September 21, 2020

Siemens earns 5,807 million euros in 2017/18, 2.6% less

Siemens earns 5,807 million euros in 2017/18, 2.6% less



The German technological and industrial group Siemens had a net attributable profit of 5,807 million euros in 2017/2018, 2.6% less than in the previous year, due to extraordinary expenses and in a difficult environment.

Siemens reported today that turnover remained at 83,044 million euros in its last fiscal year, which began in October 2017.

Siemens, which has applied a new structure in the company since the beginning of October to make it more efficient, increased orders by 6.4% (91,296 million euros).

The order book of Siemens is valued at 132,000 million euros.

The president and CEO of Siemens, Joe Kaeser, said when presenting the figures that they have fulfilled what they promised and that they are strong.

"This shows the strength of our global team that competed convincingly in growth markets and in difficult environments," added the president of Siemens.

Siemens has also announced a new stock repurchase program for a volume of up to 3,000 million euros and will be carried out until November 15, 2021.

"The repurchase of shares is next to an attractive dividend an important element in the participation of our shareholders in the success of the company," said Financial Director, Ralf P. Thomas.

Siemens will use part of the shares repurchased for the employee compensation program.

More than 300,000 Siemens employees currently hold shares in the company.

Net attributable profit fell to 559 million euros in the fourth quarter, 54.8% less than a year earlier, due to compensation related to the restructuring of its electricity and gas operations.

The company's electricity and gas division had a loss of 139 million euros in compensation in the fourth quarter (compared to the profit of 292 million euros in 2016/2017).

Siemens Gamesa had a profit of 140 million euros in the fourth quarter of last year (compared to the loss of 92 million euros a year earlier).

The Siemens management will propose at the next general shareholders meeting to raise the dividend by 0.10 euros to 3.80 euros per share.

Siemens expects moderate revenue growth in 2019.

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