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Siemens Continues to Grow Despite Significant Headwinds in Key Markets

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Siemens Continues to Grow Despite Significant Headwinds in Key Markets Siemens continues to grow despite significant headwinds in key markets Roland Busch, COO and CTO Siemens AG Klaus Helmrich, CEO Siemens Digital Industries Ralf P. Thomas, CFO Siemens AG Analyst Call, August 1, 2019 Unrestricted © Siemens 2019 siemens.com 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 forward to,” “anticipate” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens’ management, of which many are beyond Siemens’ control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Risks in the Annual Report. Should one or more of these risks or uncertainties materialize, should decisions, assessments or requirements of regulatory authorities deviate from our expectations, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. This document includes – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Unrestricted © Siemens 2019 Page 2 August 1, 2019 Q3 FY 2019 Analyst Call Leading technologies as foundation for future success Advance digital manufacturing Future pact for Goerlitz Siemens IoT Platform • Competitive technology stack • Domain know how & customer proximity • High volume industrial apps • Powerful ecosystem Additive Innovation campus & Ready manufacturing hydrogen laboratory for scale up alliance with HP Unrestricted © Siemens 2019 Page 3 August 1, 2019 Q3 FY 2019 Analyst Call Net Promoter Score up by 11% Substantial customer wins in challenging market environment Q3 FY 19 - Order highlights MO – Russia SGRE – Taiwan GP – Iraq 13 High-speed trains Two offshore projects Maisan power plant €1.2bn €2.3bn €0.2bn Note: Net Promoter Score compared to baseline FY 2017 Unrestricted © Siemens 2019 Page 4 August 1, 2019 Q3 FY 2019 Analyst Call Digital Industries (DI) Short cycle impacted by macro headwind Orders Revenue Discrete Automation €bn ) ) -5%¹ -2%¹ orders clearly weaker, 3.9 3.7 3.9 3.9 Software and Process 0.9 1.0 continue to grow 3.0 2.9 Q3 18 Q3 19 Q3 18 Q3 19 Margin impacted by volume, unfavorable mix, Adj. EBITA Margin Free Cash Flow Opex invest, Bentley revaluation €m -510bps 17-23% +18% 749 636 19.5% 14.8% FCF up on stringent 19.4% 14.3% 0.84 1.35 working capital management Q3 18 Q3 19 Q3 18 Q3 19 ¹) Comparable therein Software x.x% Adj. EBITA margin excl. severance x.x Cash Conversion Rate Unrestricted © Siemens 2019 Page 5 August 1, 2019 Q3 FY 2019 Analyst Call Moderation predominantly in high margin discrete automation businesses, counter measures identified to adjust cost base Vertical end markets (share of DI revenue) Q3 FY 2019 - Key regions Automation (excl. Software) Q3 Trend next 3-4 quarters ~20% Automotive Orders -5% | Revenue +9% Strong Process Automation; Automotive weak ~15% Machine Tools Orders -4% | Revenue -2% ~10% Weakness in machine tool revenues Pharma & Chemicals Orders -16% | Revenue -3% ~10% Soft Motion Control and Factory Automation Food & Beverage ~10% Orders -11% | Revenue -5% Exports impacted by China / US trade issues Electronics & Semiconductors Measures to improve current performance and drive global competitiveness • Stringent monitoring of all discretionary spendings • Focused resource allocation and reduction of temporary contracts • Digital transformation and structural optimization across all core processes, regional set-up and support functions • Asset Excellence Initiative in place to focus on strict cash and working capital management Unrestricted © Siemens 2019 Page 6 August 1, 2019 Q3 FY 2019 Analyst Call Smart Infrastructure (SI) Softer performance with ongoing innovation invest Orders Revenue Solid solution and service €bn +2%¹) +2%¹) business; 3.8 4.0 3.6 3.7 product business 1.4 1.4 challenging 2.2 2.3 Q3 18 Q3 19 Q3 18 Q3 19 Invest in building and grid IoT Adj. EBITA Margin Free Cash Flow €m 10-15% -100bps -8% 243 223 10.6% 9.7% Working capital 10.4% 9.4% 0.66 0.64 improvement measures in implementation Q3 18 Q3 19 Q3 18 Q3 19 ¹) Comparable therein Products x.x% Adj. EBITA margin excl. severance x.x Cash Conversion Rate Unrestricted © Siemens 2019 Page 7 August 1, 2019 Q3 FY 2019 Analyst Call Gas and Power (GP) Spinoff preparation on track Orders Revenue €bn -15%¹) -5%¹) Lower volume from large 4.7 4.1 4.4 4.3 orders 1.9 2.0 2.5 2.3 Q3 18 Q3 19 Q3 18 Q3 19 Lower revenue in solution, Adj. EBITA Margin Free Cash Flow stable service €m 8-12% -190bps 66 Measures initiated to 6.1% 3.9% 0.27 -0.01 optimize competitiveness 5.5% 3.6% -1 and improve working Q3 18 Q3 19 Q3 18 Q3 19 capital management ¹) Comparable therein Service x.x% Adj. EBITA margin excl. severance x.x Cash Conversion Rate Unrestricted © Siemens 2019 Page 8 August 1, 2019 Q3 FY 2019 Analyst Call Mobility (MO) Sustainable industry margin leadership Orders Revenue €bn Continuously strong order +18%¹) -2%¹) momentum, 3.0 2.5 2.1 2.1 healthy backlog €33bn Q3 18 Q3 19 Q3 18 Q3 19 Sustainable margin performance for 23 Adj. EBITA Margin Free Cash Flow quarters in a row €m +140bps 9-12% 361 1.87 9.1% 10.5% -1.14 9.0% 10.4% Free cash flow to swing -251 back in Q4 Q3 18 Q3 19 Q3 18 Q3 19 ¹) Comparable x.x% Adj. EBITA margin excl. severance x.x Cash Conversion Rate Unrestricted © Siemens 2019 Page 9 August 1, 2019 Q3 FY 2019 Analyst Call Performance of listed Strategic Companies Orders Revenue Orders Revenue €bn ) €bn +42%¹) +13%¹ +6%¹) +24%¹) 4.1 4.7 3.5 3.6 2.6 3.3 3.3 2.1 Q3 18 Q3 19 Q3 18 Q3 19 Q3 18 Q3 19 Q3 18 Q3 19 Adj. EBITA Margin Free Cash Flow Adj. EBITA Margin Free Cash Flow €m €m 17-21% 7-11% -22% -40bps 483 -130bps 377 6.2% 4.3% -26 16.4% 15.6% -0.22 -1.10 15.6% 15.2% 5.4% 4.1% 0.94 0.69 -120 Q3 18 Q3 19 Q3 18 Q3 19 Q3 18 Q3 19 Q3 18 Q3 19 ¹) Comparable x.x% Adj. EBITA margin excl. severance x.x Cash Conversion Rate ¹) Comparable x.x% Adj. EBITA margin excl. severance x.x Cash Conversion Rate Unrestricted © Siemens 2019 Page 10 August 1, 2019 Q3 FY 2019 Analyst Call Below Industrial Business performance €m 137 -14 68 -284 1,935 -288 -402 -17 therein: 1,134 3 1,137 -€61m Pensions -€223m Corp. Items Tax Rate Minorities @ 26.2% -€105m 1,032 IB SFS POC SRE Corp. Items, PPA Elim., Corp. Tax Inc. Cont. Disc. Ops. Net Income Pensions Treasury, Ops Others Unrestricted © Siemens 2019 Page 11 August 1, 2019 Q3 FY 2019 Analyst Call Outlook FY 2019 confirmed The favorable market environment for our short cycle businesses, which was a material basis for our outlook, has 7.88 significantly deteriorated in the second half of the fiscal year. 0.76 severance Mid point growth Nevertheless, we confirm our financial expectations for fiscal (1.87) +11% 2019, even though it becomes more challenging to achieve our 7.00 expectation of moderate growth in revenue, net of currency translation and portfolio effects. 6.01 6.30 7.12 We continue to anticipate that orders will exceed revenue for a reported book-to-bill ratio above 1. We expect that Adjusted EBITA margin for our Industrial Businesses will reach the lower half of the range of 11.0% to 12.0% excluding severance charges. EPS Atos + EPS EPS ex sev Osram ex sev ex sev Finally, we confirm our expectation of basic EPS from net FY18 portfolio and FY19e income in the range of €6.30 to €7.00 excluding severance gains gains charges. FY18 This outlook excludes charges related to legal and regulatory matters. Unrestricted © Siemens 2019 Page 12 August 1, 2019 Q3 FY 2019 Analyst Call Appendix Unrestricted © Siemens 2019 Page 13 August 1, 2019 Q3 FY 2019 Analyst Call Q3 FY 2019 – Financial performance Orders Revenue IB Adj. EBITA margin excl. severance +6% +2% 9.9% EPS excl. severance IB Cash conversion Indust. ND/EBITDA €1.37 0.51 1.2x Orders and Revenue growth comparable Unrestricted © Siemens 2019 Page 14 August 1, 2019 Q3 FY 2019 Analyst Call Q3 FY 2019 – Net debt bridge Ind.
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