Earnings Release Q1 FY 2021: Solid start into the new fiscal year

February 2, 2021

  • Orders were at €7.4bn, substantially below the high basis of comparison in the first quarter of the prior year, driven by a sharp decline at Siemens Gamesa Renewable Energy (SGRE).
  • Revenue increased by 2.6% to €6.5bn, including negative currency translation effects. On a comparable basis (excluding currency translation and portfolio effects) revenue rose by nearly 8%.
  • Book-to-bill ratio (ratio of orders to revenue) was below the strong prior-year quarter, but clearly above 1, leading to an order backlog of €79bn, nearly unchanged to past fiscal year-end.
  • Adjusted EBITA was with €243m back in the positive range (Q1 FY 2020: negative €117m) as the prior-year quarter was impacted by substantial project-related effects, predominantly driven by SGRE. The recent quarter benefited from operational improvements driving lower costs however including positive temporary effects. Adjusted EBITA before special items increased to €366m with a margin of 5.6%. In the recent quarter, special items came in at negative €123m.
  • Net income sharply improved to €99m after a loss in the prior-year quarter. Basic earnings per share (EPS) rose to €0.09.
  • Management confirms the outlook for fiscal year 2021.



Christian Bruch, President and Chief Executive Officer of Siemens Energy AG:

„The first quarter proves that we are on the right path to reach our annual targets. The Siemens Energy team achieved a solid start into the new fiscal year even under difficult circumstances.”

Please read the complete Earnings Release:

Earnings Release Q1 FY 2021: Solid start into the new fiscal year
PDF (281 KB)

The financial publications are available for download at: www.siemens-energy.com/investorrelations


We expect global macroeconomic development to remain subdued in fiscal year 2021, with risks particularly related to geopolitical and geoeconomic uncertainties. Our markets tend to have a limited effect to economic cycles and our businesses, especially our service business, is characterized by a high level of resilience. Nevertheless, we observe with concern the resurgence of the global COVID-19 pandemic and increasing local lock-down situations. In many countries our operations are deemed system critical and thus are exempted from measures imposed by authorities.

For Siemens Energy in fiscal year 2021, we expect nominal revenue growth rate to be in the range of 2% to 12%, an Adjusted EBITA margin before special items of 3% to 5%, a sharp increase in Net income and a sharp decrease of Free cash flow pre tax.

For our GP segment in fiscal year 2021 we assume a return to revenue growth compared to the fiscal year 2020 and thus nominal revenue growth to be in the range of 2% to 11% and an Adjusted EBITA margin before special items of 3.5% to 5.5%.

Our SGRE segment is expected to achieve a nominal revenue growth rate of 8% to 18%, driven by the conversion from existing order backlog as well as a stable development of the service and product business. Adjusted EBITA margin before special items is expected to be in a range of 3% to 5% in fiscal year 2021.

This guidance assumes no further financial impact from COVID-19 during fiscal year 2021. We are hence monitoring the recent spike in new infections with concern and evaluate appropriate measures as it pertains to our guidance.

This outlook excludes charges related to legal and regulatory matters.

Notes and forward-looking statements

This document contains statements related to our future business and financial performance, and future events or developments involving Siemens Energy that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. We may also make forward-looking statements in other reports, prospectuses, in presentations, in material delivered to shareholders, and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens Energy´s management, of which many are beyond Siemens Energy´s control. These are subject to a number of risks, uncertainties, and other factors, including, but not limited to, those described in disclosures, in particular in the chapter “Report on expected developments and associated material opportunities and risks” in the Annual Report. Should one or more of these risks or uncertainties materialize, should acts of force majeure, such as pandemics, occur, or should underlying expectations including future events occur at a later date or not at all, or should assumptions prove incorrect, Siemens Energy´s actual results, performance, or achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens Energy neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. This document includes supplemental financial measures – that are not clearly defined in the applicable financial reporting framework – and that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens Energy´s net assets and financial position or results of operations as presented in accordance with the applicable financial reporting framework in its consolidated financial statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Press Converence


Tim Proll-Gerwe

Siemens Energy 


Siemens Energy is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. More than 50 percent of the portfolio has already been decarbonized. A majority stake in the listed company Siemens Gamesa Renewable Energy (SGRE) makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs more than 90,000 people worldwide in more than 90 countries and generated revenue of around €27.5 billion in fiscal year 2020.