Edgar Filing: SIEMENS AKTIENGESELLSCHAFT

Siemens Atkiengesellschaft

FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For April 24, 2003

Commission File Number: 1-15174

Siemens Aktiengesellschaft
(Translation of registrant’s name into English)

Wittelsbacherplatz 2
D-80333 Munich
Federal Republic of Germany
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes o No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes o No x

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

TABLE OF CONTENTS


	Key figures
	Terminology update
	Siemens in the second quarter (January 1 to March 31) of fiscal 2003
	SEGMENT INFORMATION (unaudited)
	CONSOLIDATED STATEMENTS OF INCOME (unaudited)
	CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited)
	CONSOLIDATED BALANCE SHEETS (unaudited)
SIGNATURES

Key figures

Note: The term “Group profit from Operations” replaces “EBIT from Operations” in the following table. This change, made in response to new rules issued by the SEC, is explained on the following page.

2^nd quarter⁽¹⁾

first six months⁽²⁾

2003

2002

2003

2002

Net income

(in millions of euros)

568

1,281

1,089

⁽³⁾

1,819

Earnings per share

(in euros)

0.64

1.44

1.22

2.05

Net cash from operating and investing activities

1,398

1,433

261

1,740

(in millions of euros)

therein:

Net cash provided by operating activities

1,957

2,339

1,272

2,253

Net cash used in investing activities

(559

)

(906

)

(1,011

)

(513

)

Supplemental contributions to pension trusts (included in net cash from operating activities)

—

(442

)

—

Group profit from Operations

(in millions of euros)

1,073

1,086

2,170

1,951

New orders

(in millions of euros)

19,084

22,431

39,229

47,821

⁽⁴⁾

Sales

(in millions of euros)

18,230

21,258

37,075

42,244

⁽⁴⁾


		March 31, 2003		September 30, 2002

Employees (in thousands)			420		426
	Germany		173		175
	International		247		251

(1)		January 1 — March 31.
(2)		October 1 — March 31.
(3)		Includes a positive effect of €36 million (or €0.04 per share) due to the adoption of SFAS 143, Accounting for Asset Retirement Obligations.
(4)		Beginning December 5, 2001 Infineon is accounted for under the equity method of accounting and is no longer consolidated in the financial statements of Siemens. Therefore, in fiscal year 2002, Infineon’s orders and sales are included only for the approximately two months in which Infineon was consolidated in the financial statements of Siemens.

“Group profit from Operations” is reconciled to “Income before income taxes” of Operations under “Reconciliation to financial statements” on the table “Segment information.”

Terminology update

As a result of the implementation of the new rule Conditions for Use of Non-GAAP Financial Measures of the U.S. Securities and Exchange Commission (SEC), Siemens changed the terminology and definition of certain terms used in its financial reporting especially relating to its Groups.

Summarized information specifying the changes is provided in the table below:


New terminology/definition		Previous terminology/definition

Group		Segment/group

	Designates a reportable segment.		Previously both terms were used.

Group profit		EBIT

	Measure of individual segment profit or loss. Definition remains unchanged: “Earnings before financing interest, certain pension costs, income taxes and certain one-time items, which do not relate to the business performance of the Groups.”

Other operations

	New line item within the Segment information table which primarily refers to certain centrally-held equity investments (such as BSH Bosch und Siemens Hausgeräte) and other operating activities not associated with a Group.		No comparable previous line item. “Other operations” was part of the former line item “Corporate, eliminations”.

Group profit from Operations		EBIT from Operations

	Total of the individual Groups’ profit including “Other operations”. Definition changed. The former line item “Corporate, eliminations” is now separated into “Other operations” which is included in Group profit from Operations, and “Corporate items, pensions and eliminations” which is included in “Reconciliation to financial statements”.		No longer acceptable Non-GAAP Siemens measure under new SEC rules. EBIT from Operations had been the total of the segments’ EBIT and “Corporate, eliminations”. EBIT from Operations can be calculated as total of Group profit from Operations plus “Corporate items, pensions and eliminations’’⁽¹⁾.

Corporate items, pensions and eliminations

	New element of the line item “Reconciliation to financial statements” within the Segment information table.		No comparable previous line item. “Corporate items, pensions and eliminations” was part of the former line item “Corporate, eliminations’’⁽²⁾.

	Includes all other items of the former “Corporate, eliminations” which refer to centrally managed items unrelated to operating activities. These comprise, among others, corporate charges such as personnel cost, corporate projects, certain non-allocated pension costs and corporate-related derivative activities. Also included are certain centrally-held investments, primarily the equity investment in Infineon which is not considered under an operating perspective since Siemens intends to divest its remaining interest in Infineon over time.


(1)	Reconciliation from “Group profit from Operations” to “EBIT from Operations”:	(2)	Reconciliation from “Corporate items, pensions and eliminations” to “Corporate, eliminations”:


*(in millions of euros)*	2^nd quarter						first six months						*(in millions of euros)*	2^nd quarter						first six months
	2003			2002			2003			2002				2003			2002			2003			2002

Group profit from Operations		1,073			1,086			2,170			1,951		Corporate items, pensions and eliminations		(386	)		(167	)		(879	)		(545	)
Corporate items, pensions and eliminations		(386	)		(167	)		(879	)		(545	)	Other operations		87			99			122			132

EBIT from Operations		687			919			1,291			1,406		Corporate, eliminations		(299	)		(68	)		(757	)		(413	)


		Press Presse Prensa
		For the business and financial press Bournemouth, April 24, 2003

Siemens in the second quarter (January 1 to March 31) of fiscal 2003

•		Net income for the second quarter of fiscal 2003 was €568 million. Second-quarter net income of €1.281 billion a year earlier included a gain of €604 million from sales of shares in Infineon Technologies AG. Net income for the first six months was €1.089 billion. First-half net income a year ago was €1.819 billion, including €936 million in gains from sales of Infineon shares.

•		Group profit from Operations was €1.073 billion, compared to €1.086 billion in the second quarter a year ago. Anticipated lower earnings at Power Generation were offset by earnings growth at Siemens VDO Automotive, Automation and Drives, Power Transmission and Distribution, and Osram. Group profit from Operations for the first six months was €2.170 billion, up 11% from €1.951 billion in the same period a year earlier.

•		Sales of €18.230 billion and orders of €19.084 billion were down 14% and 15%, respectively, from the second quarter a year earlier. Excluding currency translation effects and the net effect of acquisitions and dispositions, sales and orders decreased 5% and 7%, respectively. First-half sales were €37.075 billion, down 12% year-over-year, and orders were €39.229 billion, down 18%. Excluding currency and deconsolidation effects, sales and orders were down 4% and 11%, respectively.

•		Net cash from operating and investing activities was €1.398 billion, compared to second-quarter net cash of €1.433 billion a year earlier. Net cash from operating and investing activities for the first six months was €261 million after a supplemental cash contribution of €442 million to Siemens’ pension trusts in Germany and the U.K. In contrast, first-half net cash of €1.740 billion a year earlier included €945 million in net proceeds from portfolio activities.

Note: Siemens’ implementation of new Securities and Exchange Commission (SEC) rules, effective March 28, 2003, includes the use of certain new terms. These terms are defined in a separate document titled “Terminology Update,” which is included with the Key Figures table accompanying this Earnings Release.

For the second quarter of fiscal 2003, Group profit from Operations was €1.073 billion, nearly unchanged compared to €1.086 billion in the prior-year period. During the current quarter an anticipated, volume-driven reduction in earnings at Power Generation (PG), due to the end of the gas turbine energy boom in the U.S., was offset by rising profits and higher margins despite falling sales at a majority of Siemens’ operating Groups, led by Siemens VDO Automotive (SV), Automation and Drives (A&D), Power Transmission and Distribution (PTD), and Osram. Medical Solutions (Med) also maintained earnings and margins at a high level. Despite falling demand that continues to challenge the entire telecommunications and networking industry, Siemens’ three Information and Communications Groups held their aggregate bottom line stable year-over-year.

Second-quarter net income of €568 million was lower than €1.281 billion a year earlier primarily due to a gain of €604 million in the prior-year period from the sale of shares in Infineon. In addition, Siemens’ equity share of Infineon’s net loss was higher in the current period, at €127 million, as was non-allocated pension expense, at €187 million. The comparable effects a year earlier were a negative €43 million and a negative €55 million, respectively. Earnings per share in the current quarter were €0.64, compared to €1.44 in the prior-year period.

Net cash from operating and investing activities in the second quarter rebounded strongly from the first quarter, to €1.398 billion, benefiting from effective asset management and planned reductions in capital expenditures. Net cash in the same quarter a year ago was €1.433 billion, including a negative €327 million related to transactions involving Infineon and Atecs Mannesmann. For the first six months of this year, net cash from operating and investing activities was €261 million, after supplemental pension trust contributions of €442 million in the first quarter. Net cash for the first six months a year earlier was €1.740 billion, including €945 million of net proceeds from the above-mentioned portfolio transactions.

Sales and orders were lower year-over-year, due primarily to weaker macroeconomic conditions in Europe and the U.S. The comparison with the prior-year period also includes strong currency effects, particularly related to the U.S. dollar, as well as divestments that reduced Siemens’ overall business volume. These effects accounted for nine percentage points of the 14% year-over-year decline in sales and eight percentage points of the 15% decline in orders, to €18.230 billion and €19.084 billion, respectively.

“Despite the difficult macroeconomic conditions and declining business volumes, many of the Groups are on track to achieve their Operation 2003 earnings targets,” said Siemens CEO Heinrich v. Pierer. “I am satisfied with our results, including another positive development in net cash. However, the ongoing weakness in capital spending across our major regions and markets is a concern. We will adjust our resources and investment plans appropriately in the event that it becomes necessary.”

Operations in the second quarter of fiscal 2003

In the Information and Communications business area, Information and Communication Networks (ICN) narrowed its second-quarter Group loss from €158 million a year ago to €147 million in the current period. The Group continued to adjust its cost structure to address industry-wide declines in business volume, taking charges for severance and capacity adjustments totaling €44 million. While the Enterprise Networks division contributed €49 million to Group profit on sales of €887 million, substantially lower business volume as well as pricing pressures contributed to a €180 million quarterly loss on €797 million in sales at the Carrier Networks and Services division. For the Group as a whole, sales dropped 37% to €1.679 billion from €2.657 billion in the prior-year period. In addition to ongoing adverse market conditions, ICN’s year-over-year decline in second-quarter sales also reflects currency translation effects of negative 6 percentage points and the divestment of various businesses between the two periods under review. Correspondingly, orders were down 22% to €1.689 billion from €2.174 billion in the same quarter a year ago, including negative currency effects of 7 percentage points. ICN anticipates ongoing charges in the second half of fiscal 2003, particularly related to its PACT program.

Information and Communication Mobile (ICM) improved its Group profit to €55 million in the second quarter from €44 million in the prior-year period. Second-quarter sales were €2.329 billion, down 15% from €2.731 billion, and orders were €2.300 billion, down 31% from €3.325 billion. Currency effects contributed five percentage points to the decline in sales. The Mobile Phones division contributed €2 million to Group profit, generating €983 million in sales on a volume of 8.0 million handsets in a seasonally slow quarter. These results reflect ongoing margin pressures in the mobile phone market compared to a year ago, partly offset by a better-performing product mix. For comparison the division sold 8.3 million units and earned €13 million on sales of €1.052 billion in the same quarter a year earlier. Market conditions were particularly challenging at the Mobile Networks division, where earnings of €44 million on sales of €1.067 billion included a net positive effect of €66 million related primarily to a reduction in customer financing exposure. For comparison, the division’s earnings a year earlier were €33 million. The Cordless Products and Wireless Modules divisions again contributed to Group profit. Anticipating further volume erosion in the second half of the year, particularly at Mobile Networks, ICM is intensifying its “Top-on-Air” productivity program.

Siemens Business Systems (SBS) posted Group profit of €25 million, down from €38 million in the second quarter a year earlier. Sales declined 8%, to €1.338 billion, and orders fell 12%, to €1.291 billion, as the market for information technology (IT) services grappled with increasing overcapacity, particularly in the Group’s important German and European Union markets.

In the Automation and Control business area, Automation & Drives (A&D) was again a top earnings performer among Siemens Groups. A&D’s Group profit of €184 million and margin of 9% were up substantially from the same quarter a year ago, and maintained the pace of more recent quarters. The Industrial Automation Systems and Motion Control Systems divisions delivered the strongest contributions to Group profit. Second-quarter sales were €2.034 billion, down 5% year-over-year, and orders were €2.155 billion, level with the prior year. Currency effects cut seven percentage points from both sales and order growth.

While Industrial Solutions and Services (I&S) was in the black in the second quarter, due to a net positive effect of €9 million related to revised estimates of project performance, the Group continues to reduce capacity as the market for industrial solutions continues to weaken. Second-quarter sales declined 7%, to €990 million, including five percentage points due to currency effects, and orders were level at €1.018 billion.

Siemens Dematic (SD) held its Group profit level with the second quarter a year earlier, at €12 million, despite price erosion in the U.S. and European markets and the ongoing slump in the telecommunications equipment market, which affects SD’s Electronics Assembly Systems division. Second-quarter sales of €658 million were down 12% year-over-year, and orders were down 10%, to €614 million. Currency effects cut 12 percentage points from sales growth and 14 percentage points from order growth.

Group profit at Siemens Building Technologies (SBT) was €2 million after €16 million in charges for severance and associated write-downs. For comparison, Group profit in the second quarter a year earlier was €40 million. Slower economic growth in the U.S. and Europe combined with an 8% currency effect pushed sales down 13% year-over-year, to €1.228 billion, and orders down 16%, to €1.238 billion. SBT anticipates further charges to reduce capacity and divest under-performing units in the second half of fiscal 2003.

In the Power business area, PG led all Siemens operating segments with Group profit of €262 million and a margin well above 15%. This result includes charges of €23 million for planned consolidation of manufacturing capacity. Furthermore, while the current period includes net gains of €46 million from customer cancellations, the prior-year period benefited from a €75 million gain related to revised estimates of project performance. PG’s business volume, as expected, reflects the effects of radically reduced demand in the U.S. and a loss of ten percentage points to currency translation against sales between the two periods under review. As a result, sales of €1.691 billion and orders of €2.213 billion were both 35% lower than in the prior-year period. On a consecutive-quarter basis, business volumes declined more modestly. Success in winning new service contracts enabled PG to keep its backlog at €14.3 billion plus reservations of €4.1 billion — nearly the same composition as at the end of the first quarter.

Power Transmission and Distribution (PTD) increased its quarterly Group profit to €50 million, well above the €30 million level in the second quarter a year ago. The prior period included losses at the Group’s Metering division, which PTD divested between the two periods under review. PTD’s margin improved three points year-over-year and nearly a full point compared to the previous quarter. Sales decreased 16%, to €846 million, and orders declined 20%, to €811 million. The aggregate effects of currency and the divestment of Metering strongly influenced sales and orders by a negative 21% and 22%, respectively.

In the Transportation business area, Transportation Systems (TS) held Group profit and margin steady at €64 million and 5.8%, respectively, led by strong earnings at the Rail Automation division. Sales for TS overall rose 4%, to €1.101 billion, as the Group converted previous orders, particularly for railcars in the United Kingdom, into current sales. TS continued to win new business in Europe and Asia, including contracts for Spain’s first driverless metropolitan transit system, in Barcelona, and 35 double-deck trains for the Swiss national railway system. The resulting 33% increase in second-quarter orders year-over-year, to €1.424 billion, drove the Group’s order backlog up to €11.6 billion.

Siemens VDO Automotive (SV) continued its improvement in quarterly profitability since completing the integration of its merger with VDO. Group profit of €119 million was a new high for SV, far above the €18 million level posted in the second quarter a year ago. Diesel injection systems continued to fuel earnings growth at SV, helped by a significant earnings improvement in onboard information and entertainment (“infotainment”) systems. Both sales and orders were €2.185 billion, down 1% year-over year, including negative currency translation effects of 7%.

In the Medical business area, Medical Solutions (Med) maintained a margin of nearly 14%, with a somewhat lower Group profit of €255 million compared to €262 million a year earlier. Sales slid 2%, to €1.830 billion, and orders fell 14%, to €1.845 billion, including currency effects of 14% and 12%, respectively.

In the Lighting business area, Osram’s Group profit of €101 million and margin of 9.5% in a difficult market represented solid increases compared to €90 million and 7.9% in the second quarter a year earlier. The Group continued the success of recent quarters by combining stringent cost-cutting and investment in higher-margin new products, including offerings that contributed to rapid volume growth and earnings improvement at the Opto Semiconductors division. Volume development in the Group’s important U.S. market, however, remains difficult. Second-quarter sales and orders were €1.063 billion, down 7% year-over-year, including negative currency effects of 12%, particularly related to the U.S. dollar.

Other operations consists of items previously included in “Corporate, eliminations.” The new category aggregates results for certain centrally held equity investments such as Bosch und Siemens Hausgeräte GmbH (BSH) and other operating activities not associated with a Group. In the second quarter of fiscal 2003, Other operations generated Group profit of €87 million, compared to €99 million in the same period a year ago.

Corporate items, pensions and eliminations

Corporate items, pensions, and eliminations consist primarily of corporate personnel costs, corporate projects, certain non-allocated pension costs, and the net equity result of Infineon. For the second quarter of fiscal 2003, this line item was a negative €386 million compared to a negative €167 million in the same period a year ago. Corporate costs in the second quarter were €147 million, compared to €163 million last year. Siemens’ equity share of Infineon’s net loss was €127 million in the current quarter, compared to €43 million a year earlier, and non-allocated pension expense was also higher in the current period, at €187 million, compared to €55 million a year earlier.

Financing and Real Estate

Siemens Financial Services (SFS) increased earnings before income taxes to €58 million, up from €41 million in the second quarter year earlier, on higher income at the Equity division from an equity investment. Second-quarter results for Siemens Real Estate (SRE) declined year-over-year, to €55 million from €79 million, due to lower disposal gains and increasing vacancy rates brought on by economic uncertainty in the U.S. and Europe.

Siemens in the first six months

Net income for the first six months of fiscal 2003 was €1.089 billion. First-half net income of €1.819 billion a year earlier included a non-taxable gain of €936 million related to the sale of shares in Infineon. On a comparable basis, net income improved year-over-year. The improvement was driven by an 11% increase in Group profit from Operations, which rose to €2.170 billion from €1.951 billion. Orders for the first six months were €39.229 billion, down 18% from €47.821 billion a year earlier, and sales fell 12% to €37.075 billion from €42.244 billion. Excluding currency and the net effect of acquisitions and dispositions, the declines in orders and sales were 11% and 4%, respectively. Earnings per share for the first six months of this year were €1.22 compared to €2.05 for the same period a year ago.

International trends for the first half of fiscal 2003

Orders in Germany for the first half were €8.708 billion, down 9% compared to the same period a year earlier. Sales in Germany decreased 8% to €8.315 billion. International orders dropped 20% year-over-year, to €30.521 billion. Excluding currency and deconsolidation effects, the decline was 11%. International sales of €28.760 billion declined 13% year-over-year. Excluding currency and deconsolidation effects, international sales slid 2%.

First-half orders in the U.S. were down 42%, to €7.546 billion, and sales declined 24%, to €7.924 billion, driven by expected volume declines at PG following the end of the gas turbine energy boom and also by currency effects of 18%. Asia-Pacific orders fell 16% to €4.899 billion and sales fell 15% year-over-year, to €4.293 billion, due largely to currency effects and the net effect of acquisitions and dispositions. China continued to account for the region’s largest share of sales. While sales in China fell 19% to €1.358 billion in the first half of the current fiscal year, sales growth excluding currency effects and the net effect of acquisitions and dispositions would have been 4% year-over-year.

Income Statement highlights for the second quarter of fiscal 2003

Net sales for Siemens worldwide were €18.230 billion in the second quarter, compared to €21.258 billion in the same period a year earlier. Net income for Siemens worldwide was €568 million. Net income of €1.281 billion in the same quarter a year ago included a gain of €604 million from the sale of shares in Infineon.

In Operations, net sales were €18.113 billion, down from €21.067 billion a year earlier. Gross profit margin remained steady at 27.8%, as lower margins due to charges taken for capacity adjustment at PG were offset by increases at ICN, A&D, PTD, TS, SV, Med and Osram. Research and development expense was 7.1% of sales, compared to 6.8% in the second quarter a year earlier. Marketing, selling, and general administration expense was 17.4% of sales, up from 17.1% a year ago. Other operating income (expense) was a positive €69 million, compared to a negative €74 million in the second quarter of fiscal 2002. Income from investments in other companies was €3 million, down from €96 million in the prior year period due primarily to higher losses associated with Siemens’ equity interest in Infineon. The prior-year period also includes a €604 million gain from the sales of shares in Infineon.

Liquidity and balance sheet highlights for the first half of fiscal 2003

Net cash from operating and investing activities for the first six months of fiscal 2003 was €261 million. Operating activities provided net cash of €1.272 billion, after a €442 million supplemental cash contribution to Siemens’ pension trusts in Germany and the U.K. The current period reflects a substantial reduction in trade accounts receivable, particularly at ICN, A&D, SBT, and PTD. As part of a planned phase-out of sales of accounts receivable, the decrease in outstanding balance of receivables sold was €537 million in the current period, compared to a decrease of €190 million in the first six months of last year. Accounts payable decreased, but at a lower level than in the prior six-month period.

Net cash used in investing activities was €1.011 billion compared to net cash used of €513 million in the first half of last year. The current period reflects lower cash outlays for capital expenditures compared to the prior year across all Groups, in particular ICN. Investing activities in the first six months of the prior year included transactions related to Siemens’ acquisition of Atecs Mannesmann. Also in the first six months of last year, a cash payment of €3.7 billion to Vodafone AG was partially offset by approximately €3.1 billion received from disposition of Atecs businesses held for sale. Sales of Infineon shares in the prior-year six-month period generated proceeds totaling €1.522 billion.

Net cash used in financing activities was €2.077 billion. Within that total was €727 million in repayment of debt, including the buyback of €500 million of a bond exchangeable into shares of Infineon and having a nominal value of €2.5 billion. The net change in short-term debt resulted in cash outflow of €594 million. During the six-month period, dividends paid to shareholders totaled €888 million. Total assets decreased to €73.878 billion from €77.939 billion at September 30, 2002, due primarily to currency effects and lower accounts receivable.

Pension Plan Funding

During the six month period ended March 31, 2003, the funding status of Siemens’ principal pension plans improved by approximately €50 million from September 30, 2002. The change is due primarily to supplemental cash contributions of €442 million plus a contribution of €377 million in real estate made at the beginning of the current fiscal year, largely offset by a slight decline in the market value of the pension plan assets and the half-year development of service and interest cost.

Economic Value Added

Siemens worldwide EVA for the first half of fiscal 2003 was positive but lower compared to the same period a year ago, due primarily to gains of €936 million on sales of shares in Infineon during the first six months a year earlier. Excluding these gains, EVA increased compared to the prior-year period.

Note: Siemens CEO Heinrich v. Pierer and CFO Heinz-Joachim Neubürger will hold an English-language telephone conference with analysts on April, 24, 2003 at 3.00 p.m. CET. You can follow this conference live on the Internet by going to www.siemens.com/analystcall. A recording of the telephone conference will be available later at the same location.

This press release report contains forward-looking statements based on beliefs of Siemens’ management. The words “anticipate,” “believe,” “estimate,” “forecast,” “expect,” “intend,” “plan”, “should” and “project” are used to identify forward-looking statements. Such statements reflect the company’s current views with respect to future events and are subject to risks and uncertainties. Many factors could cause the actual results to be materially different, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services and changes in business strategy. Actual results may vary materially from those projected here. Siemens does not intend or assume any obligation to update these forward-looking statements.


Siemens AG Corporate Communications Press Department 80312 Munich		Informationsnummer: AXX200304.37 e Thomas Weber 80333 München Tel.: +49-89 636-32812; Fax: -36700 E-mail: th.weber@siemens.com

SIEMENS AG

SEGMENT INFORMATION (unaudited)
As of and for the three months ended March 31, 2003 and 2002 and as of September 30, 2002
(in millions of €)


													Intersegment
			New orders						External sales				sales						Total sales						Group profit⁽¹⁾

			2003			2002			2003		2002		2003			2002			2003			2002			2003			2002

Operations Groups
	Information and Communication Networks (ICN)			1,689			2,174			1,587		2,504		92			153			1,679			2,657			(147	)		(158	)
	Information and Communication Mobile (ICM)			2,300			3,325			2,287		2,693		42			38			2,329			2,731			55			44
	Siemens Business Services (SBS)			1,291			1,459			1,015		1,091		323			370			1,338			1,461			25			38
	Automation and Drives (A&D)			2,155			2,168			1,735		1,823		299			310			2,034			2,133			184			138
	Industrial Solutions and Services (I&S)			1,018			1,017			685		781		305			288			990			1,069			4			(39	)
	Siemens Dematic (SD)			614			684			617		734		41			13			658			747			12			12
	Siemens Building Technologies (SBT)			1,238			1,473			1,158		1,320		70			86			1,228			1,406			2			40
	Power Generation (PG)			2,213			3,405			1,691		2,601		—			13			1,691			2,614			262			450
	Power Transmission and Distribution (PTD)			811			1,020			790		938		56			67			846			1,005			50			30
	Transportation Systems (TS)			1,424			1,070			1,095		1,056		6			4			1,101			1,060			64			62
	Siemens VDO Automotive (SV)			2,185			2,211			2,183		2,204		2			3			2,185			2,207			119			18
	Medical Solutions (Med)			1,845			2,141			1,817		1,864		13			6			1,830			1,870			255			262
	Osram			1,063			1,139			1,056		1,134		7			4			1,063			1,138			101			90
	Other operations⁽⁵⁾			383			494			294		284		129			225			423			509			87			99

		Total Operations Groups		20,229			23,780			18,010		21,027		1,385			1,580			19,395			22,607			1,073			1,086
Reconciliation to financial statements
	Corporate items, pensions and eliminations			(1,679	)		(1,912	)		56		42		(1,338	)		(1,582	)		(1,282	)		(1,540	)		(386	)		(167	)
	Other interest expense			—			—			—		—		—			—			—			—			(24	)		(26	)
	Gains on sales and dispositions of significant business interests			—			—			—		—		—			—			—			—			—			604
	Other assets related reconciling items			—			—			—		—		—			—			—			—			—			—

		Total Operations (for columns Group profit/Net capital employed, i.e. Income before income taxes/Total assets)		18,550			21,868			18,066		21,069		47			(2	)		18,113			21,067			663			1,497


																									Income before income taxes

Financing and Real Estate Groups
	Siemens Financial Services (SFS)			139			154			105		120		34			35			139			155			58			41
	Siemens Real Estate (SRE)			395			408			59		69		336			339			395			408			55			79
	Eliminations			—			—			—		—		(2	)		(2	)		(2	)		(2	)		—			—

		Total Financing and Real Estate		534			562			164		189		368			372			532			561			113			120

Eliminations, reclassifications and Corporate Treasury				—			1			—		—		(415	)		(370	)		(415	)		(370	)		28			52

Siemens worldwide				19,084			22,431			18,230		21,258		—			—			18,230			21,258			804			1,669

[Additional columns below]

[Continued from above table, first column(s) repeated]


									Net cash from										Amortization,
			Net capital						operating and						Capital				depreciation and
			employed⁽²⁾						investing activities						spending⁽³⁾				impairments⁽⁴⁾

			3/31/03			9/30/02			2003			2002			2003		2002		2003			2002

Operations Groups
	Information and Communication Networks (ICN)			694			1,100			19			227			53		99		125			98
	Information and Communication Mobile (ICM)			1,908			1,973			279			425			73		86		66			92
	Siemens Business Services (SBS)			462			264			(67	)		(15	)		27		56		64			68
	Automation and Drives (A&D)			2,079			2,197			275			272			65		59		51			56
	Industrial Solutions and Services (I&S)			271			315			(10	)		(71	)		9		19		12			15
	Siemens Dematic (SD)			1,199			975			(149	)		(40	)		14		23		13			17
	Siemens Building Technologies (SBT)			1,620			1,778			212			112			24		30		39			39
	Power Generation (PG)			430			(144	)		117			484			29		30		34			38
	Power Transmission and Distribution (PTD)			894			928			60			89			17		29		16			18
	Transportation Systems (TS)			(177	)		(741	)		(245	)		73			22		23		14			13
	Siemens VDO Automotive (SV)			3,912			3,746			81			20			75		119		106			94
	Medical Solutions (Med)			3,400			3,414			214			170			66		80		48			47
	Osram			2,188			2,436			169			155			51		71		64			73
	Other operations⁽⁵⁾			892			535			1			11			15		13		14			14

		Total Operations Groups		19,772			18,776			956			1,912			540		737		666			682
Reconciliation to financial statements
	Corporate items, pensions and eliminations			(2,614	)		(3,021	)		(100	)⁽⁶⁾		(130	)⁽⁶⁾		17		3,670		(6	)		45
	Other interest expense			—			—			—			—			—		—		—			—
	Gains on sales and dispositions of significant business interests			—			—			—			—			—		—		—			—
	Other assets related reconciling items			45,483			51,944			—			—			—		—		—			—

		Total Operations (for columns Group profit/Net capital employed, i.e. Income before income taxes/Total assets)		62,641			67,699			856			1,782			557		4,407		660			727


			Total assets

Financing and Real Estate Groups
	Siemens Financial Services (SFS)			8,420			8,681			150			41			39		81		54			62
	Siemens Real Estate (SRE)			3,710			4,090			84			114			39		82		50			49
	Eliminations			(556	)		(561	)		(24	)⁽⁶⁾		(32	)⁽⁶⁾		—		—		—			—

		Total Financing and Real Estate		11,574			12,210			210			123			78		163		104			111

Eliminations, reclassifications and Corporate Treasury				(337	)		(1,970	)		332	⁽⁶⁾		(472	)⁽⁶⁾		—		—		—			—

Siemens worldwide				73,878			77,939			1,398			1,433			635		4,570		764			838

(1)		Group profit of the Operations Groups is earnings before financing interest, certain pension costs, income taxes and certain one-time items, which in management’s view do not relate to the business performance of the Groups.
(2)		Net capital employed of the Operations Groups represents total assets less tax assets, certain accruals and non-interest bearing liabilities other than tax liabilities.
(3)		Intangible assets, property, plant and equipment, acquisitions, and investments.
(4)		Includes amortization and impairments of intangible assets, depreciation of property, plant and equipment, and write-downs of investments.
(5)		Other operations primarily refer to certain centrally-held equity investments and other operating activities not associated with a Group.
(6)		Includes (for “Eliminations” within Financing and Real Estate consists of) cash paid for income taxes according to the allocation of income taxes to Operations, Financing and Real Estate, and Eliminations, reclassifications and Corporate Treasury in the Consolidated Statements of Income.

SIEMENS AG

SEGMENT INFORMATION (unaudited)
As of and for the six months ended March 31, 2003 and 2002 and as of September 30, 2002
(in millions of €)


													Intersegment
			New orders						External sales				sales						Total sales						Group profit⁽¹⁾

			2003			2002			2003		2002		2003			2002			2003			2002			2003			2002

Operations Groups
	Information and Communication Networks (ICN)			3,629			4,801			3,301		4,941		182			256			3,483			5,197			(298	)		(282	)
	Information and Communication Mobile (ICM)			4,809			6,643			5,115		5,786		70			72			5,185			5,858			114			81
	Siemens Business Services (SBS)			2,685			3,359			1,989		2,163		616			765			2,605			2,928			37			70
	Automation and Drives (A&D)			4,389			4,533			3,418		3,515		598			576			4,016			4,091			363			311
	Industrial Solutions and Services (I&S)			2,085			2,182			1,414		1,594		505			515			1,919			2,109			(29	)		(37	)
	Siemens Dematic (SD)			1,226			1,447			1,206		1,527		74			24			1,280			1,551			24			23
	Siemens Building Technologies (SBT)			2,492			2,870			2,313		2,563		121			155			2,434			2,718			45			85
	Power Generation (PG)			4,483			7,498			3,458		4,730		18			18			3,476			4,748			671			752
	Power Transmission and Distribution (PTD)			1,920			2,669			1,547		1,872		101			135			1,648			2,007			90			50
	Transportation Systems (TS)			2,524			2,923			2,171		2,014		10			7			2,181			2,021			132			112
	Siemens VDO Automotive (SV)			4,318			4,234			4,313		4,231		5			3			4,318			4,234			192			12
	Medical Solutions (Med)			3,803			4,111			3,632		3,629		29			11			3,661			3,640			500			474
	Osram			2,186			2,238			2,174		2,188		12			49			2,186			2,237			207			168
	Other operations⁽⁵⁾			922			924			596		606		316			367			912			973			122			132

		Total Operations Groups		41,471			50,432			36,647		41,359		2,657			2,953			39,304			44,312			2,170			1,951
Reconciliation to financial statements
	Corporate items, pensions and eliminations			(3,309	)		(4,188	)		89		64		(2,592	)		(2,906	)		(2,503	)		(2,842	)		(879	)		(545	)
	Other interest expense			—			—			—		—		—			—			—			—			(26	)		(92	)
	Gains on sales and dispositions of significant business interests			—			—			—		—		—			—			—			—			—			936
	Other assets related reconciling items			—			—			—		—		—			—			—			—			—			—

		Total Operations (for columns Group profit/Net capital employed, i.e. Income before income taxes/Total assets)		38,162			46,244			36,736		41,423		65			47			36,801			41,470			1,265			2,250


																									Income before income taxes

Financing and Real Estate Groups
	Siemens Financial Services (SFS)			275			276			214		214		61			62			275			276			142			83
	Siemens Real Estate (SRE)			791			805			124		117		667			688			791			805			110			167
	Eliminations			—			—			—		—		(6	)		(4	)		(6	)		(4	)		—			—

		Total Financing and Real Estate		1,066			1,081			338		331		722			746			1,060			1,077			252			250

Eliminations, reclassifications and Corporate Treasury				1			496			1		490		(787	)		(793	)		(786	)		(303	)		101			(273	)

Siemens worldwide				39,229			47,821			37,075		42,244		—			—			37,075			42,244			1,618			2,227

[Additional columns below]

[Continued from above table, first column(s) repeated]


									Net cash from											Amortization,
			Net capital						operating and						Capital					depreciation and
			employed⁽²⁾						investing activities						spending⁽³⁾					impairments⁽⁴⁾

			3/31/03			9/30/02			2003			2002			2003			2002		2003		2002

Operations Groups
	Information and Communication Networks (ICN)			694			1,100			52			40			88			233		236		232
	Information and Communication Mobile (ICM)			1,908			1,973			167			29			146			155		138		174
	Siemens Business Services (SBS)			462			264			(168	)		(103	)		64			95		125		140
	Automation and Drives (A&D)			2,079			2,197			438			259			104			106		106		112
	Industrial Solutions and Services (I&S)			271			315			(53	)		(171	)		21			35		24		26
	Siemens Dematic (SD)			1,199			975			(238	)		(103	)		23			39		28		32
	Siemens Building Technologies (SBT)			1,620			1,778			176			28			47			68		74		75
	Power Generation (PG)			430			(144	)		71			883			85			91		66		74
	Power Transmission and Distribution (PTD)			894			928			118			71			29			50		32		36
	Transportation Systems (TS)			(177	)		(741	)		(406	)		149			50			68		29		24
	Siemens VDO Automotive (SV)			3,912			3,746			(3	)		(23	)		255			214		195		179
	Medical Solutions (Med)			3,400			3,414			194			337			140			174		98		94
	Osram			2,188			2,436			314			144			118			157		133		143
	Other operations⁽⁵⁾			892			535			(56	)		(108	)		23			22		28		26

		Total Operations Groups		19,772			18,776			606			1,432			1,193			1,507		1,312		1,367
Reconciliation to financial statements
	Corporate items, pensions and eliminations			(2,614	)		(3,021	)		(987	)⁽⁶⁾		724	⁽⁶⁾		(7	)		3,666		32		43
	Other interest expense			—			—			—			—			—			—		—		—
	Gains on sales and dispositions of significant business interests			—			—			—			—			—			—		—		—
	Other assets related reconciling items			45,483			51,944			—			—			—			—		—		—

		Total Operations (for columns Group profit/Net capital employed, i.e. Income before income taxes/Total assets)		62,641			67,699			(381	)		2,156			1,186			5,173		1,344		1,410


			Total assets

Financing and Real Estate Groups
	Siemens Financial Services (SFS)			8,420			8,681			(7	)		340			81			151		108		122
	Siemens Real Estate (SRE)			3,710			4,090			134			138			67			126		98		100
	Eliminations			(556	)		(561	)		(74	)⁽⁶⁾		(74	)⁽⁶⁾		—			—		—		—

		Total Financing and Real Estate		11,574			12,210			53			404			148			277		206		222

Eliminations, reclassifications and Corporate Treasury				(337	)		(1,970	)		589	⁽⁶⁾		(820	)⁽⁶⁾		—			214		—		209

Siemens worldwide				73,878			77,939			261			1,740			1,334			5,664		1,550		1,841

(1)		Group profit of the Operations Groups is earnings before financing interest, certain pension costs, income taxes and certain one-time items, which in management’s view do not relate to the business performance of the Groups.
(2)		Net capital employed of the Operations Groups represents total assets less tax assets, certain accruals and non-interest bearing liabilities other than tax liabilities.
(3)		Intangible assets, property, plant and equipment, acquisitions, and investments.
(4)		Includes amortization and impairments of intangible assets, depreciation of property, plant and equipment, and write-downs of investments.
(5)		Other operations primarily refer to certain centrally-held equity investments and other operating activities not associated with a Group.
(6)		Includes (for “Eliminations” within Financing and Real Estate consists of) cash paid for income taxes according to the allocation of income taxes to Operations, Financing and Real Estate, and Eliminations, reclassifications and Corporate Treasury in the Consolidated Statements of Income.

SIEMENS AG

CONSOLIDATED STATEMENTS OF INCOME (unaudited)
For the three months ended March 31, 2003 and 2002
(in millions of €, per share amounts in €)


									Eliminations,
									reclassifications and												Financing and Real
			Siemens worldwide						Corporate Treasury						Operations						Estate

			2003			2002			2003			2002			2003			2002			2003			2002

Net sales				18,230			21,258			(415	)		(370	)		18,113			21,067			532			561
Cost of sales				(13,062	)		(15,267	)		415			371			(13,079	)		(15,198	)		(398	)		(440	)

Gross profit on sales				5,168			5,991			—			1			5,034			5,869			134			121
Research and development expenses				(1,278	)		(1,426	)		—			—			(1,278	)		(1,426	)		—			—
Marketing, selling and general administrative expenses				(3,232	)		(3,666	)		1			(1	)		(3,157	)		(3,610	)		(76	)		(55	)
Other operating income (expense), net				69			549			(21	)		582			69			(74	)		21			41
Income from investments in other companies, net				24			97			—			1			3			96			21			—
Income (expense) from financial assets and marketable securities, net				10			75			11			89			8			(3	)		(9	)		(11	)
Interest income of Operations, net				8			67			—			—			8			67			—			—
Other interest income (expense), net				35			(18	)		37			(16	)		(24	)		(26	)		22			24
Gains on sales and dispositions of significant business interests				—			—			—			(604	)		—			604			—			—

		Income before income taxes		804			1,669			28			52			663			1,497			113			120
Income taxes				(216	)		(353	)		(5	)		(82	)		(182	)		(255	)		(29	)		(16	)
Minority interest				(20	)		(35	)		—			—			(20	)		(35	)		—			—

		Income (loss) before cumulative effect of change in accounting principle		568			1,281			23			(30	)		461			1,207			84			104
Cumulative effect of change in accounting principle, net of income taxes				—			—			—			—			—			—			—			—

		Net income (loss)		568			1,281			23			(30	)		461			1,207			84			104

Basic earnings per share
	Income before cumulative effect of change in accounting principle			0.64			1.44
	Cumulative effect of change in accounting principle, net of income taxes			—			—

	Net income			0.64			1.44

Diluted earnings per share
	Income before cumulative effect of change in accounting principle			0.64			1.44
	Cumulative effect of change in accounting principle, net of income taxes			—			—

	Net income			0.64			1.44

SIEMENS AG

CONSOLIDATED STATEMENTS OF INCOME (unaudited)
For the six months ended March 31, 2003 and 2002
(in millions of €, per share amounts in €)


									Eliminations,
									reclassifications and												Financing and Real
			Siemens worldwide						Corporate Treasury⁽²⁾						Operations						Estate

			2003			2002			2003			2002			2003			2002			2003			2002

Net sales				37,075			42,244			(786	)		(303	)		36,801			41,470			1,060			1,077
Cost of sales				(26,625	)		(30,611	)		787			227			(26,614	)		(30,022	)		(798	)		(816	)

Gross profit on sales				10,450			11,633			1			(76	)		10,187			11,448			262			261
Research and development expenses				(2,573	)		(2,973	)		—			(168	)		(2,573	)		(2,805	)		—			—
Marketing, selling and general administrative expenses				(6,740	)		(7,567	)		—			(88	)		(6,593	)		(7,352	)		(147	)		(127	)
Other operating income (expense), net				284			940			(37	)		886			266			(27	)		55			81
Income (loss) from investments in other companies, net				28			75			—			(16	)		(15	)		88			43			3
Income (expense) from financial assets and marketable securities, net				37			46			42			50			(2	)		5			(3	)		(9	)
Interest income of Operations, net				21			49			—			—			21			49			—			—
Other interest income (expense), net				111			24			95			75			(26	)		(92	)		42			41
Gains on sales and dispositions of significant business interests				—			—			—			(936	)		—			936			—			—

		Income (loss) before income taxes		1,618			2,227			101			(273	)		1,265			2,250			252			250
Income taxes⁽¹⁾				(518	)		(450	)		(32	)		56			(405	)		(455	)		(81	)		(51	)
Minority interest				(47	)		42			—			2			(47	)		40			—			—

		Income (loss) before cumulative effect of change in accounting principle		1,053			1,819			69			(215	)		813			1,835			171			199
Cumulative effect of change in accounting principle, net of income taxes				36			—			—			—			39			—			(3	)		—

		Net income (loss)		1,089			1,819			69			(215	)		852			1,835			168			199

Basic earnings per share
	Income before cumulative effect of change in accounting principle			1.18			2.05
	Cumulative effect of change in accounting principle, net of income taxes			0.04			—

	Net income			1.22			2.05

Diluted earnings per share
	Income before cumulative effect of change in accounting principle			1.18			2.05
	Cumulative effect of change in accounting principle, net of income taxes			0.04			—

	Net income			1.22			2.05

(1)		The income taxes of Eliminations, reclassifications and Corporate Treasury, Operations, and Financing and Real Estate are based on the consolidated effective corporate tax rate applied to income before income taxes.
(2)		As of December 5, 2001, Siemens deconsolidated Infineon. The results of operations from Infineon for the first two months of the fiscal year 2002 period are included in Eliminations, reclassifications and Corporate Treasury. As of December 5, 2001, the share in earnings (loss) from Infineon is included in “Income (loss) from investments in other companies, net” in Operations.

SIEMENS AG

CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited)
For the six months ended March 31, 2003 and 2002
(in millions of €)


										Eliminations,
										reclassifications and												Financing and Real
				Siemens worldwide						Corporate Treasury						Operations						Estate

				2003			2002			2003			2002			2003			2002			2003			2002

Cash flows from operating activities
	Net income (loss)				1,089			1,819			69			(215	)		852			1,835			168			199
	Adjustments to reconcile net income to cash provided
		Minority interest			47			(42	)		—			(2	)		47			(40	)		—			—
		Amortization, depreciation and impairments			1,550			1,841			—			209			1,344			1,410			206			222
		Deferred taxes			64			(215	)		3			(190	)		55			(1	)		6			(24	)
		Gains on sales and disposals of businesses and property, plant and equipment, net			(61	)		(999	)		—			(936	)		(40	)		(8	)		(21	)		(55	)
		Losses (gains) on sales of investments, net			3			(77	)		—			7			3			(84	)		—			—
		Gains on sales and dispositions of significant business interests			—			—			—			936			—			(936	)		—			—
		Losses (gains) on sales and impairments of marketable securities, net			21			(4	)		9			(2	)		11			(6	)		1			4
		(Income) loss from equity investees, net of dividends received			(53	)		14			—			16			(19	)		(4	)		(34	)		2
		Change in current assets and liabilities
			(Increase) decrease in inventories, net		(721	)		(37	)		—			86			(731	)		(146	)		10			23
			(Increase) decrease in accounts receivable, net		1,027			874			60			289			968			559			(1	)		26
			Increase (decrease) in outstanding balance of receivables sold		(537	)		(190	)		(259	)		(190	)		(278	)		—			—			—
			(Increase) decrease in other current assets		316			333			152			(241	)		187			593			(23	)		(19	)
			Increase (decrease) in accounts payable		(581	)		(1,127	)		(9	)		(256	)		(585	)		(835	)		13			(36	)
			Increase (decrease) in accrued liabilities		148			(143	)		—			48			159			(172	)		(11	)		(19	)
			Increase (decrease) in other current liabilities		(1,211	)		(484	)		388			(598	)		(1,469	)		53			(130	)		61
		Supplemental contributions to pension trusts			(442	)		—			—			—			(442	)		—			—			—
		Change in other assets and liabilities			613			690			195			577			407			116			11			(3	)

			Net cash provided by (used in) operating activities		1,272			2,253			608			(462	)		469			2,334			195			381
Cash flows from investing activities
	Additions to intangible assets and property, plant and equipment				(1,210	)		(1,806	)		—			(149	)		(1,067	)		(1,383	)		(143	)		(274	)
	Acquisitions, net of cash acquired				(32	)		(3,695	)		—			—			(32	)		(3,695	)		—			—
	Purchases of investments				(92	)		(163	)		—			(65	)		(87	)		(95	)		(5	)		(3	)
	Purchases of marketable securities				(15	)		(21	)		(11	)		(12	)		(2	)		(8	)		(2	)		(1	)
	Increase in receivables from financing activities				(121	)		(12	)		(283	)		(338	)		—			—			162			326
	Increase (decrease) in outstanding balance of receivables sold by SFS				—			—			259			190			—			—			(259	)		(190	)
	Proceeds from sales of long-term investments, intangibles and property, plant and equipment				366			524			—			—			262			363			104			161
	Proceeds from sales and dispositions of businesses				59			4,602			—			—			59			4,602			—			—
	Proceeds from sales of marketable securities				34			58			16			16			17			38			1			4

			Net cash (used in) provided by investing activities		(1,011	)		(513	)		(19	)		(358	)		(850	)		(178	)		(142	)		23
Cash flows from financing activities
	Proceeds from issuance of capital stock				—			155			—			—			—			155			—			—
	Purchase of common stock of Company				—			(148	)		—			—			—			(148	)		—			—
	Proceeds from issuance of treasury shares				4			81			—			—			4			81			—			—
	Proceeds from issuance of debt				202			256			202			256			—			—			—			—
	Repayment of debt				(727	)		—			(727	)		—			—			—			—			—
	Change in short-term debt				(594	)		645			(334	)		413			(201	)		267			(59	)		(35	)
	Change in restricted cash				—			(2	)		—			(2	)		—			—			—			—
	Dividends paid				(888	)		(888	)		—			—			(888	)		(888	)		—			—
	Dividends paid to minority shareholders				(74	)		(80	)		—			—			(74	)		(80	)		—			—
	Intracompany financing				—			—			(1,496	)		1,731			1,508			(1,369	)		(12	)		(362	)

			Net cash (used in) provided by financing activities		(2,077	)		19			(2,355	)		2,398			349			(1,982	)		(71	)		(397	)
Effect of deconsolidation of Infineon on cash and cash equivalents					—			(383	)		—			(383	)		—			—			—			—
Effect of exchange rates on cash and cash equivalents					(210	)		67			(160	)		41			(49	)		25			(1	)		1
Net (decrease) increase in cash and cash equivalents					(2,026	)		1,443			(1,926	)		1,236			(81	)		199			(19	)		8
Cash and cash equivalents at beginning of period					11,196			7,802			10,269			6,860			873			907			54			35

Cash and cash equivalents at end of period					9,170			9,245			8,343			8,096			792			1,106			35			43

SIEMENS AG

CONSOLIDATED BALANCE SHEETS (unaudited)
As of March 31, 2003 and September 30, 2002
(in millions of €)


									Eliminations,
									reclassifications and										Financing and Real
			Siemens worldwide						Corporate Treasury						Operations				Estate

			3/31/03			9/30/02			3/31/03			9/30/02			3/31/03		9/30/02		3/31/03		9/30/02

ASSETS
Current assets
	Cash and cash equivalents			9,170			11,196			8,343			10,269			792		873		35		54
	Marketable securities			500			399			19			25			462		356		19		18
	Accounts receivable, net			14,260			15,230			(7	)		(7	)		10,931		12,058		3,336		3,179
	Intracompany receivables			—			—			(9,837	)		(13,284	)		9,751		13,209		86		75
	Inventories, net			10,938			10,672			(12	)		(5	)		10,878		10,592		72		85
	Deferred income taxes			1,142			1,212			111			64			1,026		1,143		5		5
	Other current assets			5,633			5,353			1,135			1,028			3,565		3,306		933		1,019

		Total current assets		41,643			44,062			(248	)		(1,910	)		37,405		41,537		4,486		4,435

Long-term investments				4,985			5,092			—			2			4,664		4,797		321		293
Goodwill				6,251			6,459			—			—			6,169		6,369		82		90
Other intangible assets, net				2,206			2,384			—			—			2,183		2,362		23		22
Property, plant and equipment, net				10,962			11,742			1			2			7,229		7,628		3,732		4,112
Deferred income taxes				3,489			3,686			829			764			2,509		2,771		151		151
Other assets				4,342			4,514			84			103			1,479		1,304		2,779		3,107
Other intracompany receivables				—			—			(1,003	)		(931	)		1,003		931		—		—

		Total assets		73,878			77,939			(337	)		(1,970	)		62,641		67,699		11,574		12,210

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
	Short-term debt and current maturities of long-term debt			1,471			2,103			692			1,143			664		785		115		175
	Accounts payable			7,827			8,649			(8	)		6			7,633		8,453		202		190
	Intracompany liabilities			—			—			(7,669	)		(7,776	)		2,167		1,799		5,502		5,977
	Accrued liabilities			9,612			9,608			15			18			9,348		9,445		249		145
	Deferred income taxes			628			661			(242	)		(206	)		642		647		228		220
	Other current liabilities			11,780			13,691			310			375			11,141		12,853		329		463

		Total current liabilities		31,318			34,712			(6,902	)		(6,440	)		31,595		33,982		6,625		7,170

Long-term debt				10,073			10,243			8,818			6,833			821		2,974		434		436
Pension plans and similar commitments				5,028			5,326			—			—			5,000		5,299		28		27
Deferred income taxes				190			195			(11	)		(50	)		92		119		109		126
Other accruals and provisions				3,366			3,401			27			28			3,041		3,068		298		305
Other intracompany liabilities				—			—			(2,269	)		(2,341	)		189		45		2,080		2,296

				49,975			53,877			(337	)		(1,970	)		40,738		45,487		9,574		10,360

Minority interests				480			541			—			—			480		541		—		—
Shareholders’ equity
	Common stock, no par value
		Authorized: 1,129,254,149 and 1,145,917,335 shares, respectively
		Issued: 890,377,481 and 890,374,001 shares, respectively		2,671			2,671
	Additional paid-in capital			5,053			5,053
	Retained earnings			21,672			21,471
	Accumulated other comprehensive income (loss)			(5,973	)		(5,670	)
	Treasury stock, at cost. 3,216 and 49,864 shares, respectively			—			(4	)

		Total shareholders’ equity		23,423			23,521			—			—			21,423		21,671		2,000		1,850

		Total liabilities and shareholders’ equity		73,878			77,939			(337	)		(1,970	)		62,641		67,699		11,574		12,210

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		SIEMENS AKTIENGESELLSCHAFT

Date: April 24, 2003		/s/ Dr. ELISABETH SCHMALFUSS Dr. Elisabeth Schmalfuss Deputy Vice President

		/s/ DANIEL SATTERFIELD Daniel Satterfield Director

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