OREANDA-NEWS. "Results for the second quarter show a mixed picture. While we were able to clearly increase orders, we still have challenges regarding revenue and profit. Even more we're focusing on the factors that lie in our own hands: we're rigorously executing our company-wide Siemens 2014 program."

Peter Loscher, President and Chief Executive Officer of Siemens AG

Financial Highlights:*
Orders for the second quarter rose 20% year-overyear, to EUR 21.451 billion, due primarily to large orders. The book-to-bill ratio was 1.19, and Siemens' order backlog increased to EUR 101 billion at the end of the quarter.
Revenue for the second quarter was EUR 18.011 billion, 7% below the prior-year level.
Total Sectors Profit declined to EUR 1.374 billion due primarily to lower profit in Industry and Infrastructure & Cities.
Income from continuing operations increased slightly to EUR 982 million. For comparison, the prior-year period included an equity investment loss of EUR 640 million related to NSN.
Net income improved to EUR 1.030 billion, including a positive contribution from discontinued operations. Corresponding basic EPS was EUR 1.20, up from EUR 1.03 in the prior-year period, benefiting from share buybacks between the periods under review.
Free cash flow from continuing operations improved to EUR 1.375 billion from EUR 532 million in the second quarter a year ago.


* At the end of the second quarter Siemens' solar business no longer fulfilled the conditions to be classified as discontinued operations according to IFRS. It was therefore reclassified to continuing operations and its results are reported within the Energy Sector. Results for prior periods are presented on a comparable basis. Siemens still intends to exit the solar business.