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    SIE   DE0007236101


Delayed Xetra  -  11:35:34 2023-01-27 am EST
144.50 EUR   +0.31%
09:01aGerman business calls for close cooperation with Latin America
01/27European Midday Briefing: Stock Gains Capped Ahead of U.S. Inflation Data
01/27SIEMENS AG : Berenberg is now Neutral
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Siemens - Outstanding performance in fiscal 2022, Strong fourth quarter finish

11/18/2022 | 07:47am EST

Siemens once again delivered an outstanding performance in fiscal 2022 (as of September 30, 2022). Based on strong growth momentum, all four industrial businesses recorded increases in order intake and revenue. In some cases, these increases were significant. Despite a continuing complex macroeconomic environment influenced, among other things, by economic sanctions on Russia, high inflation and the impact of the COVID-19 pandemic, Siemens grew again in all key markets. In addition, major interruptions in fiscal 2022 could be avoided despite supply chain risks in the areas of electronic components, raw materials and logistics.

Shareholders are also to benefit from the company's outstanding performance. The Supervisory and Managing Boards propose increasing the prior-year dividend of EUR4.00 to EUR4.25. This proposal reflects Siemens' outstanding performance in fiscal 2022 and the company's strong confidence in its future development.

'Siemens delivered another outstanding performance in fiscal 2022, with a record-high profit of more than EUR10 billion in our Industrial Business. We successfully executed our strategy, capturing market share and achieving high value growth. Strong demand continues for our hardware and software offerings, including higher than expected growth for our digital business revenue. Our people made an incredible contribution in an extremely challenging year,' said Roland Busch, President and CEO of Siemens AG.

'Siemens is a consistently high-performing company. Along with a new high for Profit Industrial Business, we generated free cash flow of EUR8.2 billion overall - again an excellent level for fiscal 2022,' said Ralf P. Thomas, Chief Financial Officer of Siemens AG. 'Our shareholders will also benefit from our strong performance. With an increase of the dividend to EUR4.25, a corresponding dividend yield of 4.2 percent and our accelerated share buyback, as well as a reduction in the number of shares outstanding, we continue to be a highly attractive investment.'

Revenue guidance exceeded - Outstanding free cash flow

In fiscal 2022, Siemens increased revenue on a comparable basis - without currency translation and portfolio effects - 8.2 percent to EUR72.0 billion (fiscal 2021: EUR62.3 billion) and thus exceeded its guidance for revenue growth (6 percent to 8 percent). Orders grew 17 percent on a comparable basis to EUR89.0 billion (fiscal 2021: EUR71.4 billion). At 1.24, the book-to-bill ratio was at an excellent level (fiscal 2021: 1.15). At EUR102 billion, the order backlog again set a new record with high quality.

Digital business continued to grow rapidly and climbed around 15 percent to EUR6.5 billion (fiscal 2021: EUR5.6 billion), enabling Siemens to considerably exceed its announced growth rate of an average annual growth of 10 percent.

Profit of the Industrial Business also set a new record, increasing 17 percent to EUR10.3 billion (fiscal 2021: EUR8.8 billion). The profit margin of the Industrial Business improved to 15.1 percent. Net income came in at EUR4.4 billion (fiscal 2021: EUR6.7 billion). This decline was primarily due to the non-cash impairment of EUR2.7 billion in Q3 2022 related to the company's stake in Siemens Energy. Corresponding basic earnings per share before purchase price allocation accounting were EUR5.47 (fiscal 2021: EUR8.32); excluding the burden of the impairment related to the Siemens Energy stake, the figure was EUR8.84.

At EUR8.2 billion, free cash flow all-in at Group level from continuing and discontinued operations again reached the record level of the prior year (fiscal 2021: EUR8.2 billion). The Industrial Business delivered excellent free cash flow of EUR9.7 billion (fiscal 2021: EUR9.8 billion).

Strong fourth quarter finish

Orders in Q4 climbed to EUR21.8 billion (Q4 2021: EUR19.1 billion), featuring strong growth at Smart Infrastructure and Siemens Healthineers, in particular. Revenue also rose 12 percent on a comparable basis to EUR20.6 billion (Q4 2021: EUR17.4 billion). All industrial businesses contributed to this growth, led by double-digit growth at Digital Industries and Smart Infrastructure. At 1.06, the book-to-bill ratio was again considerably above 1.

Outlook for fiscal 2023

Siemens' outlook for fiscal 2023 is based on the assumptions that geopolitical tensions do not further escalate and challenges from COVID-19 and supply chain constraints continue to ease. Under these conditions, with the company's high order backlog, particularly in short-cycle businesses, Siemens expects its industrial businesses to continue their profitable growth.

For the Siemens Group, the company expects comparable revenue growth, net of currency translation and portfolio effects, in the range of 6 percent to 9 percent and a book-to-bill ratio above 1.

Digital Industries expects for fiscal 2023 to achieve comparable revenue growth of 10 percent to 13 percent. The profit margin is expected to be 19 percent to 22 percent.

Smart Infrastructure expects for fiscal 2023 comparable revenue growth of 8 percent to 11 percent. The profit margin is expected to be 13 percent to 14 percent.

Mobility expects for fiscal 2023 comparable revenue growth of 6 percent to 9 percent. The profit margin is expected to be 8 percent to 10 percent.

Siemens expects this profitable growth of its industrial businesses to drive basic EPS from net income before purchase price allocation accounting (EPS pre PPA) to a range of EUR8.70 to EUR9.20 in fiscal 2023.

This outlook excludes burdens from legal and regulatory matters and material impairments.

Siemens AG (Berlin and Munich) is a technology company focused on industry, infrastructure, transport, and healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, helping them to transform the everyday for billions of people. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a globally leading medical technology provider shaping the future of healthcare. In addition, Siemens holds a minority stake in Siemens Energy, a global leader in the transmission and generation of electrical power.

In fiscal 2022, which ended on September 30, 2022, the Siemens Group generated revenue of EUR72.0 billion and net income of EUR4.4 billion. As of September 30, 2022, the company had around 311,000 employees worldwide. Further information is available on the Internet at www.siemens.com.


Florian Martens

Siemens AG

T: +49 162 230-6627

E: florian.martens@siemens.com

Katharina Hilpert

Siemens AG

T: +49 173 893-4962

E: katharina.hilpert@siemens.com

Simon Friedle

Siemens AG

T: +49 1525 2159076

E: simon.friedle@siemens.com

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
SIEMENS AG 0.31% 144.5 Delayed Quote.11.46%
SIEMENS ENERGY AG 0.29% 18.895 Delayed Quote.7.51%
SIEMENS HEALTHINEERS AG 0.29% 48.84 Delayed Quote.4.52%
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Sales 2023 75 799 M 82 283 M 82 283 M
Net income 2023 6 394 M 6 940 M 6 940 M
Net Debt 2023 37 521 M 40 731 M 40 731 M
P/E ratio 2023 18,3x
Yield 2023 3,06%
Capitalization 115 B 124 B 124 B
EV / Sales 2023 2,01x
EV / Sales 2024 1,88x
Nbr of Employees 311 000
Free-Float 88,4%
Duration : Period :
Siemens AG Technical Analysis Chart | MarketScreener
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Technical analysis trends SIEMENS AG
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 144,50 €
Average target price 156,31 €
Spread / Average Target 8,17%
EPS Revisions
Managers and Directors
Roland Emil Busch President & Chief Executive Officer
Ralf Peter Thomas Head-Corporate Finance, Accounting & Controlling
Jim Hagemann Snabe Chairman-Supervisory Board
Hanna Hennig Chief Information Officer
Bernhard Wardin Head-Technology & Innovation
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