Siemens Aktiengesellschaft · XETR:SIE
Siemens Aktiengesellschaft — Siemens — Commerzbank German Investment Seminar 2012
26 slides from Siemens Aktiengesellschaft's conference presentation, Jan 10, 2012
Slide 1: Siemens - A robust force in times of "Macroeconomic myth"
Siemens - A robust force in times of “Macroeconomic myth“ Joe Kaeser, CFO Commerzbank German Investment Seminar January 10, 2012 Page 1 Commerzbank German Investment Seminar, January 10, 2012 Copyright © Siemens AG 2012. All rights reserved.
Slide 2: Safe Harbour Statement
Safe Harbour Statement This document contains forward-looking statements and information – that is, statements related to future, not past, events. These statements may be identified by words such as “expects,” “looks forward to,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,”
Slide 3: New Organization of Siemens aligned with the global trends
New Organization of Siemens aligned with the global trends Infrastruc- Energy Healthcare Industry ture & Cities Fossil Power Generation Imaging & Therapy Industry Automation Rail Systems Wind Power Clinical Products Drive Technologies Mobility and Logistics Solar & Hydro Diagnostics Customer Service
Slide 4: One Siemens – Updated framework for sustainable value creation
One Siemens – Updated framework for sustainable value creation One Siemens The integrated technology company Financial target system 4) Outperforming Capital efficiency Capital structure revenue growth Adjusted industrial net ROCE (cont. ops.)1) Growth (nominal) > debt / EBITDA Siemens most relevant
Slide 5: Assumptions for 2012 as outlined
Assumptions for 2012 as outlined – … all about “Short Cycle“ and “Operational execution“ FY 2011 Assumptions for FY 2012 In € bn Book-to-bill 1.16x > 1.0x Revenue 73.5 Moderate organic growth Income from 7.0 “Operationally“1) around fiscal 2011 levels cont. ops. Free Cash Flow 5.9 Materially weaker
Slide 6: Medium-term global economic outlook: Clouding in 2012, particularly in the Euro zone
Medium-term global economic outlook: Clouding in 2012, particularly in the Euro zone GDP growth for 2012 GDP by region 2007 to 2013 at various times of forecast Real change y-o-y Real change y-o-y 15% 7% Current Forecast 6.1% 6% 10% 5.4% 5.4% 5% 5% 3.8% 4% 2.7% 2.7% 0% 3% 2.4% 1.2% 2% 1.2% -5% 1% -1
Slide 7: Which €uro crisis? The European currency remains strong against the US-$
Which €uro crisis? The European currency remains strong against the US-$ Exchange rate US $ / € and Public Debt Governm. Debt/ US-$ / € GDP in % 1,7 110 1,6 100 90 1,5 80 Euro172) 1,4 70 US1) 1,3 60 1,2 50 40 1,1 30 1,0 20 0,9 10 0,8 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1
Slide 8: Global footprint dampens "European fears"
Global footprint dampens “European fears“ Regional revenue distribution Regional revenue distribution GDP 2011 Expected GDP Hypothetical2) Siemens revenue Growth 20121) Siemens revenue 2011 Europe 43% Other € bn 75.1 57% emerging and Other developing 10% emerging and 13% +3.6% 7.5 countries developi
Slide 9: Accelerated investments in BRIC countries lead to significant above average growth rates
Accelerated investments in BRIC countries lead to significant above average growth rates Revenue (in € bn) Russia Siemens in EM 1) +22% Middle East +11% +2% 1.4 24.1 1.1 21.8 4.6 4.7 FY10 FY11 China +16% FY10 FY11 6.4 India 5.5 FY10 FY11 In % of Siemens 32% 33% +25% Brazil 2.4 1.9 +25% Growth abs. +
Slide 10: Emerging markets is more than BRICME: Second wave of infrastructure development
Emerging markets is more than BRICME CIVETS “et al”: Second wave of infrastructure development Large potential of CIVETS1) Strong Siemens footprint GFI in US-$ (bn) 841 Presence 2005 – 2011 (change in %) +5.6% since2) Revenue3) Employees 282 C 1954 +183% +124% I 1921 +81% +22% 2010 2030 Population i
Slide 11: SFS Mission: Combining financial with "industrial" logic
SFS Mission: Combining financial with “industrial” logic Controlled asset growth Reliable source of profitability € bn 14.6 Pre tax After tax 12.5 31.6 31.4 30.2 11.3 11.7 ROE in % 25.9 22.6% 8.9 24.8% 15-20% Profit 443 428 329 286 304 EUR m FY 07 FY 08 FY 09 FY 10 FY 11 FY 07 FY 08 FY 09 FY 10 FY 1
Slide 12: Containment of sovereign debt is a global challenge
Containment of sovereign debt is a global challenge Sovereign debt bn € +7.5% CAGR 23.407 22.162 21.695 22.313 305 381 282 338 19.198 17.727 351 328 15.211 13.154 269 12.586 12.908 12.692 12.249 12.285 12.784 10.757 217 234 10.119 207 8.421 6.784 6.575 6.756 1.848 2.712 1.401 2.137 2.463 1.166 2.096
Slide 13: Balanced Portfolio: revenue growth per Sector
SIEMENS Answers: # 1 - Balanced Portfolio Revenue growth per Sector1) Industrial volatility is a given 30% Industry 25% World Production : Growth Rate (3MMV2)) in real terms 20% 15% 12% 8% 11% 11% 15 10% 7% 8% 5% 3% 4% 1% 0% -5% -4% 10 -10% -6% Y-o-Y Change rate -15% -11% -14% -13% Q3 Q4 Q1 Q2 Q3 Q4
Slide 14: Solid dividend yield
SIEMENS Answers: # 2 - Solid dividend yield Siemens has an increased …and has a reliable track record focus on dividends … Dividend in € Continuous dividend payments since 1951 3.00 Dividend per share Dividend continuity through CAGR since 2001 economic cycles 2.00 +12% Since FY2010 committed payout
Slide 15: Turn "opportunity" into P&L and balance sheet
SIEMENS Answers: # 3 - Turn “opportunity“ into P&L and balance sheet Siemens performance by the decades € bn Revenue x'' Decade's Net Income Growth above market 78 0% 76 +9% CAGR Urban infrastructure Automation Affordable healthcare … sustainability 32 33 33'' Economic 18 18'' 2001-2010 1991-2000 19
Slide 16: Appendix
Appendix Page 16 Commerzbank German Investment Seminar, January 10, 2012 Copyright © Siemens AG 2012. All rights reserved.
Slide 17: One Siemens cockpit – Operational performance on track – cash is still king
One Siemens cockpit – Operational performance on track – cash is still king Financial target system Growth1) ! Margins compared to industry benchmarks Revenue growth (rolling 4 quarters Q4 FY 2011) EBITDA Margins (FY 2011) Energy 14.6% 10-15% Siemens 6.6% Healthcare 15.7% 15-20% -3.3% Industry 16.8%
Slide 18: SFS supports Siemens customers with tailored solutions
SFS supports Siemens customers with tailored solutions Cannon Power Group has over 3,000 MW of wind and over 1,500 MW of solar projects in various stages of development in Europe and North America Windy Siemens was single supplier for the expansion of their Windy Flats wind farm Flats project (260 M
Slide 19: Financial calendar
Financial calendar January January 10, 2012 Commerzbank Conference (New York) January 24, 2012 Annual General Meeting, Q1 Earnings Release and Analyst Call February February 14, 2012 Capital Market Day Sector Healthcare (London) March March 13, 2012 Edison Electric Institute, International Utility C
Slide 20: Siemens investor relations contact data
Siemens investor relations contact data Mariel von Drathen +49-89-636-33780 Munich Office +49-89-636-32474 Internet: http://www.siemens.com/investorrelations Email: investorrelations@siemens.com Fax: +49-89-636-32830 Page 20 Commerzbank German Investment Seminar, January 10, 2012 Copyright © Siemens
Slide 21: Reconciliation and Definitions for Non-GAAP Measures (I)
Reconciliation and Definitions for Non-GAAP Measures (I) To supplement Siemens’ Consolidated Financial Statements presented in accordance with International Financial Reporting Standards, or IFRS, Siemens presents the following supplemental financial measures: • New orders and order backlog; • Adjus
Slide 22: Reconciliation and Definitions for Non-GAAP Measures (II)
Reconciliation and Definitions for Non-GAAP Measures (II) New orders and order backlog - continued Order backlog represents an indicator for the future revenues of our Company resulting from already recognized new orders. Order backlog is calculated by adding the new orders of the current fiscal yea
Slide 23: Reconciliation and Definitions for Non-GAAP Measures (III)
Reconciliation and Definitions for Non-GAAP Measures (III) Total Sectors Profit Siemens uses Total Sectors Profit to measure the sum of Profit of the three Sectors Industry, Energy and Healthcare. Profit of the Sectors is earnings before financing interest, certain pension costs and income taxes. Ce
Slide 24: Reconciliation and Definitions for Non-GAAP Measures (IV)
Reconciliation and Definitions for Non-GAAP Measures (IV) ROCE (adjusted) - continued ROCE (adjusted) at the Siemens group level on a continuing and discontinued operations basis Siemens also presents group ROCE (adjusted) on a continuing and discontinued operations basis. For this purpose, the nume
Slide 25: Reconciliation and Definitions for Non-GAAP Measures (V)
Reconciliation and Definitions for Non-GAAP Measures (V) Adjusted EBITDA, adjusted EBIT and adjusted EBITDA margins on a continuing operations basis – continued Adjusted EBITDA margins at the Sector level Siemens defines adjusted EBITDA margins at the Sector level as the ratio of adjusted EBITDA to
Slide 26: Reconciliation and Definitions for Non-GAAP Measures (VI)
Reconciliation and Definitions for Non-GAAP Measures (VI) Limitations on the usefulness of Siemens’ supplemental financial measures The supplemental financial measures reported by Siemens may be subject to limitations as analytical tools. In particular: • With respect to new orders and order backlog