Siemens AG — Earnings Release 2003

Jan 23, 2003

News Details

Ad-hoc | 23 January 2003 07:30

Siemens AG english

Siemens in the first quarter (October 1 to December 31) of fiscal 2003 Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Siemens in the first quarter (October 1 to December 31) of fiscal 2003 * Net income for the first quarter of fiscal 2003 was EUR521 million, compared to net income of EUR538 million in the same period a year earlier. Earnings per share were EUR0.59 compared to EUR0.61 in the same quarter of the prior year. * EBIT from Operations was EUR604 million, up from EUR487 million in the same quarter of fiscal 2002. * Sales decreased 10% to EUR18.845 billion and orders decreased 21% to EUR20.145 billion. Excluding currency effects and the net effect of acquisitions and dispositions, sales decreased 1% and orders decreased 13%. Sequentially, and excluding currency effects and the net effect of acquisitions and dispositions, sales decreased 9% and orders increased 6%. * Net cash from operating and investing activities was a negative EUR1.137 billion, after a supplemental cash contribution of EUR442 million to Siemens’ pension trusts in Germany and the U.K. Net income of EUR521 million includes negative EUR17 million related to Siemens’ ownership of shares in Infineon Technologies AG. In contrast, net income of EUR538 million in the first quarter a year earlier included a positive EUR157 million net effect related to Infineon. EBIT from Operations of EUR604 million includes a net gain at the Power Generation Group of EUR125 million from the effect of project cancellations, net of certain allowances on inventory. EBIT from Operations also benefited from lower charges for severance programs and asset write-downs, totaling EUR115 million in the current quarter compared to EUR147 million in the same quarter a year earlier. Quarterly non-allocated pension-related expense was higher, as expected, at EUR198 million compared to EUR63 million in the first quarter of the prior year. Growth in EBIT from Operations was also negatively impacted by currency translation effects. The first-quarter results were “better than we expected”, said Siemens CEO Heinrich v. Pierer. “However, we stand by the overall outlook which we provided in December. The margins of our Groups continue to move toward their target ranges specified in Operation 2003.” end of ad-hoc-announcement (c)DGAP 23.01.2003 ——————————————————————————– 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 230730 Jän 03