Our global team delivered a solid quarter with revenue up 8% and net income growing by 7%. Our digital enterprise business impressively underscored its leading position in the market. We  are  fully  on  track  with  Vision  2020  and  for  another  strong year,« said Joe Kaeser, President and Chief Executive Officer of Siemens AG.

• Revenue rose 8% compared to Q3 FY 2016, to €21.4 billion, including a strong performance by short-cycle businesses
• Orders came in 6% lower, at €19.8 billion, due to sharply lower volume from large orders at Power and Gas and at Siemens Gamesa Renewable Energy, the business resulting from the merger of Siemens’ wind power business with Gamesa Corporación Tecnológica S.A. (Gamesa) beginning with Q3 FY 2017; the book-to-bill ratio for Siemens overall was 0.93
• On a comparable basis, excluding currency translation and portfolio effects, revenue rose 3% and orders were 9% lower
• Profit Industrial Business rose 3% to €2.3 billion; as expected, negative merger and acquisition effects related to Gamesa and Mentor Graphics Corporation (Mentor Graphics) reduced Industrial Business profit margin to 10.4%
• Net income rose 7%, to €1.5 billion; basic earnings per share (EPS) of €1.74, up from €1.64 in Q3 FY 2016 despite negative merger and acquisition effects

• Orders down due to a sharply lower volume from large orders year-over-year, particularly in Power and Gas and Siemens Gamesa Renewable Energy; orders rose significantly excluding the change in large order volume
• Industrial Business order backlog remained  at  €117  billion,  as an increase from portfolio transactions was partly offset by negative foreign currency translation effects
• Revenue increased in the majority of industrial businesses, including sharp growth at Siemens Gamesa Renewable Energy due to the merger, as well as double-digit growth in Mobility and Digital Factory; revenue was up in all three reporting regions; as expected, significant decline in Power and Gas in contracting markets
• Portfolio transactions added three percentage points to order development and six percentage points to revenue growth; foreign currency translation effects had a minimal negative effect on volume development year-over-year
• Profit Industrial Business rose on improvements in the majority of the industrial businesses; Healthineers and Digital Factory made the largest contributions  to  profit  and  profit improvement, the latter on an excellent performance in its short-cycle businesses; as expected, Industrial Business profit margin development was clearly impacted by negative effects related to the acquisition of Mentor Graphics in Digital Factory and the merger with Gamesa into Siemens Gamesa Renewable Energy, amounting to 0.6 percentage points; also as expected, profit in Power and Gas declined in a highly competitive market environment
• Income from continuing operations and Net income: outside Industrial Business, amortization of intangible assets acquired in business combinations climbed by €161 million to €339 million due mainly to the merger with Gamesa and the acquisition of Mentor Graphics; lower tax rate than in the prior-year period
• Industrial Business generated strong Free cash flow in the first nine months of fiscal 2017, totaling €4.6 billion, up significantly from €3.5 billion in the prior-year period; Free cash flow from Industrial Business for the current quarter decreased to €1.397 billion from €1.914 billion in Q3 FY 2016; decline in Free cash flow was due mainly to Siemens Gamesa Renewable Energy, driven by a build-up of operating net working capital
• ROCE declined due to a substantial increase in average capital employed, primarily resulting from the acquisition of Mentor Graphics and the merger with Gamesa
• Provisions for pensions and similar obligations as of June 30, 2017: €9.8 billion (March 31, 2017: €10.5 billion); decreased clearly due mainly to higher discount rate assumptions

Power and Gas

• Sharply  lower  volume  from  large  orders,  particularly  in  the Americas region which in Q3 FY 2016 included an order in the U.S. totaling €0.7 billion  and an  order in Bolivia totaling €0.5 billion; the current quarter included an order in the U.S. related to the Division’s advanced-class gas turbine technologies in connection with a strategic partnership
• In contracting markets, revenue down in all reporting regions due mainly to weaker order intake in prior periods; declines particularly in the large gas turbine and compression businesses
• Profit down due to the revenue decline, lower capacity utilization, and higher severance; in addition, Q3 FY 2016 included positive effects from the measurement of inventories
• Global energy trends continue to reduce overall demand in markets for the Division’s offerings, resulting in declining new– unit business and corresponding price pressure due to overcapacities

• Orders up in all businesses and all reporting regions, driven by a number  of  large  contract  wins,  including  a  large  order  for Mobility’s new commuter rail platform Mireo in Germany
• Broad-based revenue growth led by the rolling stock business, including execution of large projects and locomotive orders
• Profit  rose  on  higher  revenue;  Q3  FY  2016  benefited  from positive effects from larger contracts

• Strong volume growth across the businesses; excellent performance in the short cycle businesses, which continued to benefit from a favorable market environment particularly in the automotive and machine building industries; the product lifecycle management software business grew sharply due to strong demand combined with new  volume  from  the acquisition of Mentor Graphics
• On a geographic basis, volume increases in all reporting regions, including sharp growth in China and substantial growth in the U.S.
• Profit rose significantly, driven by the high-margin short-cycle businesses; profitability for the Division overall was held back by deferred revenue adjustments, transaction costs and integration costs totaling €77 million related to the acquisition of Mentor Graphics (Q3 FY 2016: €39 million related to the acquisition of CD-adapco), as well as severance and ongoing expenses related to further advancing Siemens’ MindSphere platform; expenses for MindSphere and profit margin impacts related to Mentor Graphics are expected to continue in coming quarters

• Moderate  order  increase  driven  by  the  diagnostic  imaging business; on a regional basis, growth in Europe/CAME and Asia, Australia
• Revenue up in nearly all businesses, particularly diagnostic imaging and advanced therapies; on a regional basis, largest increase in Asia, Australia driven by double-digit growth in China
• Continued strong earnings performance by the diagnostic imaging business

• Increased income before income taxes due primarily to a lower level of credit hits 
• Despite growth in new business,  total  assets  decreased  since the end of fiscal 2016, due mainly to substantial early terminations of financings along with negative currency translation effects

• Centrally managed portfolio activities (CMPA): primarily income from reversals of provisions for post-closing guarantees related to a former divestment and for warranties; Q3 FY 2016 included a negative result related to a major asset retirement obligation
• Results of CMPA are expected to remain volatile in coming quarters
• Siemens Real Estate: decrease in profit due primarily to lower gains from disposals of real estate
• Amortization of intangible assets acquired in business combinations: increase of €161 million related mainly to the merger with Gamesa and the acquisition of Mentor Graphics
• Eliminations, Corporate Treasury and other reconciling items: mainly positive effects related to changes in the fair value of derivatives not qualifying for hedge accounting