Siemens Aktiengesellschaft · XETR:SIE
Siemens Aktiengesellschaft — Siemens — Q2 FY2019 Earnings Presentation
17 slides from Siemens Aktiengesellschaft's earnings presentation, May 8, 2019
Slide 1: Successful first half sets up strong fiscal year
Successful first half sets up strong fiscal year Q2 FY 2019 Financials | Munich, May 8, 2019 Unrestricted © Siemens 2019 siemens.com
Slide 2: Notes and forward-looking statements
Notes and forward-looking statements 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 forw
Slide 3: Q2 FY 2019 – Performance
Q2 FY 2019 – Performance Orders Revenue IB Adj. EBITA margin excl. severance +4% +2% 11.7% EPS excl. severance IB Cash conversion Indust. ND/EBITDA €2.32 0.43 1.1x Orders and Revenue growth comparable Unrestricted © Siemens 2019 Page 3 Munich, May 8, 2019 Q2 FY 2019 Financials
Slide 4: Power and Gas / Energy Management
Power and Gas Energy Management Power and Gas (PG) Energy Management (EM) Orders Revenue Orders Revenue €bn €bn +1%1) -6%1) +8%1) +1%1) 3.2 3.3 2.9 2.8 2.8 3.1 3.0 3.0 Q2 FY 18 Q2 FY 19 Q2 FY 18 Q2 FY 19 Q2 FY 18 Q2 FY 19 Q2 FY 18 Q2 FY 19 Note: 8# LGT>100MW booked Adj. EBITA Adj. EBITA margin Adj.
Slide 5: Building Technologies / Mobility
Building Technologies Mobility Building Technologies (BT) Mobility (MO) Orders Revenue Orders Revenue €bn €bn +42%1) +5%1) +2%1) -1%1) 3.5 1.8 1.9 1.6 1.7 2.4 2.1 2.1 Q2 FY 18 Q2 FY 19 Q2 FY 18 Q2 FY 19 Q2 FY 18 Q2 FY 19 Q2 FY 18 Q2 FY 19 Adj. EBITA Adj. EBITA margin Adj. EBITA Adj. EBITA margin €m
Slide 6: Digital Factory / Process Industries and Drives
Digital Factory Process Industries and Drives Digital Factory (DF) Process Industries and Drives (PD) Orders Revenue Orders Revenue €bn €bn -2%1) +2%1) flat1) +9%1) 3.4 3.4 3.3 3.4 2.2 2.2 2.0 2.2 Q2 FY 18 Q2 FY 19 Q2 FY 18 Q2 FY 19 Q2 FY 18 Q2 FY 19 Q2 FY 18 Q2 FY 19 Adj. EBITA Adj. EBITA margin Ad
Slide 7: Strategic Companies
Strategic Companies Siemens Healthineers (SHS) Siemens Gamesa Renewable Energy (SGRE) Orders Revenue Orders Revenue €bn €bn +5%1) +6%1) -20%1) +6%1) 3.3 3.6 3.2 3.5 3.0 2.5 2.2 2.4 Q2 FY 18 Q2 FY 19 Q2 FY 18 Q2 FY 19 Q2 FY 18 Q2 FY 19 Q2 FY 18 Q2 FY 19 Adj. EBITA Adj. EBITA margin Adj. EBITA Adj. EB
Slide 8: Below Industrial Business – Tax rate expectation for FY 2019 lowered to 24–28%
Below Industrial Business – Tax rate expectation for FY 2019 lowered to 24 – 28% Below Industrial Business – Q2 FY 2019 Expectations for FY 2019 €m • SFS: ~ FY 2018 level 239 -11 28 -103 -282 2,406 Minorities • CMPA: volatile, negative, no material divestment -28 -323 -€115m gains expected Therein:
Slide 9: Outlook FY 2019 confirmed
Outlook FY 2019 confirmed We confirm our financial expectations for fiscal 2019. We assume a continued favorable market environment, 7.88 particularly for our short- cycle businesses, with limited 0.76 risks related to geopolitical uncertainties. severance Mid point growth +11% For fiscal 2019, we e
Slide 10: Q2 FY 2019 – Net debt bridge
Q2 FY 2019 – Net debt bridge Q2 ΔQ1 in €bn • SFS Debt +24.8 +0.5 Ind. Net Debt/ • Post emp. Benefits -9.4 -0.2 EBITDA (c/o) • Credit guarantees -0.4 0.0 1.1x • Fair value adj. +0.4 0.0 (Q1 FY19: 0.7x) (hedge accounting) Operating Activities 21.9 26.3 10.8 therein: therein a.o.: • Δ Contract assets -
Slide 11: Q2 FY 2019 – Pensions and similar obligations
Provisions increase due to a lower discount rate, partially offset by asset performance Q2 FY 2019 – Pensions and similar obligations Q1 Q2 in €bn1) FY 2016 FY 2017 FY 2018 FY 2019 FY 2019 Defined benefit obligation (DBO)2) (42.2) (36.9) (35.9) (36.4) (38.4) Fair value of plan assets2) 28.7 27.6 28.
Slide 12: Q2 FY19 Profit Bridge from SGRE to SAG disclosure
Q2 FY19 Profit Bridge from SGRE to SAG disclosure Different profit definitions at SGRE and SAG to be considered in models in €m disclosure (as of May 7, 2019) disclosure (as of May 8, 2019) 7.5% 178 6.1% 6.2% -22 -8 146 149 -2 2 -66 3.8% 66 90 EBIT Integration & PPA effects EBIT PPA effects Financia
Slide 13: Outlook for FY 2019 confirmed (Siemens Gamesa)
Outlook for FY 2019 confirmed As disclosed on May 7, 2019 Comments ▪ FY 19 revenue coverage of 96%2, 100% of low end of range Guidance FY 19 ▪ Additional synergies of 1.2% of revenues by end of FY 19 included in margin expectations. Estimated FY 19 impact of: H1 19 FY 19 E1 ▪ PPA amortization of int
Slide 14: Outlook – full year guidance confirmed
Outlook – full year guidance confirmed As disclosed on May 2, 2019 Unrestricted © Siemens 2019 Page 14 Munich, May 8, 2019 Q2 FY 2019 Financials
Slide 15: New Siemens Financial Framework (as of April 1, 2019)
New Siemens Financial Framework (as of April 1, 2019) Ambitious financial goals based on benchmarks Update as of May 2019 Siemens (targets over the cycle) Growth Siemens Cash conversion (CCR) comparable revenue growth Industrial Businesses margin3) FCF IB / Adj. EBITA IB 4 – 5% 11 – 15% CCR = 1 – co
Slide 16: Financial calendar
Financial calendar May 13 - 14, 2019 Roadshow (Frankfurt / Paris) May 2019 May 20, 2019 Electrical Products Group Conference (Miami) June 5, 2019 Roadshow (Zurich) June / July 2019 June 13, 2019 JPM Conference (London) August August 1, 2019 2019 Q3 Earnings Release Unrestricted © Siemens 2019 Page 1
Slide 17: Investor Relations contacts
Investor Relations contacts Investor Relations Internet: www.siemens.com/investorrelations E-Mail: investorrelations@siemens.com Telefon: +49 89 636-32474 Fax: +49 89 636-1332474 Unrestricted © Siemens 2019 Page 17 Munich, May 8, 2019 Q2 FY 2019 Financials