Siemens Q4 FY08 - Global | Siemens Global...automation business Energy 1) PPA = purchase price allocation; OTC = one-time costs Fossil Power Generation – Margin: 0.1% – €(110)m

Copyright © Siemens AG 2008. All rights reserved.

Siemens Q4 FY08

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IR FLASHLIGHT

Page 2 November 2008 Copyright © Siemens AG 2008. All rights reserved.Flashlight Q4 08

Safe Harbour Statement

This document contains forward-looking statements and information – that is, statements related to future, not past, events. These statements may be identified by words such as “expects,” “looks forward to,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “project” or words of similar meaning. Such statements are based on our current expectations and certain assumptions, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond Siemens’ control, affect our operations, performance, business strategy and results and could cause the actual results, performance or achievements of Siemens to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. For us, particular uncertainties arise, among others, from changes in general economic and business conditions (including margin developments in major business areas); the behavior of financial markets, including fluctuations in interest and exchange rates, commodity and equity prices, debt prices (credit spreads) and financial assets generally; continued volatility and further deterioration of the capital markets; the commercial credit environment and, in particular, additional uncertainties arising out of the subprime, financial market and liquidity crises; future financial performance of major industries that we serve, including, without limitation, the Sectors Industry, Energy and Healthcare; the challenges of integrating major acquisitions and implementing joint ventures and other significant portfolio measures; introduction of competing products or technologies by other companies; lack of acceptance of new products or services by customers targeted by Siemens; changes in business strategy; the outcome of pending investigations and legal proceedings, especially the corruption investigations we are currently subject to in Germany, the United States and elsewhere; the potential impact of such investigations and proceedings on our ongoing business including our relationships with governments and other customers; the potential impact of such matters on our financial statements; as well as various other factors. More detailed information about certain of these factors is contained throughout this report and in our other filings with the SEC, which are available on the Siemens website, www.siemens.com, and on the SEC’s website, www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the relevant forward-looking statement as expected, anticipated, intended, planned, believed, sought, estimated or projected. Siemens does not intend or assume any obligation to update or revise these forward-looking statements in light of developments which differ from those anticipated.

Earnings before interest and taxes, or EBIT (adjusted); Earnings before interest, taxes, depreciation and amortization, or EBITDA (adjusted); Return on capital employed (ROCE); Return on equity (ROE); Free cash flow; and Cash conversion rate are non-GAAP financial measures. These non-GAAP financial measures should not be viewed in isolation as alternatives to measures of our financial condition, results of operations or cash flows as presented in accordance with IFRS in our Consolidated Financial Statements. Information for a reconciliation of these amounts to the most directly comparable IFRS financial measures is available on our Investor Relations website under www.siemens.com/ir → Financial Publications. “Profit Total Sectors” is reconciled to “Income from continuing operations before income taxes” in the table “Segment Information.”


Highlights of Q4 2008

Solid top line growth 1): order growth +6%, revenue growth +9%, book-to-bill 1.03xOrder growth driven by Energy (+24%): Fossil (+48%), Power Transmission (+62%),Power Distribution (+18%)High single digit order growth at cyclical businesses such as Industry Automation (+8%),Drive Technologies (+9%) and Building Technologies (+9%)Revenue growth driven by Energy (+19%) and Industry (+8%)

Outstanding cash conversion of 2.22x at Total SectorsExcellent Free Cash Flow from continuing operations of €2.8bn up 32% y-o-yTotal Sector Profit of €1.485bn include transformation costs of €325m

Excellent earnings conversion2) especially at Industry Automation (26%), Power Distribution (33%) and Diagnostics (24%)Stable underlying margin at Healthcare 16.0% despite challenging US environment

Income from Cont. Ops. of -€1.259bn impacted by transformation costs of €1.539bn and aprovision of approx. €1bn in connection with the settlement of investigations by legal and regulatory authoritiesFY08 Guidance achieved

1) Year-on-year (y-o-y) on a comparable basis excluding currency translation and portfolio effects2) Excluding PPA & OTC


What we expect in 2009

Growth target remains unchanged despite macroeconomic adversity: 2x global GDP growthIncome targets become more ambitious due to market conditions

Total Sectors unchanged: €8.0–8.5bnGrowth in income from continuing operations expected to exceed growth in Total Sectors profit

Dynamic economy – guidance assessed quarterlyEvery crisis creates opportunities

This outlook excludes earnings impacts that may arise from restructuring and legal and regulatory matters.


Key Items relating to Q4 08 (I)

IndustryIndustry Automation

– Margin: 15.4%, PPA1) €(35)m and OTC €(6)m associated to UGS acquisition

– Underlying margin: 17.2% (excl. PPA, OTC)– Q4 07: PPA €(56)m, OTC €(5)m, underlying margin 16.8%

Drive Technologies– Margin: 12.5%, PPA €(10)m related to Flender acquisition– Underlying margin: 12.9% excl. PPA– Q4 07: PPA €(7)m, OTC €(7)m, underlying margin 12.8%

Building Technologies– Margin: 10.1%

Osram– Margin: 3.7% – Charges related to structural initiatives were offset by a €130m net

gain related to disposal of Global Tungsten & Powders unit– Approx. one third of charges are expected to affect cash flows in

coming quarters– Underlying margin: 3.7%.

IS Margin 6.2%

Mobility – Margin: -12.0%, underlying margin: -2.8% (excl. Mobility in Motion)– €(151)m costs related to "Mobility in Motion", of which approx. two

thirds will affect cash flows in coming quarters– Also provisions related primarily to software challenges in the rail

automation business

Energy

1) PPA = purchase price allocation; OTC = one-time costs

Fossil Power Generation– Margin: 0.1%

– €(110)m Olkiluoto project charges

– Underlying margin 4.6% (excl. Olkiluoto conventional island)

– €(52)m negative equity investment income associated with

Areva N. P.

– Continued volatility in equity investment income expected in coming quarters

Renewable Energy– Margin: 13.2%

Oil & Gas

– Margin: 9.3%

Power Transmission

– Margin: 9.3%

Power Distribution

– Margin: 12.5%


Key Items relating to Q4 08 (II)

Healthcare Equity Investment and Cross-Sector Businesses

Sector Healthcare– Margin: 7.2% – incl. €(174)m transformation costs– incl. €(46)m PPA and €(52)m OTC effects in Diagnostics– Underlying margin 16.0% (excl. transform. costs, PPA, OTC)– Q4 07: PPA €(21m), OTC €55m); underlying margin 16.0% (excl.

PPA, OTC)

Imaging & IT- Margin: 11.8%, incl. €(90)m transformation costs including

severance charges, impairments and costs related to reviews of business activities

- Underlying margin: 16.4%

Workflow and Solutions- Margin: -16.0%, incl. €(81)m transformation costs primarily related

to a strategic business review of certain business activities- Underlying margin: 3.9%

Diagnostics– Margin: 6.0%, PPA €(46)m and OTC €(52)m – Underlying margin 17.8% (excl. PPA, OTC)– Q4 07: PPA €(21)m, OTC €(55)m

Underlying margin 14.7% (excl. PPA, OTC)

Equity Investments – As of Q4 08, the former "Strategic Equity Investments" has been

expanded and renamed "Equity Investments". Major components are NSN and BSH

– Equity investments profit: €6m

– Improved operating results at NSN: lower restructuring and integration costs €(59)m, down from €(86)m in Q4 07

– Siemens‘ equity investment loss related to NSN decreased to €(16)m from €(58)m in Q4 07

– Q4 07: equity investment income €(7)m

Cross-Sector Businesses

Siemens IT Solutions and Services

– Margin: 3.1%

SFS

– ROE: 21.6%

– Significant total asset growth from €8.9bn to €11.3bn (+27%) primarily due to growth in the commercial finance business including asset purchases in the secondary market


Key Items relating to Q4 08 (III)

Other Operations, Corporate Activities and Eliminations Discontinued Operations

Discontinued Operations– €(1,000)m associated with sale of 51% of Siemens Enterprise

Communications (SEN)

– €(120)m provision related to expected settlement by a claim of the insolvency administrator of BenQ

– Q4 07:

– Incl. approx. €(1,000)m in tax expense associated with the carve-out of VDO Automotive pending the close of its sale

– Penalty of €(201)m imposed by German authorities related to misconduct at Com

Other Operations– By the end of 2009 all businesses activities are expected to be

integrated into an existing Siemens sector or Cross-sector Business (Transformation Program)

– €(133)m transformation costs which were related mainly to SiemensHome Communications (SHC)

– Therein €(124)m negative earnings impact associated with the divestment of SHC

– In addition SHC €(21)m carve-out costsSRE: Q4 benefited from real estate disposalsCorporate Items & Pensions

Corporate items €(2,821)m include:– SG&A charge €(1,081)m – Provision of approx. €(1,000)m in connection with ongoing

settlement negotiations– One-time endowment of €(390)m with establishment of the Siemens

Foundation– Outside advisory costs: €(83)m in Q4 08, down from €(85) in Q4 07

Corporate Treasury:- Approx. €(50)m charges related to counter-party risk, which was

partly offset by reduced interest expense


Charges Q4 08

Year of Transition 2008 incurred significant charges

Project chargesQ1 & Q2 08

390

1,081

162133129174151

~1,000 ~1,000~1,100

PG, TS, SIS Mobilityin Motion

Healthcare Osram OtherOperations1)

SG&A SiemensFoun-dation

Legal andregulatory

matters

SEN

2008P&L impact Cash out flow 2009 ≥ 2010 1) Net effect of cash outflow FY08 – FY10 shown

€m€m

Total Cash Outflow from FY08 charges

2008 2009 ≥ 2010

€m~1,780

€m~2,430

€m~810

Fossil,Areva


Q4 FY08 Key Figures – New orders

New orders

*adjusted for currency translation and portfolio effects

(in € million) Q4 2007 Q3 2008 Q4 2008 Y-o-Y Q4 07 - Q4 08

Y-o-Y adj.*Q4 07 - Q4 08

Q-o-Q Q3 08 - Q4 08

Industry Sector 10,597 11,508 10,255 -3% 0% -11%Industry Automation 2,162 2,214 2,213 2% 8% 0%Drive Technologies 2,109 2,407 2,260 7% 9% -6%Building Technologies 1,603 1,512 1,723 7% 9% 14%Osram 1,203 1,109 1,134 -6% 0% 2%Industry Solutions 1,632 2,040 1,814 11% 12% -11%Mobility 2,525 2,952 1,809 -28% -25% -39%

Energy Sector 6,066 8,077 7,246 19% 24% -10%Fossil Power Generation 2,287 2,083 3,287 44% 48% 58%Renewable Energy 762 2,122 319 -58% -55% -85%Oil & Gas 1,223 1,550 1,137 -7% -5% -27%Power Transmission 1,154 1,588 1,785 55% 62% 12%Power Distribution 756 906 835 10% 18% -8%

Healthcare Sector 2,999 2,801 3,382 13% 5% 21%Imaging & IT 2,290 1,699 2,195 -4% 0% 29%Workflow & Solutions 297 348 450 52% 58% 29%Diagnostics 482 831 829 72% 3% 0%

Total Sectors 19,662 22,386 20,883 6% 8% -7%Equity Investments

Cross Sector BusinessesSiemens IT Solutions and Services 1,595 1,209 1,393 -13% -11% 15%SFS 198 195 193

ReconciliationsOther Operations 587 606 520SRE 435 415 440Corp. Items & Pensions 87 31 82Elimn., CT & Other recon. -1,236 -1,165 -1,306

Siemens 21,328 23,677 22,205 4% 6% -6%


Q4 FY08 Key Figures – Revenue

Revenue

*adjusted for currency translation and portfolio effects

(in € million) Q4 2007 Q3 2008 Q4 2008 Y-o-Y Q4 07 - Q4 08

Y-o-Y adj.*Q4 07 - Q4 08

Q-o-QQ3 08 - Q4 08

Industry Sector 9,944 9,423 10,408 5% 8% 10%Industry Automation 2,173 2,202 2,286 5% 12% 4%Drive Technologies 2,165 2,266 2,420 12% 14% 7%Building Technologies 1,623 1,442 1,676 3% 5% 16%Osram 1,203 1,109 1,134 -6% 0% 2%Industry Solutions 1,838 1,728 2,084 13% 14% 21%Mobility 1,683 1,403 1,647 -2% 1% 17%

Energy Sector 5,972 5,829 6,749 13% 19% 16%Fossil Power Generation 2,268 2,096 2,442 8% 12% 17%Renewable Energy 467 631 627 34% 49% -1%Oil & Gas 1,018 1,030 1,200 18% 22% 17%Power Transmission 1,429 1,401 1,596 12% 17% 14%Power Distribution 872 776 1,004 15% 22% 29%

Healthcare Sector 2,848 2,677 3,118 9% 2% 16%Imaging & IT 2,009 1,569 1,963 -2% 2% 25%Workflow & Solutions 424 359 407 -4% 0% 13%Diagnostics 491 826 831 69% 3% 1%

Total Sectors 18,764 17,929 20,275 8% 10% 13%Equity Investments

Cross Sector BusinessesSiemens IT Solutions and Services 1,438 1,255 1,464 2% 4% 17%SFS 198 197 192

ReconciliationsOther Operations 663 580 552SRE 435 415 440Corp. Items & Pensions 55 33 65Elimn., CT & Other recon. -1,352 -1,227 -1,337

Siemens 20,201 19,182 21,651 7% 9% 13%


Q4 FY08 Key Figures – Profit and margins

Profit and margins(in € million) Q4 2007 Q3 2008 Q4 2008 Margin

Q4 2007MarginQ3 2008

MarginQ4 2008

Targetrange

Industry Sector 1,018 1,143 793 10.2% 12.1% 7.6% 9-13%Industry Automation 304 467 353 14.0% 21.2% 15.4% 12-17%Drive Technologies 271 344 302 12.5% 15.2% 12.5% 11-16%Building Technologies 133 95 169 8.2% 6.6% 10.1% 7-10%Osram 128 111 42 10.6% 10.0% 3.7% 10-12%Industry Solutions 83 98 129 4.5% 5.7% 6.2% 5-7%Mobility 99 39 -197 5.9% 2.8% -12.0% 5-7%

Energy Sector 594 615 466 9.9% 10.6% 6.9% 11-15%Fossil Power Generation 216 212 2 9.5% 10.1% 0.1% 11-15%Renewable Energy 50 72 83 10.7% 11.4% 13.2% 12-16%Oil & Gas 102 95 112 10.0% 9.2% 9.3% 10-14%Power Transmission 144 147 149 10.1% 10.5% 9.3% 10-14%Power Distribution 82 88 126 9.4% 11.3% 12.5% 11-15%

Healthcare Sector 380 326 226 13.3% 12.2% 7.2% 14-17%Imaging & IT 347 199 232 17.3% 12.7% 11.8% 14-17%Workflow & Solutions 45 33 -65 10.6% 9.2% -16.0% 11-14%Diagnostics -4 82 50 -0.8% 9.9% 6.0% 16-19%

Total Sectors 1,992 2,084 1,485Equity Investments -7 18 6

Cross Sector BusinessesSiemens IT Solutions and Services 80 64 45 5.6% 5.1% 3.1% 5-7%SFS 52 59 49

ReconciliationsOther Operations -79 -20 -229SRE 48 103 54Corporate Items and Pensions -441 -262 -2,767Elimn., CT & Other recon. -104 2 -123

Siemens Pre-Tax Profit 1,541 2,048 -1,480Taxes -147 -573 221

Income from Cont. Operations 1,394 1,475 -1,259Income from discontinued operations -1,468 -56 -1,161

Net Income (All-In) -74 1,419 -2,420Minority interest 81 45 45Basic EPS from Cont. Operations 1.45 1.61 -1.51Basic EPS from Net income (all-in) -0.17 1.55 -2.85


Top Line FY 08 regional revenue split

FY 08 revenue by region (%) FY 08 sector revenue

7,283

8,817

7,513

7,022

5,643

1,890

9,526

1,904

4,861

980

4,351

20,808Europe /

C.I.S. / Africa

therein Germany

Americas

Asia,Australia, ME

Sector revenue split by region

26%

21%

Asia, Australia, ME

17%

Europe, C.I.S.,Africa(w/o Germany)

Americas

36%

Germany

Siemens revenue split by region

Industry

Energy

HC

Industry

Energy

HC

(in € m)

Industry

Energy

HC


SFS Key Figures Q4 08

P&L Cash Flow

Revenue: Interest Expense: Interest Income: Profit before Tax:

€ 192 m€ (100) m

€ 149 m€ 49 m

Depreciation & Amortisation: Operating Cash Flow:Capex (incl. operating leases):

€ 75 m€ 113 m

€ (134) m

Assets Liabilities

1) Other assets & inventory includes: Securities, fair values (positive) derivatives / FX, tax receivables, fixed assets, intangible assets, land and building, prepaid expenses, and inventories

Equity Total debt

11,3289,359

Accruals & other liabilities

Total assets / liabilities

28

CashOtherassets &

inventory 1)

InvestmentsPurchased receivables

Leases &loan

receivables

€ in million1,113


Plan assets decreased by € -3.8, mainly based on negative equity returnDBO decreased by € -2.3, mainly due to the increase in discount ratesDisposal of the Enterprise business effected both, plan assets and DBO

0.00.60.6

0.00.80.8

0.00.70.8

Additional contributionRegular fundingDBO of Principal Other Post-Employment Benefits1)

(2.5)(1.0)(2.9)Funded status

29%61%9%1%

33%54%8%5%

31%57%8%4%

Asset allocation of pension assetsEquitiesFixed incomeReal estateCash

(2.2)1.31.4Actual return on plan assets

22.76.2%20.2

25.05.3%24.0

26.74.7%23.8

Defined benefit obligation (DBO) of Principal Pension BenefitsDiscount rateFair Value of plan assets

FY 08FY 07FY 06According to 20F, in € bn

Pension funding deteriorated by €1.5 to € -2.5 in FY08

1) Mainly unfunded


177 -59

NSN Operating

Profit

Charges Purchase-Price

Retailed Items

-1 21

Adjust-ments1)

NSN Net Income

(Corrected)

20

-119

NSN Operating Profit pre Charges and PPA

10

Siemens Share pre

PPA

-26

Siemens PPA

-16

Siemens Equity Share

€ in millions

Q4 08 Bridge from NSN Operating Profit to Siemens At Equity Income

1) Nokia / NSN eliminations, NSN financial income/expenses, taxes, reversal of minority shares, differences in accounting,reversal of NSN PPA to Siemens step up (cross-over accounting of PPA)

50%

Siemens share

Reported by Nokia


Reconciliation and Definitions forNon-GAAP Measures (I)

Profit Total Sectors is reconciled to "Income from continuing operations before income taxes" under “Reconciliation to consolidated financial statements" in the table "Segment Information." See our Financial Publications at our Investor Relations website under www.siemens.com/ir.

Earnings before interest and taxes, or EBIT (adjusted) is Income from continuing operations before income taxes less Financial income (expense), net and Income (loss) from investments accounted for using the equity method, net.

Earnings before interest, taxes, depreciation and amortization, or EBITDA (adjusted) is EBIT before Depreciation and Amortization, defined as depreciation and impairments of property, plant and equipment and amortization and impairments of intangible assets other than goodwill.

Profit is reconciled to EBIT and EBITDA on the table Segment Information Analysis (II). See our Financial Publications at our Investor Relations website under www.siemens.com/ir.

Return on Capital Employed (ROCE) is a measure of how capital invested in the Company or the Sectors yields competitive returns.

For the Company, ROCE is calculated as Net income (before interest) divided by average Capital employed (CE). Net income (before interest) is defined as Net income excluding Other interest income (expense), net and excluding taxes on Other interest income (expense), net. Taxes on Other interest income (expense), net are calculated in simplified form by applying the current tax rate which can be derived from the Consolidated Statements of Income, to Other interest income (expense), net. CE is defined as Total equity plus Long-term debt plus Short-term debt and current maturities of long-term debt minus Cash and cash equivalents.

Because Siemens reports discontinued operations, Siemens also calculates ROCE on a continuing operations basis, using Income from continuing operations rather than Net income. For purposes of this calculation, CE is adjusted by the net figure for Assets classified as held for disposal included in discontinued operations less Liabilities associated with assets classified as held for disposal included in discontinued operations.

For the Sectors, ROCE is calculated as Profit divided by average Assets. Profit for the Sectors is principally defined as earnings before financing interest, certain pension costs and income taxes, whereas certain other items not considered performance indicative by Management may be excluded. Assets for the Sectors is defined as total assets primarily less intragroup financing receivables and investments, less income tax assets, less non-interest bearing liabilities/provisions other than tax liabilities.


Reconciliation and Definitions forNon-GAAP Measures (II)

Our cash target is based on the Cash Conversion Rate (CCR), which serves as a target indicator for the Company’s or the Sector’s cash flow. For the Company, CCR is defined as the ratio of Free cash flow to Net income, where Free cash flow (FCF) equals the Net cash provided by (used in) operating activities less Additions to intangible assets and property, plant and equipment. Because Siemens reports discontinued operations, this measure is also shown on a continuing operations basis, using Income from continuing operations, Net cash provided by (used in) operating activities – continuing operations and Additions to intangible assets and property, plant and equipment for continuing operations for the calculation. For the Sectors, CCR is defined as Free cash flow divided by Profit.

Values needed for the calculation of ROCE and CCR can be obtained from the Consolidated Financial Statements and Notes to Consolidated Financial Statements. Profit, Capital employed / Assets and Free cash flow for the Company and the Sectors for previous quarters and also for fiscal 2007 can be found on the Exhibits 99 (b,c,d) to the Siemens Report furnished on Form 6-K to the SEC on June 24, 2008. See our Financial Publications at our Investor Relations website under www.siemens.com/ir.

Average calculation for CE1):

5 Point average: (CE ending Q4 Prior year + CE ending Q1 + CE ending Q2 + CE ending Q3 + CE ending Q4) / 5Q4

4 Point average: (CE ending Q4 Prior year + CE ending Q1 + CE ending Q2 + CE ending Q3) / 4Q33 Point average: (CE ending Q4 Prior year + CE ending Q1 + CE ending Q2) / 3Q22 Point average: (CE ending Q4 Prior year + CE ending Q1) / 2Q1

Year-to-Date

2 Point average: (CE ending Q3 + CE ending Q4) / 2Q42 Point average: (CE ending Q2 + CE ending Q3) / 2Q32 Point average: (CE ending Q1 + CE ending Q2) / 2Q22 Point average: (CE ending Q4 Prior year + CE ending Q1) / 2Q1

Quarter-to-Date

1) Assets for Sectors

Average Capital employed and average Assets for the fiscal year is calculated as a "five-point average" obtained by averaging Capital employed and Assets at the beginning of the first quarter plus the final figures for all four quarters of the fiscal year. For the calculation of the average during for the quarters, see below:


Reconciliation and Definitions forNon-GAAP Measures (III)

Our capital structure target is based on an Adjusted industrial net debt divided by EBITDA (adjusted). For the calculation of Adjusted industrial net debt, we subtract from Net debt (defined as Long-term debt plus Short-term debt and current maturities of long-term debt less Cash and cash equivalents less Available-for-sale financial assets (current)) (1) SFS debt excluding SFS internally purchased receivables and (2) 50% of the nominal amount of our hybrid bond; and add/subtract (3) Funded status of Pension benefits, (4) Funded status of Other post-employment benefits; and add (5) Credit guarantees. The components of Net debt are available on our Consolidated Balance Sheets, SFS debt less internally purchased receivables is available in our Management Discussion & Analysis under Segment information analysis – Siemens Financial Services (SFS). The Funded status of our principle pension plans and Other post-employment benefits, the amount of credit guarantees and the nominal amount of our Hybrid bond is available in the Notes to our Consolidated Financial Statements.

To measure Siemens' achievement of the goal to grow at twice the rate of global GDP, we use GDP on real basis (i.e. excluding inflation and currency translation effects) with data provided by Global Insight Inc. and compare those growth rates with growth rates of our revenue (adjusted for portfolio and currency translation effects). In accordance with IFRS, revenue numbers are not adjusted by inflation and currency translation effects.

Return on equity (ROE) margin for SFS was calculated as SFS' Income before income taxes of fiscal 2008 divided by average allocated equity for SFS. Average allocated equity for fiscal year 2008 is €911 million.The allocated equity for SFS is determined and influenced by the size and quality of its portfolio of commercial finance assets (primarily leases) and equity investments. This allocation is designed to cover the risks of the underlying business and is in line with common credit risk management standards in banking. The actual risk profile of the SFS portfolio is evaluated and controlled monthly and is reflected in the quarterly (commercial finance) and annual (equity investments) adjustment of allocated equity.

Profit Total Sectors, EBIT (adjusted), EBITDA (adjusted), ROCE, ROE, CCR and Adjusted industrial net debt are or may be Non-GAAP financial measures as defined in relevant rules of the U.S. Securities and Exchange Commission. Our management takes these measures, among others, into account in its management of our business, and for this reason we believe that investors may find it useful to consider these measures in their evaluation of our performance. None of Profit Total Sectors, EBIT (adjusted), EBITDA (adjusted), ROCE and ROE should be viewed in isolation as an alternative to figures reported in our IFRS statement of income for purposes of evaluating our results of operations; CCR should not be viewed in isolation as an alternative to measures reported in our IFRS cash flow statement for purposes of evaluating our cash flows; and Adjusted industrial net debt should not be viewed in isolation as an alternative to liabilities reported in our IFRS balance sheet for purposes of evaluating our financial condition.


Siemens investor relations contact data

Michael Sen +49-89-636-33780

Munich Office +49-89-636-32474

US Office +1-408-464-2004

Internet: http://www.siemens.com/investorrelations

Email: [email protected]

Fax: +49-89-636-32830

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Siemens Q4 FY08 - Global | Siemens Global...automation business Energy 1) PPA = purchase price allocation; OTC = one-time costs Fossil Power Generation – Margin: 0.1% – €(110)m