Munich, Germany, August 1, 2019

Earnings Release Q3 FY 2019

April 1 to June 30, 2019

Siemens continues to grow despite significant headwinds in key markets

»Despite a significantly weaker environment in our key markets, we confirm our outlook for the year. As indicated already quite some time ago, geopolitics and geoeconomics are harming an otherwise positive investment sentiment. A robust mobility sector and stringent project execution will help us make good on our promises for the year,« said Joe Kaeser, President and Chief Executive Officer of Siemens AG.

Orders grew 8%, to €24.5 billion, and revenue rose 4%, to €21.3 billion, for a strong book-to-bill ratio of 1.15 and record high order backlog of €144 billion
On a comparable basis, excluding currency translation and portfolio effects, orders increased 6% and revenue was up 2% compared to Q3 FY 2018
Adjusted EBITA Industrial Businesses declined to €1.9 billion, due mainly to decreases in Digital Industries and Gas and Power; Industrial Businesses Adjusted EBITA margin was 9.6%, held back by severance charges which took 0.3 percentage points
Net income of €1.1 billion included substantially better results outside Industrial Businesses compared to Q3 FY 2018; basic earnings per share (EPS) of €1.28 was burdened by severance charges amounting to €0.09

Beginning with Q3 FY 2019, Siemens reports financial results according to the new company structure as described in the Annual Report for fiscal 2018. Prior-period amounts are presented on a comparable basis.

Siemens

	Q3		% Change
(in millions of €)	FY 2019	FY 2018	Actual	Comp.
Orders	24,514	22,802	8%	6%
Revenue	21,275	20,473	4%	2%
Adjusted EBITA Industrial Businesses	1,935	2,199	(12)%
therein: severance	(66)	(79)
Adjusted EBITA margin Industrial Businesses	9.6%	11.3%
excl. severance	9.9%	11.7%
Income from continuing operations	1,134	1,164	(3)%
therein: severance	(105)	(138)
Net income	1,137	1,210	(6)%
Basic earnings per share (in €)	1.28	1.36	(6)%
Free cash flow (continuing and discontinued operations)	434	879	(51)%
ROCE (continuing and discontinued operations)	8.7%	10.1%

Another quarter of very strong order intake; increases in the majority of industrial businesses, led by sharp growth in Siemens Gamesa Renewable Energy (SGRE) which recorded among others two orders for offshore wind-farms including service in Taiwan totaling €2.3 billion; in addition, significant order growth in Siemens Healthineers and in Mobility, which recorded a €1.2 billion contract for high-speed trains including maintenance in Russia; significant decrease in Gas and Power
Revenue growth driven by a substantial increase in SGRE and clear growth in Siemens Healthineers; moderate decline in Gas and Power
Strong book-to-bill ratio of 1.15; order backlog at a record high of €144 billion
Currency translation effects added one percentage point each to order and revenue growth; portfolio effects had a minimal effect on volume growth year-over-year
Higher Adjusted EBITA in Siemens Healthineers and Mobility; Digital Industries made the largest contribution to Adjusted EBITA Industrial Businesses although adverse market conditions for its short-cycle businesses caused a significant margin deterioration; lower Adjusted EBITA in Gas and Power, which in Q3 FY 2018 benefited from a divestment gain
Strong improvement outside Industrial Businesses included better results from Corporate Treasury activities
Net income benefited from a lower income tax rate year-overyear; Q3 FY 2018 included €46 million in income from discontinued operations primarily related to former Communications activities
Decrease in Free cash flow from Industrial Businesses, to €977 million from €1.764 billion in Q3 FY 2018, was primarily driven by Mobility; in Q3 FY 2018 Free cash flow outside Industrial Businesses included a significant contribution to pension assets
Provisions for pensions and similar obligations as of June 30, 2019: €9.5 billion (March 31, 2019: €9.4 billion)
ROCE declined due to a combination of higher average capital employed and lower net income

Digital Industries

	Q3		% Change
(in millions of €)	FY 2019	FY 2018	Actual	Comp.
Orders	3,743	3,916	(4)%	(5)%
Revenue	3,888	3,913	(1)%	(2)%
therein: software business	952	871	9%	4%
Adjusted EBITA	556	760	(27)%
therein: severance	(20)	(3)
Adjusted EBITA margin	14.3%	19.4%
excl. severance	14.8%	19.5%

Order and revenue growth in the software and process automation businesses were more than offset by declines in the short-cycle factory automation and motion control businesses due particularly to further deterioration in demand from the automotive and machine building industries
On a geographic basis, lower orders and revenue in the regions Europe, C.I.S., Africa, Middle East (Europe/CAME) and the Americas more than offset increases in Asia, Australia, which were due mainly to sharp growth in the software business, particularly including in China
Adjusted EBITA decline was due mainly to lower revenue in the high-margin short-cycle businesses and a negative effect from the revaluation of the stake in Bentley Systems, Inc.; software business impacted by higher expenses year-over-year for new cloud-based offerings

Smart Infrastructure

	Q3		% Change
(in millions of €)	FY 2019	FY 2018	Actual	Comp.
Orders	3,975	3,782	5%	2%
Revenue	3,740	3,562	5%	2%
therein: product business	1,419	1,350	5%	1%
Adjusted EBITA	351	369	(5)%
therein: severance	(13)	(8)
Adjusted EBITA margin	9.4%	10.4%
excl. severance	9.7%	10.6%

Order growth in the solutions and services business and the systems and software business driven by higher volume from larger contracts; product business nearly on prior-year level
Revenue rose in all three businesses; growth in the product business was due to low voltage products
On a geographic basis, volume rose in all reporting regions, most notably in the Americas
Adjusted EBITA held back by ongoing expenses related to expansion of smart building solutions and a less favorable business mix

Gas and Power

	Q3		% Change
(in millions of €)	FY 2019	FY 2018	Actual	Comp.
Orders	4,063	4,712	(14)%	(15)%
Revenue	4,264	4,428	(4)%	(5)%
therein: service business	1,956	1,929	1%	(1)%
Adjusted EBITA	156	246	(37)%
therein: severance	(12)	(25)
Adjusted EBITA margin	3.6%	5.5%
excl. severance	3.9%	6.1%

Lower volume from large orders; Q3 FY 2018 included two large contract wins for combined-cycle power plants including service in Israel and in the U.K. totaling €0.8 billion
Revenue down in the new unit business following weak order entry in prior periods; on a geographic basis, a significant increase in the Americas was more than offset by significant decreases in the other two reporting regions
Continuing solid contribution to Adjusted EBITA from the service business; Q3 FY 2018 included a gain of €80 million from a divestment; profitability continues to be burdened by price declines and low capacity utilization

Mobility

	Q3		% Change
(in millions of €)	FY 2019	FY 2018	Actual	Comp.
Orders	2,996	2,528	19%	18%
Revenue	2,126	2,146	(1)%	(2)%
Adjusted EBITA	220	194	14%
therein: severance	(3)	(1)
Adjusted EBITA margin	10.4%	9.0%
excl. severance	10.5%	9.1%

Orders rose on higher volume from large orders, most notably a €1.2 billion contract for high-speed trains including maintenance in Russia and a €0.2 billion order for trams in Germany; Q3 FY 2018 included a €0.7 billion rail infrastructure order, including service in Norway
Revenue close to prior-year level, despite unfavorable timing effects related to execution of large rail projects
Adjusted EBITA rose on increases in the majority of businesses, particularly including a strong contribution from the service business

Siemens Healthineers

	Q3		% Change
(in millions of €)	FY 2019	FY 2018	Actual	Comp.
Orders	4,058	3,514	16%	13%
Revenue	3,569	3,300	8%	6%
Adjusted EBITA	543	515	5%
therein: severance	(15)	(25)
Adjusted EBITA margin	15.2%	15.6%
excl. severance	15.6%	16.4%

Volume up in all businesses, led by the imaging business; on a geographic basis, volume increases in all three regions, including substantial order growth in the U.S. and significant revenue growth in China
Higher Adjusted EBITA year-over-year on increases in the imaging and advanced therapies businesses, partly offset by a decline in the diagnostics business which included increases in Atellica Solution ramp-up costs

Siemens Gamesa Renewable Energy

	Q3		% Change
(in millions of €)	FY 2019	FY 2018	Actual	Comp.
Orders	4,666	3,293	42%	42%
Revenue	2,632	2,136	23%	24%
Adjusted EBITA	109	115	(5)%
therein: severance	(3)	(17)
Adjusted EBITA margin	4.1%	5.4%
excl. severance	4.3%	6.2%

Sharp order growth year-over-year due to a higher volume from large orders, including two large orders for offshore wind-farms including service in Taiwan totaling €2.3 billion and several large orders in the onshore business mainly in the U.S.; Q3 FY 2018 included a €1.3 billion order for an offshore wind-farm including service in the U.K.
Revenue up in all businesses, driven by sharp growth in the offshore business; on a geographic basis, revenue growth mainly in Europe/CAME
Adjusted EBITA margin held back by price declines, lower profitability in the onshore business and higher integration costs year-over-year

Financial Services

	Q3
(in millions of €)	FY 2019	FY 2018
Income before income taxes (EBT)	137	171
therein: severance	(1)	(1)
ROE (after taxes)	14.5%	22.1%

	Jun 30,	Sep 30,
(in millions of €)	2019	2018
Total assets	28,364	27,628

Q3 FY 2018 benefited from a gain on the sale of a stake in an equity investment, which accounted for the difference in income before income taxes year-over-year
Increase in total assets since the end of fiscal 2018 included positive currency translation effects

Portfolio Companies

	Q3		% Change
(in millions of €)	FY 2019	FY 2018	Actual	Comp.
Orders	1,297	1,386	(6)%	(7)%
Revenue	1,387	1,272	9%	8%
Adjusted EBITA	(14)	(26)	45%
therein: severance	(1)	(4)
Adjusted EBITA margin	(1.0)%	(2.1)%
excl. severance	(1.0)%	(1.8)%

Reconciliation to Consolidated Financial Statements

Profit

	Q3
(in millions of €)	FY 2019	FY 2018
Real Estate Services	68	37
Corporate items	(223)	(270)
Centrally carried pension expense	(61)	(73)
Amortization of intangible assets acquired in business combinations	(288)	(299)
Eliminations, Corporate Treasury and other reconciling items	(17)	(108)
Reconciliation to Consolidated Financial Statements	(522)	(713)

Portfolio Companies consist largely of businesses formerly included in the Divisions Process Industries and Drives and Energy Management, along with certain other activities that were formerly reported in Centrally managed portfolio activities (Siemens Logistics business and equity investments including Valeo Siemens eAutomotive, Primetals, EthosEnergy and Voith Hydro)
Orders lower in competitive market environments; Q3 FY 2018 included higher contributions from the process solutions business and from the wind power components business
Revenue rose in the majority of businesses, most strongly in wind power components
Adjusted EBITA also rose in the majority of businesses; this was partially offset by declines in the equity investments
Volatile results from equity investments are expected in coming quarters
Beginning with Q3 FY 2019, Corporate items includes certain activities previously reported in Centrally managed portfolio activities; these include the major asset retirement obligations related to Hanau and Karlstein facilities and the Olkiluoto project
Corporate items were influenced by a number of factors, including lower severance charges of €35 million (€53 million in Q3 FY 2018)
Eliminations, Corporate Treasury and other reconciling items included better results from Corporate Treasury activities due in part to positive effects related to hedging activities

Outlook

The favorable market environment for our short cycle businesses, which was a material basis for our outlook, has significantly deteriorated in the second half of the fiscal year. Nevertheless, we confirm our financial expectations for fiscal 2019, even though it becomes more challenging to achieve our expectation of moderate growth in revenue, net of currency translation and portfolio effects. We continue to anticipate that orders will exceed revenue for a book-to-bill ratio above 1. We expect that Adjusted EBITA margin for our Industrial Businesses will reach the lower half of the range of 11.0% to 12.0% excluding severance charges. Finally, we confirm our expectation of basic EPS from net income in the range of €6.30 to €7.00 excluding severance charges.

This outlook excludes charges related to legal and regulatory matters.

Notes and forward-looking statements

Starting today at 08:30 a.m. CEST the conference call for journalists on Siemens' quarterly figures will be broadcast live on the Internet at www.siemens.com/pressconference.

You can also follow the conference call for analysts and investors live in English at www.siemens.com/analystcall from 10:00 a.m. CEST.

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

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, should decisions, assessments or requirements of regulatory authorities deviate from our expectations, 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 § 53 of the Exchange Rules for the Frankfurter Wertpapierbörse.

Financial Media:

Philipp Encz Phone: +49 89 636-32934 E-mail: [email protected]

Wolfram Trost Phone: +49 89 636-34794 E-mail: [email protected]

Siemens AG, 80333 Munich, Germany

Financial Results

Third Quarter and First Nine Months of Fiscal 2019

siemens.com

Key figures

(in millions of €, except where otherwise stated)

Volume

	Q3		% Change		Q1 - Q3		% Change
	FY 2019	FY 2018	Actual	Comp.1	FY 2019	FY 2018	Actual	Comp.1
Orders	24,514	22,802	8%	6%	73,292	67,596	8%	7%
Revenue	21,275	20,473	4%	2%	62,327	60,437	3%	2%
Book-to-bill ratio	1.15				1.18
Order backlog (in billions of €)	144				144

Profitability and Capital efficiency

	Q3			Q1 - Q3
	FY 2019	FY 2018	% Change	FY 2019	FY 2018	% Change
Industrial Businesses
Adjusted EBITA	1,935	2,199	(12)%	6,345	6,649	(5)%
Adjusted EBITA margin	9.6%	11.3%		10.7%	11.5%
Continuing operations
EBITDA	2,290	2,359	(3)%	7,488	7,339	2%
Income from continuing operations	1,134	1,164	(3)%	4,178	5,337	(22)%
Basic earnings per share (in €)2	1.28	1.30	(2)%	4.78	6.31	(24)%
Continuing and discontinued operations
Net income	1,137	1,210	(6)%	4,179	5,439	(23)%
Basic earnings per share (in €)2	1.28	1.36	(6)%	4.78	6.43	(26)%
Return on capital employed (ROCE)	8.7%	10.1%		11.0%	14.7%

Capital structure and Liquidity

		Jun 30, 2019		Sep 30, 2018
Total equity		47,464	48,046
Industrial net debt		11,267		3,548
Industrial net debt / EBITDA3		1.2		0.4

	Q3 FY 2019	Q3 FY 2018	Q1 - Q3 FY 2019	Q1 - Q3 FY 2018
Free cash flow
Continuing operations	438	884	599	2,522
Continuing and discontinued operations	434	879	583	2,541
Cash conversion rate
Industrial Businesses	0.5	0.8	0.4	0.6

Employees

(in thousands)	Jun 30, 2019	Sep 30, 2018
Total	384	379
Germany	116	117
Outside Germany	268	262

Continuing and discontinued operations.

¹ Throughout excluding currency translation and portfolio effects.

² Basic earnings per share – attributable to shareholders of Siemens AG. For fiscal 2019 and 2018 weighted average shares outstanding (basic) (in thousands)

for the third quarter amounted to 804,570 and 814,101 and for the first nine months to 805,926 and 815,768 shares, respectively. ⁴

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

Consolidated Statements of Income

	Q3		Q1 - Q3
(in millions of €, per share amounts in €)	FY 2019	FY 2018	FY 2019	FY 2018
Revenue	21,275	20,473	62,327	60,437
Cost of sales	(15,093)	(14,391)	(43,701)	(42,089)
Gross profit	6,182	6,082	18,626	18,348
Research and development expenses	(1,390)	(1,372)	(4,069)	(3,991)
Selling and general administrative expenses	(3,345)	(3,238)	(9,793)	(9,444)
Other operating income	77	180	309	379
Other operating expenses	(58)	(145)	(301)	(470)
Income (loss) from investments accounted for using the equity method, net	(40)	38	187	12
Interest income	419	390	1,200	1,110
Interest expenses	(296)	(273)	(845)	(817)
Other financial income (expenses), net	(13)	(32)	18	1,514
Income from continuing operations before income taxes	1,536	1,631	5,333	6,642
Income tax expenses	(402)	(467)	(1,155)	(1,306)
Income from continuing operations	1,134	1,164	4,178	5,337
Income from discontinued operations, net of income taxes	3	46	1	102
Net income	1,137	1,210	4,179	5,439
Attributable to:
Non-controlling interests	105	104	324	191
Shareholders of Siemens AG	1,032	1,106	3,855	5,248
Basic earnings per share
Income from continuing operations	1.28	1.30	4.78	6.31
Income from discontinued operations	−	0.06	−	0.12
Net income	1.28	1.36	4.78	6.43
Diluted earnings per share
Income from continuing operations	1.26	1.28	4.72	6.21
Income from discontinued operations	−	0.06	−	0.12
Net income	1.27	1.34	4.72	6.33

Consolidated Statements of Comprehensive Income

	Q3		Q1 - Q3
(in millions of €)	FY 2019	FY 2018	FY 2019	FY 2018
Net income	1,137	1,210	4,179	5,439
Remeasurements of defined benefit plans	89	177	(1,110)	(324)
therein: Income tax effects	92	5	561	(269)
Remeasurements of equity instruments	8	−	1	−
Income (loss) from investments accounted for using the equity method, net	(5)	(1)	(6)	−
Items that will not be reclassified to profit or loss	92	176	(1,115)	(324)
Currency translation differences	(929)	724	497	4
Available-for-sale financial assets	−	14	−	(1,812)
therein: Income tax effects	−	(6)	−	22
Derivative financial instruments	86	(81)	(66)	(96)
therein: Income tax effects	(35)	23	21	35
Income (loss) from investments accounted for using the equity method, net	4	11	(13)	(19)
Items that may be reclassified subsequently to profit or loss	(839)	668	419	(1,923)
Other comprehensive income, net of income taxes	(747)	844	(697)	(2,247)
Total comprehensive income	390	2,053	3,482	3,192
Attributable to:
Non-controlling interests	66	133	344	157
Shareholders of Siemens AG	324	1,921	3,138	3,035

Consolidated Statements of Financial Position

(in millions of €) 2019 2018 Assets Cash and cash equivalents 8,022 11,066 Trade and other receivables 19,219 18,455 Other current financial assets 9,745 9,427 Contract assets 10,066 8,912 Inventories 15,858 13,885 Current income tax assets 1,147 1,010 Other current assets 2,106 1,707 Assets classified as held for disposal 46 94 Total current assets 66,209 64,556 Goodwill 29,367 28,344 Other intangible assets 9,817 10,131 Property, plant and equipment 11,798 11,381 Investments accounted for using the equity method 2,414 2,579 Other financial assets 18,854 17,774 Deferred tax assets 2,975 2,341 Other assets 2,097 1,810 Total non-current assets 77,323 74,359 Total assets 143,532 138,915 Liabilities and equity Short-term debt and current maturities of long-term debt 9,750 5,057 Trade payables 10,411 10,716 Other current financial liabilities 1,512 1,485 Contract liabilities 16,512 14,464 Current provisions 3,551 3,931 Current income tax liabilities 2,438 3,102 Other current liabilities 8,378 9,118 Liabilities associated with assets classified as held for disposal 1 1 Total current liabilities 52,553 47,874 Long-term debt 26,124 27,120 Provisions for pensions and similar obligations 9,486 7,684 Deferred tax liabilities 882 1,092 Provisions 4,014 4,216 Other financial liabilities 900 685 Other liabilities 2,108 2,198 Total non-current liabilities 43,515 42,995 Total liabilities 96,068 90,869 Equity Issued capital 2,550 2,550 Capital reserve 6,246 6,184 Retained earnings 40,555 41,014 Other components of equity (31) (352) Treasury shares, at cost (4,545) (3,922) Total equity attributable to shareholders of Siemens AG 44,776 45,474 Non-controlling interests 2,689 2,573 Total equity 47,464 48,046 Total liabilities and equity 143,532 138,915	Jun 30,	Sep 30,

Consolidated Statements of Cash Flows

		Q3
(in millions of €)	FY 2019	FY 2018	FY 2019	Q1 - Q3 FY 2018
Cash flows from operating activities
Net income	1,137	1,210	4,179	5,439
Adjustments to reconcile net income to cash flows from operating activities - continuing operations
Income from discontinued operations, net of income taxes	(3)	(46)	(1)	(102)
Amortization, depreciation and impairments	863	813	2,529	2,504
Income tax expenses	402	467	1,155	1,306
Interest (income) expenses, net	(123)	(116)	(355)	(294)
(Income) loss related to investing activities	38	(111)	(292)	(1,795)
Other non-cash (income) expenses	(56)	447	209	756
Change in operating net working capital from
Contract assets	(594)	(282)	(872)	97
Inventories	(330)	(59)	(1,884)	(881)

Trade and other receivables	(964)	(711)	(521)	(854)
Trade payables	238	537	(410)	(200)
Contract liabilities	639	64	1,892	760
Additions to assets leased to others in operating leases	(154)	(167)	(466)	(427)
Change in other assets and liabilities	223	(202)	(1,990)	(1,724)
Income taxes paid	(709)	(828)	(2,152)	(1,677)
Dividends received	94	90	218	205
Interest received	393	383	1,140	1,055
Cash flows from operating activities - continuing operations	1,094	1,486	2,380	4,167
Cash flows from operating activities - discontinued operations	(4)	(5)	(16)	19
Cash flows from operating activities - continuing and discontinued operations	1,089	1,481	2,363	4,187
Cash flows from investing activities
Additions to intangible assets and property, plant and equipment	(656)	(602)	(1,780)	(1,646)
Acquisitions of businesses, net of cash acquired	(44)	(57)	(881)	(407)
Purchase of investments and financial assets for investment purposes	(406)	(438)	(1,300)	(1,310)
Change in receivables from financing activities	(199)	(356)	(519)	(613)
Disposal of intangibles and property, plant and equipment	66	10	183	100
Disposal of businesses, net of cash disposed	(6)	167	(87)	361
Disposal of investments and financial assets for investment purposes	223	376	985	1,997
Cash flows from investing activities - continuing operations	(1,022)	(900)	(3,399)	(1,519)
Cash flows from investing activities - discontinued operations	−	(13)	1	(32)
Cash flows from investing activities - continuing and discontinued operations	(1,022)	(913)	(3,399)	(1,551)
Cash flows from financing activities
Purchase of treasury shares	(146)	(185)	(1,091)	(1,022)
Re-issuance of treasury shares and other transactions with owners	1	509	(44)	4,127
Issuance of long-term debt	−	−	2,980	−
Repayment of long-term debt (including current maturities of long-term debt)	(4)	(3,104)	(628)	(3,518)
Change in short-term debt and other financing activities	(385)	(67)	710	208
Interest paid	(194)	(255)	(698)	(714)
Dividends paid to shareholders of Siemens AG	−	−	(3,060)	(3,011)
Dividends attributable to non-controlling interests	(29)	(18)	(231)	(100)
Cash flows from financing activities - continuing operations	(757)	(3,120)	(2,063)	(4,029)
Cash flows from financing activities - discontinued operations	−	−	−	−
Cash flows from financing activities - continuing and discontinued operations	(757)	(3,120)	(2,063)	(4,029)
Effect of changes in exchange rates on cash and cash equivalents	(173)	61	54	95
Change in cash and cash equivalents	(863)	(2,491)	(3,045)	(1,299)
Cash and cash equivalents at beginning of period	8,885	9,581	11,066	8,389
Cash and cash equivalents at end of period	8,022	7,090	8,022	7,090
Less: Cash and cash equivalents of assets classified as held for disposal and discontinued operations at end of period	−	−	−	−
Cash and cash equivalents at end of period (Consolidated Statements of Financial Position)	8,022	7,090	8,022	7,090

Overview of Segment figures

	Orders				Revenue			Profit (IB, POC: Adj. EBITA; SFS: EBT)		Profit margin (Adj. EBITA margin; SFS: ROE)		Assets (IB, POC: Net capital employed; SFS: Total assets)		Free cash flow
	Q3			% Change	Q3			% Change		Q3		Q3	Jun 30,	Sep 30,	Q3
(in millions of €)	FY 2019	FY 2018	Actual	Comp.	FY 2019	FY 2018	Actual	Comp.	FY 2019	FY 2018	FY 2019	FY 2018	2019	2018	FY 2019	FY 2018
Digital Industries	3,743	3,916	(4)%	(5)%	3,888	3,913	(1)%	(2)%	556	760	14.3%	19.4%	10,506	9,993	749	636
Smart Infrastructure	3,975	3,782	5%	2%	3,740	3,562	5%	2%	351	369	9.4%	10.4%	5,400	4,702	223	243
Gas and Power	4,063	4,712	(14)%	(15)%	4,264	4,428	(4)%	(5)%	156	246	3.6%	5.5%	12,795	12,107	(1)	66
Mobility	2,996	2,528	19%	18%	2,126	2,146	(1)%	(2)%	220	194	10.4%	9.0%	3,335	2,933	(251)	361
Siemens Healthineers	4,058	3,514	16%	13%	3,569	3,300	8%	6%	543	515	15.2%	15.6%	13,322	12,392	377	483
Siemens Gamesa Renewable Energy	4,666	3,293	42%	42%	2,632	2,136	23%	24%	109	115	4.1%	5.4%	4,655	3,823	(120)	(26)
Industrial Businesses (IB)	23,503	21,744	8%	7%	20,218	19,485	4%	2%	1,935	2,199	9.6%	11.3%	50,014	45,949	977	1,764
Financial Services (SFS)	195	236	−	−	195	236	−	−	137	171	14.5%	22.1%	28,364	27,628	137	184
Portfolio Companies (POC)	1,297	1,386	(6)%	(7)%	1,387	1,272	9%	8%	(14)	(26)	(1.0)%	(2.1)%	2,067	1,685	79	16
Reconciliation to Consolidated Financial Statements	(482)	(563)	−	−	(525)	(520)	−	−	(522)	(713)	−	−	63,087	63,653	(755)	(1,080)
Siemens (continuing operations)	24,514	22,802	8%	6%	21,275	20,473	4%	2%	1,536	1,631	−	−	143,532	138,915	438	884

	Orders				Revenue			Profit (IB, POC: Adj. EBITA; SFS: EBT)		Profit margin (Adj. EBITA margin; SFS: ROE)		Assets (IB, POC: Net capital employed; SFS: Total assets)		Free cash flow
	Q1 - Q3			% Change	Q1 - Q3			% Change	Q1 - Q3			Q1 - Q3	Jun 30,	Sep 30,	Q1 - Q3
(in millions of €)	FY 2019	FY 2018	Actual	Comp.	FY 2019	FY 2018	Actual	Comp.	FY 2019	FY 2018	FY 2019	FY 2018	2019	2018	FY 2019	FY 2018
Digital Industries	11,939	12,197	(2)%	(3)%	11,803	11,460	3%	2%	2,088	2,212	17.7%	19.3%	10,506	9,993	1,762	1,848
Smart Infrastructure	11,865	11,171	6%	4%	10,866	10,376	5%	3%	939	1,053	8.6%	10.1%	5,400	4,702	614	555
Gas and Power	14,232	13,272	7%	6%	12,537	13,222	(5)%	(6)%	587	760	4.7%	5.7%	12,795	12,107	(158)	(82)
Mobility	11,067	8,191	35%	34%	6,415	6,453	(1)%	(1)%	684	695	10.7%	10.8%	3,335	2,933	333	829
Siemens Healthineers	11,210	10,207	10%	8%	10,375	9,721	7%	5%	1,690	1,587	16.3%	16.3%	13,322	12,392	831	1,031
Siemens Gamesa Renewable Energy	9,674	9,249	5%	5%	7,283	6,504	12%	12%	355	342	4.9%	5.3%	4,655	3,823	(618)	(232)
Industrial Businesses (IB)	69,986	64,287	9%	8%	59,279	57,736	3%	1%	6,345	6,649	10.7%	11.5%	50,014	45,949	2,764	3,950
Financial Services (SFS)	615	650	−	−	615	650	−	−	518	519	21.3%	22.0%	28,364	27,628	477	458
Portfolio Companies (POC)	4,394	4,293	2%	2%	3,952	3,551	11%	11%	(38)	(193)	(1.0)%	(5.4)%	2,067	1,685	(156)	(84)
Reconciliation to Consolidated Financial Statements	(1,703)	(1,633)	−	−	(1,519)	(1,499)	−	−	(1,492)	(333)	−	−	63,087	63,653	(2,487)	(1,801)
Siemens (continuing operations)	73,292	67,596	8%	7%	62,327	60,437	3%	2%	5,333	6,642	−	−	143,532	138,915	599	2,522

EBITDA Reconciliation

	Profit		Amortization of intangible assets acquired in business combinations		Financial income (expenses), net		EBIT		Amortization, depreciation and impairments		EBITDA
	Q3		Q3		Q3		Q3		Q3		Q3
(in millions of €)	FY 2019	FY 2018	FY 2019	FY 2018	FY 2019	FY 2018	FY 2019	FY 2018	FY 2019	FY 2018	FY 2019	FY 2018
Digital Industries	556	760	(102)	(96)	(35)	1	489	663	170	157	658	821
Smart Infrastructure	351	369	(9)	(4)	(1)	(1)	344	367	70	61	414	428
Gas and Power	156	246	(57)	(56)	−	11	99	178	133	132	232	311
Mobility	220	194	(16)	(25)	3	2	200	167	46	50	246	217
Siemens Healthineers	543	515	(33)	(33)	4	6	506	476	154	134	659	611
Siemens Gamesa Renewable Energy	109	115	(67)	(82)	(13)	(15)	55	48	148	143	203	191
Industrial Businesses	1,935	2,199	(284)	(295)	(42)	4	1,693	1,900	720	678	2,413	2,578
Financial Services	137	171	−	−	178	160	(42)	11	52	52	10	63
Portfolio Companies	(14)	(26)	(4)	(3)	6	3	(24)	(33)	29	35	5	2
Reconciliation to Consolidated Financial Statements	(522)	(713)	288	299	(33)	(82)	(201)	(332)	63	48	(138)	(284)
Siemens (continuing operations)	1,536	1,631	−	−	110	85	1,426	1,546	863	813	2,290	2,359

	Profit					Amortization of intangible assets acquired in business combinations		Financial income (expenses), net		EBIT	Amortization, depreciation and impairments
	Q1 - Q3		Q1 - Q3		Q1 - Q3		Q1 - Q3		Q1 - Q3		Q1 - Q3
(in millions of €)	FY 2019	FY 2018	FY 2019	FY 2018	FY 2019	FY 2018	FY 2019	FY 2018	FY 2019	FY 2018	FY 2019	FY 2018
Digital Industries	2,088	2,212	(302)	(294)	14	7	1,773	1,911	494	468	2,267	2,379
Smart Infrastructure	939	1,053	(23)	(11)	24	5	892	1,037	196	175	1,088	1,212
Gas and Power	587	760	(171)	(172)	−	22	416	566	389	461	805	1,027
Mobility	684	695	(49)	(59)	15	7	620	629	135	126	756	755
Siemens Healthineers	1,690	1,587	(98)	(97)	11	8	1,581	1,482	443	375	2,024	1,857
Siemens Gamesa Renewable Energy	355	342	(200)	(239)	(31)	(28)	187	131	443	460	629	592
Industrial Businesses	6,345	6,649	(842)	(872)	34	22	5,469	5,755	2,101	2,066	7,570	7,821
Financial Services	518	519	(1)	(1)	512	505	5	13	162	155	167	168
Portfolio Companies	(38)	(193)	(11)	(11)	15	8	(64)	(211)	82	91	18	(120)
Reconciliation to Consolidated Financial Statements	(1,492)	(333)	853	884	(188)	1,274	(451)	(723)	184	193	(267)	(530)
Siemens (continuing operations)	5,333	6,642	−	−	373	1,808	4,959	4,835	2,529	2,504	7,488	7,339

Orders & Revenue by region

				Orders	Revenue
		Q3	% Change			Q3		% Change
(in millions of €)	FY 2019	FY 2018	Actual	Comp.	FY 2019	FY 2018	Actual	Comp.
Europe, C.I.S., Africa, Middle East	10,620	12,350	(14)%	(14)%	10,806	10,567	2%	2%
therein: Germany	2,657	2,434	9%	9%	3,031	2,967	2%	2%
Americas	7,000	5,965	17%	12%	5,864	5,485	7%	1%
therein: U.S.	5,380	4,306	25%	18%	4,519	3,988	13%	6%
Asia, Australia	6,894	4,487	54%	54%	4,604	4,421	4%	3%
therein: China	2,336	2,130	10%	10%	2,203	2,081	6%	6%
Siemens (continuing operations)	24,514	22,802	8%	6%	21,275	20,473	4%	2%
therein: emerging markets	8,266	6,619	25%	24%	6,507	6,844	(5)%	(5)%

				Orders	Revenue
		Q1 - Q3		% Change		Q1 - Q3	% Change
(in millions of €)	FY 2019	FY 2018		Comp.	FY 2019	FY 2018	Actual	Comp.
Europe, C.I.S., Africa, Middle East	35,658	35,310	1%	1%	32,070	30,954	4%	4%
therein: Germany	9,436	7,885	20%	19%	8,938	8,336	7%	7%
Americas	21,711	18,089	20%	16%	16,953	16,256	4%	0%
therein: U.S.	15,426	12,745	21%	14%	12,935	11,622	11%	5%
Asia, Australia	15,924	14,197	12%	12%	13,304	13,228	1%	0%
therein: China	6,667	6,116	9%	9%	6,064	5,893	3%	3%
Siemens (continuing operations)	73,292	67,596	8%	7%	62,327	60,437	3%	2%
therein: emerging markets	23,259	22,342	4%	5%	19,313	20,501	(6)%	(5)%

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Siemens AG Earnings Release 2019

390_10-q_2019-08-05_67aabd6a-266c-4c49-8275-1b47c0683ace.pdf