Press release
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febbraio 05, 2021 - Siemens
Outstanding start to fiscal 2021– Annual guidance raised significantly
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- Revenue increased in first quarter to €14.1 billion, orders surged to €15.9 billion
- Adjusted EBITA Industrial Businesses jumped 39 percent year-over-year to €2.1 billion and adjusted EBITA margin to 16.0 percent (Q1 2020: 11.7 percent)
- Net income rose substantially to €1.5 billion (Q1 2020: €1.1 billion)
- Free cash flow improved significantly to €1.0 billion (Q1 2020: €44 million)
- Net income in 2021 expected to be between €5.0 billion and €5.5 billion
Siemens AG has started off fiscal 2021 with a strong first quarter. From October to December 2020, orders, revenue and net income considerably exceeded both the prior-year figures and market expectations despite the still complex macroeconomic environment due to the COVID-19 pandemic and despite negative currency translation effects.
As a result, #siemens has significantly raised its annual guidance for fiscal 2021 at key points. The ordinary Annual Shareholders’ Meeting of #siemens AG will take place today in a virtual format immediately after the publication of the company’s quarterly figures.
“Our team has delivered an outstanding performance in a rather complex environment. I am grateful to be able to hand over such a strong enterprise to the next generation of management,” said Joe Kaeser, President and CEO of #siemens AG.
“I’d like to thank our customers for their great trust, our partners for their excellent collaboration and, not least, our colleagues for their outstanding commitment. All of this provides the basis for our strong start to the new fiscal year. As a focused technology company, we’re helping our customers to transform their businesses every day – particularly in these difficult times. For this, we have the right team and the right setup at the right time,” said Roland Busch, Deputy CEO and future President and CEO of #siemens AG.
“The strong performance of our businesses underscores once again our ability to rigorously leverage even short-term opportunities in our markets. In precisely this sense, our outstanding free cash flow of some €1 billion is also a sign of a highly successful first quarter. With great confidence in the performance of our global #siemens team, we’re raising our guidance for fiscal 2021 despite the still complex macroeconomic environment,” explained Ralf P. Thomas, CFO of #siemens AG.
Annual guidance raised significantly at key points
Siemens continues to expect a complex macroeconomic environment influenced by COVID-19. #siemens already saw improving conditions in some of its businesses and geographic regions during the first quarter of fiscal 2021. Based on the assumption that these conditions continue in coming quarters, particularly for its short-cycle businesses, #siemens raises its outlook for the fiscal year. Siemens continues to anticipate that negative currency effects will strongly burden both nominal growth rates in volume and Adjusted EBITA for its industrial businesses in fiscal 2021. Siemens raises its previous expectation of moderate comparable revenue growth for the #siemens Group, net of currency translation and portfolio effects, to mid- to high-single-digit growth. #siemens continues to expect a book-to-bill ratio above 1.
Digital Industries now expects fiscal 2021 comparable revenue to grow clearly year-over-year instead of modestly. The expectation for Adjusted EBITA margin is now 19 percent to 20 percent, two percentage points higher.
Smart Infrastructure continues to expect to achieve moderate comparable revenue growth in fiscal 2021. The expectation for Adjusted EBITA margin is now 10.5 percent to 11.5 percent, 0.5 percentage points higher.
Mobility continues to anticipate mid-single-digit comparable revenue growth and an Adjusted EBITA margin at 9.5 percent to 10.5 percent in fiscal 2021. In line with the expectations described above, #siemens raises its outlook for net income to the range from €5.0 to €5.5 billion, well above the previous expectation of only moderate growth compared to €4.2 billion in fiscal 2020.
Excluded from this outlook are burdens from legal and regulatory issues and effects in connection with #siemens Healthineers’ planned acquisition of Varian Medical Systems, Inc., which is expected to close in the first half of calendar 2021.
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