Siemens AG — Earnings Release 2017

Feb 1, 2017

Munich, Germany, January 31, 2017

Earnings Release Q1 FY 2017

October 1 to December 31, 2016

Siemens continues on road to success – earnings outlook raised

»With a strong first quarter and a considerably raised outlook for fiscal 2017, we are sending a clear signal. I am proud of my global Siemens team that has been working hard and has delivered convincing success. We will continue to rigorously execute our strategy program Vision 2020 to even further strengthen our innovation power and customer proximity,« said Joe Kaeser, President and Chief Executive Officer of Siemens AG.

• Benefiting from a strong performance by short-cycle businesses, revenue up 3% on a comparable basis, excluding currency translation and portfolio effects
• Orders 14% below Q1 FY 2016 on a comparable basis; the prior-year quarter included a higher volume from large orders
• Order intake continues to exceed revenue resulting in a book-to-bill ratio of 1.02
• On a nominal basis, revenue 1% higher at €19.1 billion; orders of €19.6 billion, down 14% compared to the prior-year quarter
• Significant margin expansion in most industrial businesses due to strong operational execution, and a €172 million portfolio gain, take Industrial Business profit margin up to 13.0%; Industrial Business profit climbs 26% year-over-year, to €2.5 billion; Centrally managed portfolio activities posted profit of €0.4 billion
• Net income of €1.9 billion, up 25%; basic earnings per share (EPS) of €2.35 compared to €1.89 in Q1 FY 2016

Siemens

		% Change
FY 2017	FY 2016	Actual	Comp.
19,554	22,801	(14)%	(14)%
19,119	18,891	1%	3%
2,514	1,990	26%
(48)	(52)
13.0%	10.4%
13.2%	10.7%
1,927	1,484	30%
(63)	(62)
1,938	1,557	25%
2.35	1.89	25%
18.9%	16.3%
	714	Q1 (728)	n/a

• Currency translation effects took one percentage point from order and two percentage points from revenue development; portfolio effects had a minimal effect on volume development year-over-year
• Compared to strong order intake in Q1 FY 2016, orders down due to a lower volume of large orders
• Industrial Business order backlog was €115 billion
• Revenue increased in the majority of industrial businesses
• Profit Industrial Business: higher profit in nearly all industrial businesses; Digital Factory posted the highest profit and largest increase, benefiting also from a €172 million gain related to the eCar business which was contributed to a joint venture; Healthineers and Power and Gas also contributed substantial profit along with strong earnings growth
• Income from continuing operations: higher Industrial Business profit and a pretax profit contribution of €409 million from Centrally managed portfolio activities (CMPA); Q1 FY 2016 benefited from lower tax expenses due to the release of a deferred tax liability
• Strong working capital management drives €1.4 billion positive swing in Free cash flow; Free cash flow from Industrial Business increased to €1.286 billion from €68 million in Q1 FY 2016; improvement was due mainly to Energy Management, Mobility and Wind Power and Renewables
• Higher net income substantially increased ROCE, despite a moderate increase in average capital employed
• Provisions for pensions and similar obligations as of December 31, 2016: €11.1 billion (September 30, 2016: €13.7 billion); decreased significantly mainly due to higher discount rate assumptions

Power and Gas

		Q1	% Change
(in millions of €)	FY 2017	FY 2016	Actual	Comp.
Orders	3,309	5,537	(40)%	(40)%
Revenue	3,895	3,680	6%	7%
Profit	458	349	31%
therein: severance	(1)	(22)
therein: integration costs Dresser-Rand	(5)	(13)
Profit margin	11.8%	9.5%
excl. severance and integration costs	11.9%	10.4%

Lower volume from large orders compared to Q1 FY 2016, which included a €1.6 billion order for the solutions and service businesses in Egypt, and reduced new-unit business in an unfavorable market environment; sharp decline in the region Europe, C.I.S., Africa, Middle East (Europe/CAME) and substantial decline in the Americas

• Revenue growth driven by strong execution from the backlog, particularly including large orders in Egypt
• Profitability influenced by improved project execution, higher profitability in the service business and lower severance charges
• Overcapacities from market weakness continue to create an aggressive competitive environment, resulting in ongoing price pressure

Wind Power and Renewables

	Q1			% Change
(in millions of €)	FY 2017	FY 2016	Actual	Comp.
Orders	1,436	1,898	(24)%	(24)%
Revenue	1,384	1,197	16%	18%
Profit	111	51	119%
therein: severance	(1)	−
Profit margin	8.0%	4.2%
excl. severance	8.1%	4.3%

• Lower volume from large orders included a €0.7 billion contract win for an offshore wind-farm, including service, in Belgium; Q1 FY 2016 included a €1.0 billion order for an offshore wind-farm, including service, in the U.K.; book-to-bill ratio above 1
• Revenue growth in all businesses, most pronounced in the offshore business in Europe
• Strong profitability driven by the revenue increase, higher productivity, positive effects related to project execution, higher capacity utilization, and a larger contribution from the service business

Energy Management

	Q1		% Change
(in millions of €)	FY 2017	FY 2016	Actual	Comp.
Orders	2,990	3,500	(15)%	(14)%
Revenue	2,808	2,765	2%	3%
Profit	189	183	3%
therein: severance	(12)	−
Profit margin	6.7%	6.6%
excl. severance	7.2%	6.6%

• Lower volume from large orders; Q1 FY 2016 included a large high-voltage direct current (HVDC) order in Africa won by the transmission solutions business; book-to-bill ratio above 1
• Revenue growth with increases in nearly all businesses
• Higher profit in a majority of businesses led by the high voltage products and transmission solutions businesses

Building Technologies

		Q1	% Change
(in millions of €)	FY 2017	FY 2016	Actual	Comp.
Orders	1,715	1,547	11%	11%
Revenue	1,552	1,479	5%	5%
Profit	170	131	29%
therein: severance	(5)	(1)
Profit margin	10.9%	8.9%
excl. severance	11.2%	8.9%

Strong order growth particularly in the solutions business; orders up in all reporting regions, including double-digit increases in Asia, Australia and the U.S.

• Robust order intake in recent periods lifted revenue across the businesses and in all reporting regions
• Profit growth supported by higher revenue and productivity increases particularly in the product business

Mobility

Q1
FY 2017	FY 2016	Actual	Comp.
2,151	2,663	(19)%	(17)%
1,801	2,044	(12)%	(8)%
163	193	(15)%
(4)	(3)
9.1%	9.4%
9.3%	9.6%
			% Change

Despite lower volume from large orders, book-to-bill ratio significantly above 1; the current period included major contract wins in Europe/CAME, most notably a €0.4 billion order for commuter rail in Austria, as well as a contract win in the U.S. for light rail vehicles; Q1 FY 2016 included a large commuter rail contract in Germany and Siemens' largest-ever rail automation order

• Decline in revenue particularly in the rolling stock business due to timing factors related to the execution of large rail projects
• Profit decline due mainly to lower revenue; solid project execution kept profitability on a high level

Digital Factory

		Q1	% Change
(in millions of €)	FY 2017	FY 2016	Actual	Comp.
Orders	2,693	2,492	8%	7%
Revenue	2,562	2,465	4%	4%
Profit	668	417	60%
therein: severance	(6)	(6)
Profit margin	26.1%	16.9%
excl. severance	26.3%	17.2%

• Orders and revenue up in all regions including double-digit increases in China; volume growth particularly in the Division's short cycle businesses
• Profit and profitability increased significantly in the high-margin short-cycle businesses
• Profit included a non-cash gain of €172 million related to the eCar business which the Division contributed to a newly formed joint venture, Valeo Siemens eAutomotive; Siemens' share in the joint venture is reported within CMPA

Process Industries and Drives

		Q1		% Change
(in millions of €)	FY 2017	FY 2016	Actual	Comp.
Orders	2,132	2,304	(7)%	(6)%
Revenue	2,120	2,205	(4)%	(3)%
Profit	135	126	7%
therein: severance	(8)	(8)
Profit margin	6.4%	5.7%
excl. severance	6.7%	6.1%

Healthineers

	Q1		% Change
(in millions of €)	FY 2017	FY 2016	Actual	Comp.
Orders	3,451	3,350	3%	4%
Revenue	3,282	3,288	0%	0%
Profit	620	541	15%
therein: severance	(11)	(11)
Profit margin	18.9%	16.5%
excl. severance	19.2%	16.8%

• Ongoing weakness in commodity-related markets as expected continues to impact order and revenue development, but bookto-bill ratio came in above 1; demand for wind power components remains strong

• On a regional basis, the decline in orders was due largely to the regions Europe/CAME and the Americas, while the decline in revenue was most evident in Europe/CAME

• Moderate order growth driven by the diagnostic imaging business and, on a regional basis, clear growth in Asia, Australia, including China

• Revenue was level with the strong prior-year quarter
• Strong first quarter for profit with broad-based earnings increases

Financial Services

	Q1
(in millions of €)	FY 2017	FY 2016
Income before income taxes	140	168
therein: severance	−	(2)
ROE (after taxes)	17.7%	21.9%
(in millions of €)	Dec 31, 2016	Sep 30, 2016
Total assets	27,272	26,446

Reconciliation to Consolidated Financial Statements

Profit
	Q1
(in millions of €)	FY 2017	FY 2016
Centrally managed portfolio activities	409	16
Siemens Real Estate	72	23
Corporate items	(85)	(5)
Centrally carried pension expense	(99)	(102)
Amortization of intangible assets acquired in business combinations	(168)	(158)
Eliminations, Corporate Treasury and other reconciling items	(142)	(57)
Reconciliation to Consolidated Financial Statements	(13)	(283)

Outlook

We anticipate increasing headwinds for macroeconomic growth and investment sentiment in our markets due to the complex geopolitical environment. Therefore, we continue to expect modest growth in revenue, net of effects from currency translation and portfolio transactions. We further continue to anticipate that orders will exceed revenue for a book-to-bill ratio above 1. After a strong start into the fiscal year, we raise our previous expectation for profit and EPS for fiscal 2017. We raise our previous expectation for the profit margin of our Industrial Business in the range of 10.5% to 11.5% to the range of 11.0% to 12.0%. Furthermore, we raise our previous expectation for basic EPS from net income in the range of €6.80 to €7.20 to the range of €7.20 to €7.70.

This outlook assumes continuing stabilization in the market environment for our high-margin short-cycle businesses. It further excludes charges related to legal and regulatory matters as well as potential burdens associated with pending portfolio matters.

• Continued solid earnings contribution; income before income taxes decreased primarily due to higher credit hits

• Total assets increased since the end of fiscal 2016, driven by positive currency translation effects

• CMPA included primarily a sharply higher positive result related to a major asset retirement obligation due to interest rate effects, and income from the reversal of provisions for postclosing guarantees related to a former divestment

• Results of CMPA are expected to remain volatile in coming quarters

Notes and forward-looking statements

Starting tomorrow at 07:15 a.m. CET, the press conference at which Siemens CEO Joe Kaeser and Siemens CFO Dr. Ralf P. Thomas discuss the quarterly figures will be broadcast live at www.siemens.com/pressconference.

Starting tomorrow at 08:30 a.m. CET, Joe Kaeser and Dr. Ralf P. Thomas will hold a telephone conference in English for analysts and investors, which can be followed live at www.siemens.com/analystcall.

Recordings of the press conference and the telephone conference for analysts and investors will subsequently be made available as well.

Starting tomorrow at 10:00 a.m. CET, we will also provide a live video webcast of Chairman of the Supervisory Board Dr. Gerhard Cromme's and CEO Joe Kaeser's speeches to the Annual Shareholders' Meeting at the Olympic Hall in Munich, Germany. You can access the webcast at www.siemens.com/press/agm. A video of the speeches will be available after the live webcast.

Financial publications are available for download at: www.siemens.com/ir.

This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as "expect," "look forward to," "anticipate," "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens' management, of which many are beyond Siemens' control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Risks in the Annual Report. Should one or more of these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

This document includes – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens' net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently.

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

This document is a Quarterly Statement according to § 51a of the Exchange Rules for the Frankfurter Wertpapierbörse.

Financial Media: Alexander Becker Phone: +49 89 636-36558 E-mail: becker.alexander@siemens.com

Wolfram Trost Phone: +49 89 636-34794 E-mail: wolfram.trost@siemens.com

Siemens AG, 80333 Munich, Germany

© 2017 by Siemens AG, Berlin and Munich

Financial Results

First Quarter of Fiscal 2017

siemens.com

Key figures

(in millions of €, except where otherwise stated)

Volume

	Q1		% Change
	FY 2017	FY 2016	Actual	Comp.1
Orders	19,554	22,801	(14)%	(14)%
Revenue	19,119	18,891	1%	3%
Book-to-billratio	1.02
Order backlog (sum of industrial businesses, in billions of €)	115

Profitability and Capital efficiency

	Q1
	FY 2017	FY 2016	% Change
Industrial Business
Profit	2,514	1,990	26%
Profit margin	13.0%	10.4%
Continuing operations
EBITDA	2,944	2,463	20%
Income from continuing operations	1,927	1,484	30%
Basic earnings per share (in €)2	2.34	1.80	30%
Continuing and discontinued operations
Net income	1,938	1,557	25%
Basic earnings per share (in €)2	2.35	1.89	25%
Return on capital employed (ROCE)	18.9%	16.3%

Capital structure and Liquidity

	Dec 31, 2016	Sep 30, 2016
Total equity (Shareholders of Siemens AG)	38,613	34,211
Industrial net debt	7,955	10,505
Industrial net debt / EBITDA3	0.7	1.0
	Q1 FY 2017	Q1 FY 2016
Free cash flow
Continuing operations	722	(710)
Continuing and discontinued operations	714	(728)

Employees

	Dec 31, 2016	Sep 30, 2016
Number of employees (in thousands)	0 351	0 351
Germany	0 113	0 113
Outside Germany	0 237	0 238

¹ Throughout excluding currency translation and portfolio effects. ³ Continuing and discontinued operations. ² Basic earnings per share – attributable to shareholders of Siemens AG. For fiscal 2017 and 2016 weighted

average shares outstanding (basic) (in thousands) for the first quarter amounted to 809,035 and 807,733.

³ Accumulative EBITDA of the previous four quarters until the reporting date.

Consolidated Statements of Income

	Q1
(in millions of €, per share amounts in €)	FY 2017	FY 2016
Revenue	19,119	18,891
Cost of sales	(13,124)	(13,138)
Gross profit	5,995	5,753
Research and development expenses	(1,127)	(1,061)
Selling and general administrative expenses	(2,866)	(2,851)
Other operating income	331	56
Other operating expenses	(95)	(119)
Income (loss) from investments accounted for using the equity method, net	45	30
Interest income	360	334
Interest expenses	(244)	(249)
Otherfinancial income (expenses), net	241	(19)
Income fromcontinuing operations beforeincome taxes	2,640	1,875
Income tax expenses	(714)	(391)
Income fromcontinuing operations	1,927	1,484
Income from discontinued operations, net of income taxes	12	73
Net income	1,938	1,557
Attributable to:
Non-controlling interests	33	30
Shareholders of Siemens AG	1,905	1,526
Basic earnings per share
Income from continuing operations	2.34	1.80
Income from discontinued operations	0.01	0.09
Net income	2.35	1.89
Diluted earnings per share
Income from continuing operations	2.30	1.78
Income from discontinued operations	0.01	0.09
Net income	2.32	1.87

Consolidated Statements of Comprehensive Income

Q1 (in millions of €) FY 2017 FY 2016 Net income 1,938 1,557 Remeasurements of defined benefit plans 1,965 (58) therein: Income tax effects (720) 67 Income (loss) from investments accounted for using the equity method, net (2) 5 Items that will not be reclassified toprofit orloss 1,963 (53) Currency translation differences 455 309 Available-for-sale financial assets 3 (16) therein: Income tax effects 1 5 Derivative financial instruments (25) 7 therein: Income tax effects 2 0 Income (loss) from investments accounted for using the equity method, net 65 (21) Items that may be reclassified subsequently toprofit orloss 498 279 Other comprehensive income, net ofincome taxes 2,461 226 Total comprehensive income 4,399 1,783 Attributable to: Non-controlling interests 48 41 Shareholders of Siemens AG 4,351 1,742

Consolidated Statements of Financial Position

(in millions of €)	Dec 31, 2 0 1 6	Sep 30, 2 0 1 6
Assets
Cash and cash equivalents	9 , 5 2 7	1 0 , 6 0 4
Available-for-sale financial assets	1 , 2 9 1	1 , 2 9 3
Trade and other receivables	1 6 , 3 2 6	1 6 , 2 8 7
Other currentfinancial assets	7 , 2 6 0	6 , 8 0 0
Inventories	1 8 , 8 1 3	1 8 , 1 6 0
Currentincome tax assets	8 1 2	7 9 0
Other current assets	1 , 3 0 0	1 , 2 0 4
Assets classified as held for disposal	1 2 7	1 9 0
Total current assets	5 5 , 4 5 7	5 5 , 3 2 9
Goodwill	2 4 , 9 3 1	2 4 , 1 5 9
Otherintangible assets	7 , 8 4 4	7 , 7 4 2
Property, plant and equipment	1 0 , 2 7 4	1 0 , 1 5 7
Investments accounted for using the equity method	3 , 1 4 3	3 , 0 1 2
Otherfinancial assets	2 0 , 6 6 4	2 0 , 6 1 0
Deferred tax assets	2 , 5 2 1	3 , 4 3 1
Other assets	1 , 3 9 6	1 , 2 7 9
Total non-current assets	7 0 , 7 7 3	7 0 , 3 8 8
Total assets	1 2 6 , 2 3 0	1 2 5 , 7 1 7
Liabilities and equity
Short-term debt and current maturities of long-term debt	4 , 7 9 4	6 , 2 0 6
Trade payables	7 , 5 1 3	8 , 0 4 8
Other currentfinancial liabilities	2 , 2 2 4	1 , 9 3 3
Current provisions	3 , 9 9 0	4 , 1 6 6
Currentincome tax liabilities	2 , 1 7 5	2 , 0 8 5
Other currentliabilities	2 0 , 3 4 2	2 0 , 4 3 7
Liabilities associated with assets classified as held for disposal	6	4 0
Total currentliabilities	4 1 , 0 4 4	4 2 , 9 1 6
Long-term debt	2 5 , 8 0 3	2 4 , 7 6 1
Provisions for pensions and similar obligations	1 1 , 1 4 5	1 3 , 6 9 5
Deferred tax liabilities	1 , 0 0 3	8 2 9
Provisions	4 , 5 0 3	5 , 0 8 7
Otherfinancial liabilities	1 , 0 8 7	1 , 1 4 2
Otherliabilities	2 , 4 2 4	2 , 4 7 1
Total non-currentliabilities	4 5 , 9 6 6	4 7 , 9 8 6
Total liabilities	8 7 , 0 1 0	9 0 , 9 0 1
Equity
Issued capital	2 , 5 5 0	2 , 5 5 0
Capital reserve	5 , 9 1 5	5 , 8 9 0
Retained earnings	3 1 , 2 4 3	2 7 , 4 5 4
Other components of equity	2 , 4 0 5	1 , 9 2 1
Treasury shares, at cost	( 3 , 5 0 0 )	( 3 , 6 0 5 )
Total equity attributable toshareholders of Siemens AG	3 8 , 6 1 3	3 4 , 2 1 1
Non-controlling interests	6 0 8	6 0 5
Total equity	3 9 , 2 2 0	3 4 , 8 1 6
Total liabilities and equity	1 2 6 , 2 3 0	1 2 5 , 7 1 7

Consolidated Statements of Cash Flows

	Q1
(in millions of €)	FY 2017	FY 2016
Cash flows fromoperating activities
Net income	1,938	1,557
Adjustments to reconcile net income to cash flows from operating activities - continuing operations
Income from discontinued operations, net of income taxes	(12)	(73)
Amortization, depreciation and impairments	661	654
Income tax expenses	714	391
Interest (income) expenses, net	(116)	(85)
(Income)loss related to investing activities	(262)	(43)
Other non-cash (income) expenses	105	44
Change in operating net working capital
Inventories	(299)	(828)
Trade and other receivables	208	(332)
Trade payables	(656)	(690)
Billings in excess of costs and estimated earnings on uncompleted contracts and related advances	367	658
Additions to assets leased to others in operating leases	(94)	(106)
Change in other assets and liabilities	(1,534)	(1,441)
Income taxes paid	(316)	(403)
Dividends received	120	88
Interest received	318	296
Cash flows fromoperating activities - continuing operations	1,143	(313)
Cash flows from operating activities - discontinued operations	(8)	(18)
Cash flows fromoperating activities - continuing and discontinued operations	1,135	(331)
Cash flows frominvesting activities
Additions to intangible assets and property, plant and equipment	(421)	(397)
Acquisitions of businesses, net of cash acquired	(1)	(9)
Purchase of investments	(125)	(105)
Purchase of current available-for-sale financial assets	(168)	(185)
Change in receivables from financing activities	106	135
Disposal of investments, intangibles and property, plant and equipment	160	33
Disposal of businesses, net of cash disposed	(35)	10
Disposal of current available-for-sale financial assets	172	273
Cash flows frominvesting activities - continuing operations	(313)	(245)
Cash flows from investing activities - discontinued operations	(2)	(7)
Cash flows frominvesting activities - continuing and discontinued operations	(315)	(252)
Cash flows fromfinancing activities
Purchase of treasury shares	—	(233)
Othertransactions with owners	2	—
Repayment of long-term debt (including current maturities of long-term debt)	(1,592)	(8)
Change in short-term debt and other financing activities	(141)	1,616
Interest paid	(190)	(190)
Dividends attributable to non-controlling interests	(42)	(7)
Cash flows fromfinancing activities - continuing operations	(1,963)	1,178
Cash flows from financing activities - discontinued operations	—	—
Cash flows fromfinancing activities - continuing and discontinued operations	(1,963)	1,178
Effect of changes in exchange rates on cash and cash equivalents	54	52
Change in cash and cash equivalents	(1,090)	647
Cash and cash equivalents at beginning of period	10,618	9,958
Cash and cash equivalents at end of period	9,528	10,605
Cash and cash equivalents at end ofperiod (Consolidated Statements of Financial Position)	9,527	10,605

Overview of Segment figures

				Orders				Revenue	Profit Profit margin / SFS: ROE			Net capital employed /	SFS: Total assets	Free cash flow
		Q1		% Change		Q1		% Change	Q1			Q1	Dec 31,	Sep 30,	Q1
(in millions of €)	FY 2017	FY 2016	Actual	Comp.	FY 2017	FY 2016	Actual	Comp.	FY 2017	FY 2016	FY 2017	FY 2016	2016	2016	FY 2017	FY 2016
Power and Gas	3,309	5,537	(40)%	(40)%	3,895	3,680	6%	7%	458	349	11.8%	9.5%	10,609	9,066	(274)	(191)
Wind Power and Renewables	1,436	1,898	(24)%	(24)%	1,384	1,197	16%	18%	111	51	8.0%	4.2%	(68)	(190)	323	120
Energy Management	2,990	3,500	(15)%	(14)%	2,808	2,765	2%	3%	189	183	6.7%	6.6%	4,317	4,335	268	(401)
Building Technologies	1,715	1,547	11%	11%	1,552	1,479	5%	5%	170	131	10.9%	8.9%	1,472	1,324	42	(10)
Mobility	2,151	2,663	(19)%	(17)%	1,801	2,044	(12)%	(8)%	163	193	9.1%	9.4%	2,931	2,868	133	(172)
Digital Factory	2,693	2,492	8%	7%	2,562	2,465	4%	4%	668	417	26.1%	16.9%	5,887	5,731	395	315
Process Industries and Drives	2,132	2,304	(7)%	(6)%	2,120	2,205	(4)%	(3)%	135	126	6.4%	5.7%	2,058	1,800	54	107
Healthineers	3,451	3,350	3%	4%	3,282	3,288	0%	0%	620	541	18.9%	16.5%	11,852	11,211	345	299
Industrial Business	19,876	23,291	(15)%	(14)%	19,404	19,122	1%	3%	2,514	1,990	13.0%	10.4%	39,057	36,145	1,286	68
Financial Services (SFS)	227	272	—	—	227	272	—	—	140	168	17.7%	21.9%	27,272	26,446	241	238
Reconciliation to Consolidated Financial Statements	(550)	(762)	—	—	(512)	(504)	—	—	(13)	(283)	—	—	59,901	63,126	(805)	(1,015)
Siemens (continuing operations)	19,554	22,801	(14)%	(14)%	19,119	18,891	1%	3%	2,640	1,875	—	—	126,230	125,717	722	(710)

EBITDA Reconciliation

		Profit	Amortization of intangible assets acquired in business combinations			Financial income (expenses), net		EBIT		Amortization, depreciation and impairments	EBITDA
	Q1		Q1			Q1		Q1		Q1	Q1
(in millions of €)	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016
Power and Gas	45—8	34—9	(6—3)	(57—)	—1	1—4	39—4	27—8	12—2	12—0	51—6	3—97
Wind Power and Renewables	11—1	5—1	(2—)	(2—)	—6	—6	10—4	4—3	3—8	3—1	14—2	—74
Energy Management	18—9	18—3	(5—)	(6—)	(—1)	(1—)	18—4	17—9	5—1	5—2	23—6	2—31
Building Technologies	17—0	13—1	(3—)	(3—)	—	—	16—6	12—7	2—4	2—0	18—9	1—47
Mobility	16—3	19—3	(1—5)	(15—)	—2	—2	14—6	17—6	3—3	3—2	17—9	2—08
Digital Factory	66—8	41—7	(3—3)	(23—)	—1	—	63—4	39—4	7—5	6—8	70—9	4—63
Process Industries and Drives	13—5	12—6	(7—)	(7—)	—1	(1—)	12—8	12—0	5—2	5—4	17—9	1—74
Healthineers	62—0	54—1	(4—1)	(46—)	—7	—4	57—3	49—0	13—3	14—2	70—6	6—32
Industrial Business	2,51—4	1,99—0	(16—7)	(159—)	1—7	2—4	2,32—9	1,80—7	52—7	51—8	2,85—6	2,3—26
Financial Services (SFS)	14—0	16—8	—	—1	14—1	15—9	(2—)	1—0	5—2	5—4	5—0	—64
Reconciliation to Consolidated Financial Statements	(13—)	(28—3)	16—8	15—7	19—9	(118—)	(44—)	(8—)	8—2	8—2	3—8	— 74
Siemens (continuing operations)	2,64—0	1,87—5	—	—	35—7	6—6	2,28—3	1,80—9	66—1	65—4	2,94—4	2,4—63

Orders & Revenue by region

		Revenue
	Q1			% Change		Q1		% Change
(in millions of €)	FY 2017	FY 2016	Actual	Comp.	FY 2017	FY 2016	Actual	Comp.
Europe, C.I.S., Africa, Middle East	1 0 , 1 1 8	1 3 , 2 5 1	( 2 4 ) %	( 2 2 ) %	1 0 , 1 3 2	9 , 7 9 8	3 %	6 %
therein: Germany	2, 8 5 3	3 , 1 9 1	( 1 1 ) %	( 1 1 ) %	2, 6 6 9	2, 7 7 1	(4) %	(4) %
Americas	5 , 2 1 3	5 , 6 5 7	( 8 ) %	( 9 ) %	5 , 4 4 3	5 , 5 1 9	( 1 ) %	( 2 ) %
therein: U.S.	3 , 8 4 2	4 , 1 5 7	(8) %	( 9) %	3 , 9 9 3	4 , 1 1 6	(3) %	(4) %
Asia, Australia	4 , 2 2 3	3 , 8 9 3	8 %	1 0 %	3 , 5 4 4	3 , 5 7 3	( 1 ) %	0 %
therein: China	1 , 7 1 2	1 , 6 5 6	3 %	9 %	1 , 6 3 0	1 , 6 1 1	1 %	6 %
Siemens (continuing operations)	1 9 , 5 5 4	2 2 , 8 0 1	( 1 4 ) %	( 1 4 ) %	1 9 , 1 1 9	1 8 , 8 9 1	1 %	3 %
therein: Emerging markets	5, 8 1 6	8, 5 7 9	(3 2) %	(3 1 ) %	6, 5 3 9	6, 1 0 1	7 %	1 0 %