Siemens - Q4 and full year 2018
Power 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.
"We have once again delivered what we promised and fully achieved our forecast for the year, which was raised at the half-year stage," said Siemens CEO Joe Kaser, summing up the 2018 fiscal year. Specifically, the company was able to increase its order intake by 8% and sales by 2% on a comparable basis compared to the previous year. On a nominal basis, order intake increased by 6% to €91.3 billion, while sales rose only slightly to €83 billion. Siemens had to report a decline in the result of the Industrial Business to 8.8 billion euros (previous year 9.5 billion euros). The reason: the increase in earnings in most industrial businesses could not fully offset the very sharp decline in earnings in the Power and Gas Division. At 11.3%, the earnings margin of the Industrial Business (excluding expenses for personnel restructuring) was within the forecast range of 11% to 12%. Overall, Siemens was able to slightly increase its profit after tax to €6.1 billion.
In addition to the figures for the full fiscal year, Siemens also presented the results for the fourth quarter. The following picture gallery provides an overview of the individual divisions and details of the annual balance sheet:
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