SIEMENS
SEGMENT INFORMATION (continuing operations - preliminary and unaudited)
As of and for the three months ended June 30, 2008 and 2007 and as of September 30, 2007
(in millions of €)
New orders
External revenue
Intersegment
revenue
Total revenue
Profit (1)
2008
2007
Assets(2)
6/30/08 9/30/07
Additions to
intangible assets
Amortization,
and property, plant depreciation and
Free cash flow (3) and equipment
impairments(4)
2008
2007
2008
2007
2008
2007
2008
2007
2008
2007
2008
2007
2008
2007
11,508
8,077
2,801
9,149
6,556
2,517
9,117
5,714
2,667
8,503
4,784
2,424
306
115
10
248
96
7
9,423
5,829
2,677
8,751
4,880
2,431
1,143
615
326
822
442
307
12,216
2,707
12,620
11,836
3,367
8,234
895
508
311
724
665
372
255
120
112
239
75
109
251
83
160
228
87
113
Total Sectors......................................................... 22,386
Strategic Equity Investments (SEI)............................
—
Cross-Sector Businesses
Siemens IT Solutions and Services........................
1,209
Siemens Financial Services (SFS).........................
195
Reconciliation to consolidated financial statements
Other Operations................................................
606
415
Siemens Real Estate (SRE)................................
Corporate items and pensions............................
31
Eliminations, Corporate Treasury and other
reconciling items........................................... (1,165)
18,222
—
17,498
—
15,711
—
431
—
351
—
17,929
—
16,062
—
2,084
1
1,571
(301)
27,543
5,369
23,437
4,891
1,714
95
1,761
76
487
—
423
—
494
—
428
—
1,094
168
899
177
904
154
356
20
353
14
1,255
197
1,257
168
64
59
66
57
452
9,775
253
8,912
37
(108)
(64)
(25)
54
166
48
117
51
69
65
66
667
416
18
482
95
31
585
119
44
98
320
2
93
297
3
580
415
33
678
416
47
(20)
103
(245)
(56)
(904)
(704)
69
3,331
3,091
(367) (2,276) (2,564)
64
3
(290)
(122)
(20)
(626)
21
54
13
42
45
20
24
37
29
27
37
10
(1,091)
—
—
Siemens...................................................................... 23,677
19,494
19,182
17,517
Sectors
Industry..................................................................
Energy....................................................................
Healthcare..............................................................
(1,227) (1,111) (1,227) (1,111)
—
—
19,182
17,517
2
(97)
49,540
54,239
32
963
(15)
(18)
(19)
(15)
2,048
942
92,830
91,555
1,547
1,943
780
677
685
618
(1) Profit of the Sectors as well as of SEI, Siemens IT Solutions and Services and Other Operations is earnings before financing interest, certain pension costs and income taxes, whereas certain other items not considered performance
indicative by Management may be excluded. Profit of SFS and SRE is Income before income taxes.
(2) Assets of the Sectors as well as of SEI, Siemens IT Solutions and Services and Other Operations is defined as Total assets less income tax assets, less non-interest bearing liabilities/provisions other than tax liabilities. Assets of SFS and
SRE is Total assets.
(3) Free cash flow represents net cash provided by (used in) operating activities less additions to intangible assets and property, plant and equipment. Free cash flow of the Sectors, SEI, Siemens IT Solutions and Services and Other Operations
primarily exclude income tax, financing interest and certain pension related payments and proceeds. Free cash flow of SFS, a financial services business, and of SRE includes related financing interest payments and proceeds; income tax
payments and proceeds of SFS and SRE are excluded.
(4) Amortization, depreciation and impairments contains amortization and impairments of intangible assets other than goodwill and depreciation and impairments of property, plant and equipment. Siemens’ Goodwill impairment and impairment
of non-current available-for-sale financial assets and investments accounted for under the equity method amount to €3 and €35 for the three months ended June 30, 2008 and 2007, respectively.
Due to rounding, numbers presented may not add up precisely to totals provided.
SIEMENS
SEGMENT INFORMATION (continuing operations - preliminary and unaudited)
As of and for the nine months ended June 30, 2008 and 2007 and as of September 30, 2007
(in millions of €)
New orders
External revenue
Intersegment
revenue
Total revenue
Profit (1)
2008
2007
Assets(2)
6/30/08 9/30/07
Additions to
intangible assets
Amortization,
and property, plant depreciation and
Free cash flow (3) and equipment
impairments(4)
2008
2007
2008
2007
2008
2007
2008
2007
2008
2007
2008
2007
2008
2007
32,540
26,182
8,397
28,498
22,477
7,272
26,825
15,565
8,013
25,375
14,060
6,965
852
263
39
740
278
37
27,677
15,828
8,052
26,115
14,337
7,003
3,068
968
999
2,503
1,224
943
12,216
2,707
12,620
11,836
3,367
8,234
2,277
1,595
729
1,899
1,491
862
718
296
362
720
249
321
730
240
459
643
246
318
Total Sectors......................................................... 67,119
Strategic Equity Investments (SEI)............................
—
Cross-Sector Businesses
Siemens IT Solutions and Services........................
3,879
Siemens Financial Services (SFS).........................
563
Reconciliation to consolidated financial statements
Other Operations................................................
1,958
Siemens Real Estate (SRE)................................
1,225
Corporate items and pensions............................
85
Eliminations, Corporate Treasury and other
reconciling items........................................... (3,539)
58,247
—
50,403
—
46,400
—
1,154
—
1,055
—
51,557
—
47,455
—
5,035
41
4,670
(150)
27,543
5,369
23,437
4,891
4,601
95
4,252
76
1,376
—
1,290
—
1,429
—
1,207
—
3,561
523
2,785
503
2,947
470
1,076
61
975
52
3,861
564
3,922
522
99
237
172
277
452
9,775
253
8,912
(102)
(28)
(193)
55
101
430
165
316
162
210
207
193
2,243
1,251
88
1,624
287
74
1,946
367
117
294
938
9
275
884
8
1,918
1,225
83
2,221
(138)
(153)
(904)
(704)
(213)
(265)
1,251
302
180
3,331
3,091
(5)
(12)
125 (1,038) (1,182) (2,276) (2,564) (1,435) (1,428)
70
157
31
110
129
56
73
116
84
85
114
31
(3,325)
—
—
Siemens...................................................................... 71,290
62,588
55,676
52,247
Sectors
Industry..................................................................
Energy....................................................................
Healthcare..............................................................
(3,532) (3,249) (3,532) (3,249)
—
—
55,676
52,247
(184)
(254)
49,540
54,239
40
1,717
(35)
(39)
(50)
(46)
4,354
3,560
92,830
91,555
2,953
4,202
2,130
2,027
2,024
1,791
(1) Profit of the Sectors as well as of SEI, Siemens IT Solutions and Services and Other Operations is earnings before financing interest, certain pension costs and income taxes, whereas certain other items not considered performance
indicative by Management may be excluded. Profit of SFS and SRE is Income before income taxes.
(2) Assets of the Sectors as well as of SEI, Siemens IT Solutions and Services and Other Operations is defined as Total assets less income tax assets, less non-interest bearing liabilities/provisions other than tax liabilities. Assets of SFS and
SRE is Total assets.
(3) Free cash flow represents net cash provided by (used in) operating activities less additions to intangible assets and property, plant and equipment. Free cash flow of the Sectors, SEI, Siemens IT Solutions and Services and Other Operations
primarily exclude income tax, financing interest and certain pension related payments and proceeds. Free cash flow of SFS, a financial services business, and of SRE includes related financing interest payments and proceeds; income tax
payments and proceeds of SFS and SRE are excluded.
(4) Amortization, depreciation and impairments contains amortization and impairments of intangible assets other than goodwill and depreciation and impairments of property, plant and equipment. Siemens’ Goodwill impairment and impairment
of non-current available-for-sale financial assets and investments accounted for under the equity method amount to €95 and €98 for the nine months ended June 30, 2008 and 2007, respectively.
Due to rounding, numbers presented may not add up precisely to totals provided.
SIEMENS
CONSOLIDATED STATEMENTS OF INCOME (preliminary and unaudited)
For the three and nine months ended June 30, 2008 and 2007
(in millions of €, per share amounts in €)
Three months
ended June 30,
2008
2007
Nine months
ended June 30,
2008
2007
Revenue.........................................................................................................................
Cost of goods sold and services rendered.....................................................................
Gross profit....................................................................................................................
Research and development expenses............................................................................
Marketing, selling and general administrative expenses...............................................
Other operating income.................................................................................................
Other operating expense................................................................................................
Income (loss) from investments accounted for using the equity method, net...............
Financial income (expense), net....................................................................................
Income from continuing operations before income taxes......................................
Income taxes..................................................................................................................
Income from continuing operations.......................................................................
Income (loss) from discontinued operations, net of income taxes................................
Net income.............................................................................................................
19,182
(13,306)
5,876
(916)
(3,195)
259
(144)
74
94
2,048
(573)
1,475
(56)
1,419
17,517
(12,291)
5,226
(898)
(3,069)
144
(207)
(222)
(32)
942
(334)
608
1,457
2,065
55,676
(39,579)
16,097
(2,681)
(9,493)
636
(607)
283
119
4,354
(1,236)
3,118
5,188
8,306
52,247
(37,293)
14,954
(2,437)
(8,667)
462
(866)
105
9
3,560
(1,045)
2,515
1,597
4,112
Attributable to:
Minority interest.................................................................................................
Shareholders of Siemens AG..............................................................................
45
1,374
39
2,026
116
8,190
151
3,961
Basic earnings per share
Income from continuing operations.......................................................................
Income (loss) from discontinued operations..........................................................
Net income.............................................................................................................
1.61
(0.06)
1.55
0.64
1.61
2.25
3.33
5.74
9.07
2.68
1.75
4.43
Diluted earnings per share
Income from continuing operations.......................................................................
Income (loss) from discontinued operations..........................................................
Net income.............................................................................................................
1.61
(0.07)
1.54
0.63
1.55
2.18
3.32
5.72
9.04
2.60
1.66
4.26
CONSOLIDATED STATEMENTS OF INCOME AND EXPENSE RECOGNIZED IN EQUITY (preliminary and unaudited)
For the three and nine months ended June 30, 2008 and 2007
(in millions of €)
Three months
ended June 30,
2008
2007
Nine months
ended June 30,
2008
2007
Net income....................................................................................................................
1,419
2,065
8,306
4,112
Currency translation differences...................................................................................
Available-for-sale financial assets.................................................................................
Derivative financial instruments...................................................................................
Actuarial gains and losses on pension plans and similar commitments........................
Revaluation effect related to step acquisitions..............................................................
Total income and expense recognized directly in equity, net of tax (1) (2).....................
Total income and expense recognized in equity....................................................
33
(29)
(116)
(337)
—
(449)
970
47
(12)
(17)
1,144
—
1,162
3,227
(779)
(101)
68
(150)
—
(962)
7,344
(214)
(14)
36
1,769
3
1,580
5,692
Attributable to:
Minority interest................................................................................................
Shareholders of Siemens AG............................................................................
38
932
86
3,141
79
7,265
183
5,509
(1) Includes income and expense resulting from investments accounted for using the equity method of €(110) and €(1) for the three months ended
June 30, 2008 and 2007, respectively, and €17 and €(31) for the nine months ended June 30, 2008 and 2007, respectively.
(2) Includes minority interest relating to currency translation differences of €(7) and €47 for the three months ended June 30, 2008 and 2007,
respectively, and €(37) and €32 for the nine months ended June 30, 2008 and 2007, respectively.
SIEMENS
CONSOLIDATED STATEMENTS OF CASH FLOW (preliminary and unaudited)
For the nine months ended June 30, 2008 and 2007
(in millions of €)
Cash flows from operating activities
Net income.......................................................................................................................................................................
Adjustments to reconcile net income to cash provided
Amortization, depreciation and impairments...............................................................................................................
Income taxes................................................................................................................................................................
Interest (income) expense, net.....................................................................................................................................
(Gains) on sales and disposals of businesses, intangibles and property, plant and equipment, net.............................
(Gains) on sales of investments, net (1)........................................................................................................................
(Gains) losses on sales and impairments of current available-for-sale financial assets, net........................................
(Income) from investments (1)......................................................................................................................................
Other non-cash (income) expenses..............................................................................................................................
Change in current assets and liabilities
(Increase) decrease in inventories............................................................................................................................
(Increase) decrease in trade and other receivables...................................................................................................
(Increase) decrease in other current assets...............................................................................................................
Increase (decrease) in trade payables.......................................................................................................................
Increase (decrease) in current provisions.................................................................................................................
Increase (decrease) in other current liabilities.........................................................................................................
Change in other assets and liabilities...........................................................................................................................
Income taxes paid.........................................................................................................................................................
Dividends received.......................................................................................................................................................
Interest received...........................................................................................................................................................
Net cash provided by (used in) operating activities - continuing and discontinued operations..........................
Net cash provided by (used in) operating activities - continuing operations..........................................
Cash flows from investing activities
Additions to intangible assets and property, plant and equipment...................................................................................
Acquisitions......................................................................................................................................................................
Purchases of investments (1).............................................................................................................................................
Purchases of current available-for-sale financial assets...................................................................................................
(Increase) decrease in receivables from financing activities............................................................................................
Proceeds from sales of investments, intangibles and property, plant and equipment (1)................................................
Proceeds from disposals of businesses.............................................................................................................................
Proceeds from sales of current available-for-sale financial assets...................................................................................
Net cash provided by (used in) investing activities - continuing and discontinued operations...........................
Net cash provided by (used in) investing activities - continuing operations............................................
Cash flows from financing activities
Proceeds from issuance of common stock.......................................................................................................................
Purchase of common stock...............................................................................................................................................
Proceeds from re-issuance of treasury stock....................................................................................................................
Proceeds from issuance of long-term debt.......................................................................................................................
Repayment of long-term debt (including current maturities of long-term debt)..............................................................
Change in short-term debt................................................................................................................................................
Interest paid......................................................................................................................................................................
Dividends paid.................................................................................................................................................................
Dividends paid to minority shareholders.........................................................................................................................
Net cash provided by (used in) financing activities - continuing and discontinued operations..........................
Net cash provided by (used in) financing activities - continuing operations...........................................
Effect of exchange rates on cash and cash equivalents........................................................................................................
Net increase (decrease) in cash and cash equivalents..........................................................................................................
Cash and cash equivalents at beginning of period...............................................................................................................
Cash and cash equivalents at end of period..........................................................................................................................
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 balance sheets).........................................................................
2008
2007
8,306
4,112
2,175
1,141
(37)
(5,964)
(23)
(13)
(341)
500
2,740
990
114
(2,007)
(84)
2
(198)
74
(2,396)
(648)
(214)
(53)
294
2,509
(378)
(1,253)
230
581
4,416
5,083
(1,487)
(709)
(199)
61
(226)
2,103
(943)
(1,210)
266
578
3,977
6,229
(2,278)
(4,779)
(131)
(10)
(1,484)
665
11,257
48
3,288
(7,409)
(2,499)
(7,349)
(162)
(34)
(553)
647
(262)
35
(10,177)
(9,289)
—
(3,264)
244
4,988
(643)
(3,616)
(654)
(1,462)
(93)
(4,500)
6,237
(178)
3,026
4,940
7,966
231
7,735
798
(101)
66
—
(3,381)
6,759
(881)
(1,292)
(119)
1,849
(2,139)
3
(4,348)
10,214
5,866
612
5,254
(1) Investments include equity instruments either classified as non-current available-for-sale financial assets or accounted for using the equity method.
SIEMENS
CONSOLIDATED BALANCE SHEETS (preliminary and unaudited)
As of June 30, 2008 and September 30, 2007
(in millions of €)
6/30/08
9/30/07
7,735
149
15,106
3,375
14,921
514
1,426
2,159
45,385
14,990
5,172
10,556
6,958
6,655
1,939
1,175
92,830
4,005
193
14,620
2,932
12,930
398
1,322
11,532
47,932
12,501
4,619
10,555
7,016
5,561
2,594
777
91,555
1,998
8,079
2,431
3,739
1,927
18,984
1,728
38,886
13,288
2,666
704
2,316
384
2,167
60,411
5,637
8,382
2,553
3,581
2,141
17,058
4,542
43,894
9,860
2,780
580
2,103
411
2,300
61,928
2,743
6,055
27,020
(1,055)
(2,921)
31,842
577
32,419
92,830
2,743
6,080
20,453
(280)
—
28,996
631
29,627
91,555
ASSETS
Current assets
Cash and cash equivalents......................................................................................................................
Available-for-sale financial assets..........................................................................................................
Trade and other receivables....................................................................................................................
Other current financial assets..................................................................................................................
Inventories...............................................................................................................................................
Income tax receivables............................................................................................................................
Other current assets.................................................................................................................................
Assets classified as held for disposal......................................................................................................
Total current assets..............................................................................................................................
Goodwill.....................................................................................................................................................
Other intangible assets................................................................................................................................
Property, plant and equipment....................................................................................................................
Investments accounted for using the equity method...................................................................................
Other financial assets..................................................................................................................................
Deferred tax assets......................................................................................................................................
Other assets.................................................................................................................................................
Total assets..............................................................................................................................
LIABILITIES AND EQUITY
Current liabilities
Short-term debt and current maturities of long-term debt......................................................................
Trade payables........................................................................................................................................
Other current financial liabilities............................................................................................................
Current provisions...................................................................................................................................
Income tax payables................................................................................................................................
Other current liabilities...........................................................................................................................
Liabilities associated with assets classified as held for disposal............................................................
Total current liabilities........................................................................................................................
Long-term debt...........................................................................................................................................
Pension plans and similar commitments....................................................................................................
Deferred tax liabilities................................................................................................................................
Provisions...................................................................................................................................................
Other financial liabilities............................................................................................................................
Other liabilities...........................................................................................................................................
Total liabilities.................................................................................................................................
Equity
Common stock, no par value (1)..............................................................................................................
Additional paid-in capital.......................................................................................................................
Retained earnings....................................................................................................................................
Other components of equity....................................................................................................................
Treasury shares, at cost (2).......................................................................................................................
Total equity attributable to shareholders of Siemens AG...................................................................
Minority interest......................................................................................................................................
Total equity......................................................................................................................................
Total liabilities and equity.......................................................................................................
(1) Authorized: 1,137,913,421 and 1,137,913,421 shares, respectively.
Issued: 914,203,421 and 914,203,421 shares, respectively.
(2) 37,295,082 and 383 shares, respectively.