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Germany

Germany

Siemens' new orders fall by €728m

GERMANY: The total value of Siemens’ new order in the renewables sector were €1,543 million for the three months to June 2011, down from €2,271 million in the corresponding quarter last year.

However, despite this quarter’s substantial year-on-year fall, the value of new orders overall for 2011 so far is only marginally less than 2010, down to €4,455 million from €4,475 million last year.

Likewise, revenue for the third quarter saw a small year-on-year change, up to €975 million from €953 million in Q3 2010, while Siemens’ renewables pre-tax profits in the third quarter 2011 were almost half of the €122 million they were last year, down to €68 million.

This drop means Siemens’ renewables profit margin for Q3 2011 was 6.97%, down from 12.8% in Q3 2010.

Tumbling quarterly profits have impacted on annual renewables profits, which were €246 million for the nine months ended 30 June 2010, but just €152 million for the first three quarters of this year, despite an increase in annual revenues.

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