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SIEMENS 2016-17 Annual Report Analysis

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SIEMENS 2016-17 Annual Report Analysis
Mon, 14 Jan

SIEMENS has announced its results for the year ended September 2017. Let us have a look at the detailed performance review of the company during FY16-17.

SIEMENS Income Statement Analysis

  • Operating income during the year rose 1.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 3.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 9.5% in FY as against 9.4% in FY.
  • Depreciation charges decreased by 13.2% and finance costs decreased by 15.4% YoY, respectively.
  • Other income grew by 54.9% YoY.
  • Net profit for the year declined by 61.1% YoY.
  • Net profit margins during the year declined from 26.6% in FY to 10.1% in FY.

SIEMENS Income Statement 2016-17

No. of Mths Year Ending 12 Sep-16* 12 Sep-17* % Change
Net Sales Rs m 108,095 110,148 1.9%
Other income Rs m 1,644 2,547 54.9%
Total Revenues Rs m 109,739 112,695 2.7%
Gross profit Rs m 10,204 10,512 3.0%
Depreciation Rs m 2,264 1,966 -13.2%
Interest Rs m 91 77 -15.4%
Profit before tax Rs m 9,493 11,016 16.0%
Tax Rs m 10,245 5,355 -47.7%
Profit after tax Rs m 29,171 11,336 -61.1%
Gross profit margin % 9.4 9.5
Effective tax rate % 107.9 48.6
Net profit margin % 26.6 10.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SIEMENS Balance Sheet Analysis

  • The company's current liabilities during FY stood at Rs 52 billion as compared to Rs 49 billion in FY, thereby witnessing an increase of 5.7%.
  • Current assets rose 10% and stood at Rs 103 billion, while fixed assets rose 7% and stood at Rs 14 billion in FY.
  • Overall, the total assets and liabilities for FY stood at Rs 131 billion as against Rs 120 billion during FY, thereby witnessing a growth of 10%.

SIEMENS Balance Sheet as on September 2017

No. of Mths Year Ending 12 Sep-16* 12 Sep-17* % Change
Networth Rs m 68,208 77,047 13.0
 
Current Liabilities Rs m 48,806 51,570 5.7
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 119,539 131,231 9.8
 
Current assets Rs m 93,163 102,610 10.1
Fixed Assets Rs m 12,778 13,695 7.2
Total Assets Rs m 119,539 131,231 9.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



SIEMENS Cash Flow Statement Analysis

  • SIEMENS's cash flow from operating activities (CFO) during FY stood at Rs 6 billion, an improvement of 8.9% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY stood at Rs 13 billion, an improvement of 448.5% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY stood at Rs -3 billion, an improvement of 84% on a YoY basis.
  • Overall, net cash flows for the company during FY stood at Rs 16 billion from the Rs -9 billion net cash flows seen during FY.

SIEMENS Cash Flow Statement 2016-17

Particulars No. of months 12 12 % Change
Year Ending Sep-16 Sep-17
Cash Flow from Operating Activities Rs m 5,084 5,538 8.9%
Cash Flow from Investing Activities Rs m 2,396 13,141 448.5%
Cash Flow from Financing Activities Rs m -16,123 -2,598 -
Net Cash Flow Rs m -8,642 16,071 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for SIEMENS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 31.8, an decline from the EPS of Rs 81.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,053.4, stands at 42.0 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.7 times, while the price to sales ratio stands at 4.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 28.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Sep-16* 12 Sep-17*
Sales per share (Unadj.) Rs 303.5 309.3
TTM Earnings per share Rs 81.9 31.8
Diluted earnings per share Rs 81.9 31.8
Price to Cash Flow x 11.9 28.2
TTM P/E ratio x 42.0 42.0
Price / Book Value ratio x 6.2 5.7
Market Cap Rs m 375,137 375,137
Dividends per share (Unadj.) Rs 6.0 7.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for SIEMENS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.0x during FY, from 1.9x during FY. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 144.1x during FY, from 105.3x during FY. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at 14.7% during FY, from 42.8% during FY. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at 21.8% during FY, from 57.9% during FY. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company declined and down at 8.7% during FY, from 24.5% during FY. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Sep-16* 12 Sep-17*
Current ratio x 1.9 2.0
Debtors’ Days Days 101 113
Interest coverage x 105.3 144.1
Debt to equity ratio x 0.0 0.0
Return on assets % 24.5 8.7
Return on equity % 42.8 14.7
Return on capital employed % 57.9 21.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how SIEMENS has performed over the last 5 years, please visit here.

SIEMENS Share Price Performance

Over the last one year, SIEMENS share price has moved up from Rs 1,322.2 to Rs 1,053.4, registering a loss of Rs 268.8 or around 20.3%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,951.9 (down 1.5%). Over the last one year it has moved down from 20,046.0 to 17,951.9, a loss of 2,094 points (down 10.4%).

Overall, the S&P BSE SENSEX is up 3.6% over the year.

(To know more, check out historical annual results for SIEMENS and quarterly results for SIEMENS)

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For the quarter ended March 2019, SIEMENS has posted a net profit of Rs 3 bn (up 27.6% YoY). Sales on the other hand came in at Rs 35 bn (up 8.1% YoY). Read on for a complete analysis of SIEMENS's quarterly results.

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