BuildingonProvenStrengthsinEmergingMarkets

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1、Building on Proven Strengths in Emerging MarketsBuilding on Proven Strengthsin Emerging MarketsJoe Kaeser, CFO & Member of Managing BoardRichard Hausmann, President and CEO Siemens ChinaMorgan Stanley China Industrial Summit1 March 27010Copyright ?0?Siemens AG 2010. All rights reserved.Safe Harb

2、our StatementThis 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;, ;pro

3、ject; or words of similar meaning. Such statements are based on the current expectations and certain assumptions of Siemens' management, and are, therefore, subject to certain risks and uncertainties. A varietyof factors, many of which are beyond Siemens' control, affect Siemens' oper

4、ations, 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 beexpressed or implied by such forward-looking statements. For Siemens, particular un

5、certainties arise, among others, from changes in general economic and business conditions (including margin developments in major business areas and recessionary trends); the possibility that customers may delay the conversion of booked orders into revenue or that prices will decline as a result of

6、continued adverse market conditions to a greater extent than currently anticipated by Siemens' management; developments in the financial markets, including fluctuations in interest andexchange rates, commodity and equity prices, debt prices (credit spreads) and financial assets generally; conti

7、nued volatility and a further deterioration of the capital markets; a worsening in the conditions of the credit business and, in particular, additional uncertainties arising out of the subprime, financial market and liquidity crises; future financial performance of major industries that Siemens serv

8、es, including, without limitation, the Sectors Industry, Energy and Healthcare; the challenges of integrating major acquisitions and implementing joint ventures and other significant portfolio measures; the introduction of competing products ortechnologies by other companies; a lack of acceptance of

9、 new products or services by customers targeted by Siemens; changes in business strategy; the outcome of pending investigations and legal proceedings and actions resulting from the findings of these investigations; the potential impact of such investigations and proceedings on Siemens' ongoing

10、business including its relationships with governments and other customers; the potential impact of such matters on Siemens' financial statements; as wellas various other factors. More detailed information about certain of the risk factors affecting Siemens is contained throughout this report an

11、d in Siemens&#, and on the SECswebsite, .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, pl

12、anned, 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.New orders and backlog; adjusted or organic growth rates of Revenue and new orders; book

13、-to-bill ratio; return on equity, or ROE; return on capital employed, or ROCE; Free cash flow; cash conversion rate,or CCR; EBITDA (adjusted); EBIT (adjusted); earnings effect from purchase price allocation (PPA effects) and integration costs; net debt and adjusted industrial net debt are or may be

14、non-GAAP financial measures. These supplemental financial measures should not be viewed in isolation as alternatives to measures of Siemensfinancial condition, results of operations or cash flows as presented in accordance with IFRS inits Consolidated Financial Statements. A definition of these supp

15、lemental financial measures, a reconciliation to the most directly comparable IFRS financial measures and information regarding the usefulness and limitations of these supplemental financial measures can be found on Siemens&#/nonGAAP.Page 2Copyright ?0?Siemens AG 2010. All rights reserved.Strong bus

16、inessesin attractivemarkets drivenbymegatrendsHigh quality of our businesses#1 or #2 position in market share and technologyAttractive markets with Integrated technology companytailwind due to megatrends1)1)1)35bn26bn12bnDemographic changeIndustryEnergyHealth-UrbanizationcareClimate changeEfficient

17、IT Solutions and ServicesPowerful Financial Services GlobalizationLargest environmental portfolio with EUR 23bnEconomic, environmental & social performanceSustainability Our guiding principle1) FY 09 revenuesPage 3Copyright ?0?Siemens AG 2010. All rights reserved.Siemens is well establishedin Em

18、ergingMarkets1)EmergingMarketsRevenues2005 -2009Trust throughSustainabilityEmployees Founded4)FY 09CAGR23bnBrazil9,0001905+19%ChinaRussia3,0001853IndiaRussiaBrasil12bnIndia17,00018672)MEAChina31,00018723)OthersLong term experienceCAGRFY 05FY 09servesourcustomers' +12%B25bnookings:16bn4)global a

19、spirations!Employees:70k106k+11%1) Accordingto IMF definition2)Middle East, Africa4) Consolidated Siemens companies3) e.g. ASEAN, Eastern Europe, Central Asia, South AmericaPage 4Copyright ?0?Siemens AG 2010. All rights reserved.EmergingMarktes will driveglobal growthCAGRGDP growth 2009 -2015eSiemen

20、s RevenueCAGR+3.5%77bn51tr42tr30%35%+5.8%Emerging31%1)9%Markets17%Other+2.6%20%17%developed24%+2.9%U.S.25%41%2)+1.8%24%Europe27%FY 09GDP 2009GDP 2015eSource: IHS Global Insight1)According to IMF definition 2)Excluding European Emerging Markets according to IMFPage 5Copyright ?0?Siemens AG 2010. All

21、rights reserved.SMART is the Answer!Simple, Maintenance-friendly, Affordable, Reliable, Timely-to-marketObjectivesExamplesIndustryAchieve top positions Energy Automation for Long Rollingin Emerging Markets?0?Chinese entry-level market leader?0?Develop and produce products ?0?Engineering know-how exp

22、orted to for emerging markets locallyAsia and Middle East?0?Global training center for customersCreate demand in new Market SegmentsEnergyCircuit breakers & Substations?0?Fully exploit global market ?0?Clear market leader in Chinaopportunity with range of dedicated products?0?Localization of >

23、;90% for circuit 1)breakers and >80% for H-GISIncrease local value-add in Emerging MarketsHealthcareX-Ray products for rural healthcare?0?Cost reduction for complete portfolio?0?Leading player in India?0?Fully localized value chain?0?Exporting to 36 countries1) Hybrid gas-insulated substationsPag

24、e 6Copyright ?0?Siemens AG 2010. All rights reserved.Sustained success in China for more than 138 years1872Supplied first pointer1899Chinas first power1899Chinas 1st telegraph to Chinaplant in BeijingElectric Tram2002Maiden voyage2010China Pavilion at 1989Founded first of TransrapidShanghai EXPOprod

25、uction JVPage 7Copyright ?0?Siemens AG 2010. All rights reserved.Strong growth in recent years driven by infrastructure investmentsChina Key Facts FY 09China Revenue split FY 09 ?0?Total revenue of 5.2bn Healthcare?0?2005 to 2008 CAGR of 23% 10%?0?Growth in 2009 still high at 7%Energy27%?0?With 43,0

26、00 employees (therein 31,000 from consolidated companies) Siemens is an integral part of the local economy?0?16 R&D centerswith 4,000 R&D staff?0?Strong patent portfolioIndustry?0?Zero distance to customers with 61 Mobility(excl. Mobility)regional offices12%51% Page 8Copyright ?0?Siemens AG

27、2010. All rights reserved.Siemens portfolio fits perfectly to the need of the Chinese marketMegatrends ChinaChallengesOur Portfolio2075Access toDemographic clean waterchangeGrowing demand forIndustrysafety and securityUrbanizationIncreasing mobilityGrowing demand forClimate health-& elder careHe

28、althcarechangeIncreasingenergy demandGlobalizationEnergyGrowing need for environmental carePage 9Copyright ?0?Siemens AG 2010. All rights reserved.Significantcontractswonin FY 2009 and Q1Q1 Guangzhou DesiroCommuter Train; Q1 Chongqing Metro Line 1 Q1 Hunan ValinXiangtan Iron & Signaling; 29m Ste

29、el Caster & Mill Projects; 28m Frame contract 450m; 58m in FY10 FY09 Gas-Isolated Line for Q1 Wuhan KaidiFY09 Shanghai VIP Hospitals 1)Chinas 2nd largest HPP; 29m Biomass Project; 26mPurchase; 15m1) Hydrogen PowerplantPage 10Copyright ?0?Siemens AG 2010. All rights reserved.Successful SMART prod

30、ucts for local marketsDeveloped and produced in China exported worldwideNext generationCT for EmergingnewMarketsSOMATOM AssemblyEmotionofSOMATOM6/16 slicesCTAxial CTSpirit10181st 2-slice SOMATOM Smile829entry-levelCT1st spiral entry-level CT463Siemens CT346Production19011692China (units)199220012002

31、2003200420052006200720082009Source: Siemens Shanghai Medical Equipment (SSME) Page 11Copyright ?0?Siemens AG 2010. All rights reserved.Clinical impactGlobal Value Sourcing adds long-term value through a highly competitive supply networkObjectivesExamples Expected savings FY 10IndustryExploit Cost Sy

32、nergiesNumerous cases in Industry Automation?0?Increase Local-for-Global (L4G) ?0?3WL Breaker: 1.3m (-30%)sourcing from China?0?SINAMIC: 1.6m (-11%)?0?Strengthen Local-for-Local (L4L) ?0?amongst many otherssourcing, including increased pooling of Indirect MaterialEnergyGlobal Sourcing Hub at Windpow

33、erEnsure Platform for Growth?0?Towers for world market sourced ?0?SMART Supply Chain to from Chinasupport business growth in mid-1)?0?PVO= 50m and savings up to end market30% Healthcare?0?Integrateinnovation and CT SomatomEmotion 16technicalknow-how of local suppliers?0?CTsdevelopedand producedin Ch

34、ina for the world market?0?Early supplier involvement to 1)?0?PVO= 10m and savings of 15%decrease time-to-market1) Purchasing volumePage 12Copyright ?0?Siemens AG 2010. All rights reserved.We are close to our customers with 61 regional offices and more than 90 operating companiesRegional SetupJV Set

35、up1)SLCRegional General Manager (3)Industry:1)SLCProvincial General Manager (6)?0?Several successful JVs with local 1)NorthSLCSales Offices (61)partners -e.g. Siemens Numerical Control Ltd. Nanjing (SNC) -on technology development, production and engineeringEnergy:?0?Several JVs with Shanghai Electr

36、ic Corp. (SEC) in fossil power generation, power transmission & distributionEast?0?Siemens is the only company with a 34% stake in a major local power generation providerHealthcare:?0?Several successful JVs e.g. SouthSiemens MinditMagnetic Resonance Ltd. (SMMR) is among top 3 MRI R&D and man

37、ufacturing center of Siemens globally1) SLC: Siemens Local CompanyPage 13Copyright ?0?Siemens AG 2010. All rights reserved.Siemens China: Core messages?0?Our portfolio fitsexcellently to the needs of the Chinese market (especially in the area of environmental technologies)?0?We have deep market insi

38、ghtand a strong market presence?0?We operate with strong localized processesand a strong local footprint?0?Siemenswill play an even bigger rolein Chinaand China will play an even bigger role at SiemensPage 14Copyright ?0?Siemens AG 2010. All rights reserved.Financial calendarFebruary 8 15, 2010Febru

39、aryRoadshow (New York, Boston, Frankfurt, London)MarchMarch 1, 2010Morgan Stanley Global Investor Conference (Shanghai)March18, 2010Roadshow (Paris)March 25 -26, 2010Capital Markets Day -IndustryAprilApril 29, 2010Q2 Analyst Conference, LondonPage 15Copyright ?0?Siemens AG 2010. All rights reserved.

40、Siemens investor relations contact data Mariel von Drathen+49-89-636-3378/investorrelationsEmail: investorrelationssiemensFax:+49-89-636-32830Page 16Copyright ?0?Siemens AG 2010. All rights reserved.AppendixPage 17Copyright ?0?Siemens AG 2010. All rights reserved.Q1 FY10 Key figures New ordersNew or

41、dersY-o-Y Y-o-Y adj.*Q-o-Q mQ1 2009Q4 2009Q1 2010Q1 09 - Q1 10Q1 09 - Q1 10Q4 09 - Q1 10Industry Sector9,7768,1108,249-16%-14%2%Industry Automation1,6001,3781,406-12%-9%2%Drive Technologies2,0861,4401,575-25%-23%9%Building Technologies1,8391,8441,611-12%-9%-13%Osram1,0971,0571,1303%6%7%Industry Solu

42、tions1,9161,2781,233-36%-34%-4%Mobility1,9241,7541,887-2%0%8%Energy Sector8,5346,4876,918-19%-16%7%Fossil Power Generation3,9972,2162,040-49%-46%-8%Renewable Energy6487861,576143%158%101%Oil & Gas1,3601,3631,030-24%-23%-24%Power Transmission1,9151,6001,712-11%-8%7%Power Distribution857665727-15%

43、-13%9%Healthcare Sector2,8963,3312,869-1%4%-14%Imaging & IT1,7692,1241,7680%5%-17%Workflow & Solutions335384330-1%2%-14%Diagnostics864857832-4%1%-3%Total Sectors21,20617,92818,037-15%-12%1%Equity InvestmentsCross Sector BusinessesSiemens IT Solutions and Services1,2311,0981,143-7%-4%4%SFS188

44、210205ReconciliationsOther Operations1974962SRE429468434Corp. Items & Pensions11699100Elimn., CT & Other recon.-1,147-1,105-1,005Siemens22,22018,74718,976-15%-11%1%*adjusted for currencytranslationand portfolio effectsPage 18Copyright ?0?Siemens AG 2010. All rights reserved.Q1 FY10 Key figur

45、es RevenueRevenueY-o-Y Y-o-Y adj.*Q-o-Q mQ1 2009Q4 2009Q1 2010Q1 09 - Q1 10Q1 09 - Q1 10Q4 09 - Q1 10Industry Sector9,2888,9818,070-13%-11%-10%Industry Automation1,6091,4951,397-13%-10%-7%Drive Technologies2,0601,8131,510-27%-25%-17%Building Technologies1,8331,8221,560-15%-12%-14%Osram1,0971,0571,13

46、03%6%7%Industry Solutions1,7961,6871,437-20%-18%-15%Mobility1,5641,7461,5821%3%-9%Energy Sector6,2326,7615,616-10%-7%-17%Fossil Power Generation2,3732,6552,257-5%-2%-15%Renewable Energy713661480-33%-33%-27%Oil & Gas1,0481,090997-5%-3%-9%Power Transmission1,5001,6371,319-12%-8%-19%Power Distribut

47、ion805863695-14%-11%-19%Healthcare Sector2,9363,1422,831-4%1%-10%Imaging & IT1,7691,9211,695-4%0%-12%Workflow & Solutions373397368-1%1%-7%Diagnostics872864830-5%-1%-4%Total Sectors18,45618,88416,517-11%-8%-13%Equity InvestmentsCross Sector BusinessesSiemens IT Solutions and Services1,2891,15

48、91,029-20%-17%-11%SFS188210205ReconciliationsOther Operations2084262SRE429468434Corp. Items & Pensions142120103El99imn., CT & Other recon-1,078-1,169-9.Siemens19,63419,71417,352-12%-8%-12%*adjusted for currencytranslationand portfolio effectsPage 19Copyright ?0?Siemens AG 2010. All rights re

49、served.Q1 FY10 Key figures Profit and marginProfit and marginMarginMarginMarginTargetmQ1 2009Q4 2009Q1 2010Q1 2009Q4 2009Q1 2010 rangeIndustry Sector93456291110.1%6.3%11.3%9-13%Industry Automation26820823416.7%13.9%16.8%12-17%Drive Technologies26016116612.6%8.9%11.0%11-16%Building Technologies111711

50、076.1%3.9%6.9%7-10%Osram92-191528.4%-1.8%13.5%10-12%Industry Solutions11933816.6%2.0%5.6%5-7%Mobility851011655.4%5.8%10.4%5-7%Energy Sector75687882112.1%13.0%14.6%11-15%Fossil Power Generation28932740112.2%12.3%17.8%11-15%Renewable Energy101762914.2%11.5%6.1%12-16%Oil & Gas10614012610.1%12.8%12.

51、6%10-14%Power Transmission15222217010.1%13.6%12.9%10-14%Power Distribution1071259613.3%14.5%13.9%11-15%Healthca42483523re11.6 Secto3r%15.4%18.5%14-17%Imaging & IT26235735714.8%18.6%21.0%14-17%Workflow & Solutions-63044-1.6%7.6%12.0%11-14%Diagnostics83971229.5%11.2%14.7%16-19%Total Sectors2,0

52、321,9232,25511.0%10.2%13.7%Equity Investments85-1,98076Cross Sector BusinessesSiemens IT Solutions and Services460173.6%0.0%1.7%5-7%SFS663410023.4%11.3%27.3%20-23%*ReconciliationsOther Operations-38-138-15SRE451560Corporate Items and Pensions-238-595-288Elimn., CT & Other recon.-263-100-111,735-

53、8412,194Siemens Pre-Tax Profit-475-141-668TaxesIncome from Cont. Operations1,260-9821,526 *RoEIncome from discontinued operations-30-815Net Income (All-In)1,230-1,0631,531Minority interest277054Basic EPS from Cont. Operations1.43(1.21)1.70Basic EPS from Net income (all-in)1.40(1.31)1.70Page 20Copyri

54、ght ?0?Siemens AG 2010. All rights reserved.Q1 FY10 Net debt bridgebnAdj. ind. Adj. ind. 2)1)ND/EBITDA ND/EBITDA0.28x0.31x-2.9-3.0Therein e.g.?Interest paid -0''1?fair value of debt in ?0?Pension deficit-4.2hedge accounting +0''2?0?OPEB-0.75.56.4?0?Credit guarantees-0.33)?0?Hybri

55、d adj.0.9?0?SFS Debt9.14)?0?Fair value adj bonds0.80.1-0.51.1-8.6-9.3Adj. ind. Net Debt adj.Net DebtNet Cash Net Cash from Key Financing Net DebtNet Debt adj.Adj. ind. Net Debt Q4 FY09from OperatingInvesting ActivitiesQ1 FY10Net DebtQ4 FY09activitiesactivitiesQ1 FY10Cash & Cash & cash equiv.

56、cash equiv.10.2bn10.4bn1) YTD value; QTD amounts to 0.36x3) Approx. 50% nominal amount hybrid bond2) value annualized4) Hedge accountingPage 21Copyright ?0?Siemens AG 201/annual-report. Siemensmost recent interim Consolidated Financial Statements (the “Interim Financial Statements”) at any given tim

57、e can be found at .siemens/investorsunder the heading “Publications”“Financial Publications”“Financial Statements”or in the most recent Quarterly Report of Siemens (the “Quarterly Reports”), which can be accessed at .siemens/quarterly-reports.In addition, in considering these supplemental financial

58、measures, investors should bear in mind that other companies that reportor describe similarly titled financial measures may calculate them differently. Accordingly, investors should exercise appropriate caution in comparing these supplemental financialmeasures to similarly titled financial measures reported by other companies.Definitions, most directly comparable IFRS financial measures and usefulness of Siemenssupplemental financial measuresSiemenssupplemental financial me