Siemens - Q4 and full year 2018Power plant division as a brake pad
Siemens has closed the 2018 financial year: The company was able to increase its order intake and sales, but profits in the Industrial Business declined. This is attributable to the sluggish business in the Power and Gas Division.
In the Power and Gas Division, order intake was driven by several major orders in the service business. However, Siemens had to accept a decline in revenue across the board in the fourth quarter of 2018 - a consequence of the weak order intake in previous periods. The Group attributed the negative result to personnel restructuring expenses totaling EUR 301 million as well as continued declines in sales revenue and prices. (The order intake and revenue figures are stated on a comparable basis, i.e. excluding currency translation and portfolio effects).