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Siemens posts record profit for fiscal 2010
Operating profit up again / Growth gains momentum / Outlook optimistic
With continuing improvement in its markets, Siemens expects organic order intake to increase substantially in fiscal 2011, compared to fiscal 2010. Supported by an already strong order backlog, the company expects revenue to return to moderate organic growth. Siemens also anticipates that income from continuing operations will exceed the results reported for fiscal 2010 by at least 25 to 35 percent. This outlook excludes effects that may arise from legal and regulatory matters.
Record profit - Strong earnings growth in short-cycle businesses
After the Siemens Sectors had achieved a record total profit in fiscal 2009, the company improved its performance once again in fiscal 2010, despite impairment charges of some €1.2 billion in the Healthcare Sector. The Energy Sector made the largest contribution, generating profit of €3.6 billion - a seven percent increase year-over-year. The Sector's fossil power plant business and, to a lesser extent, its business in power transmission systems were the major drivers. Profit at the Industry Sector increased by 29 percent to €3.5 billion, with the short-cycle businesses of the Industry Automation Division and Osram developing exceptionally well. Profit at the Healthcare Sector totaled €748 million, including the above-mentioned impairment charges of €1.2 billion in the diagnostics business. The Healthcare Sector profited from a strong year in its imaging devices business, which - after the fossil power plant business - made the largest contribution to company profit.
Growth accelerating - Stronger momentum in Asia and the emerging countries
Overall, Siemens' strong second half-year pushed new orders for all of fiscal 2010 above the prioryear level. Of the company's 14 Divisions, Renewable Energy had the strongest order growth. Siemens' revenue, which also stabilized in the course of fiscal 2010, was only slightly below the prior-year level. The company expanded its business in ecofriendly products and solutions. Revenue from its Environmental Portfolio rose to about €28 billion from some €27 billion in fiscal 2009, on a comparable basis. While declining slightly in Europe, the Commonwealth of Independent States, the Middle East and the Americas, revenue jumped a total of ten percent in the Asia, Australia region. Growth was particularly strong in the emerging countries. Revenue in India climbed 17 percent, in China 12 percent and in Brazil 32 percent.
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