3rd Quarter Results

RNS Number:9101N
Siemens AG
24 July 2003

Ad-hoc Q3



Siemens in the third quarter (April 1 to June 30) of fiscal 2003

*        Net income was Euro632 million, compared to Euro725 million in the third
         quarter a year earlier.

*        Group profit from Operations was Euro1.023 billion, compared to Euro1.098
         billion in the same period a year ago. A majority of Siemens Groups 
         increased their earnings.

*        Sales of Euro17.380 billion and orders of Euro17.215 billion were down 15%
         and 10%, respectively, from the third quarter a year earlier. Excluding 
         currency translation and the net effect of acquisitions and 
         dispositions, orders were down 1% and sales were down 7%.

*        Net cash from operating and investing activities for the first nine
         months of fiscal 2003 was Euro527 million. Net cash of Euro3.206 billion in 
         the same period a year earlier benefited from Euro945 million in net 
         proceeds from portfolio activities. Net cash in the current nine-month 
         period included an acquisition payment of Euro505 million, approximately 
         Euro850 million of increases in investments and marketable securities and 
         supplemental pension contributions totaling Euro442 million in the first 
         quarter. Net cash from operating and investing activities for the third 
         quarter was Euro266 million.

"I am satisfied with our third-quarter result," said Siemens CEO Heinrich v.
Pierer. "While the absence of demand growth in key markets, combined with
significant currency translation effects, lowered sales and orders
year-over-year, the trend is more gradual on a consecutive-quarter basis. It is
even more satisfying that most of our Groups were able to move further toward
their target earnings ranges for fiscal 2003. I expect a similarly positive
performance in the fourth quarter. Clearly the Operation 2003 measures are
taking effect, and they are being consistently applied."






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