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MarketScreener Homepage  >  Equities  >  Xetra  >  Siemens AG    SIE   DE0007236101

SIEMENS AG

(SIE)
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Siemens-Earnings Release and Financial Results Q4 FY 2020: Excellent performance in remarkable times

11/12/2020 | 07:48am EST

Orders of EUR60.0 billion and revenue of EUR57.1 billion, for a book-to-bill ratio of 1.05.

These figures represent declines of 7% and 2%, respectively, compared to the prior year, on both a nominal and a comparable basis, excluding currency translation and portfolio effects

Adjusted EBITA Industrial Businesses of EUR7.6 billion, 3% below the prior-year level; Adjusted EBITA margin of 14.3% included a positive EUR0.8 billion effect from the stake in Bentley Systems, Inc., which contributed 1.5 percentage points to the margin, partly offset by severance charges of EUR0.5 billion which took 0.9 percentage points; results outside Industrial Businesses impacted by a EUR0.5 billion impairment of an equity investment

Net income declined to EUR4.2 billion, including a loss of EUR0.1 billion within discontinued operations compared to income from discontinued operations of EUR0.5 billion in the prior year, resulting in basic earnings per share (EPS) from net income of EUR5.00

Despite less favorable conditions for cash collection, Free cash flow rose clearly to EUR6.4 billion, reaching the highest level in the past decade

With the spin-off of the energy business, Siemens allocated 55.0% of its ownership interest in Siemens Energy AG to its shareholders, a further 9.9% were transferred to Siemens Pension-Trust e.V and the remaining 35.1% of shares are held by Siemens and reported within Reconciliation to Consolidated Financial Statements as Siemens Energy Investment

After the successful spin-off of Siemens Energy, Siemens proposes a dividend of EUR3.50 per share, consisting of EUR3.00 at the upper end of our targeted dividend payout ratio, supplemented by an additional EUR0.50

Outlook

For our outlook for fiscal 2021 we assume that the COVID-19 pandemic will not have a long-lasting impact on the world economy. Given this condition, we expect a fairly robust return to global GDP growth. While we anticipate that important customer industries for Siemens will continue to face challenges related to the pandemic and industry-specific structural changes, and that this will cause growth in global fixed investments to lag behind GDP growth, we expect improved conditions particularly for our high-margin short-cycle businesses in the second half of fiscal 2021.

We further anticipate that negative currency effects will strongly burden both nominal growth rates in volume and Adjusted EBITA for our industrial businesses in fiscal 2021.

For comparable revenue, net of currency translation and portfolio effects, we expect the Siemens Group to achieve moderate growth and a book-to-bill ratio above 1.

Digital Industries expects fiscal 2021 comparable revenue to grow modestly year-over-year. Adjusted EBITA margin is expected at 17% to 18%.

Smart Infrastructure expects to achieve moderate comparable revenue growth in fiscal 2021. Adjusted EBITA margin is expected at 10% to 11%.

Due mainly to executing its large order backlog, Mobility anticipates mid-single-digit comparable revenue growth in fiscal 2021. Adjusted EBITA margin is expected to be 9.5% to 10.5%.

Assuming the expectations described above are fulfilled during fiscal 2021, we anticipate net income to increase moderately from EUR4.2 billion in fiscal 2020 despite the strong currency headwinds.

For our net income guidance, we assume that the divestment gain related to the announced divestment of Flender will be largely offset by burdens related to Siemens Energy. Within our equity investment in Siemens Energy, we expect an EUR0.3 billion impact from amortization of assets in addition to our participation in its profit after tax. We also expect expenses remaining from the spin-off transaction.

Excluded from this outlook are burdens from legal and regulatory issues and effects in connection with Siemens Healthineers' planned acquisition of Varian Medical Systems, Inc., which is expected to close in the first half of calendar 2021.

Please read the complete Earnings Release and Financial Results:

Earnings Release Q4 FY 2020 July 1 to September 30, 2020: Excellent performance in remarkable times

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

The Siemens team delivered a strong finish to a remarkable year. While shaping the structure of the new Siemens, our industrial and earnings performance in the quarter was up year over year. After the Energy spin-off and the Flender disposal, Siemens is very well positioned to lead the industrial transformation going forward.

Joe Kaeser, President and Chief Executive Officer of Siemens AG

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Annual Press Conference 2020

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Disclaimer

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 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 of the Annual Report, and in the Half-year Financial Report, which should be read in conjunction with the Annual Report. Should one or more of these risks or uncertainties materialize, events of force majeure, such as pandemics, 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.

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
SIEMENS AG 1.79% 130.66 Delayed Quote.9.22%
SIEMENS ENERGY AG -0.49% 32.75 Delayed Quote.8.69%
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Financials
Sales 2021 57 546 M 69 972 M 69 972 M
Net income 2021 4 590 M 5 581 M 5 581 M
Net Debt 2021 28 675 M 34 867 M 34 867 M
P/E ratio 2021 23,3x
Yield 2021 2,74%
Capitalization 104 B 127 B 127 B
EV / Sales 2021 2,31x
EV / Sales 2022 2,13x
Nbr of Employees 293 000
Free-Float 88,0%
Chart SIEMENS AG
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Technical analysis trends SIEMENS AG
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 132,71 €
Last Close Price 130,66 €
Spread / Highest target 22,5%
Spread / Average Target 1,57%
Spread / Lowest Target -36,5%
EPS Revisions
Managers and Directors
NameTitle
Josef Kaeser President & Chief Executive Officer
Jim Hagemann Snabe Chairman-Supervisory Board
Roland Emil Busch Deputy CEO, COO, CTO & Labour Director
Ralf Peter Thomas Chief Financial Officer
Hanna Hennig Chief Information Officer
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