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Q1 FY 2015 – Overall performance as expected

27 January 2015

"The  performance  of  most  of  our  businesses  was  within  our  expectations.  While  some  Divisions  provided  excellent performance, Healthcare needs to step up its efforts to quickly resume to its outstanding performance and Power and Gas will need a more comprehensive concept to return to historical margins longer turn," said Joe Kaeser, President and Chief Executive Officer of Siemens AG.

• First-quarter  revenue  up  5%  to  €17.415  billion;  on  a  comparable  basis,  excluding  currency  translation  and  portfolio effects, revenue up 3%
• Orders of €18.013 billion for a book-to-bill ratio of 1.03; 11% decline compared to Q1 FY 2014, which included a €1.6 billion order in Saudi Arabia
• Industrial Business profit of €1.819 billion 4% lower due mainly to Power and Gas as expected; Industrial Business profit margin within the expected range
• Income  from  continuing  operations of €1.106 billion burdened outside the Industrial Business;  furthermore  negative swing within discontinued operations affects Net income which was €1.095 billion, with basic earnings per share (EPS) of €1.30
• Strong contribution to Free cash flow from Industrial Business
• During the first quarter, Siemens classified the hearing aid business as discontinued operations; prior-period results are presented on a comparable basis

Portfolio milestones include closing  the  acquisition of the Rolls-Royce Energy aero-derivative  gas turbine  and compressor business in the first quarter; followed, in January 2015, by closing  the divestment of the hearing  aid business (expected pretax gain: approximately €1.6 billion), closing the divestment of Siemens’ stake in BSH Bosch und Siemens Hausgeräte GmbH (BSH) (expected pretax gain: approximately €1.4 billion), and completing the contribution of the  metals  technologies business into a  joint venture; furthermore, we  expect  a  profit  impact  due  to  a  funding commitment of €0.3 billion related to Unify Holdings B.V. in the second quarter.

Marie Agaliotou