Excellent Performance In Remarkable Times
Excellent performancein remarkable timesJoe Kaeser, President and CEO Siemens AGRoland Busch, Deputy CEO Siemens AGRalf P. Thomas, CFO Siemens AGUnrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
Notes and forward-looking statementsThis document contains statements related to our future business and financial performance and future events or developments involvingSiemens 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-lookingstatements in other reports, prospectuses, in presentations, in material delivered to shareholders and in press releases. In addition, ourrepresentatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certainassumptions of Siemens’ management, of which many are beyond Siemens’ control. These are subject to a number of risks, uncertainties andfactors, including, but not limited to, those described in disclosures, in particular in the chapter Report on expected developments and associatedmaterial 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 eventsoccur at a later date or not at all or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively orpositively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, norassumes 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 maybe alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or asalternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with the applicablefinancial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternativeperformance 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 maynot precisely reflect the absolute figures. All information is preliminary.Page 2Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
Our agenda for todayExecution Vision 2020 Performance Q4 FY 2020Outlook FY 2021Priorities & Mobility UpdatePage 3Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
Vision 2020 fully on track – major progress achievedValueTransformationAnticipating marketsand trendsFocusPutting focusahead of scaleeffectsIPOHealthineers20182019 Ultimatevalue creationLeading in all businesses andshaping the transformationSiemens Energy spin-off completedSale of Flender to Carlyle signedSHL: Next steps on Varian transactionCost programsstartedLeverage COVID-19 opportunitiesinitiated202020212022Fostering ownership culture and sharpening the company’s focusPage 4Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
Siemens AG re-rating start since EGM spin-off decision on July 9Clear path for further value creation with 9% up on first day of tradingSiemens Energy - Successful listing on September 28Siemens AG re-rating peaked at first day of trading%125120115Spin-off EnergySep. 28 9.2%Extraordinary GMEnergy spin-offdecisionJuly 9110Siemens 23.3%DAX 6.4%105100959030-JunPage 5Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-1228-Jul25-Aug22-Sep20-Oct9-Nov
Q4 – Strong finish in an unprecedented environmentOrders 2%EPS 2.20Note: Orders and Revenue growth comparablePage 6RevenueIB Adj. EBITAmargin-3%1)18.7%Free Cash Flow(all in) 3.8bnIndust. ND/EBITDA1.3x1) Excluding Bentley gain and SI divestment gain: 13.8%Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
FY 2020 revised guidance achievedSiemens weathered COVID-19 crisis wellOrders ( bn)Revenue ( bn)-7%1)64.7Guidance:Book-to-bill 160.0FY 2019FY 2020Adj. EBITA margin Industrial BusinessBook-tobill1.05-2%1)58.557.1FY 2019FY 2020Basic Earnings per Share-10bps-22%14.4%14.3% 6.41FY 2019FY 2020FY 20191) Comparable, i.e. adjusted for currency translation and portfolio effectsPage 7Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12 5.00FY 2020Guidance:Moderatedecline
Since 2014 guidance achieved or even raisedFY 2020 impacted by COVID-19FY 2014Page 8FY 2015FY 2016FY 2017Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12FY 2018FY 2019FY 2020
Siemens clearly outperformed DAX over last 7 yearsSignificant shareholder value generation107.88 Total Return 98%as of 30.09.202070.87 as of 25.07.2013Pre rumorsCEO changeDAX 54%TraditionalCompetitor-68%July 13July 14July 15July 16July 17July 18July 19July 20Source: Refinitiv/Thomson Reuters; Closing 25.07.2013 (pre rumors CEO change) to 30.09.2020 (FY2020)Dividends reinvested, adjusted for Siemens Energy, Refinitiv/Thomson Reuters adjustment factor of 0.90145952722063 to historical pricesPage 9Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
Digital Industries (DI)Excellent execution on strong growth in ChinaOrdersRevenue 3%1)-6%1)Orders:China and large Mentor wins drive growth bn4.04.31.13.91.03.22.8Q4 FY 19Q4 FY 203.9Q4 FY 19Q4 FY 20Adj. EBITA MarginFree Cash Flow m 0%18.5%17.9%1.10Excl.BentleyQ4 FY 19Q4 FY 20Q4 FY 19Q4 FY 20¹) ComparablePage 10therein Software x.x% Adj. EBITA margin excl. severancex.xCash Conversion RateUnrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12Revenue:Automation decline bottoming outSoftware modestly down on tough compsMargin:Benefit from structural cost action andcontingency measures 533m Bentley effectFree cash flow:Excellent cash conversionEffective working capital measures
Digital Industries (DI)Q4 with first signs of stabilization in short-cycle Automation businessDI revenue share in vertical end marketsQ4 FY 2020 - Key regions Automation (excl. Software)Trend next 3-4 quarters1)As of Q3/20 As of Q4/2020%15%10%AutomotiveMachine ToolsPharma & Chemicals10%Food & Beverage10%Electronics &Semiconductors5%Aerospace & Defense1 Y-oY industry revenue developmentPage 11Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12Orders 18% Revenue 14%Continued growth supporting toplineOrders -17% Revenue -22%Tough comps impacting growth rates after severe hit in Q3Orders -5% Revenue -5%Recovery on low level after substantial hit in Q3Orders -17% Revenue -12%Continued strong decline in Process and DiscreteQ4 FY 2020 - SoftwareRevenue -2%FY 2021e clear growth vs PY
Smart Infrastructure (SI)Solid performance in soft markets – portfolio optimization gains tractionOrdersRevenue-6%1)-2%1)Orders:Large orders delayed, base business solid bn4.24.21.53.91.42.72.5Q4 FY 19Q4 FY 203.8Q4 FY 19Q4 FY 20Adj. EBITA Margin-210bpsFree Cash Flow m15.0%4.1%-4%924Divest gain88410-15%13.4%2.0712.1%13.1%11.0%1.68Excl.div. gainQ4 FY 19Q4 FY 20Q4 FY 19Q4 FY 20¹) ComparablePage 12therein Products x.x% Adj. EBITA margin excl. severancex.xCash Conversion RateUnrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12Revenue:Recovery mainly in ProductsSolutions & Services impacted with a timelag as expectedMargin:Revenue decline weighs on profitability 159m divestment gainFree cash flow:Excellent cash conversionIntensified working capital focus
Mobility (MO)Strong performance, delivering on ambitionsOrdersRevenue 17%1)0%1) bn2.11.8Q4 FY 192.5Q4 FY 202.4Q4 FY 19Adj. EBITA MarginQ4 FY 20Free Cash Flow m-210bps9-12%-22%10.0%12.0%9.9%Q4 FY 19Q4 FY 20¹) ComparablePage 13Revenue:Key driver backlog conversion in RollingStockMargin:Back in target corridor as targeted57044212.3%Orders:Positive momentum in Rail InfrastructureProject shifts in Rolling Stock1.911.83Q4 FY 19Q4 FY 20x.x% Adj. EBITA margin excl. severancex.xCash Conversion RateUnrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12Free cash flow:Outstanding cash conversionExcellent performance driven by cashcollection and milestone payments
Siemens Financial Services (SFS)Despite COVID-19 impact, robust performance compared to competition in FY 20Income before income taxes (IBIT)Return on Equity m19.1%Adverse effect in equity business-45%11.7%632212Q1 FY 2093Q2 FY 20345364Q3 FY 20Q4 FY 20FY 2019Sharp increase in credit risk provisions,however, low level of actual defaultsFY 2020Total assets bn29.730.129.228.929.928.9Q1 FY 20Q2 FY 20Q3 FY 20Q4 FY 20FY 2019FY 2020Page 14Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12Slight decrease in total assets compared toFY19, mainly due to FX effects
Below Industrial Businesses with several major extraordinary effectsQ4 FY 20 – Performance Below Industrial Businesses m2,6444Minorities 121m-524-2433-473807-162Therein:- 99m Goodwill impairmentremaining SE activities- 453m Valeo Siemens JVimpairmentIBPage 15SFSPOCSiemensEnergyInvestment1,879-46Therein:- 49m Pensions- 423m Corp. Itemsincl. COVID-19employee bonusSRECorp. Items,PensionsUnrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12-3811,0721,758Tax Rate@ 26.2%PPAElim., Corp.Treasury,OthersTaxInc. Cont.OpsDisc. Ops.Net Income
Q4 – Strong finish in free cash flow performanceConsistent progress in operating working capital initiativesFree cash flow – Industrial Businesses m 7%7,1426,6963,144CCR0.861,1012,108CCR0.94789FY 2019Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4 FY 20FY 2020Q4: 0.5bn free cash flow from reduction ofoperating working capitalFY 2020: Cash conversion rate of 1.07 excl.Bentley effect and SI divestment gainexceeding 1-growth targetFree cash flow – “All in” m 10%6,4045,8453,762FY 2020: Cash focus gains traction2,46444FY 2019Page 16134Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4 FY 20Q4: Strong performance of PortfolioCompaniesFY 2020Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
Outstanding Total Shareholder Return3.2% Dividend Yield, 1.4bn SBB and 7bn Re-rating after SE spin-offDividend – multi-year perspective50%52%38%49%53% 10%60%61%3.2%1) 3.30 3.50 3.60 3.70 3.80 3.90 3.50 0.50 3.00FY 14Dividend per shareFY 15Dividend payout ratioFY 16x.x%1)FY17FY18FY19FY 20Dividend yieldStatus share buyback bnTotal up to 3bnuntil Nov 2021Total 3bnTotal 4bn2.71.1FY 14FY 15FY 161) Assumptions: estimation of shares outstanding (FY20: 800‘), share price as of Sept 30 (107.88 )Page 170.90.40.2 0.2FY172) as of Nov 5, 2020Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-121.51.41.00.41.4FY18FY19FY 20
Assumptions Outlook FY 2021Business environmentOPEXSeveranceForeign Exchange No long-lasting impact of COVID-19 pandemic on economy Return to global GDP growth; Global Fixed Investment to lag GDP growth Important customer industries continue to face challenges related topandemic and structural changes Improving conditions, particularly for short cycle businesses in H2 FY 21 R&D intensity to remain 8% of revenue SG&A on level with FY 2020 Substantially below FY 2020 level 400m – 500m in FY 2021 Revenue: Negative impact of 350 – 450 bps Industrial Businesses Adj. EBITA margin: Negative impact of 40 – 50 bpsNote: Excluding effects related to Siemens Healthineers planned acquisition of Varian Medical Systems Inc.Page 18Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
Below Industrial Businesses – FY 2021 ExpectationsBelow Industrial Businesses – FY 2020Expectations for FY 2021 m7,560345 -504-24325 -1,104 SFS: significant improvement over FY 20; however, not at preCOVID-19 levels POC: fully owned businesses positive contribution;equity investment with negative result, remains volatile Siemens Energy Investment: substantial negative incomefrom SE investment driven by PPA-effects of 0.3bn SRE: Volatile, dependent on disposal gains Corporate Items & Pensions: on FY 2020 level impacted bytemporary 0.2 – 0.3bn stranded SE cost, H2 H1 PPA: 0.6bn Eliminat., Corp. Treasury, Others: slightly higher cost versusFY 20 level Tax rate: expect range of 27% to 31% Disc. Operations (D/O): mid-triple-digit m positive result,mainly from Flender sale-691therein:- 453m Valeo Siemensimpairment-236 -1,3824,290 -90 4,200therein:- 211m Pensions- 892m Corp. ItemsTax Rate@ 24.4%IBMinorities 170m4,030SFS POC SE SRE Corp. PPA Elim., Tax Inc. Disc. NetInvestmentItems,Corp.Cont. Ops. IncomePensionsTreasury,OpsOthersNote: Excluding effects related to Siemens Healthineers planned acquisition of Varian Medical Systems Inc.Page 19Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
Outlook FY 2021FY 2021 Framework BusinessesFY 2021 Siemens Group Book-to-bill 1ComparableAdj. EBITA marginrevenue growthexpectation Moderate comparable revenuegrowth Moderate increase of net income bnDigital IndustriesSmart InfrastructureModest17 - 18%Moderate10 – 11%Mid-single digit9.5 – 10.5%4.2MobilityFY 2020Net IncomePage 20FY 2021Net IncomeExcluded from this outlook are burdens from legal and regulatory issues andeffects in connection with Siemens Healthineers’ planned acquisition of VarianMedical Systems, Inc., which is expected to close in the first half of calendar 2021Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
Priorities for the new chapterDevelop strategic path for Siemens AG as one focused technology companyStrengthen and amplify ESG programLeverage investments in digitalization to drive high quality growthExecute competitiveness and cost out programsDrive further value creation in portfolio companiesMaintain cash conversion focusPage 21Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
Leverage R&D investments and partner ecosystems to drive growth combined with strong ecosystem deliver resultsContinued high level of R&D investment Partnership SAP - SiemensIn % ofrevenue bn8.1% 8%4.6 4.9 5.8Integrated end-to-end software solutionsacross product lifecycle, supply chain andasset managementEnergy as a ServiceMacquarie and Siemens/SFS joint venturefor onsite distributed energy solutions0.31.3T/OtherDigital process twin0.40.6Virtual plant for vaccine productionFaster development time ( 25%)Improved resource efficiency ( 10%)SHLMOSIMentor – a success story2.0DIFY 2020Page 22FY 2021eUnrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12 40% of DI software business revenueElectronic Design Automation - core for ICand electrical systems design
Further step-up in competitiveness programsSmart InfrastructureDigital IndustriesCumulated savingsin m420320Cumulated savingsin m3703010024019034032055FY 2020 Page 23FY 2021eFY 2023eAdditional savings of 100m until FY 2023Enhanced internal digitalization, e.g. end-to-endPLM processesExpansion of digital sales channelsProcess optimization of supply chainOptimization of space and occupancy costUnrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12FY 2020FY 2021eFY 2023e Additional savings of 30m until FY 2023 Process offshoring and automationManufacturing footprint optimization Further measures for regional optimization andoffice space reduction
Deliver on lean governance and corporate cost-outLean and effective governanceGlobal Business ServicesCumulated efficiencyin mCumulated savingsin m50903045050210270Siemens EnergySiemens AGFY 2020FY 2021e Stable operations ensured by remote working model Strong push for process optimization Enhanced digitalization competencies, e. g.innovative purchase-to-pay platform and through recentpartnership with CelonisPage 24Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12FY 2020 FY 2021eFY 2023e Focus in FY 2020 in certain functions on executingSiemens Energy spin-off Cost reduction efforts ongoing Savings target confirmed
Portfolio Companies’ strategic concept is effectiveActive portfolio management to drive performance and value creationPortfolio Companies (POC)PE – Value creation approachTurnaroundFY 20: Revenue: 5.4bnFree cash flow: 556mSiemens Energy Assets1)Turnaround &strategicconsiderationsLarge Drives ApplicationsFullyownedSiemens LogisticsEquityinvest.Significant performanceimprovement in FY 20 Continued execution fullpotential plans Target FY 22: 5% Adj.EBITA margin for fully ownedCommercial VehiclesMechanical Systems &Components (Sykatec)ExitFlender(Mechanical Drives &Wind Energy Generation)Valeo Siemens (50%)Ongoing transformation program and rampup investment1) Siemens Energy Assets (SEA) transferred into POC during Q2 FY20, containing certain remaining regional business activities of Gas and Power,which were not carved out to Siemens Energy due to country-specific regulatory restrictions or economic considerationsPage 25 Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12Exit Flender sale to Carlylesigned Purchase price (EV) 2.0bn Closing in H1 CY 2021expected
Mobility market is resilient and offers excellent opportunitiesStrong recovery expected after hit in FY 2020Resilient market growth despite COVID-19 shock1)Healthy market trendsMarket dynamicsMarketin bnCAGR 4,3%FY19 – 22Secular drivers: decarbonization, urbanization Growing demand for mobility: 25%nom.-9%nom.82 9375 Commuting: rail mass transit to remain backbone of urbanmobility Interurban: rail could turn into leading mode of national travel Digitalization deeply transforming the industry Increasing integration of rolling stock, infrastructure andservice New business models (lifecycle contracts, 100% availability)Stimulus packages FY19FY20ØFY21-232Ridership recovery expected mid-20211 Siemens Mobility accessible market adjusted to own portfolio, SMO estimate2 Future market, three year average FY21–23Page 26Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12Governmental support and fiscal stimulus programs for railand public transportSignificant entry barriers Safety relevant national certification and regulation
Siemens MobilityBest positioned to combine real & virtual world – differentiating from competitionKey figures FY 2020: 9.2bn Orders 9.1bn Revenue 9.1% adj. EBITA I 39k employees 32bn BacklogRolling StockInfrastructureLeading integrated set-up excellent strategic fit in SiemensCustomer ServicesTurnkeyDifferentiating from competition with digitalization Vertical market with attractive secular growth trends and profitpools, allowing superior capital efficiencyDigitalization deeply transforming the mobility industry Covering entire customer value chain with mutually-reinforcingbusinesses Demand responsive transport and Mobility as a Service Lead digital transformation, benefitting from Siemens IoTecosystem and platform Step changes in energy efficiency for new vehicle platforms Cloud instead of hardware and digital twins of rail systems Autonomous trainsDriving new forms of value creation Increase of lifecycle contracts and guarantee of 100% availability Asset optimization through connectivity and data analyticsPage 27Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
Customers transform their operational model together with SiemensBane NOR (Norway)Rhein Ruhr Express (RRX) IoT as a design concept – prepared to move logic to thecloud Efficient Desiro train platform with high customer flexibility Replacement of the entire railway infrastructure in Norway First fully digitalized and paperless depot in Dortmund From 300 interlockings to 1 country-wide data center Up to 100% guaranteed availability (powered by Railigent ) Trackside delays reduction by 50%, maintenance by 30% RRX recently won the German Mobility Award 2020Page 28Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12 Focus on OPEX: Lifecycle Costs over 32 years
Siemens MobilityA global champion with industry leading returns, despite COVID-19Ordersin bnRevenueØ B-t-B1.2012.9in bncomp.11.010.37.99.29.0CAGR 5%7.67.98.28.88.9Revenue growthnominal H2 17Adj. EBITA marginFY18FY19Competitor Competitor12FY20Free cash flowØ CCR0.93in 5CCRFY15FY16FY17FY18FY19FY20FY15FY16FY17Ø values represent cumulative means FY15-FY20Page 29-15%Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12FY18FY19FY20
Mobility with clear ambition to further improve the businessRevenue split by business (FY 2020)7%Mid-term targets unchangedRolling Stock45%34%Customer ServicesRail InfrastructureIntelligent Traffic SystemsRevenuegrowthAdj. EBITAmargin 5% 11%15%Revenue split by region (FY 2020)11%14%11%ROCEAmericasAsia / Australia35%Germany30%Page 30EMEA w/o GER/UKUKUnrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12Siemensaccretive
Carve out of Intelligent Traffic Systems to enable the next development levelIntelligent Traffic Systems (ITS)Strategic directionsIntegrated end-to-end portfolio for roadSuccessful transformation as part of Mobility:infrastructure serving four market segments Healthy 600m business with software and digitalsolution capabilities Orders with 8% CAGR from FY 2013 to FY 2020 720bps adj. EBITA improvement since FY 2013(Urban, Interurban, Tolling, Service)Covering all technical layers(System & Field, Application, Management)Only player covering all main regionalHigher degree of freedom to grow business required: More flexibility to leverage portfolio & #1 global installedbase through own ‘road traffic-focused' operating model As pure player: entrepreneurial freedom to drivedigitalization of industry and active market consolidationstandardsRegional markets with attractive mid-singledigit growth ratesCarve-out with standalone readiness by end of FY 2021Page 31Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
The new chapterStringent milestones for executionNovember 12, 2020: Q4 Report – Progress Vision 2020 & Update Siemens MobilityFebruary 3, 2021: Annual General Meeting – Finalization management transitionMay 18, 2021: Siemens Capital Market Day – Strategic and operational deep diveH1 CY 2021: Closing of Varian acquisition & Flender divestmentQ4 FY 2021: Milestone targets of cost programs achievedPage 32Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
AppendixPage 33Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
Q4 FY20 – Net debt bridgeInd. Net Debt/EBITDA (c/o)1.3xOperating Activitiesin bn32.7therein: Inventories Trade and other receivables Trade payables Contract Assets/Liabilities(Q3 FY20: 1.7x) 0.8-0.5 0.7-0.529.310.219.1therein a.o.: Capex-0.5 SFS-0.63.9Net DebtQ3 20200.5Cash flows from Working Capitaloperating activities(w/o working capital)-1.00.0Cash flows frominvesting activitiesFinancing andother topicsCash &cash equiv. 13.41)1) Sum Cash & cash equivalents of 12.1bn and current interest bearing debt securities of 1.3bn2) Sum Cash & cash equivalents of 14.0bn and current interest bearing debt securities of 1.3bnPage 34Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12Net DebtQ4 2020Cash &cash equiv. 15.3bn2)Net DebtadjustmentsInd. Net DebtQ4 2020Q4 ΔQ3 SFS Debt 25.3 -0.3 Post emp. Benefits-6.4 1.5 Credit guarantees-0.6 -0.1 Fair value adj. 0.8 0.0(hedge accounting)
Provisions improved in Q4, mainly due to extraordinary fundings in GermanyQ FY 2020 – Pensions and similar obligationsin bn¹FY 2018FY 2019Q1 FY 2020Q2 FY 2020Q3 FY 2020Q4 FY 2020Defined benefit obligation (DBO)²-35.9-40.3-39.2-33.4-35.7-35.8Fair value of plan assets²28.731.331.226.728.430.0Provisions for pensions and similar obligations-7.7-9.9-8.6-7.5-7.9-6.4Discount rate2.4%1.3%1.5%1.8%1.3%1.1%Interest income0.50.60.10.10.10.1Actual return on plan assets0.43.2-0.5-1.62.30.11) All figures are reported on a continuing basis2) Difference between DBO and fair value of plan assets additionally resulted in net defined benefit assets (Q4 2020: 0.5bn); defined benefit obligation(DBO), including other post-employment benefit plans (OPEB) of - 0.4bnPage 35Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
FY 2020 Profit Bridge from SHS disclosure to SAG disclosureDifferent profit definitions at SHS and SAG to be considered in modelsin mdisclosure (as of November 2, 2020)disclosure (as of November 12, 2020)15.4%2,230EBIT(adjusted)x.x%Page 3615.6%15.1%13.7%-16-65TransactionCost (M&A)Severance-168PPA effectsMarginUnrestricted Siemens 2020 Siemens Investor Relations1,982168EBITPPA effects(as ion Adj. EBITA SeveranceAdj. EBITAand accounting (as reported)(excl. severance)differences
Q4 FY 2020 Profit Bridge from SHS disclosure to SAG disclosureDifferent profit definitions at SHS and SAG to be considered in modelsin mdisclosure (as of November 2, 2020)disclosure (as of November 12, 2020)16.1%626-514.4%-22-39EBIT(adjusted)x.x%Page 3715.8%15.2%TransactionCost (M&A)SeverancePPA effectsMarginUnrestricted Siemens 2020 Siemens Investor Relations56039EBITPPA effects(as reported)6FinancialIncome-1659061222Consolidation Adj. EBITA SeveranceAdj. EBITAand accounting (as reported)(excl. severance)differences
Financial CalendarNov 12, 2020Q4 ReleaseJan 12, 2021CommerzbankconferenceNov 17 - 18, 2020Roadshow U. S.Nov 13, 2020Roadshow UKPage 38Nov 25 - 26, 2020Roadshow GER, FUnrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12Feb 3, 2021AGM
Investor RelationsPage :investorrelations@siemens.comTelephone: 49 89 636-32474Fax: 49 89 636-1332474Unrestricted Siemens 2020 Investor Relations Q4 FY 2020 Analyst Call 2020-11-12
Nov 12, 2020 · Vision 2020 fully on track . Trend next 3-4 quarters1) As of Q4/20 20% Automotive Machine Tools 15% 10% Food & Beverage 10% Pharma & Chemicals 5% Aerospace & Defense Electronics & 10% Semiconductors Q4 FY 2020 - Software Revenue -
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Synthetic Kevlar4/Nomex4 formulation Synthetic Polyester and Glass U.S. Efficiency Rating (MERV)3 16 16 13 NA NA Maximum Operating Temperature 200 F (93 C) CD: 200 F (93 C) HCD: 275 F (135 C) 350 F (177 C) 150 F (66 C) 150 F (66 C) Abrasion Resistance Excellent Excellent Excellent NA NA Chemical Tolerance Excellent Excellent Good .
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or from the Faster Times Tables worksheets 31 WAYS TO PRACTISE THE TIMES TABLES #3 ANSWER ORAL QUESTIONS www.mathsinsider.com. 31 WAYS TO PRACTISE THE TIMES TABLES #4 LISTEN TO THE TIMES TABLES You may have read about people learning foreign languages just by listening to audio lessons. The Faster Times Tables
