MarketLineIC - Siemens AG - Profile - 210621

Siemens AG
Table of Contents
Siemens AG- Financial and Strategic Analysis Review ................................................3
Company Overview....................................................................................................3
Siemens AG- Key Facts .............................................................................................3
Siemens AG- Business Description ...........................................................................3
Siemens AG- Major Products and Services ...............................................................5
Siemens AG- History .................................................................................................7
Siemens AG- SWOT Analysis .................................................................................27
Siemens AG- Strengths ............................................................................................27
Strengths-Strong research and development capabilities strengthen
competitiveness ....................................................................................................27
Strengths-Extensive product portfolio Catering to various customers.................28
Strengths-Order backlog improves financial strength..........................................28
Siemens AG- Weaknesses........................................................................................29
Weaknesses-Decrease in operational performance ..............................................29
Siemens AG- Opportunities .....................................................................................29
Opportunities-Strategic acquisition and partnership ............................................29
Opportunities-Vision 2020 to strengthen its business operations ........................29
Opportunities-Positive outlook for global software market .................................30
Siemens AG- Threats ...............................................................................................30
Threats-Competition could erode margins ...........................................................30
Threats-Foreign exchange risks could increase losses .........................................30
Threats-Environmental and other government regulations ..................................31
Siemens AG- Key Competitors................................................................................31
Siemens AG- Key Employees..................................................................................32
Siemens AG- Company Statement...........................................................................35
Siemens AG- Locations & Subsidiaries...................................................................38
Head office ...........................................................................................................38
Other Locations & Subsidiaries ...............................................................................38
Siemens AG, Other locations ...............................................................................38
Siemens AG, Subsidiaries ........................................................................................38
Siemens SA ..........................................................................................................38
Siemens Australia & New Zealand ......................................................................38
Siemens n.v./s.a. ...................................................................................................39
Siemens Sro..........................................................................................................39
Siemens SAS ........................................................................................................39
Siemens Limited...................................................................................................39
Siemens Ltd. (Navi Mumbai)...............................................................................39
Siemens Healthcare Diagnostics Ltd....................................................................39
Siemens plc...........................................................................................................39
Summarized Statement.............................................................................................40
Siemens AG, Annual Statements .............................................................................40
Income Statements ...............................................................................................40
Balance Sheet .......................................................................................................40
Published: 04 May 2021 Page 1

Extracted: 21 Jun 2021
Siemens AG
Cash Flow.............................................................................................................40
Detailed Statement ...................................................................................................41
Siemens AG, Full Annual Statements......................................................................41
Income Statements ...............................................................................................41
Balance Sheet .......................................................................................................42
Cash Flow.............................................................................................................43
Summarized Interim Statement ................................................................................44
Siemens AG, Summarized Interim Statements ........................................................44
Balance Sheet .......................................................................................................44
Cash Flow.............................................................................................................44
Detailed Interim Statement.......................................................................................45
Siemens AG, Detailed Interim Statement ................................................................45
Balance Sheet .......................................................................................................45
Cash Flow.............................................................................................................46
Capital Market Ratios...............................................................................................47
Siemens AG, Capital Market Ratios ........................................................................47
Interim Ratios ...........................................................................................................47
Siemens AG, Interim Ratios.....................................................................................47
Annual Ratios ...........................................................................................................48
Siemens AG, Annual Ratios.....................................................................................48

Siemens AG
Siemens AG- Financial and Strategic Analysis Review

Company Overview
Siemens AG (Siemens or ‘the company’) is a technology company with core activities

in the areas of automation, electrification and digitization. The company offers
products, solutions and services for medical imaging and laboratory diagnostics;
power generation, oil and gas production and transportation; transmission and
distribution; industrial technologies and automation systems; infrastructure and
building technologies; mobility and logistics solutions. It serves public utility
companies, oil and gas companies, independent power producers, transportation
companies, hospitals and diagnostics centers, infrastructure developers and network
operators. Its business operations span the Middle East, Europe, Africa,
Commonwealth of Independent States, the Americas, and Asia-Pacific. The company
is headquartered in Munich, Germany.
Siemens AG- Key Facts
Siemens AG- Key Facts

Corporate Ticker Symbol,
SIE[ETR]
Address Exchange
Telephone 49 89 63600 No. of Employees 287000
Fax 49 69 66826664 Fiscal Year End September
Revenue (in US$
URL www.siemens.com 63971.1151
Million)
Source : GlobalData Research analysis / © GlobalData Research
Siemens AG- Business Description
Siemens AG (Siemens or ‘the company’) is a technology company focused on core

business activities in the fields of, digitalization, automation and electrification. The
company offers various solutions, including medical diagnostics, power transmission,
infrastructure, power generation, automation, drive and software solutions. The
company operates across Europe, Asia Pacific, Africa, the Middle East, and the
Americas.
Siemens operates through seven reportable business segments: Gas and Power;
Siemens Healthineers; Digital Industries; Smart Infrastructure, Mobility, Siemens
Gamesa Renewable Energy and Financial Services (SFS).
The company's Gas and Power segment offers a broad spectrum of products and
solutions for generating electricity from fossil fuels and for producing and
transporting oil and gas. Its portfolio includes gas turbines, steam turbines, and
generators to be applied to gas or steam power plants, compressors, integrated power
plant solutions, and instrumentation and control systems for power generation. It also
offers maintenance services, performance enhancements, customer trainings and
consulting services. The segment serves companies in engineering, procurement and
construction; sovereign and multinational oil companies; public utilities and

Siemens AG
independent power producers; and industrial customers that generate power for their
own consumption In FY2019, the Gas and Power segment reported revenue of EUR
17,663.0 million, which accounted for 19.8% of the company’s total revenue.
The Siemens Healthineers segment offers technology solutions to the healthcare
industry including medical imaging and laboratory diagnostics. The company
provides medical technology, software solutions and clinical consulting services,
supported by a comprehensive training and service offerings. It offers medical
solutions spanning the treatment chain from prevention, early detection and diagnosis
to treatment and follow-up care. Siemens Healthineers serves pharmaceutical
companies, public and private healthcare providers, and clinical research institutes. In
FY2019, the Siemens Healthineers segment reported revenue of EUR 14,517 million,
which accounted for 16.3% of the company’s total revenue.
The Digital Industries segment offers a range of products and system solutions used in
manufacturing industries, complemented by lifecycle and data-driven services. Its
major products and solutions include industrial controls and numerical control
systems, automation systems and software for factory automation, complemented by
product and production lifecycle software, drives, motors, and inverters and integrated
automation systems for machine tools and production machines, and software for
testing and simulation of mechatronic systems. In FY2019, the Digital Industries
segment reported revenue of EUR16,087.0 million, which accounted for 18.1% of the
company’s total revenue.
The Smart Infrastructure segment offers energy systems and building technologies. It
serves its customers through a broad variety of channels to global product and
systems sales organization, distributors, panel builders, original equipment
manufacturers (OEM), value added resellers and installers and direct sales through the
branch offices of its regional solutions and services units worldwide. In FY2019, the
Smart Infrastructure segment reported revenue of EUR15,225 million, which
accounted for 17.1% of the company’s total revenue.
The Mobility segment combines all Siemens businesses in the area of passenger and
freight transportation, including rail vehicles, rail automation systems, rail
electrification systems, road traffic technology, IT solutions and related services. The
segment provides its customers with consulting, planning, financing, construction,
service and operation of turnkey mobility systems. Mobility also provides integrated
mobility solutions for networking of different types of traffic systems. Its major
customers of include public and state-owned companies in the logistics and
transportation sectors. In FY2019, the Mobility segment reported revenue of
EUR8,916 million, which accounted for 10% of the company’s total revenue.
The company's Siemens Gamesa Renewable Energy segment designs, manufactures

and installs wind turbines for onshore and offshore applications. This includes both
geared turbines and direct drive turbines. It also offers services for the operation,
managemen and maintenance of wind farms. The segment serves a variety of
customers, in particular large utilities and independent power producers. In FY2018,
the Siemens Gamesa Renewable Energy segment reported revenue of EUR10,227
million, which accounted for 11.5% of the company’s total revenue.

Siemens AG
The Financial Services segment provides its customers’ investments with leasing
solutions and equipment, project and structured financing in the form of debt and
equity investments. With specialist financing and technology expertise in the areas of
Siemens businesses, the segment operates the corporate treasury of the company,
which includes managing liquidity, cash and interest risks as well as certain foreign
exchange, credit and commodities risks. In FY2019, the Financial Services segment
reported revenue of EUR832 million, which accounted for 0.9% of the company’s
total revenue.
The company’s reconciliation to consolidated financial statements operation include

centrally managed portfolio activities (CMPA), Siemens Real Estate (SRE) and
corporate functions. The centrally managed portfolio activities consist of non-
controlling equity stakes held by Siemens and activities related to divestment and
discontinued operations. Siemens Real Estate manages the company’s real estate
business portfolio, is responsible for the purchase and sale of real estate and building
projects. It also operates the properties. In FY2019, reconciliation to consolidated
financial statements reported revenue of EUR5,526 million, which accounted for
6.2% of the company’s total revenue.
Geographically, the company classifies its operations into three regions: Europe, CIS,
Africa and the Middle East; the Americas, and Asia and Australia. In FY2019,
Europe, CIS, Africa and the Middle East segment accounted for 51.1% of the
company's revenue, followed by the Americas (27.4%) and Asia and Australia
(21.5%).
Siemens AG- Major Products and Services
Siemens AG- Major Products and Services

Products: Services: Brands:
Industry Automation: Customer Services: Siemens

Programmable logic controllers Retrofit and repair services
Process control systems Technical support
Low-voltage switchgear (such as circuit Online care
protection and distribution products) Spare part management
Sensors (such as process Commissioning services
instrumentation)
Analytics Energy:
Industrial software (such as product
lifecycle management and Fossil power generation:
manufacturing execution systems Turbo generators
software) Gas and steam turbines
Process instrumentation and control
Drive Technologies: systems for power plants and for
Standard motors and drives for use in power generation
conveyor belts
Pumps Wind power:
Compressors Wind turbines
Heavy duty motors

Siemens AG
Drives for rolling steel mills Oil and gas:

Compressors for oil and gas pipelines Products and solutions for
Mechanical components (such as gears production, transport, and
for wind turbines and cement mills) processing of oil, gas, and water
Automation systems and services Steam and gas turbines
Control and drive solutions Process turbo compressors
Generators
Metals Technology: Power generation and distribution
Mechanical equipment solutions
Drives Process and automation technology
Motors Integrated IT solutions
Consumer Products: Energy service:

Cordless Phones, Broadband and Home Gas and steam turbines
Media Generators
Electrical Installation Systems Compressors
Hearing Instruments Power plant maintenance and
Home Appliances operations and the provision of
Home Security emissions control services and
Home Automation systems
Lighting
Power transmission:
Diagnostics IT: High-voltage transmission solutions
Laboratory Information Systems Power transformers
Decision Support Systems High-voltage switching products
Remote Monitoring Systems and systems
Productivity Systems Innovative alternating and direct
current transmission systems
Molecular Diagnostics:
Testing Systems Healthcare:
In Vitro Diagnostics (IVD) Assays Imaging and therapy systems:
Refurbished Instruments Large-scale medical devices (such
Integrated Diagnostics as computed tomography, magnetic
resonance, and molecular imaging)
Hearing Products: Therapy systems
Discreet Hearing Instruments
Comfortable Hearing Instruments Clinical products:
Hearing Instruments for Children Ultrasound
Hearing Protection Mammography
Wireless Hearing Instruments X-ray equipment
Oil and Gas: Diagnostics:

Compressors Diagnostic testing systems and
Gas Turbines consumables
Steam Turbines
Converters Infrastructure and cities sector:
Integrated mobility solutions
Industry Segment: Building and security systems
AC Motors Power distribution equipment

Siemens AG
DC Motors Smart grid applications

DC Converters Low and medium-voltage products
Automation Systems
Power Supplies
Building Automation Systems
Automotive Lighting
Precision Materials
General Lighting
Lighting Components
Light Emitting Diode
Siemens AG- History
Siemens AG- History

Year Event Description
2020 New Products/Services In March, the company's Siemens Smart
Infrastructure launched its new KNX switch
and dim actuator N 525D11, 2x DALI
Broadcast
2020 Contracts/Agreements In January, the company has signed MoU with
the Republic of Ghana to transform energy
and infrastructure challenges in Ghana.
2020 Corporate Changes/Expansions In January, the company opened a new digital
grid center in Abu Dhabi, UAE.
2020 Contracts/Agreements In January, the company's Siemens Digital
Industries Software partnered with Arm to
provide edge IP, methodologies, processes,
and tools to assist automakers and suppliers
for their next-gen platforms.
2019 Contracts/Agreements In July, Siemens Gamesa secured a contract is
to supply 27 turbines totaling 94MW to two
wind farms being developed by Brennand
Investimentos in Brazil.
2018 Acquisitions/Mergers/Takeovers In October, the company acquired Mendix, a
platform for building and improving mobile
and web apps.
2018 Contracts/Agreements In November, the company entered into a
partnership with Aruba to bridge the
information technology (IT) and operational
technology (OT) networks for customers.
2018 Contracts/Agreements Siemens secured a contract worth INR5,790
million to electrify Gujarat Metro Link
Express, India in the month of January.
2017 Contracts/Agreements Siemens Dammam Energy Hub, received an
order for five F-class SGT6-5000F gas
turbines for a combined heat and power (CHP)

Siemens AG
plant in at the Kingdom of Saudi Arabia. With

an electrical generating capacity of about
1,500 megawatts (MW), the plant supplied
about 400 MW of electricity and process
steam to a new natural gas extraction plant.
2017 Contracts/Agreements In Nivember, the company entered into an
MoU with North-West Power Generation
Company to construct 3.6GW power plant.
2017 Contracts/Agreements In January, the company, Siemens Limited
and Marubeni Corporation were awarded the
South Bangkok Power Plant Replacement
Project Phase 1 by the Electricity Generating
Authority of Thailand.
2017 Corporate Changes/Expansions Siemens with its local partners Orascom
Construction and Elsewedy Electric
completed the first phase of Siemens'
megaproject in Egypt.
2017 Acquisitions/Mergers/Takeovers Siemens concluded the merger of its wind
power business with Gamesa. Siemens
acquired Mentor Graphics Corporation.
Mentor is now part of Siemens' product
lifecycle management (PLM) software
business, making the combined organization.
2016 Contracts/Agreements Siemens signed an agreement with the Iranian
MAPNA Group to strengthen their
cooperation in order to modernize the energy
infrastructure in Iran. The companies also
signed a Memorandum of Understanding
(MoU) to jointly develop the roadmap for the
extension and optimization of the overall
Iranian power and electrification system.
2016 Contracts/Agreements Siemens and Airbus announced the signing of
a collaboration agreement in the field of
hybrid electric propulsion.
2016 Contracts/Agreements Siemens and Gamesa signed binding
agreements to merge Siemens' wind power
business, including wind services, with
Gamesa to create a leading global wind power
player.
2016 Corporate Changes/Expansions Siemens' opened a new headquarters in
Munich.
2016 Contracts/Agreements Siemens and CD-adapco entered into a stock
purchase agreement for the acquisition of CD-
adapco by Siemens.
2016 Contracts/Agreements Siemens and Valeo signed an agreement to
form a joint venture in high voltage
powertrains. With this move, the companies

Siemens AG
create a global leader of innovative and

affordable high-voltage components and
systems for the entire range of electric
vehicles including hybrids, plug-in hybrids
and full electric vehicles.
2016 Corporate Changes/Expansions Siemens completed the construction of the
new corporate headquarters at Munich.
2016 Corporate Changes/Expansions Siemens announced the investment of around
E200 million ($229.7 million) to a wind
turbine manufacturing facility in Cuxhaven,
Germany.
2016 Corporate Changes/Expansions Siemens inaugurated the new rotor blade
factory for offshore wind turbines in Hull, the
UK. Siemens announced the investment of
around EUR200 million to a wind turbine
manufacturing facility in Cuxhaven, Germany.
2015 Contracts/Agreements Siemens, Atos, and the Gores Group reached
an agreement for Atos to acquire Unify, the
number three world leader of integrated
communication solutions.
2015 Corporate Changes/Expansions The company's Dolphin Gas Project in Qatar,
Siemens will provide service and maintenance
for nine aeroderivative gas turbines from
former Rolls-Royce Energy and the related
nine Dresser-Rand compressors with a term of
eighteen years.
2015 Commercial Operation The municipalities involved in the new Rhine-
Ruhr Express (RRX) rail transport concept
commissioned Siemens to supply 82 Desiro
HC electric multiple units and to provide
maintenance services for a period of 32 years.
2015 Contracts/Agreements The Finnish Railways VR Group intended to
place an order for 80 electric Vectron
locomotives with Siemens worth more than
E300 million ($344.6 million). Siemens
Logistics and Airport Solutions equipped the
new cargo terminal at Al Maktoum
International Airport, Dubai World Central
(DWC), with a material handling system
(MHS).
2015 Corporate Changes/Expansions Siemens powered the world's largest two-axle
dumper truck BelAZ-75710 by four 1,200 kW
electric motors. Subsequently, Siemens
handed over the first three North Sea grid
connections to its customer TenneT.
2015 Acquisitions/Mergers/Takeovers Siemens invested around E200 million
($229.7 million) to a wind turbine
manufacturing facility in Cuxhaven, Germany.

Siemens AG
2015 Contracts/Agreements Siemens Logistics and Airport Solutions

equipped the first US pre-clearance terminal
in the Middle East with a modern baggage
handling system.
2015 New Products/Services Siemens launched a hydrogen production
plant at the Energiepark Mainz. Siemens and
Atos decided to define new initiatives that
would further expand their alliance.
2015 Contracts/Agreements Siemens signed contracts for high-efficiency
natural gas-fired power plants and wind power
installations that will boost Egypt's power
generation capacity by more than 50%
compared to the currently installed base
2015 Corporate Changes/Expansions Siemens in conjunction with shipbuilder
Fjellstrand, build the world's first electrical car
and passenger ferry powered by batteries
which entered into operation in Norway.
2015 Contracts/Agreements Mitsubishi Heavy Industries (MHI) and
Siemens announced the closing of their joint
venture in the field of metallurgical industry.
The new company is named Primetals
Technologies. With this joint venture both
partners are forming a globally operating
complete provider for plants, products and
services for the iron, steel and aluminum
industry.
2015 Contracts/Agreements Siemens announced to supply turbines for the
Valle de Mexico II combined cycle power
plant. Further, Siemens received an order to
supply six gas turbines, four steam turbines
and ten generators for a new combined-cycle
power generating facility in Qatar with an
integrated seawater desalination facility.
2015 Corporate Changes/Expansions Siemens and Esvagt christened wind
industry's first offshore purpose-built Service
Operation Vessels (SOV).
2015 Contracts/Agreements Siemens signed a contract for the delivery of
18 model SGT-800 industrial gas turbines to
Thailand and will also provide technical field
assistance for installing the units. The
company will also be responsible for the long-
term service for the turbines. Siemens was
awarded power plant components for Keys
Energy Center in Maryland. Siemens is
supplying the main components for the Keys
Energy Center in Maryland, the US to SNC-
Lavalin Constructors, who will act as the
turnkey EPC contractor for the project.

Siemens AG
2015 Divestiture Siemens handed over the first four North Sea
grid connections to its customer TenneT.
2015 Contracts/Agreements Siemens signed a long-term service contract
with the gas company Dolphin Energy,
headquartered in Abu Dhabi.
2015 Contracts/Agreements Siemens has been awarded a contract for
supplying the initial ten compressor trains for
a major Liquefied Natural Gas (LNG) project
in the US.
2015 Acquisitions/Mergers/Takeovers Siemens Logistics and Airport Solutions
acquired AXIT, the software specialist for
cloud-based IT platforms for logistics process
management.
2015 Contracts/Agreements Siemens was officially awarded an order from
the Rhine-Ruhr Metropolitan Region. In
addition, Siemens and the Egyptian
government reached firm agreements to build
a 4.4 GW combined-cycle power plant and
install wind power capacity of 2 GW.
2015 Regulatory Approval Siemens acquisition of Dresser-Rand got
approval from EU Commission to close the
deal for $7.8 billion.
2014 Divestiture Siemens sold its hearing aid business, Siemens
Audiology Solutions, to the investment
company, EQT, and Germany's Strungmann
family of entrepreneurs as co-investor for
E2.15 billion ($2.91 billion) plus an earn-out
component.
2014 Contracts/Agreements The smart grid division of Siemens and the
Spanish utility, Iberdrola, formed a strategic
smart grid alliance for energy and water in the
Middle East. Further, Siemens, Huaneng
Power International, and Shanghai Electric
Group signed a Memorandum of
Understanding (MoU) to strengthen their
long-term cooperation in advanced gas turbine
and steam power plant technology,
modernization and upgrade of steam turbine
units and wind power.
2014 Divestiture Siemens Healthcare sold its microbiology
business to Beckman Coulter, a wholly owned
subsidiary of Danaher Corporation. During the
same year, Siemens Healthcare divested its
hospital information system business (HS) for
E963 million ($1.3 billion) in cash to the US-
based company, Cerner Corp.
2014 Acquisitions/Mergers/Takeovers Robert Bosch acquired Siemens' 50% stake in
the joint venture BSH Bosch und Siemens

Siemens AG
Hausgeräte GmbH (BSH). .

2014 Stock Listings/IPO Siemens planned to delist from the London
and Swiss Stock Exchanges
2014 Acquisitions/Mergers/Takeovers Siemens acquired the Rolls-Royce Energy
aero-derivative gas turbine and compressor
business and thereby strengthening its position
in the growing oil and gas industry as well as
in the field of decentralized power generation.
2014 Stock Listings/IPO Siemens delisted its American Depositary
Receipts (ADR) from the New York Stock
Exchange (NYSE).
2014 Corporate Changes/Expansions The order was worth just under E50 million
(approximately $75.2 million) and delivery of
the first frigate is scheduled.
2013 Contracts/Agreements Siemens and Cape Wind signed a major
contract for the construction of the US' first
utility-scale offshore wind farm. Later,
Siemens entered into an agreement to acquire
TESIS PLMware, a recognized leader in the
integration of product lifecycle management
(PLM) software with other enterprise
applications. Also, Siemens Healthcare
Diagnostics entered into a master
collaboration agreement with Pfizer to design,
develop, and commercialize diagnostic tests
for therapeutic products across Pfizer's
pipeline.
2013 Contracts/Agreements EADS, a provider of aerospace, defense, and
related services, and Siemens entered into a
long-term research partnership and signed a
memorandum of understanding (MOU) with
Diamond Aircraft on electric propulsion
system. Additionally, Siemens and Nokia
signed an agreement under which Nokia
acquired the shares held in Nokia Siemens
Networks Holding B. V. (NSN) by Siemens
for an agreed purchase price of E1,700 million
($2,230.5 million). Moreover, Siemens spun
off 80.5% of the shares of OSRAM Licht to
Siemens shareholders.
2013 Corporate Changes/Expansions Siemens Energy opened two major research
and development test facilities for wind
turbine technology in Denmark.
2013 Divestiture The Siemens Water Technologies business
unit, which offers solutions for the treatment
and processing of water and wastewater, was
sold to AEA Investors LP, for E640 million
($839.7 million).

Siemens AG
2012 Acquisitions/Mergers/Takeovers Siemens planned to acquire the Connectors

and Measurements Division of Expro
Holdings UK, a company specializing in the
oil and gas industry. The division engineers
and manufactures subsea components such as
cable connectors, sensors, and measuring
devices. Additionally, Siemens VAI Metals
Technologies and Centro Sviluppo Materiali,
an Italian technical center, joined forces to
develop production processes and technology
packages for rolling and processing high-
quality steel rail In the same year, Siemens
acquired the engineering company FCE,
headquartered in Huntingdon Valley,
Pennsylvania, the US, which provides core
sales, engineering, equipment supply, and
project management expertise in strip and
plate heat treating furnaces.
2012 Contracts/Agreements Siemens Industry Automation Division
entered into an agreement to acquire
Cambridge Water Technology, based in
Cambridge, Massachusetts, the US, to
strengthen its product portfolio with a leading-
edge technology.
2012 Contracts/Agreements Siemens entered into an agreement to acquire
Invensys Rail, the rail automation business of
Invensys, for approximately E2.2 billion ($2.9
billion).
2012 Contracts/Agreements sSubsequently, Varian Medical Systems and
Siemens Healthcare signed a strategic global
partnership to provide advanced diagnostic
and therapeutic solutions and services for
treating cancer with image-guided
radiotherapy and radiosurgery.
2012 Contracts/Agreements The Siemens Industry Automation Division
signed an agreement with WesTech
Engineering, to sell the conventional water
treatment business that includes the Microfloc
and General Filter product portfolios. In the
same year, Siemens Healthcare entered into a
definitive agreement to acquire all of the
assets of Penrith Corporation. Further,
Siemens Infrastructure and Cities acquired
Australia's Kaon Holdings.
2012 Contracts/Agreements Siemens Metals Technologies (SVAI) and
Cockerill Maintenance and Ingenierie (CMI)
entered into a global strategic cooperation,
which enabled both companies to make

Siemens AG
advantage of their respective organizations in

order to render their offerings unparalleled
and the most attractive in the market place. In
addition, Siemens Vietnam and Vietnam
Motors Industry entered a cooperation
agreement to apply Siemens Elfa hybrid drive
technology for city buses in Vietnam.
2012 Acquisitions/Mergers/Takeovers , Siemens acquired the majority stake in
Marine Current Turbines, the UK company
based in Bristol, which develops and builds
tidal power systems. Also, Siemens Industry
Automation Division acquired Innotec do
Brazil. Furthermore, Siemens Building
Technologies Division acquired Pace Global,
a US-based energy service provider.
Subsequently, Siemens Acquisition Ontario, a
wholly-owned subsidiary of Siemens Canada,
completed the acquisition of the outstanding
common shares of RuggedCom for C$33.00
($32.8) per common share in cash.
2012 Acquisitions/Mergers/Takeovers Siemens Infrastructure and Cities Sector
acquired Senergy Sistemas de Medicao, one of
the leading companies for smart metering
solutions specialized in offering software and
services for the prevention and reduction of
non-technical losses in the power distribution
grid in Brazil.
2012 Contracts/Agreements Siemens Energy planned to build a submarine
DC interconnector in the Irish Sea. The order
is worth more than E1.1 billion ($1.4 billion)
for the consortium.
2012 Acquisitions/Mergers/Takeovers Siemens acquired Kineo CAM, a leading
provider of computer-aided motion software.
Moreover, Siemens acquired LMS
International, a leading provider of test and
mechatronic simulation for complex products.
2012 Acquisitions/Mergers/Takeovers The Siemens Industry Automation Division
acquired Perfect Costing Solutions to increase
its position in the field of product lifecycle
management software.
2012 Contracts/Agreements Siemens Infrastructure and Cities joined
forces with Wasion Group, one of the leading
Chinese manufacturers of smart meters, to
create Smart Metering Solutions (Changsha);
to develop and market software for managing
meter data. In the same year, Siemens and
Bentley Systems entered into a strategic
collaboration to advance the integration of

Siemens AG
digital product design and manufacturing

processes design with information modeling
for facilities lifecycle design.
2012 Corporate Changes/Expansions Siemens planned to invest up to $1 billion
over the next five years with the aim of
strengthening and expanding its business in
Brazil.
2012 Corporate Changes/Expansions Siemens Infrastructure and Cities opened a
new manufacturing plant at its location in the
state of Goa, India, to produce network
automation components, in the first stage of
expansion, Siemens has invested around E20
million ($26 million). It also opened two new
production facilities at its location in the
Indian state of Goa and invested around E28
million ($36.4 million) in the facilities, which
manufacture products for the establishment
and expansion of power distribution networks
for utilities, industry, infrastructure projects
and municipalities.
2012 Business / Operations Closure Siemens planned to sell its baggage handling,
postal, and parcel sorting business.
2012 Acquisitions/Mergers/Takeovers Siemens planned to acquire all shares in IBS
AG.
2011 Stock Listings/IPO Siemens announced its plan to publicly list its
subsidiary Osram.
2011 Divestiture Siemens divested its stake in Areva. I
2011 Contracts/Agreements Siemens won the largest contract in its history.
The contract was for the group to build up to
300 new ICx long distance trains for Deutsche
Bahn in Germany. Siemens and Volvo Car
Corporation (Volvo) decided to jointly
cooperate in the development of electric cars.
The two companies will be developing and
integrating electrical drive technology, power
electronics, and charging technology in the
Volvo C 30 Electric.
2011 Acquisitions/Mergers/Takeovers Siemens announced to increase its stake in
Siemens India from about 55% to 75%.
Siemens was successful in its bid to increase
stake in Siemens India to 75%.
2011 Contracts/Agreements Siemens and The University Hospital
Schleswig-Holstein signed a letter of intent
announcing the dissolution of their public-
private partnership contract for implementing
North European Center for Radio-Oncology in
Kiel (NRoCK). Siemens announced its plans
invest E1,000 million ($1,395.6 million) in

Siemens AG
Russia
2011 Contracts/Agreements Siemens received an order from the University
of Maastricht to deliver and install three
powerful, high-field magnetic resonance
tomographs (MRT). Further, Siemens
received an order worth more than $1 billion
from Saudi Arabia for the supply of
components for the Ras Az Zawr combined
cycle power plant with an associated seawater
desalination facility.
2011 Corporate Changes/Expansions the Siemens wind power division started
operating from its new headquarter at
Hamburg in Germany. Subsequently, the
group established a new business sector, the
infrastructure and cities sector.
2010 Corporate Changes/Expansions Siemens decided to participate in the
development of two eco-friendly combined-
cycle power plants, one in the German state of
Brandenburg and the other in Hungary.
Siemens announced its decision to invest
around E100 million ($135.7 million) to make
its factories more environment friendly.
Siemens decided to carve out its IT business,
Siemens IT Solutions and Services (SIS), as a
separate company.
2010 Contracts/Agreements the group signed memorandums of
understanding in Yekaterinburg, Russia to
supply wind power and railway technologies
with a total value of several billion Euros.
Under the agreements, Siemens is to
modernize 22 railway switching yards by
2026 and supply Russian Railways (RZD)
with 240 regional trains over the next ten
years.
2010 New Products/Services Siemens launched a strategic cooperation with
the grid operator Federal Grid Company
(FGC) to upgrade Russian power grids
through the use of energy-efficient power
highways and smart grid technologies.
2010 Contracts/Agreements Masdar, Abu Dhabi's renewable energy
initiative, and Siemens signed an agreement
establishing a long term strategic partnership.
Under the agreement, Siemens will implement
an innovative power grid combined with
advanced building technologies in the first
phase of Masdar City. The partnership also
covers collaboration in the field of carbon
capture and storage (CCS) which will involve

Siemens AG
research and development with the Masdar

Institute.
2010 Contracts/Agreements Atos Origin and Siemens announced their
intention to form a global strategic
partnership. As a part of this initiative,
Siemens will contribute its Siemens IT
Solutions and Services business for a total
sum of E850 million ($1,153.7 million) to
Atos Origin; and will become for a period of
at least five years a sustainable shareholder of
Atos Origin with a 15% stake.
2010 Contracts/Agreements Siemens strengthened its energy business in
Russia with new partnerships. Siemens along
with Russian partner Iskra-Avigaz established
the joint venture LCC Russian Turbo
Machinery.Subsequently, Gazprom and
Siemens signed a memorandum of
understanding to cooperate in the area of
liquefied natural gas (LNG) technology
development and will carry out a number of
joint development programs
2010 Contracts/Agreements Siemens Energy received an order from the
Netherlands for turnkey construction of a
combined cycle power plant. Purchaser of the
435 MW Hemweg 9 plant was Nuon, a Dutch
utility company. In the same year, Siemens
signed an agreement with Austrian Federal
Railways (ÖBB) on the supply of up to 200
regional passenger trains over the next five
years. In addition, Siemens Energy received
further major orders from Qatar General
Water & Electricity Corporation (Kahramaa)
to supply substations and switchgear valued at
E510 million ($692.2 million) as well as
associated cables valued at E90 million
($122.2 million).
2010 Regulatory Approval Siemens received an authorization from the
Germany's Federal Financial Supervisory
Authority (BaFin) to engage in banking
operations.
2010 Contracts/Agreements Siemens Project Ventures and Mainstream
Renewable Power (a company engaged in
developing, building, and operating renewable
energy plants) won a contract to develop four
gigawatts (GW) of wind farms off the UK
coast.
2010 Corporate Changes/Expansions Siemens announced plans to invest E200
million ($271.5 million) in the next two years

Siemens AG
to expand its business and its sales structures

in Africa.Siemens is also to install wind
turbines with a total capacity of up to 1,250
megawatts in Russia. The group announced its
decision to sell its assembly systems business
(Siemens Electronics Assembly Systems /
SEAS) to ASM Pacific Technology
(ASMPT).
2010 Contracts/Agreements As part of the project to develop the two
power plants, Siemens, through its equity
company Siemens Project Ventures, acquired
50% stakes in each of the two project
companies of the Swiss project developer
Advanced Power.
2010 Corporate Changes/Expansions Siemens expanded its presence in the US by
building a new production plant for 60-hertz
gas turbines at its existing facility in Charlotte,
North Carolina.
2010 Divestiture Siemens announced to divest 49% interest in
Krauss-Maffei Wegmann.
2009 New Products/Services Siemens developed the world's first
multifunctional ultra-sound system that
automatically acquires full-view three-
dimensional images of the breast.
2009 Contracts/Agreements Siemens Energy received an order from
StatoilHydro (a Norway-based integrated oil
and gas company) and Statkraft (a generator
of renewable energy) to provide 88 wind
turbines to the Sheringham Shoal Offshore
Wind Farm off the east coast of England. In
addition to the supply of 88 wind turbines,
Siemens was also awarded a five-year initial
service contract, which can be extended up to
11 years. The total volume of the contract was
more than E450 million (approximately
$676.8 million).
2009 Corporate Changes/Expansions Siemens invested $15 million in Arava Power,
an Israeli solar company. Subsequently,
Siemens decided to open a new green
production facility in Colombia.
2009 Contracts/Agreements iemens Project Ventures, a division company
of Siemens Financial Services, and DONG
Energy signed a joint venture contract to
acquire a 50% stake of a 270 MW UK
offshore wind farm project, Lincs, from
Centrica, a UK-based energy company.
Further in the same period, Siemens received
an order from Russian Railways (RZD) to

Siemens AG
supply a total of 54 regional trains for the

2014 Winter Olympic Games in Sochi,
Russia.
2009 Acquisitions/Mergers/Takeovers Siemens was chosen by Turkmenistan as
technology partner for its (Turkmenistan's)
infrastructure expansion to meet its growing
requirements in the areas of energy, clean
drinking water, mobility, and healthcare. In
the same period, Siemens acquired
approximately 25% stake in BGZ
Beteiligungsgesellschaft Zukunftsenergien
(BGZ), a Germany-based developer, financier,
and operator of regenerative power generation
facilities like wind, solar, and biomass power
plants; and its subsidiary Siemens Venture
Capital (SVC) acquired a stake in Transparent
Energy Systems, an India-based company
engaged in providing waste heat recovery
systems. In addition, Siemens acquired a 60%
stake in Energy4U, one of Germany's leading
SAP service providers in the smart-grid
solutions for utilities market segment.
2009 Contracts/Agreements Siemens won orders of about E1 billion
(approximately $1.4 billion) in advance of the
2010 FIFA World Cup in South Africa, of
which 80% orders were for energy projects in
South Africa.
2009 Acquisitions/Mergers/Takeovers Siemens Energy acquired a 28% stake in the
Italian solar company, Archimede Solar
Energy, to expand its competence in solar
business. In addition, Siemens Energy secured
an order from Abu Dhabi for construction of
the Shuweihat II combined cycle power plant
with integrated seawater desalination facility.
2009 Corporate Changes/Expansions Siemens decided to invest additional E150
million (approximately $225.6 million) in
China. Siemens and E.ON Kraftwerke, a
subsidiary of E.ON Group, decided to build
pilot carbon dioxide (CO2) capture plant for
coal-fired power plants at the E.ON power
plant at Staudinger in Grosskrotzenburg near
Hanau.
2009 Contracts/Agreements Siemens Energy secured an E320 million
(approximately $481.3 million) order from T-
Power (an independent power producer) for
turnkey construction of a combined cycle
power plant in Tessenderlo, Belgium.
2009 Contracts/Agreements Siemens Energy received a contract from its

Siemens AG
Indian licensee, Bharat Heavy Electricals

(BHEL), for the supply of components for two
steam turbine-generators. The customer was
the state-owned energy utility, National
Thermal Power Corporation (NTPC), and the
volume of this order was approximately E80
million (approximately $120.3 million).
2009 Contracts/Agreements Siemens collaborated with King Abdullah
University of Science and Technology (an
international research university in Saudi
Arabia) to focus on renewable energy,
environmental technologies, and material and
biosciences. In addition, Siemens acquired
Solel Solar Systems (a solar thermal power
company).
2009 Acquisitions/Mergers/Takeovers Fujitsu (a Japan-based company engaged in
the information technology business) acquired
Siemens' 50% share in their joint venture,
Fujitsu Siemens Computers (FSC).
2009 Divestiture Siemens sold its residential real estate
holdings to German real estate consortium
comprising of Wohnbau, the GBW Gruppe,
and the Volkswohnung.
2009 Contracts/Agreements Siemens reached a long-term cooperation
agreement with Fluor to strengthen the
cooperation between the two companies. In
addition, Siemens and Russian State Atomic
Energy Corporation, Rosato, signed a
memorandum of understanding on the creation
of a joint venture in the field of nuclear
energy. In the same period, DONG Energy (a
Denmark-based energy company) and
Siemens announced an offshore wind turbine
supply agreement, under which Siemens
would supply up to 500 wind turbines to
DONG Energy's coming offshore wind farms
in Northern Europe.
2009 Divestiture , Siemens announced its decision to divest its
stake in Areva NP joint venture.
2008 Contracts/Agreements The group won its largest ever order for
medium-voltage technology. Siemens Energy
received an E300 million (approximately
$451.2 million) order from China Light and
Power (CLP) to modernize and expand the
power distribution network of Hong Kong.
2008 Divestiture Siemens Energy sold its Napier Turbocharger
business, a 100% subsidiary of its oil and gas
division, to the investment firm, Primary

Siemens AG
Capital of London.
2008 Corporate Changes/Expansions Innotec would become a subsidiary of
Siemens in the industry automation division
and its name would be changed to Comos
Industry Solutions.
2008 Contracts/Agreements Siemens Energy and E.ON signed a wind
power deal. In the same year, E.ON placed an
order worth approximately E275 million
(approximately $413.6 million) with Siemens
Energy for the supply of 90 wind turbines for
the Rodsand II offshore wind farm south of
the Danish island of Lolland in the Baltic Sea.
Siemens received an order to equip four
German navy Class F125 frigates with
propulsion equipment and integrated
automation and control systems. The customer
was a joinder of the shipyard companies
Krupp Marine Systems and Fr. Lurssen Werft.
The order was worth just under E50 million
the first frigate is scheduled for 2014 and the
fourth ship for 2017.
2008 Corporate Changes/Expansions The order was worth just under E50 million
the first frigate fourth ship is scheduled for
2017
2008 Contracts/Agreements To strengthen its portfolio in the field of
professional LED lighting systems and
solutions, OSRAM entered into a joint venture
with Traxon Technologies, a LED system and
solution specialist. Further, Siemens Energy
secured a major contract worth E1.5 billion
(approximately $2.3 billion) from Iraq for the
supply of key components for the expansion
of Iraq's power system.
2008 Acquisitions/Mergers/Takeovers Siemens acquired Shinwha Electronics, the
second-largest fire safety company in Korea.
Siemens acquired BJC, a supplier of switches
and socket-outlets in Spain.
2008 Acquisitions/Mergers/Takeovers Siemens acquired a Singapore-based
company, Chemitreat Group, to expand the
water treatment business in South East Asia.
Siemens Industrial Solutions acquired Morgan
Construction, a designer and producer of
rolling-mill products and services in the US.
2008 Contracts/Agreements Siemens Energy was awarded an order to
supply 123 MW steam turbine-generator set
for solar thermal power plant in California to

Siemens AG
BrightSource Energy, a developer of utility-

scale solar power plants. In the same year,
Siemens Energy was awarded a contract to
supply four simple cycle gas turbine packages
to Birmingham-based Southern Power, a
subsidiary of Southern Company, a public
utility holding company. Further in the same
year, Helsinki City Transport (HKL)
contracted the mobility division at Siemens to
supply a driverless metro system that is worth
around E100 million (approximately $150.4
million).
2008 Contracts/Agreements Siemens Energy was awarded an order valued
at about E200 million (approximately $300.8
million) by the Dubai Electricity and Water
Authority (DEWA) as part of the further
expansion of the power supply network of
Dubai, United Arab Emirates.
2008 Contracts/Agreements Siemens Energy received an order of
approximately E40 million (approximately
$60.2 million) from Transnet, an integrated
freight transport company in South Africa, to
supply key automation equipment for the new
multiproduct pipeline (NMPP) project in
South Africa. In the same year, Siemens
Energy won a major contract of approximately
E84 million (approximately $126.3 million)
from Fluor (a provider of engineering,
procurement, and construction management
and project management services) to connect
Greater Gabbard offshore wind farm to the
British power grid.
2008 Regulatory Approval German anti-trust authorities,
Bundeskartellamt, approved the acquisition of
Innotec by Siemens without imposing any
conditions.
2008 Contracts/Agreements Siemens Energy received an order of more
than E75 million (approximately $112.8
million) from the Brazilian oil and gas
company, Petrobras, for the supply of ten
compressor trains.
2007 Divestiture Siemens sold its subsidiary, Siemens VDO
Automotive, to Continental, an automotive
industry supplier.
2007 Commercial Operation Nokia Siemens Networks (NSN), a fifty-fifty
joint venture of Nokia and Siemens, started
operations.
2007 New Products/Services Siemens became the first company to develop

Siemens AG
a complete commercial arterial spin labeling

(ASL) solution with the University of
Pennsylvania. ASL was an application which
enables perfusion imaging without the use of
contrast agents.
2007 Acquisitions/Mergers/Takeovers Siemens took over Gesellschaft fur
Systemforschung und Dienstleistungen im
Gesundheitswesen, headquartered in Berlin,
and a market leader in the area of health
information systems. Siemens Japan acquired
majority stake of Mochida Siemens Medical
Systems. Siemens acquired UGS, a provider
of product lifecycle management (PLM)
software and services for manufacturers.
2007 Corporate Changes/Expansions Siemens Automation and Drives expanded its
product spectrum in automation technology to
include industrial software for planning,
design, and simulation in product lifecycle
management (PLM) through the acquisition of
US-based software producer UGS of Plano,
Texas. In the same year, Siemens Water
Technologies strengthened its service and
product business in the US with acquisitions
of four companies: Envirotrol, CEC, Pure
Water Solutions, and Sunlight Systems. In the
same year, Siemens Building Technologies
reinforced its position in the building security
market through the acquisition of Novotec
Engineering, a company engaged in the
development of software for emergency
control systems for securing public premises,
traffic systems, and critical infrastructure
facilities.
2007 Acquisitions/Mergers/Takeovers Siemens acquired Dade Behring Holdings, a
manufacturer and distributor of diagnostic
products and services to clinical laboratories.
The laboratory diagnostics company joined
the business of Siemens Medical Solutions
Diagnostics. Siemens Power Generation
acquired the heat-recovery steam generator-
business of Vienna-based Balcke Durr
Austria. With this acquisition, Siemens Power
Generation added heat-recovery steam
generators for combined cycle power plants to
its portfolio.
2007 Corporate Changes/Expansions The US software company was integrated as
UGS PLM software division into the Siemens
Automation and Drives group.

Siemens AG
2006 Divestiture The group sold the majority of its Dematic

business, consisting of the distribution and
industry logistics and material handling
products divisions.
2006 Corporate Changes/Expansions The group purchased Kuhnle, Kopp & Kausch
(KK&K), headquartered in Frankenthal,
Germany, as a result of which KK&K became
a wholly-owned subsidiary of Siemens.
2006 Contracts/Agreements Siemens and Nokia entered into an agreement
to contribute the carrier-related operations of
Siemens, a part of the communication
segment, and the networks business segment
of Nokia into a new group, to be called Nokia
Siemens Networks (NSN), in exchange for
shares in NSN. Siemens and Nokia each
would own a share of approximately 50% in
NSN.
2006 Acquisitions/Mergers/Takeovers The group acquired several entities. It
acquired the diagnostics division of Bayer for
approximately E4,002 million (approximately
$6,018.7 million); and Diagnostic Products
Corporation (DPC), an immunodiagnostics
company, focusing on developing,
manufacturing, and distribution of automated
body fluid analyzers and tests. In the same
year, the group acquired the coal gasification
business of the Swiss Sustec-Group; and
Wheelabrator Air Pollution Control, a supplier
of air pollution control and reduction products
and solutions for the coal-fired power and
industrial market. The group further acquired
Bewator (in Sweden), a supplier of products
and systems for access control solutions in the
same year.
2006 Corporate Changes/Expansions Siemens corporate technology opened
Siemens Corporate Technology China, a
research center in Beijing.
2006 Acquisitions/Mergers/Takeovers The group increased its stake in the Russian
power generating equipment manufacturer,
Power Machines. The group concluded the
sale of its product related services business to
Fujitsu Siemens Computers, in the same year.
2006 Acquisitions/Mergers/Takeovers Siemens VDO automotive acquired 51% of
the shares of the automotive supplier AVTEL,
a joint venture of the Russian companies
Avtoelectronica and NPP ELCAR.
2005 Divestiture Siemens business services segment divested
the Sinitec group of companies.

Siemens AG
2005 Acquisitions/Mergers/Takeovers Siemens acquired VA Technologie,

Broadcastle, and Wheelabrator Air Pollution
Control, a leader in the design and supply of
air pollution control products and solutions;
and strengthened its position in electrical
installation systems by acquiring Electrium of
the UK.
2005 Corporate Changes/Expansions The group expanded its industrial drive
technology business by acquiring Flender
Holding, Bocholt, a supplier of gear systems.
2005 Contracts/Agreements The Siemens business services segment
entered into a seven year contract with the
German insurer Gerling Group to operate its
IT infrastructure. As part of the agreement,
Siemens acquired the IT subsidiary Gerling
Gesellschaft fur Informationsmanagagement
und Organization.
2005 Contracts/Agreements Siemens Transportation Systems (TS) and
Russian Railways (RZD) signed a contract for
the development of high speed trains for
Russia. Siemens power generation announced
a joint venture in China with Jinxi Chemical
Machinery Group. The group sold its mobile
phone division to Taiwan-based BenQ Group.
2004 Corporate Changes/Expansions Siemens expanded its position in the growing
water filtration market by acquiring US Filter
Corporation's systems and services businesses.
.
2004 Contracts/Agreements Siemens' Power Generation established a joint
venture with Shanghai Electric Group,
Siemens Gas Turbine Parts, in the same year
2004 Acquisitions/Mergers/Takeovers The group also acquired a 16% stake in VA
Tech following the acquisition of Victory
Industriebeteiligung.
2004 Divestiture Siemens divested the remaining 25.1%
interest in its banking software company
Kordoba Gesellschaft fur Bankensoftware.
2004 Acquisitions/Mergers/Takeovers Siemens Power Generation, a subsidiary of
Siemens, acquired Bonus Energy, a Danish
wind farm operator.
2003 Acquisitions/Mergers/Takeovers The group acquired Cycos and followed it up
with the acquisition of the flow division of
Danfoss and the acquisition of Oxford
Instruments' stake in Oxford Magnet
Technology.
2003 Divestiture Siemens concluded the sale of its life support
systems business to Getinge of Sweden.

Siemens AG
2002 Divestiture Siemens sold Unisphere Networks to Juniper

Networks and several other business activities
to Kohlberg Kravis Roberts (KKR).
2001 Stock Listings/IPO In an effort to build a stronger position in the
US, the world's largest market for electrical
and electronic products, Siemens was listed on
the New York Stock Exchange.
1998 Acquisitions/Mergers/Takeovers In the US, Siemens also acquired
Westinghouse's fossil power plant activities.
1992 Corporate Changes/Expansions Siemens was able to further enhance its place
in the IT sector through the acquisition of
Plessey, in Rolm, in the US.
1991 Corporate Changes/Expansions Siemens was able to further enhance its place
in the IT sector through the acquisition of
Plessey, in the UK.
1990 Corporate Changes/Expansions Siemens was comprehensively reorganized.
The group's large business units were divided
into smaller entities to compete effectively in
the global marketplace. Siemens continued to
realign its business portfolio to better serve the
technology sector. In 1990, the group created
the largest European group in the computer
industry, Siemens-Nixdorf
Informationssysteme (SNI).
1981 New Products/Services The group built the first 64 kilobyte memory
chip.
1975 Others During the First World War, most of its
establishments were destroyed and the group
split into several smaller companies in the post
war period. The group went through a similar
experience during the Second World War. It
again re-acquired its businesses in the post
war period.
1975 Acquisitions/Mergers/Takeovers In the last quarter of the nineteenth century,
the group followed inorganic growth strategy
and acquired many firms around the globe.
1973 Corporate Changes/Expansions The production of large-scale integrated
circuits began.
1966 Acquisitions/Mergers/Takeovers Siemens & Halske, Siemens-Schuckertwerke,
and Siemens-Reiniger-Werke merged to form
Siemens. This merger enabled the
convergence of power and communications
engineering.
1966 Contracts/Agreements The group formed a joint venture with Bosch.
1890 Stock Listings/IPO The group was converted into a limited group.
1874 Corporate Changes/Expansions project was followed by the start of a
transatlantic telegraph cable from Ireland to

Siemens AG
the US.
1874 Ownership Changes The ownership of the group changed from
Werner von Siemens to his brother Carl and
his sons Arnold and Wilhelm.
1870 New Products/Services Werner von Siemens built a telegraph line
between London and Kolkata, India.
1866 New Products/Services Werner von Siemens discovered the dynamo-
electric principle, which revolutionized the
electricity transmission, by making the
transmission economical.
1858 Corporate Changes/Expansions The subsidiary Siemens, Halske & Co
(renamed Siemens Brothers) was set up in the
UK.
1855 Corporate Changes/Expansions Werner von Siemens established a subsidiary
in St Petersburg.
1853 Corporate Changes/Expansions Siemens and Halske built a telegraph network
in Russia, which stretched from Finland to the
Crimea, covering a distance of around 10,000
kilometers.
1853 Contracts/Agreements The group was contracted by the Russian
government to provide maintenance services
1847 Incorporation/Establishment Siemens Aktiengesellschaft (Siemens or 'the
group') was established as Telegraphen-
Bauanstalt von Siemens and Halske by
Werner von Siemens and Johann Georg
Halske. .
Siemens AG- SWOT Analysis
Siemens AG (Siemens or ‘the company’) is a global integrated technology company

with core activities in the fields of digitalization, automation and electrification. Order
backlog, wide customer base and strong focus on research and development are the
company's major strengths, whereas operational performance remains the cause for
concern. Strategic acquisition and partnership, Vision 2020 and positive outlook for
global software market are likely to offer growth opportunities to the company.
However, foreign exchange risks, competitive pressures and environmental and other
government regulations could affect its business operations.
Siemens AG- Strengths
Strengths-Strong research and development capabilities

strengthen competitiveness
Siemens diverts significant amount of resources towards its R&D activities. Strong
focus on research and development enables the company to stay abreast of the
changes in the industry and provides it with ‘first mover’ advantage by launching
products ahead of competition and also delivers advanced products and services to its
customers. The research and development (R&D) activities of the company focus on

Siemens AG
developing sustainable, innovative solutions for its customers. The company also
develops technologies through its open innovation concept. The major technologies
that the company focuses include: blockchain applications, additive manufacturing,
connected (e-) mobility, autonomous robotics, cyber security, data analytics and
artificial intelligence, connectivity and edge devices, energy storage, distributed
energy systems, materials, future of automation, simulation and digital twin, power
electronics software systems and processes. It works closely with research institutions
and scholars from leading universities under bilateral research cooperation
agreements and in publicly funded collective research projects. In FY2019, Siemens
invested EUR5,670 million on R&D activities, which accounted for 6.7% of the
company’s revenue. As of September 2019, the company held about 65,000 patents.
Strengths-Extensive product portfolio Catering to various

customers
The company provides its products and solutions to a broad array of industries.
Siemens through its Power and Gas segment serves companies in engineering,
procurement and construction; sovereign and multinational oil companies; public
utilities and independent power producers; and industrial customers that generate
power for their own consumption. The company’s Siemens Healthineers segment
serves pharmaceutical companies, public and private healthcare providers, and
clinical research institutes. Its Energy Management segment’s customers include
transmission and distribution system operators, distributors and OEMs, power
providers, industrial companies, infrastructure developers and construction
companies. The company’s Digital Factory segment offers a range of products and
system solutions used in manufacturing industries and its Mobility segment serves
public and state-owned companies in the logistics and transportation sectors. Siemens
Process Industries and Drives segment serves shipbuilding, oil and gas, cement,
mining, chemicals, fiber, pharmaceutical, food and beverage industries and its
Building Technologies segment offers digital services and automation technologies
for owners, operators and tenants for both public and commercial buildings; general
contractors; and value-added partners. The company's Siemens Gamesa Renewable
Energy segment designs, manufactures and installs wind turbines for large utilities
and independent power producers. Diversified customer base reduces the company's
exposure to risk associated with a particular market. It also allows the company to
leverage its expertise to gain additional revenue from different industries.
Strengths-Order backlog improves financial strength
The company has strong order backlog that helps it in providing revenue visibility. As
of September 2019, the company’s order backlog totaled EUR146 billion. The Power
and Gas segment had an order backlog of EUR51 billion, followed by Mobility with
EUR33 billion, Siemens Gamesa Renewable Energy with EUR26 billion, Siemens
Healthineers with EUR26 billion, Small Infrastructure with EUR10 billion and Digital
Industries with EUR5 billion. The company can expect revenue growth in FY2020 to
benefit from conversion of its order backlog. Strong order backlog is providing
improved financial strength for the company.

Siemens AG
Siemens AG- Weaknesses
Weaknesses-Decrease in operational performance
Decline in profitability limits the company’s ability to provide adequate returns to its
shareholders. Though, the company’s revenue increased in FY2019 from the last
fiscal, its profitability declined during the same period. Declining operating
performance indicates improper cost management of the company. Weakening
operating performance of the company could be attributed to lack of focus towards
operational efficiency. The company reported operating income of EUR7,518 million
in FY2019, as compared to EUR8,050 million in FY2018, with an overall decline of
7% over the FY2018. It net income decline from EUR6,120 million in FT2018 to
EUR5,648 million in FY2019, at an overall decline of 8% in FY2019.
Siemens AG- Opportunities
Opportunities-Strategic acquisition and partnership
Siemens, in recent years, has entered into strategic acquisitions and partnership to
further strengthen its market position. Such strategic acquisition and partnership
would help the company to strengthen its position in the company's markets, and
provide access to new markets. In February 2020, the company’s announced its plans
to acquire 8.1% stake in Siemens Gamesa Renewable Energy (SGRE) from Iberdrola
SA at a worth of EUR1.1 billion. Iberdrola, Siemens and SGRE entered into a
cooperation agreement to cover wind power generation projects and for improving the
distribution grid. For these projects, Iberdrola serves as a customer of SGRE and
Siemens will grants exclusive negotiation rights for a limited time period for these
companies. In January 2020, the company entered into a MoU with the Republic of
Ghana to transform energy and infrastructure challenges in Ghana. In the same month,
the company's Siemens Digital Industries Software entered into a partnership
agreement with Arm to provide edge IP, methodologies, processes, and tools to assist
automakers and suppliers for their next-gen platforms.
Opportunities-Vision 2020 to strengthen its business operations
The aim of Vision 2020plus is to offer Siemens more entrepreneurial freedom under
Siemens brand to sharpen their focus on respective markets. In FY2019, to execute
this, the company implemented a new organizational structure which consists of three
operating companies such as Digital Industries, Smart Infrastructure and Gas and
Power, and three strategic companies including Mobility, Siemens Healthineers and
Siemens Gamesa Renewable Energy. These six segments are reported together as
Industrial Businesses. As part of this plan, the company also intends to strengthen its
portfolio through investments on IoT integration services, distributed energy
management and solutions for electric mobility infrastructure. The company’s major
capital expenditure initiatives include investment on factories to expand
manufacturing and technical capabilities in China and the US markets. Major
investments made in the current year include factory automation, motion control
systems and process automation businesses. In FY2020, it intends to invest up to
EUR0.6 billion on Siemensstadt 2.0 project. Through this project, Siemens intends to

Siemens AG
transform the company’s industrial area in Berlin to a modern urban district to

strengthen its technology capabilities and also on the Siemens Campus Erlangen. As
part of expansion plans, it aims to invest major amount on innovation fields through
Next47, global venture capital unit.
Opportunities-Positive outlook for global software market
The company stands to benefit from the growing software market. According to in-
house research, the global software market is expected to grow at a CAGR of 4.1% to
reach US$425.2 billion by 2022 from US$347.8 billion in 2017. The software
infrastructure accounted for a market share of 46.3%, followed by enterprise
applications (31.1%), information management (13%), security software (7.1%) and
enterprise mobility management (2.4%). The US dominated the software market with
a share of 31.4%, followed by Europe (30.5%), Asia-Pacific (25.5%), Middle East
(4.1%), and Rest of the World (8.5%). The company offers various software solutions
for safety and security in a wide range of industries. Thus, positive outlook for global
software market are likely to offer significant growth opportunities to the company. In
March 2020, the company's Siemens Smart Infrastructure launched its new KNX
switch and dim actuator N 525D11, 2x DALI Broadcast. In January 2020, the
company opened a new digital grid center in Abu Dhabi, the UAE. In July 2019, the
company’s subsidiary Siemens Gamesa secured a contract from Brennand
Investimentos to supply 27 turbines totaling 94MW to two wind farms in Brazil.
Siemens AG- Threats
Threats-Competition could erode margins
Siemens faces intense competition worldwide across its market segments. The
company's products and solutions are present in highly competitive industries such as
electrical components, automation systems, installation systems and asset
management, in terms of pricing, product and service quality, product development
and introduction time, customer service, financing terms, disruptive technologies and
shifts in market demands. Siemens faces strong existing competitors and also
competitors from emerging markets, who may have a better cost structure. Some
industries in which the company operates in are undergoing consolidation, which
could result in stronger competition and a change in its relative market position. Also,
the markets in which the company's businesses operate experience rapid and
significant changes due to the introduction of innovative technologies. Some of the
company's main competitors in energy sector include: General Electric Company,
Alstom Power, Mitsubishi Heavy Industries, as well as Honeywell International. The
healthcare sector segment competes with General Electric, Philips, Toshiba, Hitachi,
and Hologic. Other competitors include Abbott India, Cerner, Deutsche Telekom,
McKesson Corporation, and William Demant Holding. Such an intense competition
could affect the revenue and margins of the company.
Threats-Foreign exchange risks could increase losses
Siemens operates in many parts of the world and is exposed to fluctuations in foreign
exchange rates. The company reports financials in the Euro and therefore its revenue

Siemens AG
is exposed to volatility of the Euro against other functional currencies, as it conducts

business operations worldwide. Significant part of its revenue is also denominated in
other currencies such as Brazilian real, and Chinese yuan, among others. Major
elements exposed to exchange rate risks include the company's investments in
overseas subsidiaries and affiliates and monetary assets and liabilities arising from
business transactions in foreign currencies. In FY2019, the company reported a gain
of EUR1,841 million from foreign exchange translation adjustments as compared to a
loss of EUR287 million in FY2018. To minimize risks from currency fluctuations, the
company involves in foreign exchange hedging activities by entering into foreign
exchange forward contracts. However, there may be no assurance that such hedging
activities or measures may limit the impact of movements in exchange rates on the
company's results of operations.
Threats-Environmental and other government regulations
Siemens operates across the globe and has to regularly cope up with challenges,
including changes in the political and regulatory environment, foreign exchange
import and export controls, tariffs and other trade barriers and price or exchange
controls. The Waste Electrical and Electronic Equipment (WEEE) Directive of the
European Union (EU) makes producers of electrical and electronic goods financially
responsible for specified collection, recycling, treatment, and disposal of past and
future covered products. Several product lines of Siemens are subject to the WEEE
regulation. Siemens could incur sizeable costs and liabilities under the new
legislation. Further, some of Siemens' products are impacted by the Directive of the
European Parliament and of the Council on the Restriction of the Use of Certain
Hazardous Substances in Electrical and Electronic Equipment (RoHS). The RoHS
Directive bans the use of certain hazardous substances in electrical and electronic
equipment. The company is also subject to various environmental and safety
regulations in the markets it operates. Adverse changes could affect its business in
several markets, hamper its sales and profitability; and make the repatriation of profits
difficult.
NOTE:The above strategic analysis is based on in-house research and reflects the
publishers opinion only
Siemens AG- Key Competitors
Cerner Corporation
Deutsche Telekom AG
Hologic, Inc.
T-Systems
Mitsubishi Heavy Industries, Ltd.
Accenture
Honeywell International Inc.
Koninklijke Philips NV
Toshiba Corporation

Siemens AG
Demant A/S
International Business Machines Corporation
Hitachi Ltd
Abbott India Limited
General Electric Company
McKesson Corporation
Alstom Power
Siemens AG- Key Employees
Siemens AG- Key Employees

Name Job Title Board Level Since Age Biography
Birgit First Deputy Executive 2015 60 Ms. Steinborn has been the First
Steinborn Chairwoman Board Deputy Chairwoman at Siemens
since 2015. Ms. Steinborn is also
the Chairwoman of the Central
Works Council of Siemens AG.
Prior to the new position, she
served as a Member of the
Supervisory Board at the group
since 2008.
Werner Second Executive 74 Mr. Wenning currently serves as
Wenning Deputy Board the Deputy Chairman at Siemens.
Chairman Mr. Wenning has been the Member
of the Supervisory Board since
2013. He also serves as the
Chairman of the Supervisory Board
at Bayer AG. Mr. Wenning also
served as the Chairman at E.ON
SE. He served as the Member of
the Management Board and Chief
Financial Officer and Chairman of
the Management Board at Bayer
AG.
Gunnar Director Non 2018 55
Zukunft Executive
Board
Bettina Director Non 2007 61
Haller Executive
Board
Robert Director Non 2013 49
Kensbock Executive
Board
Norbert Director Non 2015 64
Reithofer Executive
Board
Harald Director Non 2008 60
Kern Executive

Siemens AG
Board
Grazia Director Non 2021
Vittadini Executive
Board
Hagen Director Non 2019 53
Reimer Executive
Board
Michael Director Non 2008 66
Diekmann Executive
Board
Benoit Director Non 2018 63
Potier Executive
Board
Nicola Director Non 2008 61
Leibinger- Executive
Kammuller Board
Werner Director Non 2018 66
Brandt Executive
Board
Matthias Director Non 2018 53
Zachert Executive
Board
Jim Chairman Non 2017 55 Mr. Snabe is the Chairman of the
Hagemann Executive company. Earlier, Mr. Snabe
Snabe Board served SAP AG in various roles,
including the member of the
Managing Board from 2008 to
2010, the Consultant from 1990 to
1994, and the Co-Chief Executive
Officer from 2010 to 2014. From
1996 to 2008, Mr. Snabe held
several management roles at SAP
AG, including the Managing
Director of the Swedish subsidiary
of SAP, Head of application
development, Managing Director
of the SAP Nordic region, Member
of the global development unit,
Member of the SAP EMEA
management team, and Chief
Operating Officer of the business
solution group. He served as the
Practise Leader of Management
Consulting Practise, Europe at
IBM Denmark ApS from 1994
1996. Mr. Snabe also serves as the
Chairman of A.P. Moller–Mærsk
A/S and the Deputy Chairman of

Siemens AG
Allianz SE.
Dorothea Director Non 2017 51
Simon Executive
Board
Kasper Director Non 2021
Rorsted Executive
Board
Dame Director Non 2018 58
Nemat Executive
Talaat Board
Shafik
Nathalie Director Non 2015 49
von Executive
Siemens Board
Jurgen Director Non 2012 51
Kerner Executive
Board
Michael Director Non 2014 63
Sigmund Executive
Board
Andrea Director Non 2018 50
Fehrmann Executive
Board
Roland President Senior 2021 Dr. Roland Busch has been
Busch Management appointed as President and Chief
Executive Officer of the company
since February 2021. Prior to this,
he served as the Chief Operating
Officer, Chief Technology Officer
and Deputy CEO of the company
from 2019 to 2021. He also served
various management roles in the
company.
Cedrik Member Senior 2017 47
Neike Management
Michael Member Senior 2017 52
Sen Management
Klaus Member Senior 2011 62
Helmrich Management
Peter Korte Head - Senior 2020
Strategy Management
Lisa Davis Member Senior 2014 57
Management
Ralf P. Chief Senior 2013 59 Mr. Thomas is the Chief Financial
Thomas Financial Management Officer of the company. He also
Officer serves as the Chairman of the
Administrative Board at the

Siemens AG
Accounting Standards Committee

of Germany (DRSC) and a
Member of the Administrative
Board and Treasurer at the Max-
Planck-Gesellschaft e.V. Earlier,
Mr. Thomas served as the Chief
Financial Officer of the Industry
Sector at Siemens; Head of
Corporate Finance Accounting,
Controlling, Reporting, and Taxes
at Siemens; and Chief Financial
Officer of the, Angiography,
Fluoroscopic, and Radiographic
Systems division at Siemens
Medical Solutions. He also served
as the Head Accounting and
Treasury at Siemens Ltd., and
Performance Controller at Siemens
Medical Solutions.
Siemens AG- Company Statement
A statement from the Results of Operations section of Siemens AG is given below.

The statement has been taken from the company’s 2019 annual report.
Positive currency translation effects added one percentage point each to order and
revenue growth; portfolio transactions had only minimal effects on volume growth
year-over-year. The resulting ratio of orders to revenue (book-to-bill) for Siemens in
fiscal 2019 was a strong 1.13, again well above 1. The order backlog was €146 billion
as of September 30, 2019, a new high.
Orders related to external customers were clearly up year-overyear on growth in

nearly all industrial businesses, led by Mobility. Gas and Power, Siemens
Healthineers, Smart Infrastructure and SGRE all posted clear growth, while orders
declined slightly in Digital Industries. Volume from large orders for Industrial
Businesses overall was up substantially due to a sharp increase at Mobility, but also
due to a significant increase in SGRE and Gas and Power. Growth in emerging
markets was driven by orders from China, and from Russia where Mobility won a
€1.2 billion contract for high-speed trains including maintenance.
Order development was mixed in the Europe, C.I.S., Africa, Middle East region. The
majority of industrial businesses posted order growth, led by double-digit growth in
Mobility, which won several large contracts in the year under review. This increase
was more than offset by a substantial decline in SGRE due mainly to a lower volume
from large orders and a decrease in Digital Industries. In contrast to the region overall,
orders were up clearly in Germany, driven by sharp growth in Gas and Power which
recorded, among others, a large high voltage direct current (HVDC) order. Mobility
recorded a significant increase in order intake in Germany, while the other industrial

Siemens AG
businesses posted declines.
Orders in the Americas region were up significantly year-over-year, benefiting from

positive currency translation effects. Double-digit growth in nearly all industrial
businesses was led by SGRE and Mobility with particularly sharp increases. The
pattern of order development in the U.S. was largely the same as in the Americas
region.
In the Asia, Australia region, orders also rose significantly due to growth in nearly all
industrial businesses. The primary growth driver was SGRE, which recorded a
sharply higher volume from large orders, including two large orders for offshore
wind-farms including service in Taiwan totaling €2.3 billion. Orders for Mobility
dropped substantially compared to the prior year. Clear growth in China included a
majority of industrial businesses.
Revenue related to external customers went up moderately yearover-year on growth

in nearly all industrial businesses. SGRE and Siemens Healthineers posted the highest
growth rates, while revenue at Gas and Power declined moderately in a difficult
market environment. The revenue decline in emerging markets was due mainly to
lower revenue in Egypt, where in fiscal 2018 Gas and Power recorded sharply higher
revenue from large orders.
Revenue in Europe, C.I.S., Africa, Middle East increased moderately on growth in a

majority of industrial businesses, driven by substantial growth at SGRE. Gas and
Power posted a clear decline in a difficult market environment. In Germany, revenue
was up moderately with significant growth in Mobility and Gas and Power, partly
offset by a decline in SGRE.
In the Americas, revenue came in clearly higher year-over-year, benefiting from

positive currency translation effects. Siemens Healthineers, Smart Infrastructure and
Gas and Power recorded the largest increases, while SGRE posted clearly lower
revenue in the region. In the U.S., all industrial businesses posted higher revenues
year-over-year, with SGRE and Smart Infrastructure recording the strongest growth
rates.
Revenue in Asia, Australia rose moderately year-over-year on growth in the majority

of industrial businesses, led by Siemens Healthineers and Digital Industries. Gas and
Power and SGRE posted lower revenue year-over-year. In China, revenue was also up
in the majority of industrial businesses, led by Siemens Healthineers. In contrast,
SGRE posted substantially lower revenue year-over-year in that country.
INCOME
As a result of the development described for the segments, Income from continuing
operations before income taxes declined 7%. Severance charges for continuing
operations were €619 million, of which €492 million were in Industrial Businesses.
Accordingly, Adjusted EBITA margin Industrial Businesses excluding severance
charges was 11.5% in fiscal 2019. In fiscal 2018, severance charges for continuing
operations were €923 million, of which €669 million were in Industrial Businesses.

Siemens AG
The tax rate of 25% for fiscal 2019 was below the tax rate of 26% for the prior year,
benefiting mainly from the reversal of income tax provisions outside Germany. As a
result, Income from continuing operations declined 6%.
Income from discontinued operations, net of income taxes in the prior year included
positive effects from the release of a provision related to former Communications
activities.
The decline in basic earnings per share reflects the decrease of Net income
attributable to Shareholders of Siemens AG, which was €5,174 million in fiscal 2019
compared to €5,807 million in fiscal 2018, partially offset by a lower number of
weighted average shares outstanding. Basic earnings per share excluding severance
charges was €6.93.
As expected, ROCE at 11.1% was below the target range set in our Siemens Financial
Framework, reflecting in particular the effects from portfolio transactions in recent
years, including the acquisitions of Mentor and Mendix at Digital Industries and the
merger of Siemens’ wind power business with Gamesa Corporación Tecnológica,
S.A. that created SGRE. The decline year-over-year was due both to lower income
before interest after tax and to higher average capital employed.
Research and development

In fiscal 2019, we reported research and development (R&D) expenses of €5.7 billion,
compared to €5.6 billion in fiscal 2018. The resulting R&D intensity, defined as the
ratio of R&D expenses and revenue, was 6.5% (fiscal 2018: 6.7%). Additions to
capitalized development expenses amounted to €0.4 billion in fiscal 2019, compared
to €0.3 billion in fiscal 2018. As of September 30, 2019, Siemens held approximately
68,300 granted patents worldwide in its continuing operations. As of September 30,
2018, we held approximately 65,000 granted patents. On average, we had 45,100
R&D employees in fiscal 2019.
Our research and development activities are ultimately geared to developing

innovative, sustainable solutions for our customers – and the Siemens businesses –
while also strengthening our own competitiveness. Joint implementation by the
operating units and Corporate Technology, our central R&D department, ensures that
research activities and business strategies are closely aligned with one another, and
that all units benefit equally and quickly from technological developments. As in
fiscal 2018 the following technologies were the focus in fiscal 2019: additive
manufacturing, autonomous robotics, blockchain applications, connected (e-)mobility,
connectivity and edge devices, cyber security, data analytics and artificial
intelligence, distributed energy systems, energy storage, future of automation,
materials, power electronics, simulation and digital twins, and software systems and
processes.
We further develop technologies through our “open innovation” concept. We are

working closely with scholars from leading universities and research institutions, not
only under bilateral cooperation agreements but also in publicly funded collective
projects. Our focus here is on our strategic research partners, and especially the eight
Centers of Knowledge Interchange that we maintain at leading universities

Siemens AG
worldwide.
Siemens’ global venture capital unit, Next47, provides capital to help start-ups expand
and scale. It serves as the creator of next-generation businesses for Siemens by
building, buying and partnering with innovative companies at any stage. Next47 is
focused on anticipating how emerging technologies will influence our end markets.
This fore-knowledge enables Siemens and our customers to grow and thrive in the age
of digitalization.
Siemens AG- Locations & Subsidiaries
Head office
Werner-von-Siemens-Strasse 1
MUENCHEN
Germany
80333
49 89 63600
Other Locations & Subsidiaries
Siemens AG, Other locations
Werner-von-Siemens-Strasse 1
MUENCHEN
Germany
80333
49 89 63600
Siemens AG, Subsidiaries
Siemens SA
complex business Urbana

Julian Segundo Aguero 2830
Munro
Buenos Aires City
Ciudad Autonoma De Buenos Aires
B1605EBQ
Argentina
54 11 54326000
Siemens Australia & New Zealand
885 Mountain Highway

Bayswater
Victoria
3153

Siemens AG
Australia
61 3 97212000
Siemens n.v./s.a.
Guido Gezellestraat 123

1654
Belgium
32 2 536 21 11
Siemens Sro
Siemensova 1
Prague 13
Prague
15500
Czech Republic
420 800 909090
Siemens SAS
40 avenue des Fruitiers

93527 Saint-Denis Cedex
France
33 1 85 57 00 00
Siemens Limited
130, Pandurang Budhkar Marg

Worli
India
91 22 3967 7000
Siemens Ltd. (Navi Mumbai)
Thane-Belapur Road
Airoli
India
Siemens Healthcare Diagnostics Ltd.
United Kingdom
Siemens plc
Sir William Siemens Square

Frimley
Camberley
Surrey
GU16 8QD

Siemens AG
United Kingdom
44 1276 696000
Summarized Statement
Siemens AG, Annual Statements
Parameter Name Currency 2016 2017 2018 2019 2020
Income Statements
Total Revenue EUR 79644.00 82863.00 83044.00 58483.00 57139.00
Gross Profit EUR 23818.00 25043.00 24863.00 21634.00 20186.00
Operating Income EUR 7319.00 7571.00 6186.00 6178.00 5007.00
Net Income EUR 5450.00 5961.00 5807.00 5174.00 4030.00
Diluted
EUR 06.88 07.23 06.88 06.08 05.60
Normalized EPS
Balance Sheet
Total Current
EUR 55329.00 60750.00 64556.00 70370.00 52968.00
Assets
Total Assets EUR 125717.00 136111.00 138915.00 150248.00 123897.00
Total Current
EUR 42916.00 46077.00 47874.00 50723.00 34117.00
Liabilities
Total Liabilities EUR 91506.00 92930.00 93442.00 102122.00 87507.00
Total Equity EUR 34211.00 43181.00 45473.00 48126.00 36390.00
Total Common
Shares EUR 808.28 815.52 810.05 812.77 799.31
Outstanding
Cash Flow
Cash from
Operating EUR 7611.00 7176.00 8426.00 8456.00 4200.00
Activities
Cash from
Investing EUR -4144.00 -7457.00 -3774.00 -5011.00 -5184.00
Activities
Cash from
Financing EUR -2710.00 -1560.00 -1946.00 -2277.00 3172.00
Activities
Net Change in
EUR 659.00 -2228.00 2677.00 1325.00 1663.00
Cash

Siemens AG
Detailed Statement
Siemens AG, Full Annual Statements
Parameter Name Currency 2016 2017 2018 2019 2020
Income Statements
Revenue EUR 79644.00 82863.00 83044.00 58483.00 57139.00
Cost of Revenue,
EUR 55826.00 57820.00 58181.00 36849.00 36953.00
Total
Selling/ General/
Admin. Expenses, EUR 11669.00 12360.00 12941.00 10688.00 10774.00
Total
Research &
EUR 4732.00 5164.00 5558.00 4669.00 4601.00
Development
Unusual Expense
EUR -177.00 -348.00 -274.00 -74.00 -452.00
(Income)
Other Operating
EUR 275.00 296.00 452.00 173.00 256.00
Expenses, Total
Total Operating
EUR 72325.00 75292.00 76858.00 52305.00 52132.00
Expense
Other, Net EUR -371.00 136.00 1473.00 74.00 529.00
Net Income
EUR 7404.00 8189.00 8050.00 6933.00 5672.00
Before Taxes
Provision for
EUR 2008.00 2148.00 2489.00 1775.00 1382.00
Income Taxes
Net Income After
EUR 5396.00 6041.00 5561.00 5158.00 4290.00
Taxes
Minority Interest EUR -134.00 -133.00 -313.00 -474.00 -170.00
Net Income
Before Extra. EUR 5262.00 5908.00 5248.00 4684.00 4120.00
Items
Total
Extraordinary EUR 188.00 53.00 559.00 490.00 -90.00
Items
Income Available
to Com Excl EUR 5262.00 5908.00 5248.00 4684.00 4120.00
ExtraOrd
Income Available
to Com Incl EUR 5450.00 5961.00 5807.00 5174.00 4030.00
ExtraOrd
Dilution
EUR 00.00 00.00 00.00 00.00 00.00
Adjustment
Diluted Net
EUR 5450.00 5961.00 5807.00 5174.00 4030.00
Income
Diluted Weighted EUR 819.91 829.16 828.32 818.31 817.36

Siemens AG
Average Shares
Diluted EPS
Excluding EUR 06.42 07.13 06.34 05.72 05.04
ExtraOrd Items
DPS - Common
Stock Primary EUR 03.60 03.70 03.80 03.90 03.50
Issue
Balance Sheet
Cash &
EUR 10604.00 8375.00 11066.00 12391.00 14041.00
Equivalents
Short Term
EUR 2425.00 2391.00 1970.00 2001.00 2680.00
Investments
Cash and Short
EUR 13029.00 10766.00 13036.00 14392.00 16721.00
Term Investments
Accounts
Receivable - EUR 14280.00 23616.00 25493.00 27237.00 17616.00
Trade, Net
Total Receivables,
EUR 21987.00 32618.00 35240.00 38199.00 26046.00
Net
Total Inventory EUR 18160.00 13885.00 13885.00 14806.00 7795.00
Other Current
EUR 2153.00 3481.00 2395.00 2973.00 2406.00
Assets, Total
Property/ Plant/
Equipment, Total EUR 25717.00 27019.00 28041.00 29947.00 23443.00
- Gross
Accumulated
Depreciation, EUR -15561.00 -16040.00 -16659.00 -17764.00 -13193.00
Total
Property/ Plant/
Equipment, Total EUR 10157.00 10977.00 11381.00 12183.00 10250.00
- Net
Goodwill, Net EUR 24159.00 27906.00 28344.00 30160.00 20449.00
Intangibles, Net EUR 7742.00 10926.00 10131.00 9800.00 4838.00
Long Term
EUR 5934.00 5226.00 3452.00 3334.00 10155.00
Investments
Note Receivable -
EUR 15395.00 14761.00 15614.00 16514.00 18434.00
Long Term
Other Long Term
EUR 7001.00 5565.00 5437.00 7887.00 6803.00
Assets, Total
Accounts Payable EUR 8048.00 9756.00 10716.00 11409.00 7873.00
Accrued Expenses EUR 6576.00 6619.00 7029.00 7043.00 4822.00
Notes Payable/
EUR 00.00 00.00 00.00 00.00 00.00
Short Term Debt
Current Port. of
EUR 6206.00 5447.00 5057.00 6034.00 6562.00
LT Debt/ Capital

Siemens AG
Leases
Other Current
EUR 22086.00 24255.00 25072.00 26237.00 14860.00
liabilities, Total
Long Term Debt EUR 24638.00 26689.00 27025.00 30324.00 35859.00
Capital Lease
EUR 123.00 88.00 95.00 90.00 2146.00
Obligations
Total Long Term
EUR 24761.00 26777.00 27120.00 30414.00 38005.00
Debt
Total Debt EUR 30967.00 32224.00 32177.00 36448.00 44567.00
Deferred Income
EUR 829.00 1635.00 1092.00 1305.00 664.00
Tax
Minority Interest EUR 605.00 1438.00 2573.00 2858.00 3433.00
Other Liabilities,
EUR 22395.00 17003.00 14783.00 16822.00 11288.00
Total
Common Stock,
EUR 2550.00 2550.00 2550.00 2550.00 2550.00
Total
Additional Paid-In
EUR 5890.00 6368.00 6184.00 6287.00 6840.00
Capital
Retained Earnings
(Accumulated EUR 27454.00 35794.00 41014.00 41818.00 33078.00
Deficit)
Treasury Stock -
EUR -3605.00 -3196.00 -3922.00 -3663.00 -4629.00
Common
Unrealized Gain
EUR 1160.00 1845.00 24.00 -49.00 -42.00
(Loss)
Other Equity,
EUR 762.00 -180.00 -377.00 1183.00 -1407.00
Total
Total Liabilities &
Shareholders' EUR 125717.00 136111.00 138915.00 150248.00 123897.00
Equity
Cash Flow
Net Income/
EUR 5584.00 6094.00 6120.00 5648.00 4200.00
Starting Line
Depreciation/
EUR 2764.00 3211.00 3419.00 3494.00 3157.00
Depletion
Non-Cash Items EUR 1465.00 1829.00 699.00 1584.00 1161.00
Changes in
EUR -2202.00 -3958.00 -1812.00 -2270.00 -4318.00
Working Capital
Capital
EUR -2135.00 -2406.00 -2602.00 -2610.00 -1554.00
Expenditures
Other Investing
Cash Flow Items, EUR -2009.00 -5051.00 -1172.00 -2401.00 -3630.00
Total
Financing Cash EUR -1046.00 -1188.00 -1127.00 -1367.00 -2132.00

Siemens AG
Flow Items
Total Cash
EUR -2827.00 -2914.00 -3011.00 -3060.00 -3174.00
Dividends Paid
Issuance
(Retirement) of EUR -476.00 192.00 2655.00 -363.00 1107.00
Stock, Net
Issuance
(Retirement) of EUR 1639.00 2350.00 -463.00 2513.00 7371.00
Debt, Net
Foreign Exchange
EUR -98.00 -387.00 -29.00 157.00 -525.00
Effects
Cash Interest Paid EUR 809.00 1000.00 1002.00 1123.00 833.00
Cash Taxes Paid EUR 1718.00 2039.00 2061.00 2589.00 1650.00
Summarized Interim Statement
Siemens AG, Summarized Interim Statements
Jun-2020 (3 Sep-2020 (3 Dec-2020 (3 Mar-2021

Income Statements Currency
Months) Months) Months) (3 Months)
Total Revenue EUR 13491.00 15311.00 14071.00 14665.00
Gross Profit EUR 4842.00 5214.00 5320.00 5239.00
Operating Income EUR 1185.00 1395.00 1739.00 1473.00
Net Income EUR 538.00 1758.00 1378.00 2264.00
Diluted Normalized
EUR 01.29 01.24 01.72 01.91
EPS
Balance Sheet
Total Current Assets EUR 93288.00 52968.00 54119.00 63793.00
Total Assets EUR 157086.00 123897.00 121433.00 131658.00
Total Current
EUR 57108.00 34117.00 34627.00 34629.00
Liabilities
Total Liabilities EUR 113243.00 87507.00 84369.00 91532.00
Total Equity EUR 43843.00 36390.00 37064.00 40126.00
Total Common
EUR 812.77 799.31 799.31 799.31
Shares Outstanding
Cash Flow
Cash from Operating
EUR 4221.00 4200.00 1311.00 2905.00
Activities
Cash from Investing
EUR -3870.00 -5184.00 -448.00 623.00
Activities
Cash from Financing
EUR 1950.00 3172.00 -619.00 5955.00
Activities
Net Change in Cash EUR 2059.00 1663.00 28.00 9585.00

Siemens AG
Detailed Interim Statement
Siemens AG, Detailed Interim Statement
Jun-2020 Sep-2020 Dec-2020 Mar-2021

Income Statements Currency
(3 Months) (3 Months) (3 Months) (3 Months)
Revenue EUR 13491.00 15311.00 14071.00 14665.00
Cost of Revenue, Total EUR 8649.00 10097.00 8751.00 9426.00
Selling/ General/
EUR 2541.00 2698.00 2458.00 2563.00
Admin. Expenses, Total
Research &
EUR 1096.00 1207.00 1064.00 1128.00
Development
Other Operating
EUR 20.00 -86.00 59.00 75.00
Expenses, Total
Total Operating
EUR 12306.00 13916.00 12332.00 13192.00
Expense
Other, Net EUR 122.00 442.00 74.00 355.00
Net Income Before
EUR 1408.00 1453.00 1964.00 1984.00
Taxes
Provision for Income
EUR 422.00 381.00 488.00 469.00
Taxes
Net Income After Taxes EUR 986.00 1072.00 1476.00 1515.00
Minority Interest EUR 03.00 -121.00 -121.00 -125.00
Net Income Before
EUR 989.00 951.00 1355.00 1390.00
Extra. Items
Total Extraordinary
EUR -451.00 807.00 23.00 874.00
Items
Total Adjustments to
01.00 00.00 -01.00 01.00
Net Income
Income Available to
EUR 990.00 951.00 1354.00 1391.00
Com Excl ExtraOrd
Income Available to
EUR 539.00 1758.00 1377.00 2265.00
Com Incl ExtraOrd
Diluted Net Income EUR 539.00 1758.00 1377.00 2265.00
Diluted Weighted
EUR 800.06 843.42 810.00 812.27
Average Shares
Diluted EPS Excluding
EUR 01.24 01.13 01.67 01.71
ExtraOrd Items
DPS - Common Stock
EUR 00.00 03.50 00.00 00.00
Primary Issue
Balance Sheet
Cash & Equivalents EUR 12084.00 14041.00 14016.00 23639.00
Short Term Investments EUR 8470.00 8382.00 8410.00 9144.00
Cash and Short Term EUR 20554.00 22423.00 22426.00 32783.00

Siemens AG
Investments
Accounts Receivable -
EUR 19006.00 19619.00 19341.00 19914.00
Trade, Net
Total Receivables, Net EUR 20590.00 21142.00 20849.00 21515.00
Total Inventory EUR 8691.00 7795.00 7743.00 7956.00
Other Current Assets,
EUR 43453.00 1608.00 3101.00 1539.00
Total
Property/ Plant/
EUR 10308.00 10250.00 9786.00 10089.00
Equipment, Total - Net
Goodwill, Net EUR 21033.00 20449.00 19872.00 20605.00
Intangibles, Net EUR 5092.00 4838.00 4585.00 4664.00
Long Term Investments EUR 22730.00 30633.00 28366.00 28022.00
Other Long Term
EUR 4635.00 4759.00 4705.00 4485.00
Assets, Total
Accounts Payable EUR 6131.00 7873.00 7025.00 7274.00
Notes Payable/ Short
EUR 00.00 00.00 00.00 00.00
Term Debt
Current Port. of LT
EUR 5459.00 6562.00 7538.00 8528.00
Debt/ Capital Leases
Other Current liabilities,
EUR 45518.00 19682.00 20064.00 18827.00
Total
Long Term Debt EUR 40619.00 38005.00 35942.00 43570.00
Total Long Term Debt EUR 40619.00 38005.00 35942.00 43570.00
Total Debt EUR 46078.00 44567.00 43480.00 52098.00
Deferred Income Tax EUR 688.00 664.00 659.00 677.00
Minority Interest EUR 2511.00 3433.00 3344.00 4469.00
Other Liabilities, Total EUR 12317.00 11288.00 9797.00 8187.00
Common Stock, Total EUR 2550.00 2550.00 2550.00 2550.00
Additional Paid-In
EUR 6906.00 6840.00 6830.00 6846.00
Capital
Retained Earnings
EUR 39730.00 33078.00 34653.00 36291.00
(Accumulated Deficit)
Treasury Stock -
EUR -4618.00 -4629.00 -4475.00 -4622.00
Common
Unrealized Gain (Loss) EUR 00.00 -42.00 00.00 00.00
Other Equity, Total EUR -725.00 -1407.00 -2494.00 -939.00
Total Liabilities &
EUR 157086.00 123897.00 121433.00 131658.00
Shareholders' Equity
Cash Flow
Net Income/ Starting
EUR 2321.00 4200.00 4200.00 3888.00
Line
Depreciation/ Depletion EUR 2267.00 3157.00 3157.00 1406.00
Non-Cash Items EUR 1538.00 1161.00 1161.00 -472.00

Siemens AG
Changes in Working
EUR -1905.00 -4318.00 -4318.00 -1917.00
Capital
Capital Expenditures EUR -1034.00 -1554.00 -1554.00 -692.00
Other Investing Cash
EUR -2836.00 -3630.00 -3630.00 1315.00
Flow Items, Total
Financing Cash Flow
EUR -1715.00 -2132.00 -2132.00 -562.00
Items
Total Cash Dividends
EUR -3174.00 -3174.00 -3174.00 -2804.00
Paid
Issuance (Retirement) of
EUR -1550.00 1107.00 1107.00 2131.00
Stock, Net
Issuance (Retirement) of
EUR 8389.00 7371.00 7371.00 7190.00
Debt, Net
Foreign Exchange
EUR -242.00 -525.00 -525.00 102.00
Effects
Cash Interest Paid EUR 606.00 833.00 833.00 327.00
Cash Taxes Paid EUR 1470.00 1650.00 1650.00 1525.00
Capital Market Ratios
Siemens AG, Capital Market Ratios
June 18,
Key Ratios
2021
P/E (Price/Earnings) Ratio 28.20
EV/EBITDA (Enterprise Value/Earnings Before Interest, Taxes,
17.75
Depreciation and Amortization)
Enterprise Value/Sales 02.54
Enterprise Value/Operating Profit 28.94
Enterprise Value/Total Assets 01.17
Dividend Yield 02.79
Market Cap 113645.00
Enterprise Value 144924.00
Interim Ratios
Siemens AG, Interim Ratios
June
September December March
Key Ratios Unit/Currency - Ratio Type
- 2020 - 2020 - 2021
2020
EPS (Earnings per Equity
EUR 01.24 01.13 01.67 01.71
Share) Ratios
Dividend per EUR 00.00 03.50 00.00 00.00 Equity

Siemens AG
Share Ratios
Book Value per Equity
EUR 53.94 45.53 46.37 50.20
Share Ratios
Profitability
Gross Margin % 35.89 34.05 37.81 35.73
Ratios
Profitability
Operating Margin % 08.78 09.11 12.36 10.04
Ratios
Profitability
Net Profit Margin % 03.99 11.48 09.79 15.44
Ratios
Profitability
Profit Markup % 55.98 51.64 60.79 55.58
Ratios
PBT Margin
Profitability
(Profit Before % 10.44 09.49 13.96 13.53
Ratios
Tax)
Operating Costs
% 91.22 90.89 87.64 89.96 Cost Ratios
(% of Sales)
Administration
% 18.84 17.62 17.47 17.48 Cost Ratios
Costs (% of Sales)
Liquidity
Current Ratio Absolute 01.63 01.55 01.56 01.84
Ratios
Liquidity
Quick Ratio Absolute 01.48 01.32 01.34 01.61
Ratios
Debt to Equity Leverage
Absolute 01.05 01.23 01.17 01.30
Ratio Ratios
Net Debt to Leverage
Absolute 00.78 00.84 00.80 00.71
Equity Ratios
Debt to Capital Leverage
Absolute 00.46 00.50 00.50 00.54
Ratio Ratios
Annual Ratios
Siemens AG, Annual Ratios
Ratio Type Key Ratios Unit/Currency 2020 2019 2018 2017 2016
Growth -
Sales Growth % -02.30 00.22 04.04 05.30
Ratios 29.58
Growth Operating Income - -
% -18.95 03.44 21.14
Ratios Growth 00.13 18.29
Growth -
EBITDA Growth % -15.59 00.70 06.93 17.37
Ratios 10.92
Growth - - -
Net Income Growth % -22.11 09.38
Ratios 10.90 02.58 25.16
Growth - -
EPS Growth % -07.82 05.04 00.94
Ratios 11.64 04.84

Siemens AG
Growth Working Capital

% -04.05 17.77 13.69 18.21 04.49
Ratios Growth
Equity EPS (Earnings per
EUR 05.04 05.72 06.34 07.13 06.42
Ratios Share)
Equity
Dividend per Share EUR 03.50 03.90 03.80 03.70 03.60
Ratios
Equity
Dividend Cover Absolute 01.44 01.47 01.67 01.93 01.78
Ratios
Equity Book Value per
EUR 45.53 59.21 56.14 52.95 42.33
Ratios Share
Equity Cash Value per
EUR 17.57 15.25 13.66 10.27 13.12
Ratios Share
Profitability
Gross Margin % 35.33 36.99 29.94 30.22 29.91
Ratios
Profitability
Operating Margin % 08.76 10.56 07.45 09.14 09.19
Ratios
Profitability
Net Profit Margin % 07.05 08.85 06.99 07.19 06.84
Ratios
Profitability
Profit Markup % 54.63 58.71 42.73 43.31 42.66
Ratios
Profitability PBT Margin (Profit
% 09.93 11.85 09.69 09.88 09.30
Ratios Before Tax)
Profitability
Return on Equity % 11.07 10.75 12.77 13.80 15.93
Ratios
Profitability Return on Capital
% 05.58 06.21 06.79 08.41 08.84
Ratios Employed
Profitability
Return on Assets % 02.94 03.58 04.22 04.55 04.43
Ratios
Profitability
Return on Fixed
% 00.00 00.00 00.00 00.00 00.00
Ratios Assets
Profitability
Return on Working
% 26.56 31.45 37.08 51.60 58.96
Ratios Capital
Operating Costs (%
Cost Ratios % 91.24 89.44 92.55 90.86 90.81
of Sales)
Administration
Cost Ratios % 18.86 18.28 15.58 14.92 14.65
Costs (% of Sales)
Liquidity
Current Ratio Absolute 01.55 01.39 01.35 01.32 01.29
Ratios
Liquidity
Quick Ratio Absolute 01.32 01.10 01.06 01.02 00.87
Ratios
Liquidity
Cash Ratio Absolute 00.49 00.28 00.27 00.23 00.30
Ratios
Leverage Debt to Equity
Absolute 01.22 00.76 00.71 00.75 00.91
Ratios Ratio
Leverage
Net Debt to Equity Absolute 00.77 00.46 00.42 00.50 00.52
Ratios

Siemens AG
Leverage Debt to Capital

Absolute 00.55 00.43 00.41 00.43 00.48
Ratios Ratio
Efficiency
Asset Turnover Absolute 00.42 00.40 00.60 00.63 00.65
Ratios
Efficiency Fixed Asset
Absolute 05.09 04.96 07.43 07.84 07.82
Ratios Turnover
Efficiency
Inventory Turnover Absolute 03.27 02.57 04.19 03.61 03.15
Ratios
Efficiency Current Asset
Absolute 00.93 00.87 01.33 01.43 01.49
Ratios Turnover
Efficiency Capital Employed
Absolute 00.64 00.59 00.91 00.92 00.96
Ratios Turnover
Efficiency Working Capital
Absolute 03.03 02.98 04.98 05.65 06.42
Ratios Turnover
Efficiency Revenue per
EUR 199090.59 00.00 00.00 00.00 00.00
Ratios Employee
Efficiency Net Income per
EUR 14041.81 00.00 00.00 00.00 00.00
Ratios Employee
Efficiency
Capex to Sales % 02.72 04.46 03.13 02.90 02.68
Ratios
Efficiency
R&D to Sales % 08.05 07.98 06.69 06.23 05.94
Ratios
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Siemens AG

Published: 04 May 2021 Page 1

Published: 04 May 2021 Page 2

Siemens AG- Financial and Strategic Analysis Review

Siemens AG (Siemens or ‘the company’) is a technology company with core activities

Siemens AG- Key Facts

Siemens AG- Key Facts

Siemens AG- Business Description

Siemens AG (Siemens or ‘the company’) is a technology company focused on core

Published: 04 May 2021 Page 3

The company's Siemens Gamesa Renewable Energy segment designs, manufactures

Published: 04 May 2021 Page 4

The company’s reconciliation to consolidated financial statements operation include

Siemens AG- Major Products and Services

Siemens AG- Major Products and Services

Industry Automation: Customer Services: Siemens

Published: 04 May 2021 Page 5

Drives for rolling steel mills Oil and gas:

Consumer Products: Energy service:

Oil and Gas: Diagnostics:

Published: 04 May 2021 Page 6

DC Motors Smart grid applications

Siemens AG- History

Siemens AG- History

Published: 04 May 2021 Page 7

plant in at the Kingdom of Saudi Arabia. With

Published: 04 May 2021 Page 8

create a global leader of innovative and

Published: 04 May 2021 Page 9

2015 Contracts/Agreements Siemens Logistics and Airport Solutions

Published: 04 May 2021 Page 10

Published: 04 May 2021 Page 11

Hausgeräte GmbH (BSH). .

Published: 04 May 2021 Page 12

2012 Acquisitions/Mergers/Takeovers Siemens planned to acquire the Connectors

Published: 04 May 2021 Page 13

advantage of their respective organizations in

Published: 04 May 2021 Page 14

digital product design and manufacturing

Published: 04 May 2021 Page 15

Published: 04 May 2021 Page 16

research and development with the Masdar

Published: 04 May 2021 Page 17

to expand its business and its sales structures

Published: 04 May 2021 Page 18

supply a total of 54 regional trains for the

Published: 04 May 2021 Page 19

Indian licensee, Bharat Heavy Electricals

Published: 04 May 2021 Page 20

Published: 04 May 2021 Page 21

BrightSource Energy, a developer of utility-

Published: 04 May 2021 Page 22

a complete commercial arterial spin labeling

Published: 04 May 2021 Page 23

2006 Divestiture The group sold the majority of its Dematic

Published: 04 May 2021 Page 24

2005 Acquisitions/Mergers/Takeovers Siemens acquired VA Technologie,

Published: 04 May 2021 Page 25

2002 Divestiture Siemens sold Unisphere Networks to Juniper

Published: 04 May 2021 Page 26

Siemens AG- SWOT Analysis

Siemens AG (Siemens or ‘the company’) is a global integrated technology company

Siemens AG- Strengths