Cash flow Siemens Healthineers AG

Equities

SHL

DE000SHL1006

Advanced Medical Equipment & Technology

Market Closed - Xetra Other stock markets 16:35:23 20/09/2024 BST			After market 20:59:57
48.09 ^EUR	-3.39%		48.12	+0.07%

09-11	SIEMENS HEALTHINEERS : Gets a Buy rating from Berenberg	ZD
08-30	Siemens Healthineers wants to expand nuclear diagnostics with acquisition	RE

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Published financial data: SIEMENS HEALTHINEERS AG

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: September	2019	2020	2021	2022	2023
Revenues	14.52B	14.46B	18B	21.71B	21.68B
Total Revenues	14.52B	14.46B	18B	21.71B	21.68B
Cost of Goods Sold, Total	8.72B	8.88B	11.04B	13.58B	13.97B
Gross Profit	5.8B	5.58B	6.95B	8.14B	7.71B
Selling General & Admin Expenses, Total	2.21B	2.28B	2.82B	3.41B	3.61B
R&D Expenses	1.33B	1.34B	1.55B	1.78B	1.87B
Other Operating Expenses	-42M	15M	32M	20M	103M
Other Operating Expenses, Total	3.5B	3.64B	4.4B	5.21B	5.58B
Operating Income	2.3B	1.94B	2.56B	2.92B	2.13B
Interest Expense, Total	-123M	-76M	-83M	-118M	-296M
Interest And Investment Income	38M	53M	33M	48M	85M
Net Interest Expenses	-85M	-23M	-50M	-70M	-211M
Income (Loss) On Equity Invest.	3M	3M	5M	2M	3M
Currency Exchange Gains (Loss)	-72M	211M	-273M	-2.02B	1.2B
Other Non Operating Income (Expenses)	50M	-214M	242M	1.97B	-1.2B
EBT, Excl. Unusual Items	2.19B	1.92B	2.48B	2.8B	1.93B
Merger & Related Restructuring Charges	-	-	-89M	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Other Unusual Items	-	34M	11M	-	-
EBT, Incl. Unusual Items	2.19B	1.96B	2.4B	2.8B	1.93B
Income Tax Expense	607M	532M	658M	746M	403M
Earnings From Continuing Operations	1.58B	1.42B	1.74B	2.06B	1.52B
Net Income to Company	1.58B	1.42B	1.74B	2.06B	1.52B
Minority Interest	-18M	-12M	-18M	-17M	-16M
Net Income - (IS)	1.57B	1.41B	1.73B	2.04B	1.51B
Net Income to Common Incl Extra Items	1.57B	1.41B	1.73B	2.04B	1.51B
Net Income to Common Excl. Extra Items	1.57B	1.41B	1.73B	2.04B	1.51B
Per Share Items
Net EPS - Basic	1.57	1.41	1.57	1.82	1.35
Basic EPS - Continuing Operations	1.57	1.41	1.57	1.82	1.35
Basic Weighted Average Shares Outstanding	999M	1B	1.1B	1.12B	1.12B
Net EPS - Diluted	1.57	1.4	1.57	1.81	1.34
Diluted EPS - Continuing Operations	1.57	1.4	1.57	1.81	1.34
Diluted Weighted Average Shares Outstanding	1B	1B	1.1B	1.13B	1.12B
Normalized Basic EPS	1.35	1.19	1.39	1.54	1.06
Normalized Diluted EPS	1.35	1.18	1.39	1.54	1.06
Dividend Per Share	0.8	0.8	0.85	0.95	0.95
Payout Ratio	44.61	56.56	49.57	46.86	70.64
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	2.8B	2.66B	3.3B	3.94B	3.21B
EBITA	2.45B	2.14B	2.84B	3.39B	2.64B
EBIT	2.3B	1.94B	2.56B	2.92B	2.13B
EBITDAR	3.01B	-	-	-	-
Effective Tax Rate - (Ratio)	27.69	27.21	27.38	26.63	20.9
Total Current Taxes	600M	493M	745M	1.01B	668M
Total Deferred Taxes	7M	39M	-87M	-266M	-265M
Normalized Net Income	1.35B	1.19B	1.53B	1.73B	1.19B
Non-Cash Pension Expense	19M	8M	12M	8M	22M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	1.44B	1.44B	1.67B	1.91B	1.96B
Net Rental Expense, Total	201M	-	-	-	-
Imputed Operating Lease Interest Expense	42.81M	-	-	-	-
Imputed Operating Lease Depreciation	158M	-	-	-	-
Stock-Based Comp., Other (Total)	36M	88M	92M	106M	124M
Total Stock-Based Compensation	36M	88M	92M	106M	124M

Fiscal Period: September	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	920M	656M	1.32B	1.44B	1.64B
Total Cash And Short Term Investments	920M	656M	1.32B	1.44B	1.64B
Accounts Receivable, Total	4.3B	6.78B	5.61B	6.52B	6.76B
Other Receivables	372M	302M	445M	546M	723M
Total Receivables	4.68B	7.08B	6.06B	7.06B	7.48B
Inventory	2.06B	2.3B	3.18B	4.01B	4.29B
Prepaid Expenses	-	-	-	-	206M
Other Current Assets, Total	119M	227M	268M	870M	510M
Total Current Assets	7.78B	10.27B	10.82B	13.38B	14.14B
Gross Property Plant And Equipment	4.98B	5.77B	6.95B	7.75B	8B
Accumulated Depreciation	-3.04B	-3.26B	-3.65B	-4.12B	-4.29B
Net Property Plant And Equipment	1.94B	2.51B	3.3B	3.63B	3.7B
Long-term Investments	111M	112M	179M	202M	210M
Goodwill	8.59B	9.04B	17.51B	19.06B	18.12B
Other Intangibles, Total	1.58B	1.91B	8.21B	8.71B	7.73B
Accounts Receivable Long-Term	145M	162M	212M	255M	287M
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	462M	419M	481M	575M	416M
Other Long-Term Assets, Total	822M	674M	1.45B	3.24B	2.09B
Total Assets	21.43B	25.09B	42.16B	49.06B	46.68B
Liabilities
Accounts Payable, Total	1.41B	1.36B	1.93B	2.32B	2.21B
Accrued Expenses, Total	1.09B	1.06B	1.81B	1.63B	1.82B
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	429M	2.07B	1.98B	2.66B	4.22B
Current Portion of Leases	10M	134M	176M	183M	180M
Current Income Taxes Payable	346M	374M	468M	609M	462M
Unearned Revenue Current, Total	1.74B	1.78B	2.88B	3.75B	3.63B
Other Current Liabilities	582M	499M	826M	869M	924M
Total Current Liabilities	5.6B	7.29B	10.06B	12.02B	13.44B
Long-Term Debt	4.07B	2.97B	11.68B	13.34B	11.81B
Long-Term Leases	22M	324M	485M	471M	450M
Unearned Revenue Non Current	-	-	-	-	-
Pension & Other Post Retirement Benefits	1.04B	1.03B	908M	668M	539M
Deferred Tax Liability Non Current	375M	470M	2.08B	2.11B	1.66B
Other Non Current Liabilities	530M	499M	603M	591M	651M
Total Liabilities	11.65B	12.58B	25.82B	29.2B	28.55B
Common Stock, Total	1B	1.08B	1.13B	1.13B	1.13B
Retained Earnings	-1.86B	-1.28B	-300M	894M	1.38B
Treasury Stock	-24M	-36M	-240M	-405M	-607M
Comprehensive Income and Other	10.65B	12.74B	15.73B	18.22B	16.18B
Total Common Equity	9.77B	12.5B	16.32B	19.84B	18.08B
Minority Interest	13M	13M	18M	16M	52M
Total Equity	9.78B	12.51B	16.34B	19.85B	18.13B
Total Liabilities And Equity	21.43B	25.09B	42.16B	49.06B	46.68B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	999M	1.07B	1.12B	1.12B	1.12B
ECS Total Common Shares Outstanding	999M	1.07B	1.12B	1.12B	1.12B
Book Value / Share	9.78	11.64	14.54	17.72	16.2
Tangible Book Value	-397M	1.55B	-9.4B	-7.94B	-7.76B
Tangible Book Value Per Share	-0.4	1.44	-8.37	-7.09	-6.96
Total Debt	4.53B	5.5B	14.32B	16.65B	16.65B
Net Debt	3.61B	4.85B	12.99B	15.22B	15.01B
Debt Equivalent of Unfunded Proj. Benefit Obligation	989M	987M	821M	521M	372M
Debt Equivalent Oper. Leases	1.61B	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	13M	13M	18M	16M	52M
Equity Method Investments, Total	45M	37M	33M	32M	35M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	500M	566M	644M	1.22B	1.29B
Inventories - Work In Process, Total	565M	609M	1.08B	1.04B	1.16B
Inventories - Finished Goods, Total	980M	1.1B	1.43B	1.72B	1.81B
Inventories - Others	19M	31M	25M	36M	32M
Land - (BS)	1.22B	1.34B	1.66B	1.95B	2.18B
Machinery, Total	1.98B	1.98B	2.31B	2.47B	2.56B
Full Time Employees	52K	54.3K	66K	69.5K	71K
Assets on Operating Lease - Gross	1.78B	1.86B	2.01B	2.21B	2.06B
Assets on Operating Lease - Accumulated Depreciation	-1B	-1.03B	-1.09B	-1.21B	-1.15B
Order Backlog	18B	19B	27B	34B	34B

Fiscal Period: September	2019	2020	2021	2022	2023
Net Income	1.57B	1.41B	1.73B	2.04B	1.51B
Depreciation & Amortization - CF	357M	525M	628M	751M	792M
Amortization of Goodwill and Intangible Assets - (CF)	152M	191M	285M	469M	503M
Depreciation & Amortization, Total	509M	716M	913M	1.22B	1.3B
Amortization of Deferred Charges, Total - (CF)	111M	99M	126M	123M	-
(Gain) Loss From Sale Of Asset	-7M	-10M	-2M	21M	81M
Asset Writedown & Restructuring Costs	-	-	-	-	262M
Other Operating Activities, Total	-82M	-100M	-185M	-67M	-426M
Change In Accounts Receivable	-485M	53M	-720M	-478M	-769M
Change In Inventories	-124M	-332M	-22M	-481M	-453M
Change In Accounts Payable	90M	1M	318M	247M	-20M
Change in Unearned Revenues	178M	130M	325M	544M	141M
Change in Other Net Operating Assets	-140M	-40M	453M	-663M	499M
Cash from Operations	1.62B	1.93B	2.93B	2.5B	2.12B
Capital Expenditure	-579M	-557M	-674M	-852M	-838M
Cash Acquisitions	-76M	-1.35B	-13.47B	-29M	-235M
Divestitures	7M	-	-	-2M	-
Investment in Marketable and Equity Securities, Total	0	-1M	0	15M	5M
Other Investing Activities, Total	1M	-	1M	-	-1M
Cash from Investing	-647M	-1.91B	-14.14B	-868M	-1.07B
Short Term Debt Issued, Total	52M	-	-	-	-
Total Debt Issued	52M	-	-	-	-
Short Term Debt Repaid, Total	-	-101M	-17M	-20M	-42M
Long-Term Debt Repaid, Total	-	-	-138M	-149M	-190M
Total Debt Repaid	-	-101M	-155M	-169M	-232M
Issuance of Common Stock	-	2.71B	2.31B	-	-
Repurchase of Common Stock	-51M	-67M	-255M	-309M	-421M
Common Dividends Paid	-699M	-798M	-856M	-955M	-1.07B
Common & Preferred Stock Dividends Paid	-699M	-798M	-856M	-955M	-1.07B
Other Financing Activities, Total	95M	-1.99B	10.79B	-211M	1.03B
Cash from Financing	-603M	-249M	11.84B	-1.64B	-690M
Foreign Exchange Rate Adjustments	35M	-31M	34M	122M	-155M
Miscellaneous Cash Flow Adjustments	-1M	-	-	-	1M
Net Change in Cash	401M	-264M	666M	114M	206M
Supplemental Items
Cash Interest Paid	119M	123M	150M	248M	310M
Cash Income Tax Paid (Refund)	493M	512M	808M	877M	899M
Levered Free Cash Flow	1.81B	-1.32B	4.95B	1.09B	1.04B
Unlevered Free Cash Flow	1.88B	-1.27B	5B	1.16B	1.23B
Change In Net Working Capital	-373M	2.84B	-2.94B	1.26B	688M
Net Debt Issued / Repaid	52M	-101M	-155M	-169M	-232M

Fiscal Period: September	2019	2020	2021	2022	2023
Profitability
Return on Assets	6.97	5.22	4.75	4.02	2.78
Return on Total Capital	10.36	7.52	6.57	5.47	3.74
Return On Equity %	17.17	12.77	12.1	11.45	8.03
Return on Common Equity	17.01	12.67	11.99	11.36	7.96
Margin Analysis
Gross Profit Margin %	39.92	38.59	38.63	37.47	35.56
SG&A Margin	15.25	15.76	15.65	15.69	16.64
EBITDA Margin %	19.32	18.4	18.31	18.15	14.81
EBITA Margin %	16.86	14.76	15.79	15.63	12.16
EBIT Margin %	15.81	13.44	14.21	13.47	9.84
Income From Continuing Operations Margin %	10.92	9.84	9.7	9.46	7.03
Net Income Margin %	10.79	9.76	9.6	9.39	6.96
Net Avail. For Common Margin %	10.79	9.76	9.6	9.39	6.96
Normalized Net Income Margin	9.31	8.22	8.52	7.98	5.48
Levered Free Cash Flow Margin	12.45	-9.14	27.48	5.01	4.8
Unlevered Free Cash Flow Margin	12.98	-8.81	27.77	5.35	5.66
Asset Turnover
Asset Turnover	0.7	0.62	0.54	0.48	0.45
Fixed Assets Turnover	8.12	6.49	6.2	6.27	5.91
Receivables Turnover (Average Receivables)	3.33	2.61	2.91	3.59	3.27
Inventory Turnover (Average Inventory)	4.48	4.07	4.03	3.78	3.37
Short Term Liquidity
Current Ratio	1.39	1.41	1.08	1.11	1.05
Quick Ratio	1	1.06	0.73	0.71	0.68
Operating Cash Flow to Current Liabilities	0.29	0.26	0.29	0.21	0.16
Days Sales Outstanding (Average Receivables)	109.6	140.25	125.62	101.57	111.78
Days Outstanding Inventory (Average Inventory)	81.46	90.02	90.6	96.62	108.46
Average Days Payable Outstanding	54.87	55.58	50.36	53.85	58.04
Cash Conversion Cycle (Average Days)	136.19	174.68	165.86	144.34	162.2
Long Term Solvency
Total Debt/Equity