Strong Performance in Challenging Markets - Revenue and income for Siemens rose in the first quarter despite weaker demand and a global financial crisis. Total Sectors profit climbed 20% led by the Energy Sector. Income from continuing operations also rose strongly. - Orders declined 8% from the prior year's record level but the book-to-bill ratio remained well above 1. Revenue increased 7% supported by strong prior year order growth. - Siemens remains committed to its 2009 targets despite more challenging market conditions.

1. Strong Performance in Challenging Markets
Revenue and Income Rise
Book-to-Bill Robust
Financial highlights:
Peter Löscher, President and Chief
Executive Officer of Siemens AG
• Orders of €22.220 billion came in 8% below the
record high level of the prior-year quarter. The or-
der backlog included no major cancellations.
“Siemens got off to a
good start in fiscal
• Revenue rose 7% to €19.634 billion, supported by
2009, including better
strong order growth in recent years.
order development
than most of our
• Total Sectors profit climbed 20%, to €2.005 billion,
competitors in the first
led by broad-based profit growth in Energy.
quarter,” commented
Siemens CEO Peter
• Income from continuing operations rose 17%, to
Löscher. “Revenue increased strongly, and
€1.260 billion, on higher Total Sectors profit.
we have a robust book-to-bill above one.
Total Sectors profit clearly exceeded the • Net income was €1.230 billion in the first quarter.
prior-year level. Therefore we are sticking A year earlier, net income of €6.475 billion for the
quarter included approximately €5.4 billion in in-
to our 2009 targets, even though reaching
come from discontinued operations related to
them has become more ambitious. While
Siemens VDO Automotive.
we are closely monitoring market condi-
tions on a quarterly basis, we are progress-
• Free cash flow was a negative €1.574 billion com-
ing through the year strong, confident and
pared to a negative €217 million in the prior-year
focused.”
period. The current period includes payments to-
taling €1.230 billion associated with legal pro-
ceedings, SG&A reduction and transformation
programs initiated in fiscal 2008.
Table of contents
Siemens 2-4
Sectors, Equity Investments, Media Relations: Wolfram Trost
Cross-Sector Businesses 5-11 Phone: +49 89 636-34794
E-mail: wolfram.trost@siemens.com
Other operating and
corporate activities 12 Siemens AG, 80200 Munich, Germany
Subsequent Events
and Outlook 13
Note and Disclaimer 14
Earnings Release Q1 2009
(October 1 to December 31, 2008)
Munich, January 27, 2009

2. Siemens 2
Orders and Revenue
Revenue rises and book-to-bill Revenue increases in Broad-based order decline takes in
remains well above 1 all Sectors and regions all regions, most Divisions
First-quarter revenue rose to Revenue rose in all three Sectors, led In an environment of slowing global
€19.634 billion, a 7% increase com- by double-digit growth throughout growth and a worldwide financial
pared to the same period a year the Energy Sector. The Healthcare crisis, weaker demand was notice-
earlier. Revenue growth was sup- Sector also posted double-digit able throughout Siemens’ business.
ported strongly by high order growth including new volume from Orders climbed 3% in Healthcare but
growth in the past two fiscal years. the acquisition of Dade Behring declined in Industry and Energy
Orders exceeded revenue, at Holdings Inc. (Dade Behring) at the where a majority of Divisions had
€22.220 billion but declined 8% Diagnostics Division. lower or level orders year-over-year.
compared to the record high first
quarter a year earlier. The book-to- On a geographic basis, revenue rose All regions posted lower orders.
bill ratio for the current period was in all three reporting regions of Within the Asia/Australia region vol-
1.13. Siemens, with particular strength in ume declined significantly in China,
the Americas and Asia, Australia. The where the Industry Solutions Divi-
The net effect of currency transla- Fossil Power Generation and Renew- sion and Power Transmission Divi-
tion was neutral for revenues and able Energy Divisions led revenue sion had large orders in the prior-
orders. On an organic basis, exclud- higher in the Americas, while in year period. Orders came in lower in
ing currency effects and portfolio Asia, Australia the largest revenue the Americas due primarily to the
transactions, revenue rose 8% and increases came at the Power Trans- Renewable Energy and Oil & Gas
orders came in 7% lower compared mission and Industrial Solutions Divisions, which benefited from
to the prior-year quarter. Divisions. surging demand in the U.S. a year
earlier. Orders rose 12% in Germany
on the strength of a large order at
the Mobility Division.
New Orders & Revenue
Book-to-bill
% Change
Q1 Q1
1.32 1.29 1.23
1.13
1.03 Actual Adjusted*
2008 2009
New Orders 24,242 22,220 (8)% (7)%
24,242 18,400 23,371 18,094 23,677 19,182 22,205 21,651 22,220 19,634
Revenue 18,400 19,634 7% 8%
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009
Figures in millions of € Figures in millions of €
New Orders Revenue Book-to-bill ratio * Excluding currency translation and portfolio
effects
New Orders & Revenue by Region New Orders & Revenue by Sectors
(11)% (6)% (4)%
(11)% (6)% 3%
New Orders
New Orders
(2)% 14% (15)% (10)% (16)% (27)% 1%
(6)% 12% (10)% (2)% (15)% (19)% (8)%
1,445 1,176
11,0019,831 9,079 8,534 2,806 2,896
13,87113,076 3,505 3,930 6,102 5,498 4,362 4,258 4,269 3,646 638 585
Europe,
therein: therein: Asia, therein: therein: Industry Energy Healthcare
Americas
C.I.S.*, Africa,
Germany U.S. Australia China India Sector Sector Sector
Middle East
1% 25% 3%
2% 24% 11%
Revenue
Revenue
6% 2% 9% 6% 9% 2% 4%
2% 0% 15% 16% 11% 10% (5)%
1,095 1,200 9,174 9,351 5,035 6,232 2,653 2,936
10,88611,089 3,155 3,165 4,663 5,370 3,511 4,063 2,851 3,175 380 361
Figures in millions of € Figures in millions of €
Q1 2008 Q1 2009 Actual change * Commonwealth of Independent States Q1 2008 Q1 2009 Actual change
Adjusted change (throughout excluding currency translation and portfolio effects) Adjusted change

3. Siemens 3
Income and Profit
Businesses and Siemens Real Estate
Total Sectors profit climbs led Income from continuing operations
(SRE), as well as negative results of
by Energy and Healthcare climbs on higher Sectors profit
hedging activities not qualifying for
Total Sectors profit for the first quar- Income from continuing operations hedge accounting.
ter climbed 20% year-over-year, to grew to €1.260 billion, up 17%
€2.005 billion. Energy was the pri- compared to the first quarter a year Clean quarter for net income
mary driver of Sectors profit growth, earlier. Basic EPS on a continuing
with a strong profit rebound in the Net income in the first quarter was
basis rose to €1.43 from €1.14 in
fossil power business compared to €1.230 billion, with a corresponding
the prior-year period. The major
the first quarter a year earlier and EPS of €1.40. A year earlier, net in-
factor in these increases was higher
double-digit profit increases at all come of €6.475 billion and EPS of
Total Sectors profit year-over-year.
other Divisions. Higher revenue hel- €7.04 benefited substantially from
Other positive factors were lower
ped lift Sector profit at Healthcare as approximately €5.4 billion in income
expenses for Corporate items includ-
well. Industry made the largest con- from discontinued operations, pri-
ing legal and regulatory matters,
tribution to Total Sectors profit in marily related to the sale of Siemens
higher income from Equity Invest-
the first quarter, but saw a decline VDO Automotive (SV).
ments, and continued progress in
compared to the prior-year period closing out Other Operations. These
due primarily to a sharp decline in positive factors more than offset
the industrial automation business. lower income from Cross-Sector
Total Sectors Profit Earnings per Share (EPS)*
2,005 7.04
1,673
342
20%
332
756 1.43 1.40
1.14
347
994 907
Income from Net income
continuing
Q1 2008 Q1 2009
operations
Figures in millions of € Figures in millions of €
Sectors: Industry Energy Healthcare Q1 2008 Q1 2009
% Change * Basic
Income
5,397
17% (81)%
n/a
1,260 1,230
1,078
(30) 6,475
Income from continuing Income from discontinued Net income
operations operations Figures in millions of €
Q1 2008 Q1 2009 % Change

4. Siemens 4
Cash, Return on Capital Employed (ROCE), Pension Funding Status
and Investigation Expenses
Pension underfunding
Free cash flow impacted ROCE rises on higher income
increases on higher DBO
by compliance payments
On a continuing basis, return on
capital employed (ROCE) increased
The estimated underfunding of Sie-
Free cash flow from continuing op-
to 12.9% from 11.6% in the first
mens' principal pension plans as of
erations was a negative €1.574 bil-
quarter a year earlier on higher in-
December 31, 2008 amounted to
lion compared to a negative €217
come from continuing operations in
approximately €4.3 billion, com-
million in the first quarter a year
the current period.
pared to an underfunding of ap-
ago. The current quarter includes
proximately €2.5 billion at the end
substantial increases in net working
Compliance expenses fall again as
of fiscal 2008. The decline in fund-
capital in the Sectors and centrally
major legal proceedings conclude
ing status is due primarily to a sig-
taken cash outflows totaling €1.008
nificant decrease in the discount rate
billion related to resolution of legal
Siemens concluded the legal pro-
assumption at December 31, 2008,
proceedings in the U.S. and Ger-
ceedings mentioned above during
which increased Siemens’ estimated
many. Cash outflows for previously
the first quarter. Expenses within
defined benefit obligation (DBO).
recorded charges related to project
continuing and discontinued opera-
reviews, restructuring, and SG&A
tions for outside advisors in connec-
reduction totaled €222 million.
tion with these matters totaled €50
million, well down from €127 mil-
lion in the prior-year period and €89
million in the previous quarter.
Cash conversion*
Free cash flow
(1,574) (77) (801) (1,651)
(217) (0.20)
(584)
<(200)% 87% (106)%
(1.25)
Continuing operations Discontinued operations Con. and discon. operations
Figures in millions of €
Q1 2008 Q1 2009
Q1 2008 Q1 2009 % Change
* continuing operations
ROCE* Pension funding status
Sept. 30, 2008 Dec. 31, 2008
(2.5) (4.3)
11.6% 12.9%
Figures in millions of € Figures in billion of €
Q1 2008 Q1 2009
* continuing operations

5. Sectors 5
Industry Sector
Market conditions hold back Profitability below peak
Sector profit development but within target range
Industry
Industry led all Sectors with profit of Industry Automation produced
€907 million in the first quarter. For €255 million in profit in the first
comparison, Sector profit was €994 quarter and its profit margin re-
million in the first quarter a year mained in its target range. Neverthe-
earlier. The primary factor in the less income declined year-over-year,
difference year-over-year was the with lower profits and margins in
Industry Automation Division, which nearly all business units. For com-
remained the top income contribu- parison, income in the prior-year
tor in the Sector but saw profitability period benefited from a €36 million
drop from a peak profit margin in gain on the sale of a business. Pur-
the prior-year quarter due to lower chase price accounting (PPA) effects
volume and a less favorable product in the current quarter, associated
mix. Osram’s contribution to Sector with the acquisition of UGS Corp.,
profit fell also, as its markets became were €35 million and trimmed ap-
more challenging. The other four proximately 180 basis points from
Divisions within Industry all in- the Division’s profit margin. In the
creased their profit, including dou- same quarter a year earlier, PPA
ble-digit increases at Building Tech- effects of €48 million and integra-
nologies, Industry Solutions and tion costs of €5 million related to
Mobility. UGS took approximately 250 basis
points from the profit margin. Reve-
First-quarter revenue for Industry nue of €1.977 billion was 5% lower
rose 2% compared to the prior-year than in the prior-year quarter and
period, while orders came in 11% orders came in 14% lower year-over-
lower. On an organic basis, exclud- year, as customers delayed restock-
ing currency translation and portfo- ing in the face of uncertain down-
lio effects, revenue rose 1% and stream demand.
orders declined 11% year-over-year.
All Divisions except Industry Auto- Rising revenue lifts profit
mation and Osram increased their Drive Technologies produced profit
revenues compared to the prior-year of €233 million and 8% revenue
period. Revenue growth was strong- growth from a large order backlog
est in the Asia, Australia region. benefiting in part from the high-
Orders showed exposure to global growth wind power business. The
macroeconomic conditions, with Division recorded PPA effects of €9
declines in all regions. The Industry million in the current quarter and
Sector’s book-to-bill ratio was 1.05 €10 million in the prior-year period.
compared to 1.2 in the prior-year Orders declined mainly on slowing
period. demand in short-cycle businesses,
most notably the electronics assem-
bly unit which posted a loss of €27
million on lower business volume.
New Orders & Revenue Sector
Profit Sector Profit margin Sector
1.20 1.05
9-13%
(11)% 1%
(11)% 2%
(9)%
11,001 9,174 9,831 9,351
994 907 10.8% 9.7%
Q1 2008 Q1 2009
Figures in millions of €
Figures in millions of €
New Orders Revenue Book-to-bill
Q1 2008 Q1 2009 Actual change Q1 2008 Q1 2009 Margin range
Actual change vs. previous year
Adjusted change vs. previous year

6. Sectors 6
Better business mix Revenue and profit lower Metals technologies business
benefits profitability in weakening markets again drives performance
Industry
Building Technologies raised its Profit at Osram decreased to €92 All business units in Industry Solu-
first-quarter profit to €124 million million despite positive effects from tions contributed to the increase in
benefiting from a significant im- hedging activities not qualifying for first-quarter profit. The Division’s
provement in its business mix be- hedge accounting. Profitability was large metals technologies unit led
tween the periods under review. influenced by lower capacity utiliza- first-quarter revenue and profit-
Orders were level year-over-year tion, as revenue fell 8% including growth, continuing to convert its
despite a general slowdown in continued weakness in the automo- substantial backlog into current
commercial construction, tive market. Osram expects charges business. Orders came in lower
particularly in the U.S. in coming quarters related to im- compared to the record level of the
proving its cost structure and prior-year quarter.
product mix.
Project execution on track
Mobility delivered profit of €85
million in the first quarter, benefit-
Profit by Division ing from a €10 million positive effect
related to settlement of a claim in
415
the rolling stock business. For com-
33% (27)% 31% 93%
255 233
225 parison, profit of €44 million in the
126
124 119 prior-year period was burdened by
93 92 91 85
44
(39)% 4% €32 million in charges related to
Combino. Orders rose 8% in the
Industry Drive Building Osram Industry Mobility
quarter, including a major contract
Automation Technologies Technologies Solutions
win in Germany.
Figures in millions of €
Q1 2008 Q1 2009 Actual change
Profit margin by Division
12-17% 11-16% 7-10% 10-12% 5-7% 5-7%
19.9%
12.9% 11.4% 11.0% 10.6% 8.4%
6.5% 8.1% 5.3% 6.6% 3.1% 5.4%
Industry Drive Building Osram Industry Mobility
Automation Technologies Technologies Solutions
Q1 2008 Q1 2009 Margin ranges
New Orders: Weight of Divisions*
New Orders & Revenue by Division
Industry Automation
Drive
19% Technologies
20%
New Orders
Mobility 18%
(13)% (16)% (3)% (7)% (24)% 9% 15% Building
18% 10%
(14)% (15)% 0% (8)% (25)% 8% Technologies
Industry
2,281 1,953 2,505 2,141 1,539 1,545 1,193 1,097 2,567 1,916 1,775 1,924
Solutions Osram
Industry Drive Building Industry
Revenue: Weight of Divisions*
Osram Mobility
Automation Technologies Technologies Solutions
Industry Automation
20% Drive
21% Technologies
Revenue
15%
Mobility
(4)% 6% 3% (7)% 3% 11%
(5)% 8% 7% (8)% 5% 9% 15%
18% Building
11%
Industry
2,089 1,977 1,974 2,123 1,434 1,531 1,193 1,097 1,708 1,796 1,440 1,564 Technologies
Solutions Osram
Figures in millions of €
• • * unconsolidated basis
Q1 2008 Q1 2009 Actual change Adjusted change

7. Sectors 7
Energy Sector
Conversion of order backlog The Sector’s book-to-bill ratio was
drives profit increases strong at 1.37, though well down
Energy
The Energy Sector turned in a from 1.8 in the prior-year quarter.
strong first quarter, with all Divisions
delivering higher profits compared Clean quarter, profitable growth
to the prior-year period as well as Fossil Power Generation led all
profit margins within their target Siemens Divisions with €289 million
ranges. This sent Sector profit up to in profit and brought its profit mar-
€756 million for the quarter, well gin into its target range. A year ear-
above the prior-year period. Fossil lier, first-quarter profit was bur-
Power Generation drove Sector dened by the substantial charges
profit growth year-over-year, as its mentioned above. Revenue climbed
prior-year results were burdened by 25%, reflecting strong order growth
more than €200 million in charges. in recent years. Orders continued to
Strong order backlogs at Renewable grow at a robust rate, rising 16% to
Energy and Oil & Gas enabled both €3.997 billion including the growth
Divisions to raise revenue, increase in Asia, Australia mentioned above.
capacity utilization and significantly The Division expects substantial
improve their profit margins. Power volatility in equity investment in-
Transmission and Power Distribution come in coming quarters.
continued to compete successfully in
increasingly challenging markets for Continued ramp-up
power infrastructure. drives profit higher
Renewable Energy generated €101
First-quarter revenue for Energy rose million in profit on revenue of €713
24% year-over-year, to €6.232 bil- million in the first quarter. Both fig-
lion, as all Divisions converted a high ures represent high double-digit
level of prior orders into current increases compared to the first quar-
business. The Sector saw no material ter a year ago, as the Division
order cancellations in its backlog matched new production capacity to
during the quarter. As expected, a robust order backlog. As expected,
orders declined 6% due primarily to orders in the quarter came in lower
the Renewable Energy and Oil & Gas compared to the prior-year period,
Divisions. While Renewable Energy which included a higher level of
took in a lower level of large orders large orders.
compared to the prior-year quarter,
market conditions for Oil & Gas
cooled compared to surging demand
in the prior-year period. On a geo-
graphic basis, revenue rose in all
regions led by the Americas, while
orders grew in the Asia, Australia
region on particular strength at
Fossil Power Generation.
Profit Sector New Orders & Revenue Sector
Profit margin Sector
1.80 1.37
11-15%
(6)% 25%
(6)% 24%
118% 9,079 5,035 8,534 6,232
347 756 6.9% 12.1%
Q1 2008 Q1 2009
Figures in millions of € Figures in millions of €
Q1 2008 Q1 2009 Actual change New Orders Revenue Book-to-bill
Q1 2008 Q1 2009 Margin range
Actual change vs. previous year
Adjusted change vs. previous year

8. Sectors 8
as expected, but the Division’s book-
Strong increase in profitability Power Transmission posted profit
to-bill ratio for the quarter was well
The Oil & Gas Division contributed of €152 million in the first quarter,
above 1 and its order backlog re-
Energy
€106 million to first-quarter Sector up 22% compared to the prior-year
mained robust.
profit and brought its profit margin period, on a 21% increase in reve-
into the target range. Revenue rose nue. First-quarter orders for the Divi-
27% year-over-year on conversion of Delivering sustained profit growth sion were nearly unchanged year-
The Energy Sector’s two power grid
the Division’s strong order backlog. over-year. Power Distribution in-
infrastructure businesses continued
Orders in the current period came in creased first-quarter profit even
to deliver steady profit growth in
lower than in the prior-year period, more sharply, to €107 million, as all
their profit margin ranges. business units improved profitability
compared to the same period a year
earlier. Revenue rose 10% year-over-
year, while orders came in 7% lower.
Profit by Division
22%
>200% 94% 61% 37%
25 289 52 101 66 106 125 152 78 107
Fossil Power Renewable Oil & Gas Power Power
Generation Energy Transmission Distribution
Figures in millions of €
Q1 2008 Q1 2009 Actual change
Profit margin by Division
11-15% 12-16% 10-14% 10-14% 11-15%
1.3% 12.2% 12.5% 14.2% 8.0% 10.1% 10.0% 10.1% 10.7% 13.3%
Fossil Power Renewable Oil & Gas Power Power
Generation Energy Transmission Distribution
Q1 2008 Q1 2009 Margin ranges
New Orders & Revenue by Division New Orders: Weight of Divisions*
Fossil Power Generation
Power 45%
Distribution 10%
New Orders
14% (38)% (24)% 1% (6)%
7%
22%
Power
16% (37)% (26)% 0% (7)% 16% Renewable
Transmission Energy
3,431 3,997 1,032 648 1,847 1,360 1,924 1,915 920 857
Oil & Gas
Fossil Power Renewable Power Power
Oil & Gas
Generation Energy Transmission Distribution Revenue: Weight of Divisions*
Fossil Power Generation
37%
Power
Distribution 13%
Revenue
23% 71% 32% 21% 12% 11% Renewable
25% 71% 27% 21% 10% Energy
23% 16%
Power
1,901 2,373 417 713 827 1,048 1,244 1,500 732 805
Oil & Gas
Transmission
Figures in millions of €
• •
Q1 2008 Q1 2009 Actual change Adjusted change * unconsolidated basis

9. Sectors 9
Healthcare Sector
Solid revenue and profit growth Profit margin expansion in
in tough market conditions a challenging environment
Healthcare
The Healthcare Sector continued to Imaging & IT increased first-quarter
compete successfully in a challeng- profit 13% year-over-year, to €262
ing environment, as slower growth million. The overall medical imaging
and tighter credit conditions spread market in the U.S. remains challeng-
beyond the U.S. to other regions. ing, with demand limited by tight
First-quarter Sector profit increased credit and the Deficit Reduction Act
to €342 million and the Imaging & IT (DRA). Nevertheless, Imaging & IT
Division was one of Siemens’ top achieved a 7% rise in revenue and a
profit contributors in the quarter. 1% increase in orders. On an organic
Charges related to a major project at basis, revenue was up 4% and orders
Workflow & Solutions held back were 2% below the level of the prior-
profit growth year-over-year. The year period.
Diagnostics Division recorded a total
of €66 million in PPA effects and Solid performance and
integration costs associated with lower integration costs
acquisitions, including Dade Behring. Diagnostics contributed €83 million
PPA effects and integration costs to Sector profit in the first quarter,
reduced Sector profit margin by 220 up from €67 million in the same
basis points in the first quarter, quarter a year earlier. For compari-
compared to 320 basis points in the son, that prior-year period included
prior-year period. only two months of income from
Dade Behring. PPA effects and inte-
Healthcare’s first-quarter revenue gration costs related to acquisitions
and orders rose 11% and 3%, respec- reduced Diagnostics’ profit margin
tively, including new volume from by approximately 760 basis points in
the acquisition of Dade Behring. the current quarter, including PPA
Book-to-bill for the Sector was 0.99 effects of €46 million and integra-
compared to 1.06 in the same quar- tion costs of €20 million.
ter a year ago.
Profit Sector Profit margin Sector New Orders & Revenue Sector
14-17% 1.06 0.99
(4)% 3%
3% 11%
2,806 2,653 2,896 2,936
3%
332 342 12.5% 11.6%
Q1 2008 Q1 2009
Figures in millions of € Figures in millions of €
Q1 2008 Q1 2009 Actual change Q1 2008 Q1 2009 Margin range New Orders Revenue Book-to-bill
Actual change vs. previous year
Adjusted change vs. previous year

10. Sectors 10
A year earlier, first-quarter PPA and more than 20% in the current pe- Solutions business impacted
integration costs at Diagnostics were riod, benefiting from an additional by further charges
Healthcare
Workflow & Solutions posted a loss
€51 million and €35 million, respec- month of volume from Dade Behring
of €6 million in the first quarter. This
tively, and cut more than 1200 basis compared to the prior-year period.
result included €41 million in further
points from profit margin. Revenue On an organic basis, revenue rose
charges related to project delays in
and orders for the Division both rose 2% and orders were up 1%.
the particle therapy business, partly
offset by €11 million in divestment
gains.
Profit by Division
24%
n/a
13% 83
67
35
232 262
(6)
Imaging & IT Workflow & Solutions Diagnostics
Figures in millions of €
Q1 2008 Q1 2009 Actual change
Profit margin by Division
14-17% 11-14% 16-19%
14.8%
14.1%
10.1% 9.5%
9.4%
(1.6)%
Imaging & IT Workflow & Solutions Diagnostics
Q1 2008 Q1 2009 Margin ranges
New Orders & Revenue by Division New Orders: Weight of Divisions*
60% Imaging & IT
New Orders
Diagnostics 29%
(2)% (17)% 1%
1% (15)% 21%
11%
1,755 1,769 396 335 713 864 Workflow & Solutions
Workflow &
Imaging & IT Diagnostics Revenue: Weight of Divisions*
Solutions
Imaging & IT
59%
4% 6% 2% Diagnostics 29%
Revenue
7% 7% 22%
12%
1,650 1,769 348 373 712 872
Workflow & Solutions
Figures in millions of €
• •
Q1 2008 Q1 2009 Actual change Adjusted change * unconsolidated basis

11. Equity Investments and Cross-Sector Businesses 11
Equity Investments and Cross-Sector Businesses
Higher profits benefit from of Equity Investments include Nokia increase benefited from sales of
lower loss related to NSN Siemens Networks B.V. (NSN) and equity investments. In addition, the
Equity Investments includes equity Bosch und Siemens Hausgeräte equity investment loss related to
stakes not allocated to a Sector or GmbH. Equity investments in the NSN fell to €7 million from €37 mil-
Cross-Sector Business by reason of first quarter recorded a profit of €85 lion in the prior-year period. Income
strategic fit as well as available-for- million compared to €36 million in from Equity Investments is expected
sale securities. Major components the first quarter a year earlier. The to be volatile in coming quarters.
Lower contribution from
Cross-Sector Businesses
Siemens IT Solutions and Services quarter a year earlier. Revenue de- the prior-year level at €1.231 billion.
posted a profit of €46 million com- clined 4% year-over-year, to €1.289 On an organic basis, revenue was up
pared to €70 million in the first billion. Orders came in slightly above 1% and orders rose 6%.
Profit margin New Orders & Revenue
Profit
0.96
0.91
5-7%
6% 1%
0% (4)%
(34)%
1,225 1,340 1,231 1,289
70 46 5.2% 3.6%
Q1 2008 Q1 2009
Figures in millions of €
Figures in millions of €
Q1 2008 Q1 2009 Margin range New Orders Revenue Book-to-bill
Q1 2008 Q1 2009 Actual change
Actual change vs. previous year
Adjusted change vs. previous year
Income before income taxes at Sie- equity business. Total assets rose to Income before income taxes divided
mens Financial Services (SFS) de- €12.042 billion, driven in part by by average allocated equity, which
clined, due primarily to a significant growth in customer financing activ- was €1.129 billion in the first quar-
increase in reserves for the commer- ity. Return on Equity (ROE) de- ter of fiscal 2009 and €863 million in
cial finance business. This was partly creased but remained above the the first quarter of fiscal 2008.
offset by a higher profit in the target range. ROE calculated as
Profit Total Assets ROE
20-23%
6%
(14)%
77 66 11,328 12,042 35.7% 23.4%
Figures in millions of € Figures in millions of €
Q1 2008 Q1 2009 Actual change Sept. 30, 2008 Dec. 31, 2008 Q1 2008 Q1 2009 RoE range
Actual change

12. Other Operations, Corporate Activities and Eliminations 12
Other Operations, Corporate Activities and Eliminations
SHC divested as close-out of Real estate disposals continue obligation and a positive effect re-
Other Operations progresses Income before income taxes at SRE lated to shifting an employment
Other Operations consist primarily of was €45 million in the first quarter, bonus program from cash-based to
operating business activities not down from €139 million in the same share-based payment.
allocated to a Sector or Cross-Sector period a year earlier, primarily due to
Business. By the end of fiscal 2009, lower gains from sales of real estate. Centrally carried pension expense
these activities are to be integrated SRE intends to continue real estate swung to a negative €70 million
into a Siemens Sector or Cross- disposals in coming quarters, de- from a positive €23 million in the
Sector Business, divested, moved to pending on market conditions. first quarter a year earlier, due pri-
a joint venture, or closed. During the marily to higher benefit costs related
first quarter, Siemens again made Central costs fall on lower com- to Siemens’ principal pension plans
good progress in the implementa- pliance expenses, one-time gains compared to the prior-year period.
tion of the program. Accordingly, Corporate items and pensions
first-quarter revenue fell to €264 totaled a negative €236 million in Impact from U.S.
million from €708 million in the the first quarter compared to a nega- interest rate hedges
prior-year period, and the loss from tive €315 million in the same period Income before income taxes from
a year earlier. The improvement was
Other Operations dropped to €13 Eliminations, Corporate Treasury and
million from €64 million in the first due to Corporate items, which were other reconciling items in the first
quarter a year earlier. The prior-year a negative €166 million compared to quarter was a negative €263 million
period included a goodwill impair- a negative €338 million in the prior- compared to a negative €99 million
ment of €70 million related to a year period. Within this change, in the prior-year period. The decline
building and infrastructure business, expenses for outside advisors en- was due mainly to results of hedging
and a profit of €14 million at Sie- gaged in connection with investiga- activities not qualifying for hedge
mens Home and Office Communica- tions into legal and regulatory mat- accounting related to a decline in
tion Devices (SHC). As previously ters fell to €49 million from €93 U.S. dollar interest rates.
reported, Siemens completed the million in the first quarter a year
transfer of an 80.2% stake in Sie- earlier. In addition, the current pe-
mens Home and Office Communica- riod benefited from a gain relating
tions Devices GmbH & Co. KG to to a major asset retirement
ARQUES Industries AG at the begin-
ning of the current quarter.

13. Subsequent Events & Outlook 13
Subsequent Events
On January 26, 2009, after the close
of the first quarter, Siemens an-
nounced that it will terminate the
Shareholders Agreement for the
joint venture Areva NP S.A.S. as con-
tractually specified effective latest
January 30, 2012, and sell its 34%
minority interest in Areva NP S.A.S.
to the majority shareholder Areva
S.A. under the terms of a put
agreement. The transaction is sub-
ject to the approval of antitrust au-
thorities.
Outlook
Achieving previously announced diminish due to continued adverse
income targets for fiscal 2009 has market development. This outlook
become even more ambitious due to excludes impacts from legal and
market conditions. Total Sectors regulatory matters. As in the past,
profit is targeted to reach €8.0 to Siemens continues to closely moni-
€8.5 billion in fiscal 2009, provided tor global financial and macroeco-
that customers do not materially nomic developments and their po-
slow conversion of booked orders to tential impact on Siemens.
revenue and pricing does not further

14. Note and Disclaimer 14
Note and Disclaimer
Earnings before interest and taxes, accordance with IFRS in our Consoli-
All figures are preliminary and un-
or EBIT (adjusted); Earnings before dated Financial Statements. Infor-
audited. This Earnings Release should
interest, taxes, depreciation and mation for a reconciliation of these
be read in conjunction with informa-
amortization, or EBITDA (adjusted); amounts to the most directly compa-
tion Siemens published today regard-
Return on capital employed (ROCE); rable IFRS financial measures is
ing legal proceedings. More detailed
Return on equity (ROE); Free cash available on our Investor Relations
disclosure, particularly regarding legal
flow; and Cash conversion rate are website under
proceedings, is provided in the annual
non-GAAP financial measures. These
report. www.siemens.com/investors -> Finan-
non-GAAP financial measures should cial Publications. “Profit Total Sectors”
not be viewed in isolation as alterna- is reconciled to “Income from con-
Financial Publications are available for
tives to measures of our financial tinuing operations before income
download at:
condition, results of operations or taxes” in the table “Segment Infor-
www.siemens.com/ir Publications &
cash flows as presented in mation.”
Events.
Beginning today at 07:45 a.m. CET, This document contains forward- crises; future financial performance of
the press conference at which CEO looking statements and information – major industries that we serve, includ-
Peter Löscher and CFO Joe Kaeser that is, statements related to future, ing, without limitation, the Sectors
discuss the quarterly figures will be not past, events. These statements Industry, Energy and Healthcare; the
broadcast live on the Internet at may be identified by words such as challenges of integrating major acqui-
sitions and implementing joint ven-
www.siemens.com/pressconference. “expects,” “looks forward to,” “antici-
A recording of the press conference pates,” “intends,” “plans,” “believes,” tures and other significant portfolio
will subsequently be made available “seeks,” “estimates,” “will,” “project” or measures; introduction of competing
as well. Starting at 08:45 CET, Peter words of similar meaning. Such state- products or technologies by other
Löscher and Joe Kaeser will hold a ments are based on our current expec- companies; lack of acceptance of new
telephone conference in English for tations and certain assumptions, and products or services by customers
analysts and investors, which can be are, therefore, subject to certain risks targeted by Siemens; changes in busi-
followed live at and uncertainties. A variety of factors, ness strategy; the outcome of pending
investigations and legal proceedings,
www.siemens.com/analystcall. many of which are beyond Siemens’
control, affect our operations, per- including corruption investigations to
Starting today at 10 a.m. CET, we formance, business strategy and re- which we are currently subject and
will also provide a live video webcast sults and could cause the actual re- actions resulting from the findings of
on the internet of Chairman of the sults, performance or achievements of these investigations; the potential
Supervisory Board Dr. Gerhard Siemens to be materially different impact of such investigations and
Cromme's and CEO Peter Löscher's from any future results, performance proceedings on our ongoing business
speeches to the Annual Sharehold- or achievements that may be ex- including our relationships with gov-
ers' Meeting at the Olympic Hall in pressed or implied by such forward- ernments and other customers; the
Munich, Germany. You can access looking statements. For us, particular potential impact of such matters on
the webcast at uncertainties arise, among others, our financial statements; as well as
various other factors. More detailed
www.siemens.com/pressconference. from changes in general economic and
A video of the speeches will be avail- business conditions (including margin information about certain of these
able after the live webcast. developments in major business areas factors is contained throughout this
and recessionary trends); the possibil- report and in our other filings with the
ity that customers will delay conver- SEC, which are available on the Sie-
sion of booked orders into revenue or mens website, www.siemens.com,
that our pricing power will be dimin- and on the SEC’s website,
ished by continued adverse market www.sec.gov. Should one or more of
developments, to a greater extent these risks or uncertainties materialize,
than we currently expect; the behavior or should underlying assumptions
of financial markets, including fluctua- prove incorrect, actual results may
tions in interest and exchange rates, vary materially from those described in
commodity and equity prices, debt the relevant forward-looking state-
prices (credit spreads) and financial ment as expected, anticipated, in-
assets generally; continued volatility tended, planned, believed, sought,
and further deterioration of the capital estimated or projected. Siemens does
markets; the commercial credit envi- not intend or assume any obligation to
ronment and, in particular, additional update or revise these forward-looking
uncertainties arising out of the sub- statements in light of developments
prime, financial market and liquidity which differ from those anticipated.