Overall, Siemens increased revenue in the third quarter on a comparable basis - i.e. excluding currency translation and portfolio effects - by 4% to €17.9 billion (Q3 2021: €16.1 billion). Order intake increased by 1% on a comparable basis to EUR 22.0 billion (Q3 2021: EUR 20.5 billion) and by 20% on a comparable basis since the start of the financial year to EUR 67.2 billion (Q1-Q3 2021: EUR 52.3 billion). At 1.23, the ratio of incoming orders to sales ('book-to-bill ratio') is once again at a high level. The order backlog reached EUR 99 billion, a new record level.

Industrial Business earnings increased by 27% to EUR 2.9 billion (Q3 2021: EUR 2.3 billion) and include a gain of EUR 739 million from the sale of Yunex Traffic. The earnings margin Industrial Business improved to 17.0% after 14.9% in the same quarter of the previous year. The loss after tax reached minus €1.5 billion after a profit after tax of €1.5 billion in the third quarter of 2021. The decline is due to the non-cash impairment of the investment in Siemens Energy amounting to €2.7 billion and Russia-related charges totaling €0.6 billion.

Digital Industries and Smart Infrastructure

Digital Industries ' order intake grew on a comparable basis across all businesses and regions by a total of 32% to €6.5 billion. Sales revenue also increased on a comparable basis in all business units and regions by a total of 12% to EUR 4.9 billion. The strongest contribution came from the Motion Control and Factory Automation businesses.

Siemens CEO Dr. Roland Busch: "I am particularly proud of the automation business of Digital Industries - we have once again gained market share here. Sales increased by 15 percent, despite the challenges in the supply chains."

© Sven Hoppe/dpa

Earnings amounted to EUR 901 million and exceeded the previous year's quarterly figure by 6%, while the earnings margin was 18.3%. Profitability was mainly impacted by bottlenecks in components for high-margin electronic products as well as lower sales revenue in the product lifecycle management business and higher expenses for cloud-based activities, including the effects of converting parts of the business to software-as-a-service.

In Smart Infrastructure, incoming orders increased by 26% on a comparable basis to EUR 5.5 billion. Growth was driven by all divisions and all three reporting regions, with a particularly strong contribution from the USA, mainly due to the continued strong demand for data centers. On a like-for-like basis, sales grew by 10% to EUR 4.4 billion across all businesses, with the highest contribution from the Electrical Products business. Geographically, the Americas and Europe were the main drivers of growth, while sales in China declined on a like-for-like basis due to the impact of COVID-19 lockdowns. Earnings increased by 31% to EUR 562 million compared to EUR 428 million in the same quarter of the previous year.

Mobility generated incoming orders of EUR 2.8 billion (Q3 2021: EUR 5.1 billion), whereby the previous year's figure was exceptionally high due to a major order of EUR 2.8 billion in the Americas region. Sales revenue rose by 4% on a comparable basis to EUR 2.5 billion in the quarter under review (Q3 2021: EUR 2.3 billion), while earnings of EUR 704 million benefited primarily from a gain of EUR 739 million from the sale of Yunex.

Looking to the future

The Siemens Group continues to expect revenue growth on a comparable basis (adjusted for currency translation and portfolio effects) of 6 to 8% and a book-to-bill ratio of over 1.

For Digital Industries, like-for-like revenue growth of between 9% and 12% and an earnings margin of between 19% and 21% are still forecast for the 2022 financial year. Smart Infrastructure continues to expect like-for-like revenue growth of 6% to 9% and an earnings margin of between 12% and 13% in the 2022 financial year. And Mobility continues to anticipate sales revenue at the previous year's level in the 2022 financial year. The earnings margin is now expected to be between 7.5% and 8.5% (previously between 10% and 10.5%).