their earnings compared to the same period a year ago, but we are well aware of the challenges still ahead”, said Pierer. “While we continue to refrain from providing more specific financial forecasts given the macroeconomic situation, our operational priorities are clear: executing planned productivity and restructuring programs, acting swiftly and decisively where those initiatives appear insufficient to offset market dynamics, and above all pursuing the goals specified in ‘Operation 2003.'” In this context, Information and Communication Networks (ICN) has intensified its already vigorous restructuring measures, including reduction of approximately 6,500 positions in the coming quarters. In implementing this plan, the Group expects to incur expenses of approximately EUR300 million in the second half of the year. end of ad-hoc-announcement (c)DGAP 25.04.2002 ——————————————————————————– WKN: 723610; ISIN: DE0007236101; Index: DAX; EURO STOXX 50 Listed: Amtlicher Handel in Berlin, Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover, München, Stuttgart; EUREX; Amsterdam; Brüssel; London; Paris; Zürich; New York 250809 Apr 02