Vision 2020+ execution fully on track
Ralf P. Thomas, CFO Siemens AG
Commerzbank German Investment Conference
New York, January 13, 2020
siemens.comUnrestricted © Siemens 2020
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New York, January 13, 2020Page 2 Commerzbank German Investment Conference
Notes and forward-looking statements
This document contains statements related to our future business and financial performance and future events or developments involving
Siemens that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,”
“anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forward-looking
statements in other reports, prospectuses, in presentations, in material delivered to shareholders and in press releases. In addition, our
representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and
certain assumptions of Siemens’ management, of which many are beyond Siemens’ control. These are subject to a number of risks,
uncertainties and factors, including, but not limited to, those described in disclosures, in particular in the chapter Report on expected
developments and associated material opportunities and risks in the Annual Report. Should one or more of these risks or uncertainties
materialize, should decisions, assessments or requirements of regulatory authorities deviate from our expectations, or should underlying
expectations including future events occur at a later date or not at all or assumptions prove incorrect, actual results, performance or
achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forwardlooking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of
developments which differ from those anticipated.
This document includes – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or
may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation
or as alternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with the
applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled
alternative performance measures may calculate them differently.
Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages
may not precisely reflect the absolute figures.
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New York, January 13, 2020Page 3 Commerzbank German Investment Conference
Siemens – A position of strength
Unrestricted © Siemens 2020
€98bn
Orders
€87bn
Revenue
€6.41
Earnings
per share
€5.8bn
Free cash flow
Leading in
Electrification,
Automation &
Digitalization
10.8%
Adj. EBITA margin
Industrial
Businesses
€5.6bn
Net profit
Comparable Key Figures FY 2019
Commerzbank German Investment Conference
Unrestricted © Siemens 2020
New York, January 13, 2020Page 4 Commerzbank German Investment Conference
Vision 2020+
Drive transformation to shape change
Key: Foster Ownership Culture and strengthen entrepreneurial focus
Value
2020 2021 20222019
Anticipate markets and trends
Leading in all businesses, shaping change
Transformation
Ultimate value creation
2023
Focus
Accountability
Adaptability
#RaisingTheBar
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New York, January 13, 2020Page 5 Commerzbank German Investment Conference
Vision 2020+
Current company setup, entrepreneurial freedom for our businesses
Gas and
Power*
Smart
Infrastructure
Digital
Industries
Operating Companies
Siemens
Mobility
*Partial spinoff of Gas and Power planned; transfer of majority stake in SGRE (59%) to new company planned
Siemens
Gamesa*
Siemens
Healthineers
Service Companies (Financial Services, Global Business Services, Real Estate Services)
Corporate Development (e.g., IoT Services, Corporate Technology, Next47, POC
Governance units
€19.3bn
3.8%
€14.6bn
10.0%
€16.1bn
17.9%
€8.9bn
11.0%
€10.2bn
4.7%
€14.5bn
17.0%
+ 2 ppts.
CAGR
Accelerated
comp. revenue
growth
+ 2 ppts.
Margin lift at
Industrial
Business
> revenue
growth
EPS growth
1)
1) on constant minority shareholdings
Strategic Companies Mid-term target
Unrestricted © Siemens 2020
New York, January 13, 2020Page 6 Commerzbank German Investment Conference
Focused strategic companies offer value creation opportunities
Siemens Energy
SHL +54%
MDAX
+11%
▪ Attractive market with secular growth trends
▪ World class Imaging, Diagnostics with upside
▪ Sustainable profit and cash flow performance
▪ “Upgrading” phase of Strategy 2025
▪ Attractive asset with significant valuation upside
Siemens Healthineers (85% stake)
Market cap: €43bn
▪ Leading role in energy industry as focused pure play
▪ Driving force of decarbonization
▪ Great portfolio along entire energy value chain
▪ Reliable partner for customers
▪ Siemens with minority stake >25% to <50%
Oil & Gas TransmissionGeneration
Renewables
59% SGRE
Mar-18 Sep-18 Mar-19 Sep-19
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New York, January 13, 2020Page 7 Commerzbank German Investment Conference
Siemens Energy – Fully on track for public listing by end FY 2020
Jan 13,
2020
March / April
2020
May
2020
June
2020
July
2020
September
2020
Today
Carve out
completed
Spin off
report
Extraordinary
Shareholders’ Meeting
Siemens AG
Capital
Market Day
Prospectus
Listing
Road-
show
Leadership team
in place
Portfolio setup
defined
Company name
announced
Carve out concept
defined for each
country
Unrestricted © Siemens 2020
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Sustainable shareholder return
Attractive dividend policy and ongoing share buyback
20132011 20192010 2012
€2.70
2014 2015 2016 2017 2018
€3.00 €3.00
5.40
€3.80
€3.30
€3.50
€3.60
€3.70
€3.90
3.8%
Dividend
Dividend
yield
1)
3.5% average dividend yield
1)
3.0%2.9%3.9%3.3%
Dividend
payout
ratio
€3.00
3.0%3.7%4.0%3.0%
Up to
3.0
2014 - 2015 2012
1.1
2016 - 2018
4.0
2018 - 2021
2.9
3.0
Share buyback continued (in €bn)
1) Dividend / XETRA closing price at day of AGM 2) XETRA closing price of Sep 30, 2019: €98.25
3) Effect of OSRAM stock distribution to shareholders of €2.40 per share; not reflected in dividend payout ratio
3)
4.0%
2)
38% 52% 49% 53% 61%50%57%51%42%46%
Dividend proposal
to AGM
Target:
40 – 60%
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New York, January 13, 2020Page 9 Commerzbank German Investment Conference
Outlook FY 2020
EPS as reported
FY 2020e
EPS as reported
FY 2019
6.41
7.00
6.30
Mid point growth
+ 4%
▪ Book-to-bill > 1
▪ Moderate comp. revenue growth
FY20 Framework Siemens non-listed Companies
Comparable
revenue growth
Adj. EBITA margin
expectation
1)
Digital Industries
Flat 17 - 18%
Smart Infrastructure
Moderate 10 - 11%
Mobility
Mid-single digit 10 - 11%
Gas and Power
Moderate 2 - 5%
FY20 Framework Siemens Group
1)
as reported
Unrestricted © Siemens 2020
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Our agenda for FY 2020
Deliver on our FY 2020 financial targets
Drive Vision 2020+ milestones
Ensure stringent capital allocation and cash focus
Execute Siemens Energy spin off
Unrestricted © Siemens 2020
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Appendix
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New York, January 13, 2020Page 12 Commerzbank German Investment Conference
Upcoming capital market communication
Feb 5, 2020
Q1 Release & AGM
Mar 18, 2020
BAML Conference
London
investorrelations@siemens.com
www.siemens.com/investor
+49 89 636-32474
May 8, 2020
Q2 Release
Aug 6, 2020
Q3 Release
Nov 12, 2020
Q4 Release
May 19, 2020
EPG Conference
Miami
Jun 12, 2020
JPM Conference
London
Sep 10, 2020
MS Conference
London
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