Siemens AG — Earnings Release 2003

Apr 24, 2003

News Details

Ad-hoc | 24 April 2003 07:59

Siemens AG english

Siemens in the second quarter (January 1 to March 31) of fiscal 2003 Ad-hoc-announcement 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 2003 *Net income for the second quarter of fiscal 2003 was EUR 568 million. Second- quarter net income of EUR 1.281 billion a year earlier included a gain of EUR 604 million from sales of shares in Infineon Technologies AG. Net income for the first six months was EUR 1.089 billion. First-half net income in 2002 was EUR 1.819 billion, including EUR 936 million in gains from sales of Infineon shares. *Group profit from Operations was EUR 1.073 billion, compared to EUR 1.086 billion in the second quarter a year ago. Anticipated lower earnings at Power Generation were offset by earnings growth at Siemens VDO Automotive, Automation and Drives, Power Transmission and Distribution, and Osram. Group profit from Operations for the first six months was EUR 2.170 billion, up 11% from EUR 1.951 billion in the same period a year earlier. *Sales of EUR 18.230 billion and orders of EUR 19.084 billion were down 14% and 15%, respectively, from the second quarter a year earlier. Excluding currency translation effects and the net effect of acquisitions and dispositions, sales and orders decreased 5% and 7%, respectively. First-half sales were EUR 37.075 billion, down 12% year-over-year, and orders were EUR 39.229 billion, down 18%. Excluding currency and deconsolidation effects, sales and order were down 4% and 11%, respectively. *Net cash from operating and investing activities was EUR 1.398 billion, compared to second-quarter net cash of EUR 1.433 billion a year earlier. Net cash for the first six months was EUR 261 million after a supplemental cash contribution of EUR 442 million to Siemens’ pension trusts in Germany and the U.K. In contrast, first-half net cash of EUR 1.740 billion a year earlier included EUR 945 million in net proceeds from portfolio activities. Note: Siemens’ implementation of new SEC rules, effective March 28,2003, includes the use of certain new terms. These terms are defined in a separate document titled “Terminology Update”. “Despite the difficult macroeconomic conditions and declining business volumes, many of the Groups are on track to achieve their Operation 2003 earnings targets,” said Siemens CEO Heinrich v. Pierer. “I am satisfied with our results, including another positive development in net cash. However, the ongoing weakness in capital spending across our major regions and markets is a concern. We will adjust our resources and investment plans appropriately in the event that it becomes necessary.” end of ad-hoc-announcement (c)DGAP 24.04.2003 ——————————————————————————– WKN: 723610; ISIN: DE0007236101; Index: DAX, EURO STOXX 50 Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, München und Stuttgart; EUREX; Amsterdam; Brüssel; London; Paris; New York; Zürich 240759 Apr 03