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Siemens Annual Report 2018

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Siemens Annual Report 2018 Annual Report 2018 siemens.com Table of contents . A B C Combined Management Report Consolidated Financial Statements Additional Information A.1 p 2 B.1 p 62 C.1 p 132 Organization of the Siemens Group Consolidated Statements Responsibility Statement and basis of presentation of Income C.2 p 133 A.2 p 3 B.2 p 63 Independent Auditor ʼs Report Financial performance system Consolidated Statements of Comprehensive Income C.3 p 139 A.3 p 6 Report of the Supervisory Board Segment information B.3 p 64 Consolidated Statements C.4 p 144 A.4 p 18 of Financial Position Corporate Governance Results of operations B.4 p 65 C.5 p 157 A.5 p 21 Consolidated Statements Notes and forward- looking Net assets position of Cash Flows statements B.5 p 66 A.6 p 22 Financial position Consolidated Statements of Changes in Equity A.7 p 26 B.6 p 68 Overall assessment of the economic position Notes to Consolidated Financial ­Statements A.8 p 28 Report on expected developments and associated material opportunities and risks A.9 p 40 Siemens AG A.10 p 43 Compensation Report A.11 p 57 Takeover-relevant information A. Combined Management Report A.1 Organization of the Siemens Group and basis of pr esentation Siemens is a technology company with core activities in the fields Non-financial matters of the Group of electrification, automation and digitalization and activities and Siemens AG in nearly all countries of the world. We are a leading supplier of Siemens has policies for environmental, employee and social power generation, power transmission and infrastructure solu- matters, for the respect of human rights, and anti-corruption and tions as well as automation, drive and software solutions for in- bribery matters, among others. Our business model is described dustry and of medical diagnostics solutions. in chapters A.1 and A.3 of this Combined Management Report. Reportable information that is necessary for an understanding of Siemens comprises Siemens AG, a stock corporation under the the development, performance, position and the impact of our Federal laws of Germany, as the parent company and its subsid- activities on these matters is included in this Combined Manage- iaries. Our Company is incorporated in Germany, with our corpo- ment Report, in particular in chapters A.3 through A.7. Forward- rate headquarters situated in Munich. As of September 30, 2018, looking information, including risk disclosures, is presented in Siemens had around 379,000 employees. chapter A.8. Chapter A.9 includes additional information that is required to be reported in the Combined Management As of September 30, 2018, Siemens had the following reportable Report related to the parent company Siemens AG. As supple- segments: the Divisions Power and Gas; Energy Management; mentary information, amounts reported in the Consolidated Building Technologies; Mobility; Digital Factory and Process Financial Statements and the Annual Financial Statements of Industries and Drives; as well as the Strategic Units Siemens Siemens AG related to such non-financial matters, and additional Healthineers and Siemens Gamesa Renewable Energy (SGRE). explanations thereto, are included in B.6 NOTES TO CONSOLI- Together these Divisions and Strategic Units form our Industrial DATED FINANCIAL STATEMENTS, NOTES 17, 18, 22, 26 and 27, and in the Business. The Division Financial Services (SFS) supports the ac- NOTES TO THE ANNUAL FINANCIAL STATEMENTS OF SIEMENS AG FOR tivities of our Industrial Business and also conducts its own busi- THE FISCAL YEAR ENDED SEPTEMBER 30, 2018, NOTES 16, 17, 20, 21 and 25. ness with external customers. These disclosures are not subject to a specific framework in order to inform the users of the financial reports in a focused manner – To further increase the entrepreneurial freedom of our businesses, in contrast to the disclosures in our separately available “Sustain- we are reorganizing our operations. Implementation of the new ability Information 2018” document, which are based on the stan- organization will be completed by the end of the second quarter dards developed by the Global Reporting Initiative (GRI). of fiscal 2019. We will begin reporting financial results according to the new company structure beginning with the third quarter of fiscal 2019. For the new structure, we are forming three Oper- ating Companies consisting of the reportable segments Gas and Power, Smart Infrastructure and Digital Industries. These Op- erating Companies will form our Industrial Businesses together with three Strategic Companies consisting of the reportable seg- ments Siemens Healthineers, SGRE and Siemens Alstom, fol- lowing the completion of the proposed combination of Siemens’ mobility business with Alstom S A (Mobility until completion of the proposed combination). Financial Services will continue to be a reportable segment outside our Industrial Businesses. Fur- thermore, we report Portfolio Companies, which largely consist of businesses formerly included in the Divisions Energy Manage- ment and Process Industries and Drives, along with certain other activities that were reported outside the former Industrial Busi- ness. For further information on the reorganization of our businesses, see A.3 SEGMENT INFORMATION. Our reportable segments may do business with each other, leading to corresponding orders and revenue. Such orders and revenue are eliminated on the Group level. 2 Combined Management Report A.2 Financial performance system A.2.1 Overview A.2.3 Profitability and ­capital ­efficiency Within One Siemens, we had established a financial framework for revenue growth, for profitability and capital efficiency, for our Within the framework of One Siemens, we had already aimed to capital structure, and for our dividend policy that was applicable achieve margins that were comparable to those of our relevant up to and including fiscal 2018. competitors. Therefore, we had defined profit margin ranges for our industrial businesses which were based on the profit margins We have enhanced our financial framework, now called the of their respective relevant competitors. Profit margin is defined Siemens Financial Framework, as described in more detail be- as profit of the respective business divided by its revenue. For low. This framework is effective from April 1, 2019 and includes our industrial businesses, profit represents EBITA adjusted for targets that we aim to achieve over the cycle of the business operating financial income (expenses), net, and amortization activities. of intangible assets not acquired in business combinations (Adjusted EBITA). A.2.2 Revenue growth Margin ranges (until the reorganization of our businesses) Within the framework of One Siemens, we had aimed to grow Margin range our revenue faster than the average weighted revenue growth Power and Gas 11 – 15 % of our most relevant competitors. To improve transparency for Energy Management 7 – 10 % external stakeholders, in our new Siemens Financial Framework Building Technologies 8 – 11 % we aim to achieve a revenue growth range of 4 % to 5 % per year Mobility 6 – 9 % on a comparable basis, independent of competitor performance. Digital Factory 14 – 20 % Our primary measure for managing and controlling our revenue Process Industries and Drives 8 – 12 % growth is comparable growth, because it shows the development Siemens Healthineers 15 – 19 % in our business net of currency translation effects, which arise Siemens Gamesa Renewable Energy 5 – 8 % from the external environment outside of our control, and port- Financial Services (ROE after tax) 15 – 20 % folio effects, which involve business activities which are either new to or no longer a part of the respective business. Related to the reorganization of our operations, we have set Currency translation effects are the difference between revenue the following margin ranges in our new Siemens Financial for the current period calculated using the exchange rates of the Framework from fiscal 2019: current period and revenue for the current period calculated using the exchange rates of the comparison period. For calculat- ing the percentage change year-over-year, this absolute differ- Margin ranges (new organizational structure) ence is divided by revenue for the comparison period. A portfolio Margin range effect arises in the case of an acquisition or a disposition and is Gas and Power 8 – 12 % calculated as the change year-over-year in revenue of the rele- Smart Infrastructure 10 – 15 % vant business resulting specifically from the acquisition or dispo- Digital Industries 17 – 23 % sition. For calculating the percentage change, this absolute Siemens Alstom (until closing: Mobility) 8 – 12 % change is divided by revenue for the comparison period. For or- Siemens Healthineers 17 – 21 % ders, we apply the same calculations for currency translation and Siemens Gamesa Renewable Energy 7 – 11 % portfolio effects as described above. Industrial Businesses 11 – 15 % Financial Services (ROE after tax) 15 – 22 % These new and higher margin ranges factor in, among others, higher revenue and productivity. Accordingly, because productiv- ity gains are part of these higher ranges, in the future we no longer use the previous productivity measure called total cost productivity, which was defined as the ratio of cost savings from defined productivity improvement measures to the aggregate of Combined Management Report 3 functional costs for the Siemens Group. We had aimed to achieve A.2.5 Liquidity and dividend an annual value of 3 % to 5 % for total cost productivity. We intend to continue providing an attractive return to our In line with common practice in the financial services business, shareholders. Under One Siemens, our intention was to propose our financial indicator for measuring capital efficiency at Finan- a dividend whose distribution volume was within a dividend pay- cial Services continues to be return on equity after tax, or ROE out range of 40 % to 60 % of Net income, which we could adjust after tax. ROE is defined as Financial Services’ profit after tax, for this purpose to exclude selected exceptional non-cash effects. divided by its average allocated equity.
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