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Siemens Annual Report 2017

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Siemens Annual Report 2017 Annual Report 2017 siemens.com Table of contents . A B C Combined Management Report Consolidated Financial Statements Additional Information A.1 p 2 B.1 p 58 C.1 p 126 Business and economic environment Consolidated Statements Responsibility Statement of Income A.2 p 9 C.2 p 127 Financial performance system B.2 p 59 Independent Auditor ʼs Report Consolidated Statements A.3 p 11 of Comprehensive Income C.3 p 133 Results of operations Report of the Supervisory Board B.3 p 60 A.4 p 17 Consolidated Statements C.4 p 137 Net assets position of Financial Position Corporate Governance B.4 p 61 A.5 p 18 C.5 p 147 Financial position Consolidated Statements Notes and forward- looking of Cash Flows statements A.6 p 22 B.5 p 62 Overall assessment of the economic position Consolidated Statements of Changes in Equity A.7 p 23 B.6 p 64 Non-financial matters Notes to Consolidated Financial ­Statements A.8 p 24 Report on expected developments and associated material opportunities and risks A.9 p 36 Siemens AG A.10 p 39 Compensation Report A.11 p 53 Takeover-relevant information . A Combined Management Report A.1 Business and economic environment A.1.1 The Siemens Group execution of large projects increasingly requires financing by the original equipment manufacturer (OEM), including equity partic- A.1.1.1 ORGANIZATION AND BASIS ipation, particularly in Latin America, the Middle East and Africa. OF PRESENTATION For the Division, this role is fulfilled by Financial Services, which We are a technology company with core activities in the fields of can offer customers a range of financing and equity options electrification, automation and digitalization, and activities in backed by domain know-how. In addition, the markets of the nearly all countries of the world. Siemens comprises Siemens AG, Division are strongly affected by changes in national energy reg- a stock corporation under the Federal laws of Germany, as the ulations, such as support of renewable energy, the security of parent company and its subsidiaries. Our Company is incorpo- supply through capacity markets or strategic reserve capacity, rated in Germany, with our corporate headquarters situated in carbon pricing and climate change targets, and energy and elec- Munich. As of September 30, 2017, Siemens had around 372,000 tricity market design. After years of strong public sector support employees (part time employees are included proportionally). for renewable energy, the cost of energy and electricity as a com- petitive factor is gaining more relevance in investment decisions Siemens has the following reportable segments: the Divisions involving choices between renewable and fossil generation. Power and Gas; Energy Management; Building Technologies; Mobility; Digital Factory and Process Industries and Drives; The Power Generation Services Division offers a comprehensive as well as the Strategic Units Healthineers and Siemens Gamesa set of services for products, solutions and technologies of the Renewable Energy, which together form our Industrial Business. Power and Gas Division, covering performance enhancements, The Division Financial Services (SFS) supports the activities of maintenance services, customer training and professional con- our Industrial Business and also conducts its own business with sulting. Financial results of the Power and Gas Division include external customers. As “global entrepreneurs” our Divisions and the financial results of the Power Generation Services Division, Strategic Units carry business responsibility worldwide, including which itself is not a reportable segment. Based on this business with regard to their operating results. model, all discussions of the services business for Power and Gas concern the Power Generation Services Division. Our reportable segments may do business with each other, lead- ing to corresponding orders and revenue. Such orders and reve- The Energy Management Division offers a wide spectrum of nue are eliminated on the Group level. software, products, systems, solutions, and services for transmit- ting, distributing and managing electrical power and for provid- A.1.1.2 BUSINESS DESCRIPTION ing intelligent power infrastructure. The Division’s customers The Power and Gas Division offers a broad spectrum of products encompass a wide range of direct customers and channel part- and solutions for generating electricity from fossil fuels and for ners including power providers, transmission and distribution producing and transporting oil and gas. The portfolio includes system operators, industrial companies, infrastructure develop- gas turbines, steam turbines, generators to be applied to gas or ers, construction companies, distributors and OEMs. Its activities steam power plants, compressor trains, integrated power plant across many regional and vertical markets as well as its participa- solutions, and instrumentation and control systems for power tion in long-cycle and short-cycle businesses provide a balanced generation. Customers include public utilities and independent and resilient business mix. The Division’s revenue and portfolio power producers; companies in engineering, procurement and mix may vary across reporting periods. In particular, orders, rev- construction that serve utilities and power producers; sovereign enue and profit development can be influenced by the relative and multinational oil companies; and industrial customers that contribution from its transmission solutions business. End cus- generate power for their own consumption (prosumers). Due to tomers and OEMs use the Division’s offerings to process, transmit the broad range of its offerings, the Division’s revenue mix may and manage electrical power from the source down to various vary from reporting period to reporting period depending on the load points along multiple voltage levels. The Division’s distrib- share of revenue attributable to products, solutions and services. uted, intelligent solutions for smart grids enable a bidirectional Because typical profitability levels differ among these three rev- flow of energy and information, which, among other things, is enue sources, the revenue mix in a reporting period accordingly required for integrating fluctuating renewable energy sources, affects Division profit for that period. Several trends are affecting electrical storage or manageable loads. Energy Management the Division’s businesses. The ongoing strong growth in demand generally benefits from major trends and changes in global elec- for renewable power generation and the associated volatility in trical power systems, in particular decarbonization, decentraliza- power generation shift market demand from fossil baseload tion and digitalization. Decarbonization involves the buildup of generation to highly flexible, highly efficient and affordable generation capacities from renewable sources and the electrifi- gas power plants with low emissions, in particularly in Europe, cation of heat and transport sectors. Another trend is decentral- China, and the U. S. A second trend is that the development and ization – the integration of wind power, photovoltaics, biomass, 2 Combined Management Report storage and other intermittent or distributed energy resources ject to Alstom’s shareholders’ approval, anticipated in the second into highly efficient and reliable power networks. The digitaliza- quarter of calendar 2018. The transaction is also subject to clear- tion trend involves providing intelligent solutions for connectiv- ance from relevant antitrust and regulatory authorities. Closing ity, the management of complex energy networks, and services of the transaction is expected at the end of calendar 2018. that are enabled by digital technologies. The Digital Factory Division offers a comprehensive product The Building Technologies Division is a leading provider of au- portfolio and system solutions used in manufacturing industries, tomation technologies and digital services for safe, secure and complemented by product lifecycle and data-driven services. efficient buildings and infrastructures throughout their lifecycles. These offerings enable customers to optimize entire value chains The Division offers products, solutions, services and software for from product design and development to production and ser- fire safety, security, building automation, heating, ventilation, air vices. This is supplemented by the MindSphere platform that conditioning and energy management. The large customer base connects machines and physical infrastructure to the digital is widely dispersed. It includes owners, operators and tenants for world. With its comprehensive offering, the Division supports both public and commercial buildings; building construction gen- manufacturing companies with their transformation towards the eral contractors; and system houses. Changes in the overall eco- “Digital Enterprise,” resulting in increased flexibility and effi- nomic environment generally have a delayed effect on the Divi- ciency of production processes and reduced time to market for sion’s business activities. Particularly in the solutions and service new products. The Division supplies customers mainly in discrete businesses, Building Technologies is affected by changes in the and hybrid manufacturing industries. Changes in the level of cus- non-residential construction markets with a time lag of two to tomer demand are strongly driven by macroeconomic cycles, and four quarters. can lead to significant short-term variation in the Division’s prof- itability. In the second quarter
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