Siemens Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Sep 2021

1.On 1 March 2021, the Company acquired 99.22% equity share capital of C&S Electric Limited from its promoters for a preliminary sale share consideration of Rs. 21,588 million, payable in cash, on cash free/debt free basis on terms and conditions that are mutually agreed between the parties to the transaction. Considering post Closing amendments to the Share Purchase Agreement, the investment value is Rs. 21,570 million as on 30 September 2021.

2.During the previous year, the Company's operations and financial results were adversely impacted by the lockdown imposed to contain the spread of Coronavirus (COVID-19) since last week of March 2020. The operations gradually resumed with requisite precautions during the quarter ended 30 June 2020 with limited availability of workforce and disrupted supply chain. Consequently, the results for year ended 30 September 2020 were affected. Further, during the current year, the operations for the quarter ended 30 June 2021 and year ended 30 September 2021 were impacted due to the second wave of COVID-19. The expenses incurred during shutdown and partial shutdown in respect of continuing operations for quarter ended 30.06.2021 were Rs. 262 million and for year ended 30.09.2021 and 30.09.2020 were Rs. 262 million and Rs. 2,847 million respectively.

3.On 1 January 2021, the Company divested its Mechanical Drives (MD) business as a going concern on a slump sale basis to Flender Drives Private Limited for a final consideration of Rs. 3,759 million (after adjusting the consideration of Rs 4,400 million for changes in net current assets and capital expenditure as per the terms and conditions agreed between the parties). The gain on the sale transaction is Rs. 487 million for the year ended 30 September 2021. The tax expense on this transaction is Rs. 362 million (including write-off of deferred tax assets of Rs. 302 million) for the year ended 30 September 2021. The results of the MD business included in the above financial results and segment results, disclosed as discontinued operations.

4.The Company has executed a Power Purchase Agreement and entered into a Share Subscription and Shareholders Agreement on 22 October 2021, for the subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited, subject to fulfilment of conditions precedent as agreed between the parties.

5.The Board of Directors have recommended a dividend of Rs. 8 per share for the year ended 30 September 2021 amounting to Rs. 2,849 million.

6.The figures for the quarter ended 30 September 2021 and 30 September 2020 are the balancing figures between the audited figures in respect of the full financial year and the unaudited nine months figures as reported by the Company.

7.The above Standalone financial results were reviewed and approved by the Audit Committee and Board of Directors at their meetings held on 24 November 2021.
1. In cash flow statement, aggregate movement of current and non-current balance sheet items are shown under current tabs as the cash flow statement published with financial results is having total movements. Please refer published quick results for complete disclosure.

2.Profit/ (Loss) before tax from discontinued operation for the period ended 30 September 2021 is Rs. 372 million, In cash flow statement that adjustment is shown under “Other adjustment to reconcile profit (loss)”. Please refer published quick results for complete disclosure.