Kaeser’s latest Siemens balance sheet: billions in profit despite crisis | Free Press

Munich (dpa) – Joe Kaeser is visibly satisfied: Despite Corona, the outgoing Siemens boss may present a billion profit on his latest annual balance sheet.

Although the result fell by a quarter in the last fiscal year, the bottom line remains at 4.2 billion euros, as the group announced on Thursday in Munich. A final push in the fiscal fourth quarter helped: Siemens made € 1.9 billion from July to September alone.

Siemens concluded “a remarkable fiscal year with a strong fourth quarter,” Kaeser said. The company is said to be “excellently positioned” after it listed its energy business as Siemens Energy on the stock exchange in recent months and, in the current new fiscal year, sold drive subsidiary Flender for around 2 billion. of euros.

The Siemens Energy spin-off caused a massive change in sales: a year ago it was still listed at 86.8 billion euros, now it was 57.1 billion euros. On a comparable basis, that is, without Siemens Energy, there was a slight decrease of 2 percent.

Kaeser also recalled his time at the top of Siemens, which he had moved to in 2013. At the time, he said he would work hard to deliver the company in better shape than it had. It is up to others to judge whether it has been successful. But he also emphasized: “In general, we have achieved a series of really good and particularly reliable successes over the years.” You are proud of what Siemens has achieved. “It could have been more, maybe it should have, but maybe not necessarily.”

With a view to bidding farewell to the Annual General Meeting in February, Kaeser said he did not feel any sour notes that this would happen without shareholders in place. He always spoke when there was something to say. That was partly criticized when it came to socio-political issues. For him, it’s about what’s left and not standing ovations: “When people get up, they sit down again. And then it’s over and it’s back to normal. “

Kaeser left unanswered the question of whether he could imagine returning to Siemens on the Supervisory Board within two years. He is chairman of the supervisory board of the spin-off Siemens Energy.

For the new fiscal year 2020/2021, which began in October, Siemens expects a recovery despite the headwinds. Although the group expects “considerable burdens” from currency effects with a negative impact of around € 500 million, earnings should increase “moderately”, as CFO Ralf P. Thomas put it.

Kaeser’s designated successor, Roland Busch, is already responsible for the new financial year figures. He spoke of a new chapter in the 173-year history of the company. Siemens has transformed from a “conglomerate into a focused technology company.”

And the renovation is not finished yet, even if the next steps are initially smaller. Busch wants to outsource the Intelligent Traffic Systems (ITS) division of the mobility division at the end of the current financial year. Busch did not comment on how things should continue for the area with around 600 million euros in sales.

On the stock market, however, Siemens shares came under considerable pressure after the figures were released. According to analysts, the cautious outlook in particular disappointed investors. Investors will also feel the effects of declining earnings in the last financial year – the proposed dividend is € 3.50 per share, 40 cents less than a year ago.