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Siemens AG Earnings Release 2024
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Earnings Release
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Earnings Release
Q3 FY 2024
April 1 to June 30, 2024
Munich, Germany, August 8, 2024
Profitable growth in third quarter - outlook confirmed
"We grew profitably in the third quarter, continuing to benefit from the high demand in electrification. Another growth driver was our particularly strong industrial software business, which won several large license contracts. The industrial automation business remains challenging. We confirm our company's full-year outlook," said Roland Busch, President and Chief Executive Officer of Siemens AG.
"Overall, we achieved clear increases in both net income and profit margin in the third quarter. We again generated strong Free cash flow, and we will re-emphasize our clear focus on cash with a strong fourth quarter," said Ralf P. Thomas, Chief Financial Officer of Siemens AG.
- Third-quarter revenue rose 5\% on a comparable basis, excluding currency translation and portfolio effects; comparable orders came in 15\% lower than in Q3 FY 2023, which included a record-high level of orders in Mobility
- On a nominal basis, revenue increased 4\% to $€ 18.9$ billion; orders were down 16\% at $€ 19.8$ billion but exceeded revenue for a book-tobill ratio of 1.05 , and the order backlog remained on a high level at $€ 113$ billion
- Profit Industrial Business rose 11\% to $€ 3.0$ billion, and the profit margin reached $16.5 \%$, well above the prior-year quarter
- Net income was $€ 2.1$ billion, with corresponding basic earnings per share (EPS) of $€ 2.51$ and EPS before purchase price allocation accounting (EPS pre PPA) of $€ 2.66$
Siemens
| Q3 | \% Change | |||
|---|---|---|---|---|
| (in millions of €) | FY 2024 | FY 2023 | Actual | Comp. |
| Orders | 19,782 | 23,488 | (16)% | (15)% |
| Revenue | 18,900 | 18,145 | $4 \%$ | $5 \%$ |
| Profit | ||||
| Industrial Business | 3,033 | 2,721 | $11 \%$ | |
| therein: severance | (62) | (79) | ||
| Profit margin | ||||
| Industrial Business | 16.5\% | $15.4 \%$ | ||
| excl. severance | 16.9\% | $15.9 \%$ | ||
| Income from | ||||
| continuing operations | 2,158 | 1,386 | $56 \%$ | |
| therein: severance | (76) | (91) | ||
| Income (loss) from discontinued operations, net of income taxes | (25) | 55 | n/a | |
| Net income | 2,133 | 1,440 | $48 \%$ | |
| Basic EPS (in €) | 2.51 | 1.61 | $55 \%$ | |
| EPS pre PPA (in €) | 2.66 | 1.78 | $49 \%$ | |
| Free cash flow (continuing and discontinued operations) | 2,121 | 2,951 | (28)% | |
| Cash conversion rate | 0.99 | 2.05 | (52)% | |
| ROCE | 17.3\% | 12.8\% |
- Higher order volume in most industrial businesses, including double-digit increases at Digital Industries and Smart Infrastructure, both with larger contract wins; in contrast, the volume from large orders was sharply lower for Mobility compared to Q3 FY 2023, when it posted record-high order intake
- Revenue growth led by a double-digit increase at Smart Infrastructure, along with contributions from Siemens Healthineers and Mobility
- Currency translation and portfolio transactions had only minor effects on volume development year-over-year
- Profit Industrial Business rose on growth in all industrial businesses with the strongest increases coming from Smart Infrastructure and Siemens Healthineers
- Income from continuing operations rose on the strength of Profit Industrial Business; Q3 FY 2023 included a $€ 0.6$ billion loss related to Siemens Energy Investment
- Discontinued operations posted a loss due to tax expenses and transaction costs related to the carve-out of Innomotics
- Industrial Business generated solid Free cash flow of $€ 2.5$ billion; Free cash flow from Industrial Business of $€ 3.1$ billion in Q3 FY 2023 included significant advance payments from customers in Mobility; outside Industrial Business, cash outflows for tax payments were $€ 0.5$ billion higher than in the prior-year quarter
- Provisions for pensions and similar obligations as of June 30, 2024 on a new low of $€ 1.3$ billion (March 31, 2024: $€ 1.4$ billion)
- ROCE increased on higher net income, which was only partly offset by higher average capital employed
Digital Industries
| Q3 | \% Change | |||
|---|---|---|---|---|
| (in millions of €) | FY 2024 | FY 2023 | Actual | Comp. |
| Orders | 4,540 | 3,815 | $19 \%$ | $21 \%$ |
| Revenue | 4,893 | 4,976 | $(2) \%$ | $0 \%$ |
| therein: software business | 2,067 | 1,142 | $81 \%$ | $82 \%$ |
| Profit | 1,121 | 1,088 | $3 \%$ | |
| therein: severance | (20) | (8) | ||
| Profit margin | 22,9\% | 21,9\% | ||
| excl. severance | 23,3\% | 22,0\% |
Smart Infrastructure
| Q3 | \% Change | |||
|---|---|---|---|---|
| (in millions of €) | FY 2024 | FY 2023 | Actual | Comp. |
| Orders | 5,993 | 5,361 | $12 \%$ | $11 \%$ |
| Revenue | 5,416 | 4,924 | $10 \%$ | $10 \%$ |
| therein: service business | 1,132 | 1,054 | $7 \%$ | $8 \%$ |
| Profit | 923 | 769 | $20 \%$ | |
| therein: severance | (10) | (11) | ||
| Profit margin | 17,0\% | 15,6\% | ||
| excl. severance | 17,2\% | 15,8\% |
Mobility
| Q3 | \% Change | |||
|---|---|---|---|---|
| (in millions of €) | FY 2024 | FY 2023 | Actual | Comp. |
| Orders | 2,399 | 8,330 | $(71) \%$ | $(71) \%$ |
| Revenue | 2,608 | 2,560 | $2 \%$ | $2 \%$ |
| therein: service business | 489 | 425 | $15 \%$ | $15 \%$ |
| Profit | 227 | 208 | $9 \%$ | |
| therein: severance | (4) | (5) | ||
| Profit margin | 8,7\% | 8,1\% | ||
| excl. severance | 8,9\% | 8,3\% |
- Exceptionally high order growth in the software business driven by a number of large contract wins for licensed software; orders in the automation businesses came in moderately lower, as elevated stock levels at customers continued in a challenging market environment
- Higher revenue in the software business was more than offset by lower revenue in the automation businesses and negative portfolio and currency translation effects; on a geographic basis, revenue rose in the Asia, Australia and the Americas regions driven by the large license contracts mentioned above while it declined in the Europe, C.I.S., Africa, Middle East (Europe/CAME) region
- Profit and profitability rose on sharp increases in the software business, more than offsetting profit declines in the automation businesses, which continued to be impacted by reduced capacity utilization on lower revenue; profit included a $€ 70$ million gain from the sale of a business
- Significant order growth on contributions from all businesses, most notably the electrification and the buildings businesses; order intake included a number of larger contracts from data center and energy customers; on a geographic basis, the highest growth contribution came from the region Europe/CAME
- Revenue also rose in all businesses, including substantial growth from the electrification business which continued to execute strongly on its large order backlog; on a geographic basis, the highest growth contribution came from the U.S.
- Smart Infrastructure continued its broad-based increase in profit and profitability year-over-year on higher revenue, increased capacity utilization and ongoing productivity improvements
- While order intake included a $€ 0.3$ billion order for a communications-based train control system for metro lines and maintenance in Germany, order intake came in lower than in Q3 FY 2023, when Mobility reported a record-high order intake, including a $€ 2.5$ billion order for a turnkey rail system in Egypt and a $€ 2.1$ billion order for suburban trains in Germany
- Revenue growth in the customer services and the rail infrastructure businesses offset a moderate decline in the rolling stock business, which experienced a temporary production slow-down resulting from supplier quality issues
- Profit rose in the majority of the businesses, led by the rail infrastructure business; overall, profit and profitability grew on a more favorable business and project mix
Siemens Healthineers
| Q3 | \% Change | |||
|---|---|---|---|---|
| (in millions of €) | FY 2024 | FY 2023 | Actual | Comp. |
| Orders | 6,079 | 5,615 | 8\% | 9\% |
| Revenue | 5,423 | 5,201 | 4\% | 4\% |
| Profit | 762 | 656 | 16\% | |
| therein: severance | (27) | (56) | ||
| Profit margin | 14.1\% | 12.6\% | ||
| excl. severance | 14.6\% | 13.7\% |
Siemens Financial Services
| Q3 | ||
|---|---|---|
| (in millions of €) | FY 2024 | FY 2023 |
| Earnings before taxes (EBT) | 131 | 165 |
| therein: equity business | 23 | 96 |
| therein: severance | (1) | (1) |
| ROE (after taxes) | 12.8\% | 21.2\% |
| Jun 30, | Sep 30, | |
| (in millions of €) | 2024 | 2023 |
| Total assets | 32,697 | 32,915 |
- Broad-based volume increase; the highest contribution to revenue growth came from the imaging and Varian businesses
- Profit and profitability improved in most businesses, notably at the diagnostics business due mainly to cost reductions related to its transformation program; declines in the imaging business resulted primarily from negative currency effects
- Siemens Financial Services recorded a solid earnings contribution with higher results from the debt business due primarily to lower expenses for credit risk provisions
- In Q3 FY 2023, results for the equity business benefited from a gain of $€ 57$ million from the sale of a stake in an equity investment
- Decrease in total assets driven mainly by negative currency translation effects
- In Q1 FY 2024 Siemens ceased accounting for Siemens Energy under the equity method; the remaining stake is reported as financial asset measured at fair value through other comprehensive income
- Financing, eliminations and other items included a lower positive result at Corporate Treasury primarily in connection with earnings from interest rate derivatives
- Siemens Logistics, Siemens Energy Assets India and Innomotics India, formerly reported within Portfolio Companies, are included in the item Financing, elimination and other items
Outlook
We confirm our outlook given in the Earnings Release Q2 FY 2024, with comparable revenue growth for the Siemens Group and profit margin for Digital Industries expected at the lower end of the respective ranges and profit margin for Smart Infrastructure expected at the upper end of the range.
Our expectations given in the Earning Release Q2 FY 2024 were as follows:
For the Siemens Group we expect comparable revenue growth, net of currency translation and portfolio effects, in the range of $4 \%$ to $8 \%$ and a book-to-bill ratio above 1.
Digital Industries expects comparable revenue for fiscal 2024 to come in $8 \%$ to $4 \%$ below the prior year and a profit margin in the range of $18 \%$ to $21 \%$.
Smart Infrastructure expects for fiscal 2024 comparable revenue growth of $8 \%$ to $10 \%$ and a profit margin of $16 \%$ to $17 \%$.
Mobility expects for fiscal 2024 comparable revenue growth of $8 \%$ to $11 \%$ and a profit margin of $8 \%$ to $10 \%$.
We expect profitable growth of our Industrial Business overall to drive an increase in basic EPS from net income before purchase price allocation accounting (EPS pre PPA) to a range of $€ 10.40$ to $€ 11.00$ in fiscal 2024, excluding a positive $€ 0.61$ per share from Siemens Energy Investment in the first quarter of fiscal 2024. EPS pre PPA excluding Siemens Energy Investment in fiscal 2023 was €9.93.
This outlook excludes burdens from legal and regulatory matters.
Notes and forward-looking statements
Starting today at 08:00 a.m. CEST, the press conference call on Siemens' third-quarter results for fiscal 2024 will be broadcast live at www.siemens.com/conferencecall.
Starting today at 09:30 a.m. CEST, you can also follow the conference call for analysts live in English at www.siemens.com/analystcall.
Recordings of both conference calls will be made available afterwards.
The financial publications can be downloaded 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 forwardlooking statements in other reports, in prospectuses, 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 Report on expected developments and associated material opportunities and risks in the Combined Management Report of the Siemens Report (siemens.com/siemensreport), and in the Interim Group Management Report of the Half-year Financial Report (provided that it is already available for the current reporting year), which should be read in conjunction with the Combined Management Report. Should one or more of these risks or uncertainties materialize, should decisions, assessments or requirements of regulatory authorities deviate from our expectations, should events of force majeure, such as pandemics, unrest or acts of war, occur or should underlying expectations including future events occur at a later date or not at all 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 $\S 53$ of the Exchange Rules for the Frankfurter Wertpapierbörse.
| Address | Siemens AG Werner-von-Siemens-Str. 1 80333 Munich Germany |
|---|---|
| Internet | www.siemens.com |
| Phone | +4989 7805-33443 (Media Relations) +4989 7805-32474 (Investor Relations) |
| [email protected] [email protected] |
Financial Results
Third Quarter and First Nine Months of Fiscal 2024
Key figures
(in millions of $€$, except where otherwise stated)
| Volume | |||||||
|---|---|---|---|---|---|---|---|
| Q3 | \% Change Comp. ${ }^{1}$ | Q1-Q3 | \% Change Comp. ${ }^{1}$ | ||||
| FY 2024 | FY 2023 | Actual | Comp. ${ }^{1}$ | FY 2024 | FY 2023 | Actual | |
| Orders | 19,782 | 23,488 | (16)% | (15)% | 61,123 | 68,219 | (10)% |
| Revenue | 18,900 | 18,145 | 4\% | 5\% | 55,118 | 54,266 | 2\% |
| Book-to-bill ratio | 1.05 | 1.11 | |||||
| Order backlog (in billions of $€$ ) | 113 | 113 |
Profitability and Capital efficiency
| Q3 | Q1-Q3 | |||||
|---|---|---|---|---|---|---|
| FY 2024 | FY 2023 | \% Change | FY 2024 | FY 2023 | \% Change | |
| Industrial Business | ||||||
| Profit | 3,033 | 2,721 | 11\% | 8,270 | 7,952 | 4\% |
| Profit margin | 16.5\% | 15.4\% | 15.5\% | 15.1\% | ||
| Continuing operations | ||||||
| EBITDA | 3,429 | 2,515 | 36\% | 10,061 | 10,452 | (4) |
| Income from continuing operations | 2,158 | 1,386 | 56\% | 6,731 | 6,610 | 2\% |
| Basic EPS (in $€)^{2}$ | 2.54 | 1.54 | 64\% | 7.92 | 7.85 | 1\% |
| Discontinued operations | ||||||
| Income (loss) from discontinued operations, net of income taxes | (25) | 55 | n/a | 146 | 17 | $>200 \%$ |
| Basic EPS (in $€$ ) ${ }^{2}$ | (0.03) | 0.07 | n/a | 0.19 | 0.02 | $>200 \%$ |
| Continuing and discontinued operations | ||||||
| Net income | 2,133 | 1,440 | 48\% | 6,878 | 6,627 | 4\% |
| Basic EPS (in $€$ ) ${ }^{2}$ | 2.51 | 1.61 | 55\% | 8.11 | 7.87 | 3\% |
| EPS pro PPA (in $€$ ) ${ }^{2}$ | 2.66 | 1.78 | 49\% | 8.58 | 8.43 | 2\% |
| Return on capital employed (ROCE) | 17.3\% | 12.8\% | 19.6\% | 19.2\% |
Capital structure and Liquidity
| Jun 30, 2024 | Sep 30, 2023 | |
|---|---|---|
| Total equity | 54,767 | 53,052 |
| Industrial net debt | 13,530 | 7,924 |
| Industrial net debt / EBITDA ${ }^{3}$ | 1.0 | 0.6 |
| Q3 FY 2024 | Q3 FY 2023 | |
| Free cash flow | ||
| Continuing operations | 2,168 | 2,908 |
| Discontinued operations | (47) | 43 |
| Continuing and discontinued operations | 2,121 | 2,951 |
| Continuing and discontinued operations | 0.99 | 2.05 |
Employees
| Continuing operations | Jun 30, 2024 | Sep 30, 2023 | ||
|---|---|---|---|---|
| (in thousands) | Total $^{4}$ | Continuing operations | Total $^{4}$ | |
| Total | 309 | 324 | 305 | 320 |
| Germany | 85 | 88 | 84 | 87 |
| Outside Germany | 224 | 236 | 221 | 232 |
[^0]
[^0]: ${ }^{1}$ Throughout excluding currency translation and portfolio effects.
${ }^{2}$ Basic EPS - attributable to shareholders of Siemens AG. For fiscal 2024 and 2023 weighted average shares outstanding (basic) (in thousands)
for the third quarter amounted to 789,181 and 792,057 and for the first nine months to 789,395 and 791,722 shares, respectively.
${ }^{3}$ Accumulative EBITDA of the previous four quarters until the reporting date; prior-year figure as originally reported.
${ }^{4}$ Continuing and discontinued operations.
| (in millions of $€$, per share amounts in $€$ ) | Q3 | Q1-Q3 | ||
|---|---|---|---|---|
| FY 2024 | FY 2023 | FY 2024 | FY 2023 | |
| Revenue | 18,900 | 18,145 | 55,118 | 54,266 |
| Cost of sales | $(11,152)$ | $(11,039)$ | $(33,222)$ | $(33,265)$ |
| Gross profit | 7,748 | 7,106 | 21,897 | 21,001 |
| Research and development expenses | $(1,561)$ | $(1,523)$ | $(4,625)$ | $(4,448)$ |
| Selling and general administrative expenses | $(3,571)$ | $(3,318)$ | $(10,313)$ | $(9,864)$ |
| Other operating income | 136 | 126 | 403 | 350 |
| Other operating expenses | (139) | (125) | (421) | (381) |
| Income (loss) from investments accounted for using the equity method, net | 39 | $(533)$ | 775 | 1,107 |
| Interest income | 703 | 614 | 2,119 | 1,730 |
| Interest expenses | (447) | (378) | $(1,314)$ | $(1,001)$ |
| Other financial income (expenses), net | (56) | (9) | (197) | (229) |
| Income from continuing operations before income taxes | 2,852 | 1,959 | 8,325 | 8,263 |
| Income tax expenses | (694) | (573) | $(1,594)$ | $(1,654)$ |
| Income from continuing operations | 2,158 | 1,386 | 6,731 | 6,610 |
| Income (loss) from discontinued operations, net of income taxes | (25) | 55 | 146 | 17 |
| Net income | 2,133 | 1,440 | 6,878 | 6,627 |
| Attributable to: | ||||
| Non-controlling interests | 154 | 162 | 477 | 395 |
| Shareholders of Siemens AG | 1,980 | 1,278 | 6,401 | 6,231 |
| Basic earnings per share | ||||
| Income from continuing operations | 2.54 | 1.54 | 7.92 | 7.85 |
| Income (loss) from discontinued operations | $(0.03)$ | 0.07 | 0.19 | 0.02 |
| Net income | 2.51 | 1.61 | 8.11 | 7.87 |
| Diluted earnings per share | ||||
| Income from continuing operations | 2.51 | 1.53 | 7.82 | 7.75 |
| Income (loss) from discontinued operations | $(0.03)$ | 0.07 | 0.18 | 0.02 |
| Net income | 2.48 | 1.59 | 8.00 | 7.77 |
Consolidated Statements of Comprehensive Income
| (in millions of $€$ ) | Q3 | Q1-Q3 | ||
|---|---|---|---|---|
| FY 2024 | FY 2023 | FY 2024 | FY 2023 | |
| Net income | 2,133 | 1,440 | 6,878 | 6,627 |
| Remeasurements of defined benefit plans | 419 | (542) | 625 | (103) |
| therein: Income tax effects | (54) | 305 | 115 | 215 |
| Remeasurements of equity instruments | 995 | 8 | 1,782 | (23) |
| therein: Income tax effects | - | - | 1 | - |
| Income (loss) from investments accounted for using the equity method, net | - | (3) | (18) | (5) |
| Items that will not be reclassified to profit or loss | 1,414 | (537) | 2,389 | (131) |
| Currency translation differences | 439 | (310) | (297) | $(5,215)$ |
| Derivative financial instruments | (4) | (112) | 79 | 167 |
| therein: Income tax effects | (8) | 52 | (27) | (84) |
| Income (loss) from investments accounted for using the equity method, net | 6 | (18) | (66) | (189) |
| Items that may be reclassified subsequently to profit or loss | 442 | (440) | (284) | $(5,237)$ |
| Other comprehensive income, net of income taxes | 1,855 | (977) | 2,106 | $(5,368)$ |
| Total comprehensive income | 3,988 | 463 | 8,983 | 1,259 |
| Attributable to: | ||||
| Non-controlling interests | 197 | 76 | 467 | (299) |
| Shareholders of Siemens AG | 3,791 | 388 | 8,516 | 1,558 |
| (in millions of €) | Jun 30, 2024 | Sep 30, 2023 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 7,758 | 10,084 |
| Trade and other receivables | 16,865 | 17,405 |
| Other current financial assets | 10,802 | 10,605 |
| Contract assets | 7,961 | 7,581 |
| Inventories | 12,105 | 11,548 |
| Current income tax assets | 1,995 | 1,363 |
| Other current assets | 1,561 | 1,955 |
| Assets classified as held for disposal | 2,424 | 99 |
| Total current assets | 61,472 | 60,639 |
| Goodwill | 32,002 | 32,224 |
| Other intangible assets | 10,038 | 10,641 |
| Property, plant and equipment | 12,019 | 11,938 |
| Investments accounted for using the equity method | 1,061 | 3,014 |
| Other financial assets | 26,174 | 22,855 |
| Deferred tax assets | 2,576 | 2,235 |
| Other assets | 2,778 | 1,523 |
| Total non-current assets | 86,648 | 84,432 |
| Total assets | 148,121 | 145,071 |
| Liabilities and equity | ||
| Short-term debt and current maturities of long-term debt | 7,809 | 7,483 |
| Trade payables | 8,348 | 10,130 |
| Other current financial liabilities | 2,093 | 1,613 |
| Contract liabilities | 12,792 | 12,571 |
| Current provisions | 2,390 | 2,320 |
| Current income tax liabilities | 1,916 | 2,566 |
| Other current liabilities | 7,134 | 8,182 |
| Liabilities associated with assets classified as held for disposal | 1,312 | 50 |
| Total current liabilities | 43,795 | 44,913 |
| Long-term debt | 42,093 | 39,113 |
| Provisions for pensions and similar obligations | 1,328 | 1,426 |
| Deferred tax liabilities | 1,731 | 1,655 |
| Provisions | 1,368 | 1,526 |
| Other financial liabilities | 1,096 | 1,453 |
| Other liabilities | 1,943 | 1,933 |
| Total non-current liabilities | 49,559 | 47,106 |
| Total liabilities | 93,353 | 92,019 |
| Equity | ||
| Issued capital | 2,400 | 2,400 |
| Capital reserve | 7,515 | 7,411 |
| Retained earnings | 37,698 | 36,866 |
| Other components of equity | 3,786 | 2,282 |
| Treasury shares, at cost | $(1,598)$ | $(1,177)$ |
| Total equity attributable to shareholders of Siemens AG | 49,801 | 47,782 |
| Non-controlling interests | 4,966 | 5,270 |
| Total equity | 54,767 | 53,052 |
| Total liabilities and equity | 148,121 | 145,071 |
| Q3 | Q1 - Q3 | |||
|---|---|---|---|---|
| (in millions of €) | FY 2024 | FY 2023 | FY 2024 | FY 2023 |
| Cash flows from operating activities | ||||
| Net income | 2,133 | 1,440 | 6,878 | 6,627 |
| Adjustments to reconcile net income to cash flows from operating activities - continuing operations | ||||
| (Income) loss from discontinued operations, net of income taxes | 25 | (55) | (146) | (17) |
| Amortization, depreciation and impairments | 777 | 783 | 2,345 | 2,689 |
| Income tax expenses | 694 | 573 | 1,594 | 1,654 |
| Interest (income) expenses, net | (256) | (236) | (805) | (729) |
| (Income) loss related to investing activities | (35) | 549 | (730) | $(1,102)$ |
| Other non-cash (income) expenses | 261 | 226 | 244 | $(1,120)$ |
| Change in operating net working capital from | ||||
| Contract assets | (221) | (43) | (563) | 61 |
| Inventories | (204) | (441) | $(1,118)$ | $(1,806)$ |
| Trade and other receivables | (208) | (340) | (256) | $(1,112)$ |
| Trade payables | (176) | (12) | $(1,095)$ | (406) |
| Contract liabilities | (137) | 483 | 930 | 1,182 |
| Additions to assets leased to others in operating leases | (114) | (104) | (281) | (310) |
| Change in other assets and liabilities | 582 | 635 | (282) | 1,785 |
| Income taxes paid | $(1,187)$ | (716) | $(2,846)$ | $(2,265)$ |
| Dividends received | 80 | 70 | 205 | 193 |
| Interest received | 671 | 573 | 2,022 | 1,589 |
| Cash flows from operating activities - continuing operations | 2,687 | 3,386 | 6,095 | 6,910 |
| Cash flows from operating activities - discontinued operations | (28) | 62 | (135) | (63) |
| Cash flows from operating activities - continuing and discontinued operations | 2,659 | 3,448 | 5,961 | 6,848 |
| Cash flows from investing activities | ||||
| Additions to intangible assets and property, plant and equipment | (519) | (478) | $(1,410)$ | $(1,422)$ |
| Acquisitions of businesses, net of cash acquired | (7) | (20) | (396) | (168) |
| Purchase of investments and financial assets for investment purposes | (279) | (220) | (650) | (514) |
| Change in receivables from financing activities | (51) | (191) | (284) | (731) |
| Disposal of intangibles and property, plant and equipment | (1) | 51 | 44 | 84 |
| Disposal of businesses, net of cash disposed | 94 | 72 | 70 | 256 |
| Disposal of investments and financial assets for investment purposes | 342 | 245 | 760 | 608 |
| Cash flows from investing activities - continuing operations | (421) | (541) | $(1,873)$ | $(1,886)$ |
| Cash flows from investing activities - discontinued operations | (33) | (26) | (54) | (44) |
| Cash flows from investing activities - continuing and discontinued operations | (454) | (567) | $(1,927)$ | $(1,930)$ |
| Cash flows from financing activities | - | |||
| Purchase of treasury shares | (339) | (104) | (993) | (553) |
| Re-issance of treasury shares and other transactions with owners | - | (302) | $(2,139)$ | (370) |
| Issuance of long-term debt | - | - | 6,688 | 2,470 |
| Repayment of long-term debt (including current maturities of long-term debt) | $(1,192)$ | (702) | $(5,371)$ | $(3,390)$ |
| Change in short-term debt and other financing activities | 58 | (644) | 851 | 1,505 |
| Interest paid | (305) | (222) | $(1,115)$ | (757) |
| Dividends paid to shareholders of Siemens AG | - | - | $(3,709)$ | $(3,362)$ |
| Dividends attributable to non-controlling interests | (279) | (38) | (355) | (358) |
| Cash flows from financing activities - continuing operations | $(2,057)$ | $(2,012)$ | $(6,141)$ | $(4,816)$ |
| Cash flows from financing activities - discontinued operations | 1 | 3 | (14) | 3 |
| Cash flows from financing activities - continuing and discontinued operations | $(2,056)$ | $(2,009)$ | $(6,155)$ | $(4,814)$ |
| Effect of changes in exchange rates on cash and cash equivalents | 19 | (256) | (73) | (774) |
| Change in cash and cash equivalents | 168 | 617 | $(2,195)$ | (670) |
| Cash and cash equivalents at beginning of period | 7,721 | 9,186 | 10,084 | 10,472 |
| Cash and cash equivalents at end of period | 7,889 | 9,802 | 7,889 | 9,802 |
| Less: Cash and cash equivalents of assets classified as held for disposal and discontinued operations at end of period | 131 | - | 131 | - |
| Cash and cash equivalents at end of period (Consolidated Statements of Financial Position) | 7,758 | 9,802 | 7,758 | 9,802 |
Orders \& Revenue by region
