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ots Ad hoc-Service: SIEMENS AG
EBIT margin trend: increase in the range of 20% a year
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Munich (ots Ad hoc-Service) -
Siemens AG today released its Annual Report for fiscal 2000 (ended September 30). This is the last Siemens annual report to be based on the German GAAP (HGB). The report confirmed the preliminary figures published on November 8, 2000. The company's economic value added (EVA) rose more than EUR 1.5 billion to EUR 859 million, going positive one year earlier than expected. Earnings per share climbed 93% to EUR 5.07.
Selected proposals at the Annual Shareholders' Meeting A stock split will be proposed at the Annual Shareholders' Meeting 2001. Shareholders will receive one additional share for every two they own. The shares will be traded at roughly two-thirds of their former price. To cover the new share emission, retained earnings will be converted into capital stock without changing the absolute amount of shareholders' equity. The stock split will not affect the overall goal of reducing shareholders' equity and thus raising investors' returns. Last year's buy-back is only a first step. If shareholders at the Annual Shareholders' Meeting approve, the company plans to repurchase and retire additional shares. The relevant item on the Meeting agenda will include a new, innovative alternative which will make it possible to offer Siemens shareholders the opportunity to exchange their shares for Infineon stock owned by Siemens.
Fiscal 2000 - key figures based on U.S. GAAP For the first time, Siemens is presenting selected key figures for the past fiscal year based on U.S. GAAP. Under U.S. GAAP, the total net income (excluding minority interest) was EUR 8.9 billion, or EUR 1.3 billion higher than when calculated according to the HGB. EBIT from Operations was EUR 655 million lower than with HGB. This largely reflects the application of the percentage-of- completion method of accounting used for long-term contracts. Excluding extraordinary items and conversion-related special effects, the adjusted U.S. GAAP result totals EUR 2.639 billion after taxes. This amount is comparable to the HGB result (excluding minority interest) of EUR 3.029 billion.
Medium-term goals Siemens aims to achieve further substantial increases in profitability. In the coming years, the company aims at an EBIT margin (earnings before tax and interest as a ratio of sales) trend in the range of a 20% increase a year from Operations. To achieve these new goals, six drivers have been defined: improve business excellence; growth through innovation; continued optimization of the business portfolio; strengthening synergy management; transforming Siemens into an e-company; and global market penetration, with a focus on the U.S. and China.
Outlook for fiscal 2001 Despite imponderables in the economy and exchange rates, the relevant markets will maintain their present dynamic. The company anticipates double-digit growth in sales and orders. Earnings growth is expected to considerably exceed sales growth. The clear priority is to further strengthen company profitability.
Siemens Groups-EBIT margin targets
EBlT-margin FY Medium-term
2000 in % margin target
ICN 5,1 7-10
ICM 7,8 8-11
SBS 1,0 5-6
A&D 10,6 11-13
I&S 2,6 4-6
PL 10,4 11-13
SBT 5,7 7-9
PG 0,7 10-13
PTD 1,3 5-7
TS 1,8 5-7
AT 2,3 5-6
MED 9,0 10-12
Osram 8,8 10-11
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