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Siemens Annual Report 2015

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Siemens Annual Report 2015 2015 Geschäftsbericht Annual Report 2015 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 122 Business and economic environment Consolidated Statements Responsibility Statement of Income A.2 p 8 C.2 p 123 Financial performance system B.2 p 59 Independent Auditor ʼs Report Consolidated Statements A.3 p 10 of Comprehensive Income C.3 p 125 Results of operations Report of the Supervisory Board B.3 p 60 A.4 p 15 Consolidated Statements C.4 p 128 Net assets position of Financial Position Corporate Governance B.4 p 61 A.5 p 16 C.5 p 136 Financial position Consolidated Statements Notes and forward- looking of Cash Flows statements A.6 p 20 B.5 p 62 Overall assessment of the economic position Consolidated Statements of Changes in Equity A.7 p 21 B.6 p 64 Subsequent events Notes to Consolidated Financial ­Statements A.8 p 22 Report on expected developments and associated material opportunities and risks A.9 p 35 Siemens AG A.10 p 38 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 With Dresser- Rand on board, we have a comprehensive port- folio of equipment and capability for the oil and gas industry A.1.1.1 ORGANIZATION AND BASIS OF PRESENTATION and a much expanded installed base, allowing us to address We are a technology company with core activities in the fields the needs of the market with products, solutions and services. of electrification, automation and digitalization, and activi- In December 2014, Siemens acquired the Rolls-Royce Energy ties in nearly all countries of the world. Siemens comprises aero-derivative gas turbine and compressor business of Rolls- Siemens AG, a stock corporation under the Federal laws of Royce plc, U. K. (Rolls-Royce). By acquiring Rolls-Royce’s small Germany, as the parent company and its subsidiaries. Our and medium aero-derivative gas turbines business, we closed a Company is incorporated in Germany, with our corporate head- technology gap in our extensive gas turbine portfolio. quarters situated in Munich. As of September 30, 2015, Siemens had around 348,000 employees. The Wind Power and Renewables Division designs, manufac- tures and installs wind turbines for onshore and offshore appli- Following the organizational changes described in the Annual cations. This includes both geared turbines and direct drive tur- Report for fiscal 2014, we have the following reportable seg- bines. The product portfolio is based on four product platforms, ments beginning with fiscal 2015: the DivisionsPower and two for each of the onshore and offshore applications. The Divi- Gas; Wind Power and Renewables; Energy Management; sion serves a variety of customers, in particular large utilities Building Technologies; Mobility; Digital Factory; and Pro- and independent power producers. Due to the significant off- cess Industries and Drives as well as the separately managed shore business of the Division and its activities in the Northern business Healthcare, which together form our Industrial Busi- hemisphere, production and installations are typically higher ness. The Division Financial Services (SFS) supports the activ- during spring and summer months because of the more favor- ities of our Industrial Business and also conducts its own busi- able weather and marine conditions during those seasons. The ness with external customers. As “global entrepreneurs” our revenue mix of these businesses may vary from reporting pe- Divisions and Healthcare carry business responsibility world- riod to reporting period depending on the project mix between wide, including with regard to their operating results. onshore and offshore projects in the respective period. The Divi- sion also includes a minority stake in a hydro power business. Our reportable segments may do business with each other, leading to corresponding orders and revenue. Such orders and The Power Generation Services Division offers comprehen- revenue are eliminated on the Group level. sive services for products, solutions and technologies, covering performance enhancements, maintenance services, customer A.1.1.2 BUSINESS DESCRIPTION trainings and consulting services for the Divisions Power For more information on the portfolio transactions described and Gas and Wind Power and Renewables. Financial results of below, see NOTE 3 in B.6 NOTES TO CONSOLIDATED FINANCIAL these two Divisions include the respective financial results of STATEMENTS. the Power Generation Services Division, which itself is not a reportable segment. Based on the business model, all discus- The Power and Gas Division offers a broad spectrum of prod- sions of the services business for Power and Gas as well as ucts and solutions for generating electricity from fossil fuels Wind Power and Renewables concern the Power Gener ation and for producing and transporting oil and gas. The portfolio Services ­Division. includes gas turbines, steam turbines, generators to be applied to gas or steam power plants, compressors, integrated power The Energy Management Division offers a wide spectrum of plant solutions, and instrumentation and control systems for products, systems, solutions, software and services for trans- power generation. Customers are public utilities and indepen- mitting and distributing power and for developing intelligent dent power producers, companies in engineering, procurement grid infrastructure. The Division’s customers include power and construction that serve these companies, and companies providers, network operators, industrial companies, infrastruc- that generate power for their own consumption. Due to the ture developers and construction companies. The offerings are broad range of its offerings, the Division’s revenue mix may used to process and transmit electrical power from the source vary from reporting period to reporting period depending on down to various load points along the power transmission and the share of revenue attributable to products, solutions and distribution networks to the power consumers. Our solutions services. Because typical profitability levels differ among these for smart grids enable a bidirectional flow of energy and infor- three revenue sources, the revenue mix in a reporting period mation, which is required for the integration of more renew- accordingly affects Division profit for that period. In June 2015, able energy sources into conventional power transmission and Siemens acquired all shares of Dresser-R and Group Inc. (Dresser- distribution networks. In addition, the Division’s portfolio in- Rand), a world-leading supplier for the oil and gas indus try. cludes power supply solutions for conventional power plants 2 Combined Management Report and renewable energy systems as well as substations for urban Because demand depends directly on the investment decisions and rural distribution networks. We also offer energy-efficient of end customers as well as indirectly on orders from OEMs, a solutions for heavy industry, the oil and gas industry and the downturn or upswing in the overall economic environment process industries. The portfolio is rounded off by solutions impacts the Division’s business results more timely than those and energy storage systems for integrating renewable energy of other Siemens businesses. into power grids, together with vertical IT software applica- tions that link energy consumers and producers. The Process Industries and Drives Division offers its custom- ers standard products including converters, gears, motors, The Building Technologies Division is a leading provider of drives and couplings on the one hand and also customized, ap- automation technologies and services for safe, secure and effi- plication-specific systems and solutions on the other hand. In cient buildings and infrastructures throughout their lifecycles. addition, the Division supplies machine-to-machine communi- The Division offers products, solutions and services for fire cation products and sensors that measure pressure, tempera- safety, security, building automation, heating, ventilation, air ture or flow rate for example. The Division’s products, systems conditioning and energy management. The large customer and industry-specific solutions as well as end-to-end services base is widely dispersed. It includes public and commercial are designed to increase productivity, energy efficiency and re- building owners, operators and tenants, building construction liability of machinery and installations, mainly in industries general contractors and system houses. Changes in the over- such as oil & gas, shipbuilding, mining, cement, pulp and paper , all economic environment generally have a delayed effect on chemicals, food and beverage, and pharmaceuticals. In addi- the Division’s business activities. Particularly in the solutions tion, the Division sells gears, couplings and drive solutions to and service businesses, Building Technologies is affected by other Divisions of the Siemens Group, which use them in rail changes in the non-residential construction markets with a transport and wind turbines. Demand within the industries time lag of two to four quarters. served by the Division generally shows a delayed response to changes in the overall economic environment. Even so, the The Mobility Division combines all Siemens businesses in Division is strongly dependent on investment cycles in its key the area of passenger and freight transportation, including rail
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