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MarketScreener Homepage  >  Equities  >  Deutsche Boerse AG  >  Siemens Energy AG    ENR   DE000ENER6Y0

SIEMENS ENERGY AG

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

11/13/2020 | 09:25am EST

Siemens: Earnings Release and Financial Results Q4 FY 2020: Excellent performance in remarkable times.

Highlights:

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

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
SIEMENS ENERGY AG 0.99% 31.7 Delayed Quote.3.67%
SIEMENS HEALTHINEERS AG -0.46% 43.4 Delayed Quote.3.86%
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Financials
Sales 2021 29 163 M 35 165 M 35 165 M
Net income 2021 115 M 139 M 139 M
Net cash 2021 2 044 M 2 465 M 2 465 M
P/E ratio 2021 322x
Yield 2021 0,44%
Capitalization 22 519 M 27 227 M 27 154 M
EV / Sales 2021 0,70x
EV / Sales 2022 0,65x
Nbr of Employees 93 000
Free-Float 55,0%
Chart SIEMENS ENERGY AG
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Siemens Energy AG Technical Analysis Chart | ENR | DE000ENER6Y0 | MarketScreener
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 16
Average target price 32,36 €
Last Close Price 31,39 €
Spread / Highest target 46,5%
Spread / Average Target 3,08%
Spread / Lowest Target -23,5%
EPS Revisions
Managers and Directors
NameTitle
Christian Bruch President & Chief Executive Officer
Josef Kaeser Chairman-Supervisory Board
Maria Ferraro Chief Financial & Diversity Officer
Günter Augustat Member-Supervisory Board
Manfred Bäreis Member-Supervisory Board
Sector and Competitors