For Siemens 2016 a special year. That made CEO Joe Kaeser at the opening of the Annual General Meeting in Munich clear. 200 years ago, company founder Werner von Siemens was born. Just the day of the shareholder meeting in the anniversary year surprised Kaeser market: He raised his profit forecast slightly and reported on more sales, orders and the highest backlog in the company’s history. “We are a strong start to the year”
According to the interpretation of the 58-year-olds, it is the long-awaited turnaround in Germany’s largest industrial group – and the evidence that his strategy with the slogan “Vision 2020″ pays. Behind this are the turning inside out of the company, deep cuts and linking electrification, automation and digitalization. Siemens have thus now in a unique position, Kaeser said
Despite the current fall in oil prices and the China -. Economic slump is the CEO sure that he will comply with the new forecast. “We will not pay for panic, but for you to find business opportunities,” he says.
Käsers predecessor Peter Löscher had indeed 2010 and 2011 the profit forecast raised. But after he missed several times the predictions and had to leave in mid-2013 after all. Käsers optimism may be due to the forecast change actually only a Mini – is rising by three per cent in earnings per share to 6.40 euros up to. These are roughly 200 million euros more profit -. In a group with more than 75 billion euros
nudged the stock market and the shareholders at the Munich Olympiahalle the new forecast on applause. Several banks, such as UBS, expressed confidence about the further development. The share price increased by more than seven percent in the tip. “It’s like music to your ears,” said Daniela Bergdolt of the German protection combination for security possession (DSW) at the AGM. They made it clear: “It is not enough to comply with forecasts.” Important are sustained good numbers for a “valley of tears” in the past few years.
Similarly, other shareholders expressed. Again and again complained that Siemens does not grow and the share price was disappointing. Despite initial business successes, “are the most difficult straining before,” said Hans-Christoph Hirt by the fund manager Hermes. “They must come from a swallow has yet to make a swan,” noted Martin Buhlmann from the shareholders’ association VIP on.
The order increase also reflects the construction of new power plants negotiated in Egypt at the Kaeser last year. The total may reach roughly eight billion euros, they say. Egypt and Iran have a long tradition and Siemens Iran is after the lifting of sanctions is a promising market for the future, said Kaeser. Thus, a Memorandum of Understanding on EUR 1.5 billion for new trains was in Iran signed.
Kaeser showed itself over the oil price slump is not worried, although he the US -Energietechnikversorger Dresser-Rand bought overpriced shortly before the expiry and the Group is now more dependent on oil and gas business depends. “The oil consumption continues to rise – that’s reassuring,” said Siemens President and CEO
reader comments. are hidden.
comments powered by