Quarterly Statement Q1 Fiscal Year 2020 | Siemens Healthineers
Siemens Healthineers starts new fiscal year with strong growth - outlook confirmed
Erlangen, Germany, February 3, 2020 - Siemens Healthineers AG today announced its results for the first quarter of fiscal year 2020 that ended December 31, 2019.
Q1 Fiscal Year 2020
- Comparable revenue growth of 5.5% - strong performance in Imaging with 6.7% growth and very strong in Advanced Thera- pies with 9.5% increase
- Equipment book-to-bill of 1.2, the seventh consecutive quarter with book-to-bill >1
- Adjusted EBIT margin of 13.5% down on previous year, negatively impacted by temporary dip in Imaging and the margin de- velopment as guided in Diagnostics
- Adjusted basic earnings per share at €0.35
- Free cash flow of €244 million significantly above prior year
- Outlook for fiscal year 2020 confirmed
Bernd Montag, CEO of Siemens Healthineers AG:
»We started the new fiscal year and the Upgrading phase of our Strategy 2025 with a growth-intensive first quarter. Profitability was held back by temporary effects. Recent major order wins underline the fact that we are more than ever before the preferred partner for efficient and high-quality healthcare. Against the background of our very strong order situation, we are confident for the further development of the current fiscal year.«
Business highlights
Fiscal year 2020 marks the start of the next phase of the Siemens Healthineers Strategy 2025, known as the so-calledUpgrading phase. Clear priorities have been defined for the three business segments.
In the Imaging segment, the company is consistently expanding its leading position in the field of digitalization with the launch of new products. These include two AI-Rad Companions for the AI-assisted analysis of MR brain1 and prostate1 image data, as well as a computed tomography system that automatically adapts examination procedures to existing patient data with the help of intelligent user guidance.
In the Diagnostics segment, Siemens Healthineers wants to expand its leading position in workflow improvement. Recently, the company won an important Atellica Solution contract. The customer is Quest Diagnostics, the world's leading provider of diagnostic information services. With the agreement, Siemens Healthineers will be the U.S. company's primary supplier for immuno- assay testing. The order is further evidence that Atellica Solution is very well received in the market.
The Advanced Therapies segment's portfolio is geared to further improving the precision of minimally invasive procedures. The Artis product family is playing a central role in the related imaging. In addition, further business opportunities have been created with the acquisition of Corindus Vascular Robotics, Inc., which was completed at the end of October. At the end of 2019, a minimally invasive, robotic-assisted heart procedure was performed for the first time in Germany at the University Hospital in Giessen, using both the Corindus robotic system and an Artis angiography system from Siemens Healthineers.
As of beginning of fiscal year 2020, Siemens Healthineers applies the accounting standard IFRS 16, Leases. Comparative figures for the preceding fiscal year were not adjusted. Instead, the overall insignificant transition effects were recognized in equity as of October 1, 2019.
1 510(k) pending. This information about this product is preliminary. It is not commercially available in all countries, and its future availability cannot be ensured.
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Quarterly Statement Q1 Fiscal Year 2020 | Siemens Healthineers
Siemens Healthineers
Q1 | Q1 | %-Change | ||
(in millions of €) | 2020 | 2019 | Act. | Comp.¹ |
Revenue | 3,587 | 3,301 | 8.7% | 5.5% |
Adjusted EBIT² | 484 | 542 | −11% | |
Adjusted EBIT margin | 13.5% | 16.4% | ||
Net income | 304 | 345 | −12% | |
Adjusted basic earnings per share³ | 0.35 | 0.38 | −6% | |
Free cash flow⁴ | 244 | −24 | n.a. | |
1 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
2 Adjusted EBIT is defined as income before income taxes, interest income and expenses and other financial income, net, adjusted for amortization of intangible assets acquired in business combinations, severance charges, acquisition-related transaction costs and centrally carried pension service and administration expenses (only excluded from adjusted EBIT of the segments).
3 Adjusted basic earnings per share are defined as basic earnings per share, adjusted for amortization of intangible assets acquired in business combinations, severance charges and acquisition-related transaction costs, net of tax. 4 Free cash flow comprises the cash flows from operating activities and additions to intangible assets and property, plant and equipment included in cash flows from investing activities.
Siemens Healthineers recorded strong growth in the first quarter of fiscal year 2020, mainly due to a continuing positive momen-
tum in the Imaging and Advanced Therapies segments. On a comparable basis, meaning excluding currency translation and portfolio effects, revenue rose 5.5 percent year on year and reached almost €3.6 billion. While the increases in Imaging and Ad-
vanced Therapies were particularly marked, the Diagnostics segment recorded solid growth. From a regional perspective, the EMEA region developed very positively with double-digit percentage growth. The Asia, Australia region also recorded a significant year-on-year revenue increase. In contrast, revenue in the Americas region remained flat on a comparable basis.
On a nominal basis, revenue growth was nine percent. The difference to comparable growth is mainly due to positive currency translation effects. The order situation of the company remains very good: The equipment book-to-billratio, i.e. the ratio of
orders to revenue, was 1.2 in the first quarter. This performance is also the result of long-term partnerships between Siemens Healthineers and major healthcare providers worldwide.
Adjusted EBIT decreased eleven percent year on year to €484 million, translating into an adjusted EBIT margin of 13.5 percent in the first quarter, compared to 16.4 percent in the prior year. While profitability was negatively impacted by a temporary dip in Imaging and the guided weak margin performance in Diagnostics, Advanced Therapies almost reached the margin level of the prior-year quarter.
Net income fell twelve percent to €304 million in the first quarter, also due to a higher tax rate of 27 percent. In the prior-year period, the tax rate had been positively influenced by a special effect and amounted to 24 percent. Adjusted basic earnings per share declined six percent to €0.35 in the first quarter of fiscal year 2020.
At €244 million, free cash flow improved significantly from the previous year, mainly due to reduced funding requirements in net working capital. In addition, free cash flow benefited from the first-time application of IFRS 16.
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Quarterly Statement Q1 Fiscal Year 2020 | Siemens Healthineers
Imaging
Q1 | Q1 | %-Change | ||
(in millions of €) | 2020 | 2019 | Act. | Comp.¹ |
Total revenue | 2,221 | 2,021 | 9.9% | 6.7% |
Adjusted EBIT | 386 | 402 | −4% | |
Adjusted EBIT margin | 17.4% | 19.9% | ||
1 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
The Imaging segment recorded revenue of €2.2 billion in the first quarter. This corresponds to very strong year-on-year growth of about seven percent on a comparable basis, particularly driven by X-ray Products, Molecular Imaging and Magnetic Resonance. While the EMEA and Asia, Australia regions recorded significant growth, revenue in the Americas region declined slightly after strong growth in the prior-year quarter.
The segment's adjusted EBIT margin of 17.4 percent was below the level of the previous year, despite positive currency effects. This was due to a less favorable business mix compared to the prior-year quarter and individual effects such as expenses related to share-based compensation.
Diagnostics
Q1 | Q1 | %-Change | ||
(in millions of €) | 2020 | 2019 | Act. | Comp.¹ |
Total revenue | 1,013 | 964 | 5.1% | 2.6% |
Adjusted EBIT | 31 | 75 | −58% | |
Adjusted EBIT margin | 3.1% | 7.8% | ||
1 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
In the Diagnostics segment, revenue was slightly above €1 billion in the first quarter. This corresponds to a solid increase of about three percent from the prior year. Significant growth came from China, while EMEA and Americas only recorded slight in- creases.
The segment's adjusted EBIT margin was 3.1 percent and, as guided, was mainly burdened by higher ramp-up costs related to Atellica Solution, following the shipment of more than 600 analyzers in the fourth quarter of fiscal year 2019.
Advanced Therapies
Q1 | Q1 | %-Change | ||
(in millions of €) | 2020 | 2019 | Act. | Comp.¹ |
Total revenue | 404 | 355 | 13.7% | 9.5% |
Adjusted EBIT | 78 | 70 | 12% | |
Adjusted EBIT margin | 19.4% | 19.7% | ||
1 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
The Advanced Therapies segment recorded revenue of €404 million in the first quarter. This corresponds to comparable growth of over nine percent year on year, driven by significant equipment growth in all regions.
Earnings-diluting effects from the Corindus acquisition were almost compensated for by higher revenue and positive currency effects: At 19.4 percent, the adjusted EBIT margin almost reached the good level of the prior year's quarter.
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Quarterly Statement Q1 Fiscal Year 2020 | Siemens Healthineers
Reconciliation to consolidated financial statements
Adjusted EBIT
Q1 | Q1 | |
(in millions of €) | 2020 | 2019 |
Total Segments | 495 | 547 |
Corporate items, eliminations, other items | −11 | −6 |
Amortization of intangible assets acquired in business combinations | −45 | −33 |
Acquisition-related transaction costs | −10 | ‐ |
Severance charges | −17 | −13 |
EBIT | 412 | 496 |
Financing interest | 7 | −45 |
Income before income taxes | 419 | 452 |
Income tax expenses | −114 | −107 |
Net income | 304 | 345 |
Amortization of intangible assets acquired in business combinations increased to €45 million due to the acquisitions of ECG Management Consultants and Corindus Vascular Robotics, Inc. In addition, acquisition-relatedtransaction costs of €10 million were incurred from the acquisition of Corindus Vascular Robotics, Inc.
In the financing interest item, Siemens Healthineers reported income in the first quarter. The main reasons for this were lower interest expenses resulting from the debt restructuring in fiscal year 2019 and interest income from an international tax proce- dure.
Net income was additionally held back by a higher tax rate in the first quarter of fiscal year 2020. The tax rate was 27 percent in the first quarter, up from 24 percent in the prior-year quarter, when it was positively impacted by an effect from an international tax procedure.
Outlook
We confirm our outlook for fiscal year 2020 and continue to expect comparable revenue growth to be in the range of 5% to 6% compared to fiscal year 2019. Adjusted basic earnings per share (adjusted for amortization of intangible assets acquired in business combinations, severance charges, and acquisition-related transaction costs net of tax) are expected to be 6% to 12% above the level of fiscal year 20191. The outlook is based on current foreign exchange rate assumptions and on the current portfolio.
1 Adjusted basic earnings per share fiscal year 2019 up by 14% year-over-year to €1.70.
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Quarterly Statement Q1 Fiscal Year 2020 | Siemens Healthineers
Notes and forward-looking statements
The conference call for journalists with CEO Dr. Bernd Montag and CFO Dr. Jochen Schmitz on the financial figures will be broadcast live on the internet starting today at 10:00 a.m. CET:
siemens-healthineers.com/press-room
Starting today at 8:00 a.m. CET, the conference call for analysts and investors with Dr. Bernd Montag and Dr. Jochen Schmitz can be followed live at:
corporate.siemens-healthineers.com/investor-relations
Recordings of both conferences will be made available afterwards.
Financial publications are available for download at:
corporate.siemens-healthineers.com/investor-relations/presentations-financial-publications
Contact for journalists
Stefan Schmidt - Phone: +49 152 02307361; Email: stefanssschmidt@siemens-healthineers.com
Philipp Grontzki - Phone: +49 152 03350194; Email: philipp.grontzki@siemens-healthineers.com
Investor Relations:corporate.siemens-healthineers.com/investor-relations
Internet:www.siemens-healthineers.com
Press:siemens-healthineers.com/press-room
This document contains statements related to our future business and financial performance and future events or developments involving Siemens Healthineers that may constitute forward-looking statements. These statements may be identified by words such as "expect", "forecast", "anticipate", "intend", "plan", "believe", "seek", "estimate", "will", "target" or words of similar meaning. We may also make forward-looking statements in other reports, 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 Healthineers' management, of which many are beyond Siemens Healthineers' control. As they relate to future events or developments, these statements are subject to a number of risks, uncertainties and factors, including, but not limited to those described in the respective disclosures. Should one or more of these risks, uncertainties or factors materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of Siemens Healthineers may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. All forward-looking statements only speak as of the date when they were made and Siemens Healthineers neither intends, nor assumes any obligation, unless required by law, 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 (financial key performance indicators) that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures may have limitations as analytical tools and should not be viewed in isolation or as alternatives to measures of Siemens Healthineers' 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, which may therefore not be comparable.
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.
This document is an English language translation of the German document. In case of discrepancies, the German language document is the sole authoritative and universally valid version.
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Quarterly Statement Q1 Fiscal Year 2020 | Siemens Healthineers
The information contained in this document is provided as of the date of its publication and is subject to change without notice.
Please find further explanations to our financial key performance indicators in chapter "A.2 Financial performance system" and in the notes to the consolidated financial statements note 29 "Segment information" in the Annual Report 2019 of Siemens Healthi- neers under the following internet link https://www.corporate.siemens-healthineers.com/investor-relations/presentations-financial-publications.
Siemens Healthineers AG
Henkestr. 127
91052 Erlangen, Germany
Phone: +49 800-188 188 5
siemens-healthineers.com
© Siemens Healthineers AG, 2020
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Quarterly Statement Q1 Fiscal Year 2020 | Siemens Healthineers
Financial Results
First quarter of fiscal year 2020
Quarterly Statement Q1 Fiscal Year 2020 | Siemens Healthineers
Additional information
(in millions of €, except where otherwise stated)
Revenue by region (location of customer)
Q1 | Q1 | %-Change | ||
(in millions of €) | 2020 | 2019 | Act. | Comp.¹ |
Europe, C.I.S., Africa, Middle East (EMEA) | 1,189 | 1,073 | 11% | 10% |
Therein: Germany | 208 | 216 | −4% | −4% |
Americas | 1,398 | 1,333 | 5% | 0% |
Therein: United States | 1,185 | 1,130 | 5% | −1% |
Asia, Australia | 1,001 | 895 | 12% | 9% |
Therein: China | 479 | 402 | 19% | 17% |
Siemens Healthineers | 3,587 | 3,301 | 9% | 5% |
1 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
Employees
Dec 31, | Sep 30, | |
2019 | 2019 | |
Number of employees (in thousands) | 53.0 | 52.0 |
Germany | 13.8 | 13.7 |
Outside Germany | 39.2 | 38.4 |
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Quarterly Statement Q1 Fiscal Year 2020 | Siemens Healthineers
Consolidated statements of income
Q1 | Q1 | |
(in millions of €, earnings per share in €) | 2020 | 2019 |
Revenue | 3,587 | 3,301 |
Cost of sales | −2,219 | −1,968 |
Gross profit | 1,368 | 1,334 |
Research and development expenses | −335 | −312 |
Selling and general administrative expenses | −621 | −536 |
Other operating income | 6 | 13 |
Other operating expenses | −9 | −4 |
Income from investments accounted for using the equity method, net | 1 | 1 |
Earnings before interest and taxes | 412 | 496 |
Interest income | 28 | 6 |
Interest expenses | −21 | −39 |
Other financial income, net | −1 | −12 |
Income before income taxes | 419 | 452 |
Income tax expenses | −114 | −107 |
Net income | 304 | 345 |
Thereof attributable to: | ||
Non-controlling interests | 3 | 4 |
Shareholders of Siemens Healthineers AG | 301 | 341 |
Basic earnings per share | 0.30 | 0.34 |
Diluted earnings per share | 0.30 | 0.34 |
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Quarterly Statement Q1 Fiscal Year 2020 | Siemens Healthineers
Consolidated statements of comprehensive income
Q1 | Q1 | |
(in millions of €) | 2020 | 2019 |
Net income | 304 | 345 |
Remeasurements of defined benefit plans | 53 | −105 |
Therein: Income tax effects | −20 | 34 |
Other comprehensive income that will not be reclassified to profit or loss | 53 | −105 |
Currency translation differences | −249 | 53 |
Cash flow hedges | 17 | −7 |
Therein: Income tax effects | −6 | 3 |
Cost/Income from hedging | 23 | - |
Therein: Income tax effects | −10 | - |
Other comprehensive income that may be reclassified subsequently | −209 | 46 |
to profit or loss | ||
Other comprehensive income, net of taxes | −156 | −59 |
Comprehensive income | 148 | 286 |
Thereof attributable to: | ||
Non-controlling interests | 3 | 4 |
Shareholders of Siemens Healthineers AG | 145 | 282 |
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Quarterly Statement Q1 Fiscal Year 2020 | Siemens Healthineers
Consolidated statements of financial position
Dec 31, | Sept 30, | |
(in millions of €) | 2019 | 2019 |
Cash and cash equivalents | 934 | 920 |
Trade and other receivables | 2,652 | 2,779 |
Other current financial assets | 73 | 78 |
Receivables from Siemens Group | 432 | 686 |
Contract assets | 734 | 839 |
Inventories | 2,247 | 2,064 |
Current income tax assets | 96 | 92 |
Other current assets | 345 | 321 |
Total current assets | 7,512 | 7,779 |
Goodwill | 9,372 | 8,590 |
Other intangible assets | 1,955 | 1,576 |
Property, plant and equipment | 2,725 | 2,318 |
Investments accounted for using the equity method | 45 | 45 |
Other financial assets | 306 | 339 |
Deferred tax assets | 438 | 462 |
Other assets | 313 | 320 |
Total non-current assets | 15,154 | 13,650 |
Total assets | 22,666 | 21,429 |
Short-term financial debt and current maturities of long-term financial debt | 238 | 80 |
Trade payables | 1,336 | 1,403 |
Other current financial liabilities | 183 | 152 |
Payables to Siemens Group | 369 | 364 |
Contract liabilities | 1,758 | 1,741 |
Current provisions | 270 | 282 |
Current income tax liabilities | 351 | 346 |
Other current liabilities | 1,186 | 1,236 |
Total current liabilities | 5,692 | 5,605 |
Long-term financial debt | 255 | 62 |
Provisions for pensions and similar obligations | 956 | 1,045 |
Deferred tax liabilities | 433 | 375 |
Provisions | 145 | 147 |
Other financial liabilities | 8 | 16 |
Other liabilities | 368 | 368 |
Other liabilities to Siemens Group | 4,968 | 4,030 |
Total non-current liabilities | 7,133 | 6,043 |
Total liabilities | 12,826 | 11,648 |
Issued capital | 1,000 | 1,000 |
Capital reserve | 10,815 | 10,801 |
Retained earnings | −1,572 | −1,859 |
Other components of equity | −415 | −174 |
Total equity attributable to shareholders of Siemens Healthineers AG | 9,828 | 9,769 |
Non-controlling interests | 12 | 13 |
Total equity | 9,840 | 9,782 |
Total liabilities and equity | 22,666 | 21,429 |
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Quarterly Statement Q1 Fiscal Year 2020 | Siemens Healthineers
Consolidated statements of cash flows
Q1 | Q1 | |
(in millions of €) | 2020 | 2019 |
Net income | 304 | 345 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Amortization, depreciation and impairments | 205 | 142 |
Income tax expenses | 114 | 107 |
Interest income/expenses, net | −8 | 33 |
Income related to investing activities | −2 | −4 |
Other non-cash income/expenses, net | 12 | 5 |
Change in operating net working capital | ||
Contract assets | 96 | 55 |
Inventories | −200 | −183 |
Trade and other receivables | 120 | −26 |
Trade payables | −55 | −74 |
Contract liabilities | 35 | 6 |
Change in other assets and liabilities | −89 | −154 |
Additions to equipment leased to others in operating leases | −66 | −66 |
Income taxes paid | −115 | −87 |
Dividends received | 1 | 1 |
Interest received | 6 | 4 |
Cash flows from operating activities | 359 | 102 |
Additions to intangible assets and property, plant and equipment | −115 | −126 |
Purchase of investments and financial assets for investment purposes | −4 | −3 |
Acquisitions of businesses, net of cash acquired | −1,336 | −8 |
Disposal of investments, intangible assets and property, plant and equipment | 1 | 1 |
Disposal of businesses, net of cash disposed | - | 2 |
Cash flows from investing activities | −1,454 | −134 |
Purchase of treasury shares | −40 | −42 |
Change in short-term financial debt and other financing activities | −1 | 1 |
Interest paid | −4 | −1 |
Dividends paid to non-controlling interests | −6 | −5 |
Interest paid to Siemens Group | −26 | −33 |
Other transactions/financing with Siemens Group | 1,201 | 350 |
Cash flows from financing activities | 1,125 | 270 |
Effect of changes in exchange rates on cash and cash equivalents | −16 | - |
Change in cash and cash equivalents | 13 | 238 |
Cash and cash equivalents at beginning of period | 920 | 519 |
Cash and cash equivalents at end of period | 934 | 757 |
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Quarterly Statement Q1 Fiscal Year 2020 | Siemens Healthineers
Overview of segment figures
Additions to other in- | ||||||||||||||||
tangible assets and | ||||||||||||||||
property, plant and | Amortization, deprecia- | |||||||||||||||
External revenue | Intersegment revenue | Total revenue | Adjusted EBIT¹ | Assets | Free Cash Flow² | equipment | tion & impairments | |||||||||
Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Dec 31, | Sep 30, | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | |
(in millions of €) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2019 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 |
Imaging | 2,145 | 1,952 | 76 | 69 | 2,221 | 2,021 | 386 | 402 | 7,203 | 6,840 | 364 | 177 | 165 | 30 | 40 | 34 |
Diagnostics | 1,013 | 964 | ‐ | ‐ | 1,013 | 964 | 31 | 75 | 5,267 | 5,499 | −55 | −120 | 120 | 139 | 73 | 56 |
Advanced Therapies | 403 | 354 | 1 | 1 | 404 | 355 | 78 | 70 | 2,053 | 997 | 16 | 34 | 311 | 4 | 4 | 3 |
Total segments | 3,561 | 3,270 | 77 | 70 | 3,638 | 3,340 | 495 | 547 | 14,523 | 13,336 | 325 | 90 | 596 | 173 | 117 | 93 |
Reconciliation to Consolidated Financial | 26 | 31 | −77 | −70 | −50 | −39 | −77 | −96 | 8,143 | 8,093 | −81 | −115 | 47 | 24 | 88 | 49 |
Statements | ||||||||||||||||
Siemens Healthineers | 3,587 | 3,301 | - | - | 3,587 | 3,301 | 419 | 452 | 22,666 | 21,429 | 244 | −24 | 643 | 197 | 205 | 142 |
1 Siemens Healthineers: Income before income taxes.
2 Q1 2019: On segment level adjusted according to the definition of the adjusted EBIT.
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Quarterly Statement Q1 Fiscal Year 2020 | Siemens Healthineers
EBITDA reconciliation
Adjusted EBIT | therein adjusted for amortiza- | therein adjusted for severance | therein adjusted for acquisi- | Amortization, depreciation & | EBITDA² | |||||||
tion of intangible assets ac- | charges | tion-related transaction costs | impairments | |||||||||
quired in business combina- | ||||||||||||
tions | ||||||||||||
Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | |
(in millions of €) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 |
Imaging | 386 | 402 | ‐ | ‐ | −8 | −8 | ‐ | ‐ | 40 | 34 | 417 | 428 |
Diagnostics | 31 | 75 | ‐ | ‐ | −6 | −2 | ‐ | ‐ | 73 | 56 | 98 | 129 |
Advanced Therapies | 78 | 70 | ‐ | ‐ | −2 | −2 | −10 | ‐ | 4 | 3 | 71 | 71 |
Total segments | 495 | 547 | - | - | −16 | −12 | −10 | - | 117 | 93 | 586 | 628 |
Reconciliation to consolidated financial statements¹ | −11 | −6 | −45 | −33 | −1 | −1 | ‐ | ‐ | 88 | 49 | 31 | 10 |
Siemens Healthineers | 484 | 542 | −45 | −33 | −17 | −13 | −10 | - | 205 | 142 | 617 | 638 |
1 Total of amortization of intangible assets acquired in business combinations.
2 Income before income taxes, interest income and expenses, other financial income, net as well as amortization, depreciation & impairments.
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Siemens Healthineers AG published this content on 03 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 February 2020 06:24:13 UTC