The technology group can currently grow by double digits despite the shortage of chips.
(Photo: dpa)
Munich In the first year under the leadership of the new CEO Roland Busch, the Siemens Group increased sales and profits by a double-digit percentage. “In a challenging environment, we gained market share and significantly exceeded our earnings forecast,” said Busch on Thursday in Munich.
In fiscal year 2020/21 (September 30), Siemens increased sales by a comparable eleven percent to 62.3 billion euros. The operating result of the industrial businesses increased by 17 percent to 8.8 billion euros. That corresponded to a margin of 15.0 percent. The net profit improved by 59 percent to 6.7 billion euros. The dividend is to be increased from EUR 3.50 to EUR 4.00.
The technology group was able to cope better with global delivery problems and increased material costs than some of its competitors. In the past fiscal year, Busch and his predecessor Joe Kaeser raised the forecast several times. Most recently, Siemens expected sales to grow by a comparable eleven to twelve percent and net profit of between 5.7 and 6.2 billion euros.
Busch has been at the helm of Germany’s largest technology group since February. He wants to increase innovative strength and speed up the group. At an internal management conference he recently demanded: “We have to become even more agile and faster.”
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With the results now presented, Siemens at least partially exceeded the expectations of analysts. These had recently expected an average turnover of the industrial businesses of 58.4 billion euros and an adjusted operating margin of 15.4 percent in the group.
As expected, Siemens is preparing for a slowdown in growth in the new fiscal year 2021/22. But it should continue to go up. According to the forecast, sales should increase by a mid-single-digit percentage. Earnings after taxes per share, before effects from the purchase price allocation, are expected to rise from EUR 8.32 to EUR 8.70 to EUR 9.10.
More: Siemens boss Busch swears his managers to a faster pace.