Siemens Aktiengesellschaft · XETR:SIE
Siemens Aktiengesellschaft — Q1 2021 Earnings Presentation
24 slides from Siemens Aktiengesellschaft's earnings presentation, Feb 3, 2021
Slide 1: Outstanding start to fiscal 2021
Outstanding start to fiscal 2021 Joe Kaeser, President and CEO Siemens AG Roland Busch, Deputy CEO Siemens AG Ralf P. Thomas, CFO Siemens AG Unrestricted | © Siemens 2021 | Investor Relations | Q1 Analyst Call | 2021-02-03
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: Vision 2020+
Vision 2020+ Major steps of Siemens transformation accomplished – more to come + Value Ultimate value creation Transformation Leading in all businesses and Anticipating markets shaping the transformation Focus and trends Putting focus Q1 FY 2021 y-o-y: ahead of scale Orders: +15% effects Revenue: +7
Slide 4: Substantial value creation through re-rating of Siemens share after Energy spin-off
Substantial value creation through re-rating of Siemens share after Energy spin-off Further boost by Q1 pre-release January 2021 New all-time High % €132.80 Sept. 28, 2020 Spin-off Siemens Energy Siemens Energy +9% +49% July 9, 2020 Siemens Extraordinary GM Spin-off-decision Energy +36% DAX +11% Jul
Slide 5: Siemens' share outperforms DAX
Siemens‘ share outperforms DAX Total shareholder return – from July 25, 2013, to January 25, 2021 132.80 €* Siemens 120.07€* +136% DAX +64% Traditional Competitor * Adjusted to reflect Siemens Energy spin off, historical price adjustment factor is 0.90 Dividends reinvested -44% Source: Refinitiv; cl
Slide 6: Superior technology, leading digital capabilities and domain know-how drive customer success
Superior technology, leading digital capabilities and domain know-how drive customer success Mobility winning in Egypt Digital Industries in China Smart Infrastructure Data Center Providing sustainable Empowering customers Capturing growth mobility with landmark in automation & digital opportunities
Slide 7: Q1 – Outstanding start to fiscal 2021
Q1 – Outstanding start to fiscal 2021 Orders Revenue IB Adj. EBITA margin +15% +7% 16.0% EPS Free Cash Flow Indust. ND/EBITDA (all in) €1.72 €1.0bn 1.1x Note: Orders and Revenue growth comparable Page 7 Unrestricted | © Siemens 2021 | Investor Relations | Q1 Analyst Call | 2021-02-03
Slide 8: Digital Industries (DI): Outstanding performance led by China
Digital Industries (DI) Outstanding performance led by China Orders Revenue Orders: €bn Faster recovery of key end markets +2%1) +5%1) 4.2 4.1 All Automation businesses return to growth 3.8 3.8 1.0 1.0 Revenue: 2.7 2.8 Extraordinary strength in China Discrete Automation clearly up, Process flat Q1 F
Slide 9: Digital Industries: Higher margin short cycle automation drive strong December
Digital Industries: Higher margin short cycle automation businesses drive extraordinary strong December Faster recovery in core manufacturing industries … … led to different seasonal pattern in Q1 Purchasing Manager Indices (PMI) Manufacturing DI Automation Revenue: Historic Q1 pattern 65 December 6
Slide 10: Digital Industries: Faster market recovery creating growth momentum
Digital Industries (DI) Faster market recovery creating growth momentum, especially in short-cycle business DI revenue share in vertical end markets Q1 FY 2021 - Key regions Automation (excl. Software) Market trend next 3-4 quarters1) As of Q4/20 As of Q1/21 Orders +34% | Revenue +27% 20% Automotive
Slide 11: Smart Infrastructure (SI): Strength in product business drives excellent performance
Smart Infrastructure (SI) Strength in product business drives excellent performance Orders Revenue Orders: €bn Strong growth in products +7%1) +4%1) Systems moderately up 3.8 3.8 3.5 3.5 Solutions & services slightly down 1.3 1.3 2.2 2.2 Revenue: All major regions up, strong momentum in China Q1 FY
Slide 12: Mobility (MO): Industry leading margins continuing, despite Covid-19 impact
Mobility (MO) Industry leading margins continuing, despite Covid-19 impact Orders Revenue Orders: €bn 4%1) Several large orders in Rolling Stock and Rail +67%1) 2.2 2.2 Infrastructure 2.7 0.4 0.3 Revenue: 1.7 1.8 1.8 Clear growth in Rolling Stock on backlog conversion Q1 FY 20 Q1 FY 21 Q1 FY 20 Q1 F
Slide 13: Strong performance of Industrial Businesses reflected in higher net income
Strong performance of Industrial Businesses reflected in higher net income Q1 FY 21 – Performance Below Industrial Businesses €m 117 -3 -26 59 -146 Minorities 2,128 -157 €121m -8 -488 Therein: 23 1,498 1,475 -€50m Pensions -€96m Corp. Items Tax Rate @ 24.9% 1,377 IB SFS POC Siemens SRE Corp. Items,
Slide 14: Outlook FY 2021 raised
Outlook FY 2021 raised FY 2021 Siemens Group FY 2021 Framework Businesses • Book-to-bill >1 Comparable Adj. EBITA margin • Mid- to high-single-digit revenue growth expectation comparable revenue growth • Net income of €5.0 – 5.5bn Digital Industries Clear 19 – 20% €bn 5.5 Smart Infrastructure Modera
Slide 15: Appendix
Appendix Page 15 Unrestricted | © Siemens 2021 | Investor Relations | Q1 Analyst Call | 2021-02-03
Slide 16: Siemens and Portfolio Companies (POC) Comparable Key Figures
Siemens and Portfolio Companies (POC) Comparable Key Figures Siemens (Flender in discontinued operations) FY 19 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4 FY 20 FY 20 Orders 62.946 14.361 14.664 13.906 15.100 58.030 Revenue 56.797 13.675 13.784 12.979 14.816 55.254 Income from continuing operations 5.063 1.188 9
Slide 17: Free cash flow: Significant progress towards more consistent cash conversion
Free cash flow Significant progress towards more consistent cash conversion Free Cash Flow – Industrial Businesses €m +86% Higher profit leading to improved cash 1,468 performance, partially offset by growth related 789 operating working capital build-up 0.69 0.51 Siemens Healthineers standing out Q
Slide 18: Siemens Financial Services (SFS)
Siemens Financial Services (SFS) Recovery supported by robust performance of the SFS Debt Business Income before income taxes (IBIT) €m Significant recovery of SFS profitability FY 2020: Q1 FY 2021: RoE: 11.7% RoE: 15.2% Higher credit risk provisions year-over-year, but lower than in previous quarte
Slide 19: Net debt bridge Q1 FY 2021
Net debt bridge Q1 FY 2021 Ind. Net Debt/ EBITDA (c/o) in €bn Operating Activities 1.1x (Q4 FY20: 1.3x) therein: • ∆ Inventories -0.5 29.3 • ∆ Trade and other receivables -0.4 28.2 8.3 • ∆ Trade payables -0.4 • ∆ Contract Assets/Liabilities +0.2 19.9 2.3 -1.1 -0.4 0.2 Net Debt Cash flows from ∆ Work
Slide 20: Provisions for pensions further decreased in Q1
Provisions for pensions further decreased in Q1, mainly due to extraordinary funding of stake in Bentley shares in Germany and overall positive asset performance Q FY 2020 – Pensions and similar obligations FY FY Q1 FY Q2 FY Q3 FY Q4 FY Q1 FY in €bn¹ 2018 2019 2020 2020 2020 2020 2021 Defined benefi
Slide 21: Q1 FY 2021 Profit Bridge from SHS disclosure to SAG disclosure
Q1 FY 2021 Profit Bridge from SHS disclosure to SAG disclosure Different profit definitions at SHS and SAG to be considered in models in €m disclosure (as of February 1, 2021) disclosure (as of February 3, 2021) 19.1% 17.7% 17.6% 738 17.3% -4 -12 -39 683 39 670 682 -62 12 10 EBIT Transaction, Severa
Slide 22: Page 22 Unrestricted | © Siemens 2021 | Investor Relations | Q1 Analyst Call
Page 22 Unrestricted | © Siemens 2021 | Investor Relations | Q1 Analyst Call | 2021-02-03
Slide 23: Financial calendar
Financial calendar Mar 18, 2021 Mar 22, 2021 May 18/19, 2021 June 10, 2021 Bank of America CH Roadshow Virtual Q2 JP Morgan conference Zurich Roadshow Conference Feb 3, 2021 May 7, 2021 June 24, 2021 AGM, Q1 Earnings Q2 Earnings Capital Market Release Release Day Page 23 Unrestricted | © Siemens 202
Slide 24: Investor Relations
Investor Relations Internet: www.siemens.com/investorrelations E-Mail: investorrelations@siemens.com Telephone: +49 89 636-32474 Fax: +49 89 636-1332474 Page 24 Unrestricted | © Siemens 2021 | Investor Relations | Q1 Analyst Call | 2021-02-03
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