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Annual Report 2020 Table of A Annual Report 2020 Table of A. contents Combined Management Report A.1 Organization of the Siemens Group and basis of presentation 2 A.2 Financial performance system 3 A.3 Segment information 6 A.4 Results of operations 18 A.5 Net assets position 22 A.6 Financial position 23 A.7 Overall assessment of the economic position 27 A.8 Report on expected developments and as sociated material opportunities and risks 29 A.9 Siemens AG 46 A.10 Compensation Report 50 A.11 Takeover-relevant information 82 B. Consolidated Financial Statements B.1 Consolidated Statements of Income 88 B.2 Consolidated Statements of Comprehensive Income 89 B.3 Consolidated Statements of Financial Position 90 B.4 Consolidated Statements of Cash Flows 92 B.5 Consolidated Statements of Changes in Equity 94 B.6 Notes to Consolidated Financial Statements 96 C. Additional Information C.1 Responsibility Statement 166 C.2 Independent Auditor ʼs Report 167 C.3 Report of the Super visory Board 176 C.4 Corporate Governance 184 C.5 Notes and forward-looking s tatements 199 PAGES 1 – 86 A. Combined Management Report Combined Management Report A.1 Organization of the Siemens Group and basis of presentation A.1 Organization of the Siemens Group and basis of presentation Siemens is a technology company that is active in nearly all Reconciliation to Consolidated Financial Statements is countries of the world, focusing on the areas of automation Siemens Advanta, formerly Siemens IoT Services, a stra- and digitalization in the process and manufacturing indus- tegic advisor and implementation partner in digital trans- tries, intelligent infrastructure for buildings and distributed formation and industrial internet of things (IIoT). energy systems, smart mobility solutions for rail and road and medical technology and digital healthcare services. Our reportable segments and Portfolio Companies may do business with each other, leading to corresponding Siemens comprises Siemens Aktiengesellschaft orders and revenue. Such orders and revenue are elimi- (Siemens AG), a stock corporation under the Federal laws nated on the Group level. of Germany, as the parent company and its subsidiaries. Our Company is incorporated in Germany, with our cor- NON-FINANCIAL MATTERS porate headquarters situated in Munich. As of Septem- OF THE GROUP AND SIEMENS AG ber 30, 2020, Siemens had around 293,000 employees. Siemens has policies for environmental, employee and social matters, for the respect of human rights, and anti- As of September 30, 2020, Siemens has the following re- corruption and bribery matters, among others. Our busi- portable segments: Digital Industries, Smart Infrastruc- ness model is described in chapters A.1 and A.3 of this ture, Mobility and Siemens Healthineers, which together Combined Management Report. Reportable information form our “Industrial Businesses” and Siemens Financial that is necessary for an understanding of the develop- Services (SFS), which supports the activities of our indus- ment, performance, position and the impact of our ac- trial businesses and also conducts its own business with tivities on these matters is included in this Combined external customers. Furthermore, we report results for Management Report, in particular in chapters A.3 Portfolio Companies, which comprises businesses that through A.7. Forward-looking information, including risk are managed separately to improve their performance. disclosures, is presented in chapter A.8. Chapter A.9 During fiscal 2020, the energy business, consisting of includes additional information that is required to be the former reportable segment Gas and Power and the reported in the Combined Management Report related to approximately 67 % stake held by Siemens in Siemens the parent company Siemens AG. As supplementary infor- Gamesa Renewable Energy, S. A. (SGRE) – also a former mation, amounts reported in the Consolidated Financial reportable segment – was classified as held for disposal Statements and the Annual Financial Statements of and discontinued operations. Siemens transferred the Siemens AG related to such non-financial matters, and ad- energy business into a new company, Siemens Energy AG, ditional explanations thereto, are included in B.6 NOTES TO and in September 2020 listed it on the stock market via a CONSOLIDATED FINANCIAL STATEMENTS, NOTES 17, 18, 22, 26 and 27, spin-off. Siemens allocated 55.0 % of its ownership inter- and in the NOTES TO THE ANNUAL FINANCIAL STATEMENTS OF est in Siemens Energy AG to its shareholders and a further SIEMENS AG FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020, NOTES 9.9 % were transferred to Siemens Pension-Trust e. V. The 16, 17, 20, 21 and 25. In order to inform the users of the finan- remaining 35.1 % of shares in Siemens Energy AG are held cial reports in a focused manner, these disclosures are not by Siemens and reported within Reconciliation to Consol- subject to a specific non-financial framework – in contrast to idated Financial Statements as Siemens Energy Invest- the disclosures in our separate “Sustainability Information ment. For further information, see NOTES 3 and 4 in B.6 2020” document, which are based on the standards devel- NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. Also part of oped by the Global Reporting Initiative (GRI). ANNUAL REPORT 2020 2 Combined Management Report A.2 Financial performance system A.2 Financial performance system A.2.1 Overview A.2.3 Profitability and ­capital ­efficiency The Siemens Financial Framework includes targets that we aim to achieve over the cycle of the business activities. Within the Siemens Financial Framework, we aim to achieve margins that are comparable to those of our rel- evant competitors. Therefore, we have defined profit A.2.2 Revenue growth margin ranges for our industrial businesses which are based on the profit margins of their respective relevant In the Siemens Financial Framework we aim to achieve a competitors. Profit margin is defined as profit of the re- revenue growth range of 4 % to 5 % per year on a compa- spective business divided by its revenue. For our industrial rable basis. Our primary measure for managing and con- businesses, profit represents EBITA adjusted for operating trolling our revenue growth is comparable growth, be- financial income (expenses), net, and amortization of cause it shows the development in our business net of intangible assets not acquired in business combinations currency translation effects, which arise from the exter- (Adjusted EBITA). nal environment outside of our control, and portfolio effects, which involve business activities which are either We have set the following margin ranges in our Siemens new to or no longer a part of the respective business. Financial Framework: Currency translation effects are the difference between Margin ranges revenue for the current period calculated using the ex- Margin range change rates of the current period and revenue for the Digital Industries 17 – 23 % current period calculated using the exchange rates of Smart Infrastructure 10 – 15 % the comparison period. For calculating the percentage Mobility 9 – 12 % change year-over-year, this absolute difference is divided Siemens Healthineers 17 – 21 % by revenue for the comparison period. A portfolio effect Industrial Businesses 11 – 15 % arises in the case of an acquisition or a disposition and is calculated as the change year-over-year in revenue result- Siemens Financial Services (ROE after tax) 17 – 22 % ing specifically from the transaction. For calculating the percentage change, this absolute change is divided by The margin range for Siemens Healthineers reflects our revenue for the comparison period. For orders, we apply expectation as a majority shareholder. the same calculations for currency translation and port- folio effects as described above. ANNUAL REPORT 2020 3 Combined Management Report A.2 Financial performance system In line with common practice in the financial services A.2.5 Liquidity and dividend business, our financial indicator for measuring capital efficiency at Siemens Financial Services is return on We intend to continue providing an attractive return to equity after tax, or ROE after tax. ROE is defined as our shareholders. Under the Siemens Financial Frame- Siemens Financial Services’ profit after tax, divided by its work, our intention is to propose a dividend whose distri- average allocated equity. bution volume is within a dividend payout range of 40 % to 60 % of Net income attributable to shareholders of For purposes of managing and controlling profitability at Siemens AG, which we may adjust for this purpose to the Group level, we use net income as our primary mea- exclude selected exceptional non-cash effects. As in the sure. This measure is the main driver of basic earnings past, we intend to fund the dividend payout from Free per share (EPS) from net income, which we used in com- cash flow. To provide an assessment of our ability to gen- munication to the capital markets in fiscal 2020. erate cash, and ultimately to pay dividends, we use the cash conversion rate of Industrial Businesses, defined as We seek to work profitably and as efficiently as possible the ratio of Free cash flow from Industrial Businesses to with the capital provided by our shareholders and lend- Adjusted EBITA Industrial Businesses. Because growth re- ers. For purposes of managing and controlling our capital quires investments, we aim to achieve a cash conversion efficiency, we use return on capital employed, or ROCE, rate of 1 minus the annual comparable revenue growth as our primary measure in our Siemens Financial Frame- rate of Industrial Businesses. work. Our long-term goal is to achieve ROCE within a range of 15 % to 20 %. At the Annual Shareholders’ Meeting, the Managing Board, in agreement with the Supervisory Board, will submit the following proposal to allocate the unappro- A.2.4 Capital structure priated net income of Siemens AG for fiscal 2020: to distribute a dividend of € 3.50 on each share of no par Sustainable revenue and profit development is supported value entitled to the dividend for fiscal 2020 existing at by a healthy capital structure.
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