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Go for Profit and Growth Heinz-Joachim Neubürger, CFO

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Go for Profit and Growth Heinz-Joachim Neubürger, CFO Go for profit and growth Heinz-Joachim Neubürger, CFO MAY-04 Key figures – Second quarter in billions of euros Q204 Q203 New orders 19.7 19.1 Sales 17.8 18.2 Group profit from Operations 1.076 1.073 Net income 1.210 0.568 EPS (in euros) 1.36 0.64 Net cash from operating and investing activities 3.565 1.398 MAY-04 2 Key figures – First six months in billions of euros HY04 HY03 New orders 40.2 39.2 Sales 36.1 37.1 Group profit from Operations 2.437 2.170 Net income 1.936 1.089 EPS (in euros) 2.17 1.22 Net cash from operating and investing activities 2.374 0.261 MAY-04 3 Key features HY04 Growth achieved ! In line with expectations, reflecting “flat” - tish global market for turnkey systems ! Stronger growth in the product business, notably Medical and A&D on comparable basis, indicating market share gaining in certain sectors Strong cash flow ! Proceeds from sale of Infineon shares cover special contribution to pension plans ! Ongoing tight control of Capex relative to Depreciation indicating underline changes within the value added structure Transportation Systems ! Frustrating and embarrassing development MAY-04 4 Ongoing improvement in the I&C segment ICN – Information and Communication Networks ! Profit driven by restructuring in 03 and new products ! Carrier and Enterprise business in the black ! Demand situation “flat” - tish ICM – Information and Communication Mobile ! Solid performance on mobile networks ! Unit volume of handsets sharply up on YoY comparison, however marginally down over seasonally strong Christmas quarter ! ASP challenging - improvement expected with 65 series MAY-04 5 Sustainable success A&D – Automation and Drives ! Market share gain in all businesses across the globe ! Better performance in the U.S. and in China PG – Power Generation ! Service business drives earnings development ! Positive contribution from acquired Alstom business ! Potential for sustainable higher margin level SV – Siemens VDO Automotive ! Huntsville acquisition adds to further solid profitable growth ! Diesel systems break even Med – Medical Solutions ! World class innovation supports growth push ! Next major Soarian Modules to be completed in 2004 Osram ! Leading world market position in lighting technologies MAY-04 6 Challenges TS – Transportation Systems ! Significant charges in the rolling stock business, primarily resulting out of technical issues of Combino railcars ! Established special task force, drawing on technical expertise of the whole company SD – Siemens Dematic ! Profitability is expected to improve from here on ! Goodwill impairment reflects lasting changes in ‘Distribution and Industry’ and ‘Airport Logistics' markets MAY-04 7 Global presence Germany Europe (excl. Asia- Germany) Pacific Americas Middle East, Africa, C.I.S. Employees by region (in thousands) 300 Germany 250 200 International 150 FY1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 20022003 2004 MAY-04 8 Tackling German cost base Successful first agreement on adjusting employment terms in Germany. Achievement at Plant Bocholt: ! Results into aggregate cost savings of ~30 % Achieved by: ! No changes to existing valid tariffs, however agreed switch to 40h week instead of 35h week without compensatory wage increases ! Implementation of key points of a service tariff contract ! Reduction of bonus system MAY-04 9 Outlook FY 04 Environment No major stimulus yet from turnkey projects Current US $ strength considered temporarily only Remaining overcapacities and pricing pressure Our objectives Cost reduction, productivity programs and faster innovation Profit and growth “We remain committed to our full year targets, though the charges at TS make it more challenging.” MAY-04 10 Appendix MAY-04 Key figures – Fiscal Year in billions of euros 2003 2002 New orders 75.1 86.2 Sales 74.2 84.0 Group profit from Operations 4.295 3.756 Net income 2.445 1.661* EPS (in euros) 2.75 1.87** Net cash from operating and investing activities 1.773 4.754 * excl. EUR 936 million gain on sales of Infineon shares ** excl. EUR 1.05 gain on sales of Infineon shares MAY-04 12 Target margins remain unchanged target in percent Q104 Q204 margin ICN Information and Communication Networks 3.0 2.3 8 - 11 ICM Information and Communication Mobile 4.2 4.1 8 - 11 SBS Siemens Business Services 3.6 2.3 5 - 6 A&D Automation and Drives 10.8 11.2 11 - 13 I&S Industrial Solutions and Services 1.5 2.6 4 - 6 SD Siemens Dematic (6.8) (6.0) 7 - 9 SBT Siemens Building Technologies 3.8 1.6 7 - 9 PG Power Generation 12.9 16.0 10 - 13 PTD Power Transmission and Distribution 6.2 7.9 5 - 7 TS Transportation Systems 3.1 (28.4) 5 - 7 SV Siemens VDO Automotive 4.9 5.9 5 - 6 Med Medical Solutions 19.8 13.3 11 - 13 Osram 10.2 10.7 10 - 11 SFS Siemens Financial Services 22.5 1) 24.3 1) 18 - 221) MAY-04 1) Return on Equity before taxes 13 Key figures – pension in billions of euros FY01 FY02 FY03 HY04 Projected benefit obligation (PBO) 1) 18.5 19.5 20.9 21.2 Accumulated benefit obligation (ABO) 1) 16.8 17.8 19.8 20.1 Discount rate 2) 6.2% 6.0% 5.4% 5.4% Fair Value of plan assets 14.8 14.5 15.9 18.1 Funded status 1) (3.8) (5.0) (5.0) (3.1) Additional contribution 4.4 1.8 1.6 1.3 Regular funding 0.3 0.2 0.2 0.3 Non allocated pension related income 3) 0.279 (0.250) (0.828) (0.364) Expected return on plan assets (EROPA) 4) 8.8% 8.0% 6.7% 6.7% Asset allocation of pension assets Equities 61% 33% 31% 36% –thereinInfineonshares 9% 3% - - Fixed income 31% 46% 50% 49% Real estate 6% 8% 10% 9% Cash 2% 13% 9% 6% 1) As of September, 30; FY04: status for end of Q2 as of March, 31 2) Basis for calculation for PBO and ABO as of September, 30 3) Net periodic benefit costs for pension plans and other postretirement benefits excluding service cost component of foreign pension costs which are allocated to Groups (HY04 also excl. service cost for the Siemens German Pension Trust) MAY-04 4) Basis for calculation of net periodic benefit costs of the corresponding year 14 Information and Communication Networks (ICN) Partner for profitable networks Sales Group profit in billions of euros margin Performance drivers 11.3 12.9 9.6 8-11% Successful implementation of program 7.1 Continuation with focus on process optimization " Size the business 6.1% - Monitor capacities, considering market conditions " Manage assets - Maintain world-class turnover ratio FY 2000 2001 2002 2003 target - Reduced working capital by 2.1 bn by end of FY03 (5.1%) " Reduce costs (7.2%) - Achieved target of 1.7 bn cost reduction (6.7%) in FY03 and 1.8 bn in FY02 - Reduced workforce to 33,000 by the end of FY03 End-to-end solution provider for Next - Launch initiative for productivity enhancement Generation Networks (NGN) through process optimization in FY04 ! Leading market positions in 2003 " Maximize synergies of carrier and enterprise - No.1 in Enterprise Switching - Offer enterprise services to carrier customers - No.1 in Carrier Switching " Leverage expertise through enhanced services - No.2 in Broadband Access " Optimize customer orientation and enter into - Leading in Real Time Communications growth phase - Leading in Next Generation Networks (Carrier - Win new customers, generate new business, Convergence, Metro and Long Haul Transport) and increase market share ! Goals for 2005 - Focus on profitable business and growth fields - Maintain and expand leading positions " Lead in innovation - Drive growth in application and service business - 90% of R&D in Next Generation Networks MAY-04 15 Information and Communication Mobile (ICM) Innovating the mobile world Sales Group profit Performance drivers in billions of euros 11.0 margin 10.0 Targets 8.9 11.3 8-11% " Increase market share and be profitable 8.1% " Position ICM as the leading provider in innovative solutions: end-to-end, EDGE, 3G, M2M, IMS, WiMAX 1.8% 0.9% " Continuously adjust to market conditions FY 2000 2001 2002 2003 target Strategic orientation (2.7%) 1. Drive innovation in processes, Mobile Mobile Phones technology and business models Infrastructure 2. Expand into high-margin services ! 9% quarterly revenue ! 60% sell-in increase yoy and products increase yoy, notable ! Quarterly market share 3. Benchmark in quality excellence stabilization, profit up above 9 % for ICM’s customers 73% yoy ! 43% profit increase ! GSM: good order yoy in HY04 4. Continue to develop inflow, better than ! 9 models announced in the Siemens mobile brand expected stability Q204, thereof 7 with ! EDGE: 10 orders, in all built-in cameras continents ! 17 models announced ! UMTS: 29 contracts, in HY04 >30,000 Node B MAY-04 16 Siemens Business Services (SBS) Moving Siemens Business Services forward Sales Group profit in billions of euros margin Performance drivers 5-6% " Growth 5.9 6.0 5.8 5.2 - International expansion of the portfolio - Europe: Improve market presence 1.7% - USA: Strong growth focused on IT 1.2% 0.2% outsourcing - Expand Business Process Outsourcing FY 2000 2001 2002 2003 target (BPO) business with focus on Human Resources and Financial Services (4.3%) " Productivity improvement - Cost optimization, e.g. Sales breakdown - Purchasing initiative FY03 - Global sourcing ... by services ... by region " Customer focus Solution 28% - Intensify account management services Germany 49% - Increase share of wallet with existing Operation-related customers 47% services Europe - Industries: manufacturing, financial 39% services, government Americas Product-related 8% services 25% Asia-Pacific, Africa & M.E. 4% MAY-04 17 Automation & Drives (A&D) World leader in automation Sales Group profit in billions of euros margin Performance drivers 10.9% 11.0% 11-13% 8.4% 9.6% " Build on clear global No.
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