Siemens Announces Earnings Release Q3 2012
OREANDA-NEWS. July 27, 2012. "The deceleration of the world economy has increased in the past few months. We see growing reluctance among our customers regarding capital expenditures and stronger economic headwinds, especially in our industrial short-cycle businesses. Therefore our focus above all is on increasing our productivity and efficiency. Given the deteriorating environment it becomes more difficult to achieve our guidance for the fiscal year."
Peter Loscher, President and Chief Executive Officer of Siemens AG
Financial Highlights:
Revenue for the third quarter rose 10% year-over-year, to €19.542 billion, with five percentage points coming from favorable currency translation effects.
Orders came in at €17.770 billion, 23% below the prior-year period, which included a €3.7 billion order for trains in Germany and a substantially higher volume from large orders in Energy. The book-to-bill ratio for the quarter was 0.91, and the order backlog was €100 billion.
Total Sectors profit was €1.817 billion, despite lower earnings contributions from Siemens' industrial short-cycle businesses. The third quarter a year earlier included substantial profit impacts related to divesting Siemens' stake in Areva NP (Areva) and changing the focus of particle therapy projects.
Income from continuing operations was €1.229 billion and corresponding basic EPS was €1.37.
Free cash flow from continuing operations for the quarter declined year-over-year, to €883 million, on lower cash flows in the Sectors.
Earnings Release
All figures are preliminary and unaudited. This Earnings Release should be read in conjunction with information Siemens published today regarding legal proceedings.
This document includes supplemental financial measures that are or may be non-GAAP financial measures. New orders and order backlog; adjusted or organic growth rates of revenue and new orders; book-to-bill ratio; Total Sectors profit; return on equity (after tax), or ROE (after tax); return on capital employed (adjusted), or ROCE (adjusted); Free cash flow, or FCF; cash conversion rate, or CCR; adjusted EBITDA; adjusted EBIT; adjusted EBITDA margins, earnings effects from purchase price allocation, or PPA effects; net debt and adjusted industrial net debt are or may be such non-GAAP financial measures. These supplemental financial measures should not be viewed in isolation as alternatives to measures of Siemens' financial condition, results of operations or cash flows as presented in accordance with IFRS in its Consolidated Financial Statements. Other companies that report or describe similarly titled financial measures may calculate them differently. Definitions of these supplemental financial measures, a discussion of the most directly comparable IFRS financial measures, information regarding the usefulness of Siemens' supplemental financial measures, the limitations associated with these measures and reconciliations to the most comparable IFRS financial measures are available on Siemens' Investor Relations website at www.siemens.com/nonGAAP. For additional
information, see supplemental financial measures and the related discussion in Siemens' most recent annual report on Form 20-F, which can be found on our Investor Relations website or via the EDGAR system on the website of the United States Securities and Exchange Commission.
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Further information about risks and uncertainties affecting Siemens is included throughout our most recent annual, and interim reports as well as our most recent earnings release, which are available on the Siemens website, www.siemens.com,
and throughout our most recent annual report on Form 20-F and in our other filings with the SEC, which are available on the Siemens website www.siemens.com, and
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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.
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